QuickBooks Quiz Chapter 8 (2022/2023) Already Passed

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QuickBooks Quiz Chapter 8 (2022/2023) Already Passed The company that hires the workers is referred to as the ✔✔employer A(n) ____ is the person hired by a company who will receive salary or wa... ges on a regular basis. ✔✔employee Payroll involves all of the following except ✔✔preparing a spreadsheet with government agencies names and addresses. Withholdings generally refer to ✔✔the payroll taxes the employer is required to take out of the employee's paycheck and submit to the appropriate government agency. ____ generally refer(s) to amounts taken out of the employee's paycheck for various fringe benefits such as insurance, pension, and so on. ✔✔Deductions Payroll Setup in QuickBooks includes all of the following except ✔✔Activating the Item List. Items such as earnings, payroll tax, and payroll deductions are contained in the ____ List/Center. ✔✔Payroll Item Gross pay is the total earnings for the employee for a specific pay period ✔✔before any withholdings and deductions. By what acronym is the Social Security tax known? ✔✔FICA With regard to payroll and federal income tax (FIT), which of the following statements is not true? ✔✔Employers generally do, but are not required to, withhold federal income tax from employees' pay. The acronym FUTA refers to the ____ tax. ✔✔Federal Unemployment Insurance Which of the following pairs of taxes represent the federal and state versions of unemployment insurance tax? ✔✔FUTA and SUI These taxes are imposed on both the employer and the employee. ✔✔FICA and Medicare ____% is the FICA tax rate up to $____ of each employee's gross earnings. ✔✔6.2; 118,500 Which of the following payroll items would not be considered an expense for the company? ✔✔Federal Income Tax (FIT) Because the company is responsible for remitting to the tax-collecting agencies the federal and state income taxes it withholds from employees' gross pay, these taxes are recorded as ____ on the books of the company. ✔✔liabilities The United States Treasury is responsible for collecting all of the following taxes, except ✔✔SUI To activate the QuickBooks payroll feature in a company that has already been set up, begin by clicking ____ on the main menu bar, and then Preferences. ✔✔Edit When you activate the payroll feature, QuickBooks creates these ledger accounts. ✔✔Payroll Expenses and Payroll Liabilities When the payroll feature is activated, QuickBooks establishes ✔✔one default liability posting account for all payroll-related liabilities. When processing payroll in QuickBooks, most companies ✔✔create several payroll liabilities accounts and expense accounts which are subaccounts of the accounts created by QuickBooks. In order to process payroll using QuickBooks, a company ✔✔must indicate a QuickBooks payroll service will be used or that payroll will be processed manually. Once a company subscribes to a QuickBooks payroll service ✔✔employee withholdings and taxes on the employer are computed automatically. To set up payroll for manual processing, the company ✔✔must use the Help menu. How is the Payroll Item List made available in QuickBooks? ✔✔It is automatically set up when you activate the payroll feature and subscribe to a payroll service or activate the manual entries feature. The Payroll Item List usually has to be customized based on the following for the company except ✔✔the number of employees. When QuickBooks creates the Payroll Item List, what items are included? ✔✔Items generally applicable to all payroll situations. What are the two methods for adding a payroll item in QuickBooks? ✔✔EZ Setup and Custom Setup For each item on the Payroll Item List, ✔✔there are several pages of information that are displayed each time you click Next. For items on the Payroll Item List that were created by QuickBooks, ✔✔you may customize the default name. The Agency page of the payroll item ✔✔is a vendor in the Vendor Center. When selecting liability accounts and expense accounts for payroll items, a company should ✔✔use the payroll subaccounts. When customizing the Social Security and Medicare payroll items, you must choose ____ liability account(s) and ____ expense account(s). ✔✔2, 1 When adding a new payroll item, you must first choose a payroll item type on one page, and then choose a subtype on the next page. How many payroll item types are there? ✔✔7 Which is not one of the choices on the Payroll item type page? ✔✔Employer [Show More]

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