How am
I Doing?
Who pays for this?
More payroll BS
(Basic Stuff)
....Taxes... Taxes.....Taxes...Taxes...
What have you learned?
100
The series of steps and processes followed each accounting period.
What is the Accounting Cycle?
100
Taxes that employers must pay for "out of pocket" (out of their own money).
What are employer payroll taxes?
100
So you don't have to say "Federal Unemployment Tax Act" a thousand times.
What is "why we call it FUTA"?
100
The rate at which self employed individuals pay the social security and medicare taxes.
What is double the employee and employer rates (SS-12.4% and Medicare-2.9%)
100
This is the accounting equation.
What is " Assets = Liabilities + Owner's Equity " ?
200
Prepare a post closing trial balance.
What is the final step in the accounting cycle?
200
The limit for withholding for Medicare taxes from an employee's paycheck.
What is no limit?
200
SUTA
What is State Unemployment Tax Act?
200
The amount of credit normally allowed for proper payment of employer SUTA taxes.
What is 5.4%?
200
These 2 accounts make up owner's equity.
What are Owner's Capital and Owner's Drawing?
300
The date given for all adjusing and closing entries.
What is the last day of the accounting period?
300
The maximum earnings for which Social Security taxes are withheld from employee paychecks.(Hint-page 318).
What is $110,100?
300
The form filled out by an employee that lists allowances claimed and is used for tax withholding.
What is a W-4?
300
Although not a payroll tax, most states requires employers to carry this for employees who suffer a job-related illness or injury.
What is worker's compensation insurance?
300
The 3 financial statements listed by the order in whuch they are prepared? ******Daily Double******
What are the 1) Income Statement 2) Statement of Owner's Equity 3) Balance Sheet
400
This is prepared to adjust accounts for accrued items and record periodic entries.
What is the work sheet?
400
The amount of federal unemployment taxes withheld from an employee's paycheck.
What is none, zero, zilch?
400
These are prepared after the work sheet is complete in order to record the calculated payroll and other account adjustments.
What are adjusting entries?
400
How often most employers are required to deposit or transfer federal income tax and FICA taxes to the federal government.
What is monthly?
400
The adjusting entry to record the "using up" of property, plant and equipment.
What is the depreciation adjustment?
500
What the balance in the Income Summary account represents after the first two closing entries are prepared. *****Daily Double*****
What is Net Income or Net Loss?
500
The number of state unemployment programs. *****Daily Double*****
What is 50? (50 states/50 different programs)
500
This form is used to report the federal income tax and FICA taxes due.
What is form 941?
500
Every employee hired after November 6, 1986 must complete this form. (Hint- page 332). ***********Daily Double*************
What is Form I-9 (Employment Eligibility Verification)?
500
After a full term of learning your instructor hopes you believe this about Accounting. *****Daily Double*****
What is.... "It's hard enough to be of value career wise but it ain't rocket science and I can do it"?.....
M
e
n
u