Answer the following statements true (T) or false (F)
1. Employers must keep individual earnings reports for each employee.
2. Deposits of amounts payable to the federal government may be paid through federal
depository banks.
3. FUTA requires employers to pay a federal unemployment tax on all salary or wages paid to each employee.
4. The Form W-2 must be given to employees before January 31 following the year covered by the Form W-2.
5. Payments of FUTA are made quarterly to a federal depository bank if the total amount due exceeds $500.
1. TRUE
2. TRUE
3. FALSE
4. TRUE
5. TRUE
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The expense recognition principle, as applied to bad debts, requires:
A. That bad debts not be written off. B. The use of the allowance method of accounting for bad debts. C. That expenses be ignored if their effect on the financial statements is unimportant to users' business decisions. D. That bad debts be disclosed in the financial statements. E. The use of the direct write-off method for bad debts.
When planning a career move, you should allow ____ to wrap up loose ends with your current employer, secure a new position, and relocate (if necessary).
A. 1-2 weeks B. 6-12 weeks C. 1-2 months D. 6-12 months
For every unit of machine sold, the salespeople at Carlipis, a machinery manufacturer, are paid an amount of money over and above their salary. Given this information, the salespeople at Carlipis most likely received _____.
A. perquisites B. wages C. gratuities D. commissions
Wineman Incorporated makes a single product-an electrical motor used in many long-haul trucks. The company has a standard cost system in which it applies overhead to this product based on the standard machine-hours allowed for the actual output of the period. Data concerning the most recent year appear below: Budgeted (Planned) Overhead: Budgeted variable manufacturing overhead$153,425 Budgeted fixed manufacturing overhead 352,925 Total budgeted manufacturing overhead$ 506,350 Budgeted production (a) 25,000unitsStandard hours per unit (b) 1.90machine-hoursBudgeted hours (a) × (b) 47,500machine-hours Applying Overhead: Actual production (a) 23,000unitsStandard hours per unit (b) 1.90machine-hoursStandard hours allowed for the actual production (a) ×
(b) 43,700machine-hours Actual Overhead and Hours: Actual variable manufacturing overhead$107,000 Actual fixed manufacturing overhead 336,925 Total actual manufacturing overhead$ 443,925 Actual hours 42,800machine-hoursThe fixed overhead volume variance is: (Round your intermediate calculations to 2 decimal places.) A. $12,234 U B. $12,234 F C. $28,234 U D. $28,234 F