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CHAPTER 11
PAYROLL TAXES, DEPOSITS, AND REPORTS
Chapter Opener: Thinking Critically

Companies can offer many benefits such as paid vacations, sick leave, flexible work schedules, health
insurance, pension benefits, workman’s compensation, child care and even the use of company vehicles
to name just a few.
Fast Facts
• John L. Marek started Marek Brothers Sheetrock company in 1938 with his brothers Bill and
Ralph.
• The company operates 8 different divisions in Austin, Dallas, Houston and San Antonio Texas as
well as an Interior System division in Atlanta, Georgia.
Managerial Implications: Thinking Critically

The 941 is prepared from the Quarterly Summary of Earnings.
Discussion Questions
Note to instructor : These questions are designed to check students’ understanding of the new
Questions terms, concepts, and procedures presented in the chapter.
1. b, c, d
2. Federal deposits are due on the 15th day of the following month.
3. Federal deposits are due on either Wednesdays or Fridays, depending on the employer’s payday.
4. Electronic Federal Tax Payment System; use if the annual federal tax deposits are more than
$200,000.
5. Unique ID number assigned by the federal government to employers.
6. SUTA, FUTA, social security, and Medicare

7. A four-quarter period ending June 30 of the preceding year.
8. Summarizes employees’ earnings and deductions for the year; sent with W-2 forms to Social
Security Administration by last day of February following close of calendar year.
9. To each employee by January 31 following the close of the calendar year.
10. Employer is responsible and must pay any taxes due.

11. Circular E
12. Start of the year
13. Employer
© 2015 McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or
distribution in any manner. 11-1
Discussion Questions (continued)
14. Reports employee earnings subject to federal income, social security, and Medicare taxes. Filed
quarterly.
15. Yes, if FUTA payable is $500 or more, deposit by last day of month following end of quarter.
16. 5.4 percent
17. Filed once a year, it reports net federal unemployment tax; indicates amount of additional tax
due.
18. Intended to encourage states to adopt state unemployment tax programs.
19. To alleviate hardship on employees who lose their jobs.
EXERCISE 11.1
1. No deposit is necessary at this time since tax due is less than $2,500.
2. No deposit is necessary at this time since the tax due is less than $2,500.
3. No deposit is necessary at this time since tax due is less than $2,500.
4. March 15, 2016. A deposit is required by the 15th of the month following the period where
$2,500 or more in tax is owed.
In 1, 2, and 3, the taxes may be paid with Form 941 on or before April 30, 2016.
EXERCISE 11.2
GENERAL JOURNAL PAGE 24
POST.
DATE DESCRIPTION REF. DEBIT CREDIT
1 2016 1
2 July 16 Social Security Tax Payable 20 7 0 0 00 2
3 Medicare Tax Payable 4 2 4 6 00 3
4 Employee Income Tax Payable 19 2 6 0 00 4
5 Cash 44 2 0 6 00 5
6 Deposit payroll taxes 6
7 7
EXERCISE 11.3
TAX BASE RATE AMOUNT
Social Security $71,900.00 6.2% $4,457.80

Medicare 71,900.00 1.45% 1,042.55
FUTA 41,430.00 0.6% 248.58
SUTA 41,430.00 5.4% 2,237.22
Total $7,986.15
EXERCISE 11.4
POST.
1 2016 1
2 Apr. 30 Federal Unemployment Tax Payable 1 5 0 7 00 2
3 Cash 1 5 0 7 00 3
4 FUTA deposit 4
5 5
EXERCISE 11.5
SUTA = $1,400.70 ($100,050 x 0.014)
EXERCISE 11.6
POST.
1 2016 1
2 July 31 State Unemployment Tax Payable 2 1 4 8 00 2
3 Cash 2 1 4 8 00 3
4 SUTA deposit 4
5 5
EXERCISE 11.7
Gross tax (0.006 × $150,000) = $900.00

Less Deposit = 800.00
Net tax payable = $100.00
EXERCISE 11.8
WORK ESTIMATED EARNINGS RATE ESTIMATED

CLASSIFICATION PREMIUM
Office $215,000 $ .60/$100 $1,290.00

Factory 970,000 $8.40/$100 81,480.00
Total $82,770.00
PROBLEM 11.1A
Social Security $4,500.00 6.2% $279.00

