Name Class Dia PAYING THE PAYROLL, DEPOSITING PAYROLL TAXES, AND FILING CHAPTER & SUMMARY PRACTICE TEST: THE REQUIRED QUARTERLY AND ANNUAL TAX FORMS Part i Fill in the blank(s) to complete the statement. 1 Form 941 is completed guard the rayroll pene fei the employe i made up of tkcdi care,s and FUTA 3. Data from vea stec will provide the needed information to record 4. 5. 6. 7. the payroll in the general journal. SUTA is usually paid biemPoj FUTA Payable is a Form 941 summarizes the taxes owed for found on the and will tell if a deposit is to be made monthly or semiweeldy for FIT and Social Securitey. 8. Form is prepared quarterly to summarize tax liabilities for FICA (Social Secur and Medicare) and FIT 9. The 10. Part II is required given to employces by January 31 following the year employed. does not have a merit rating like SUTA Answer true or false to the following. 1. Prepaid Workers' Compensation Insurance is a liability 2. Payroll taxes are recorded as assets for a business 3. Payroll Tax Expense is made up of FICA, SUTA, and FIT 4. The frequency of deposits relating to Form 941 is based on the amount of payroll tax look-back period. 5. The normal balance of FIT payable is a debit. 6. The individual carnings record provides the data to prepare W-2s. 7. A tax calendar provides litle help to the employer involving the payment of tax li 8. Form 941 is completed twice a year. 9. A year-end adjusting entry is needed for workers' compensation. 10. Form 940 reports state unemployment taxes payable for all employees