Medicare 4,500.00 1.45% 65.25
FUTA 4,500.00 0.6% 27.00
SUTA 4,500.00 5.4% 243.00
Total $614.25
POST.
1 2016 1
2 July 14 Payroll Taxes Expense 6 1 4 25 2
3 Social Security Tax Payable 2 7 9 00 3
4 Medicare Tax Payable 6 5 25 4
5 Federal Unemployment Tax Payable 2 7 00 5
6 State Unemployment Tax Payable 2 4 3 00 6
7 Record employer’s payroll taxes 7
8 8
Analyze: Social Security and Medicare taxes are withheld from the employee paycheck and
matched by the employer.
PROBLEM 11.2A
POST.
1 2016 1
2 April 8 Payroll Taxes Expense 4 6 4 10 2
6 State Unemployment Tax Payable 1 8 3 60 6
7 Payroll tax expense 7
8 8
9 May 15 Social Security Tax Payable 1 9 3 4 40 9
10 Medicare Tax Payable 4 5 2 40 10
12 Cash 3 8 6 3 80 12
13 Deposit payroll taxes for April 13
14 14
15 June 17 Social Security Tax Payable 1 7 8 5 60 15
18 Cash 3 6 3 3 20 18
19 Deposit payroll taxes for May 19
20 20
Analyze: The amounts of income tax withheld were determined based on tables for the filing status and
withholding allowances claimed by each employee.
PROBLEM 11.3A
POST.
1 2016 1
2 July 15 Social Security Tax Payable 2 2 4 4 40 2
5 Cash 4 5 6 4 30 5
6 Deposit payroll taxes for June 6
7 7
Analyze: The balance of the Employee Income Tax Payable account is zero.
PROBLEM 11.3A (continued)
PROBLEM 11.4A
State unemployment insurance = 0.017 × $27,363.00 = $465.17
POST.
1 2016 1
2 April 30 State Unemployment Tax Payable 4 6 5 17 2
3 Cash 4 6 5 17 3
4 Payment of quarterly SUTA 4
5 5
Analyze: An employer’s experience rating determines the amount of state unemployment taxes paid.
Generally, a more favorable rating will result in a lower state unemployment tax rate for the
business.
PROBLEM 11.5A
POST.
1 2017 1
2 Jan. 28 Federal Unemployment Tax Payable 8 2 41 2
3 Cash 8 2 41 3
4 Pay balance of tax due 4
5 5
Analyze: The total debits made to liability accounts were $547.58.
© 2015 McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale
or
PROBLEM 11.6A
1.
WORK CLASSIFICATION ESTIMATED INSURANCE ESTIMATED
EARNINGS RATE PREMIUMS
Office work $64,000 $0.30/$100 $192.00

Shop work $308,000 $6.00/$100 18,480.00
Total $18,672.00
2.
POST.
1 2016 1
2 Jan. 15 Prepaid Workers’ Compensation Insurance 18 6 7 2 00 2
3 Cash 18 6 7 2 00 3
4 Pay estimated workers’ 4
5 compensation for year 5
6 6
3.
WORK CLASSIFICATION ACTUAL EARNINGS INSURANCE ACTUAL
RATE PREMIUMS
Office work $69,960 $0.30/$100 $209.88

Shop work $315,320 $6.00/$100 18,919.20
Total 19,129.08
Estimated premiums paid 18,672.00
Additional premium due $457.08
4.
POST.
1 2016 1
2 Dec. 31 Workers’ Compensation Insurance Expense 4 5 7 08 2
3 Workers’ Compensation Insurance Payable 4 5 7 08 3
4 Adjust workers’ compensation 4
5 insurance expense 5
6 6
7 31 Workers’ Compensation Insurance Expense 18 6 7 2 00 7
8 Prepaid Workers' Compensation Insurance 18 6 7 2 00 8
9 Adjust prepaid workers’ compensation 9
10 insurance 10
Analyze: The premium estimate would have been $22,320=($64,000+$308,000) x ($6.00/$100).
PROBLEM 11.1B
Social Security $4,000 6.2% $248.00

Medicare 4,000 1.45% 58.00
FUTA 4,000 0.6% 24.00
SUTA 4,000 2.2% 88.00
Total $418.00
PROBLEM 11.1B (continued)
POST.
1 2016 1
2 April 8 Payroll Taxes Expense 4 1 8 00 2
6 State Unemployment Tax Payable 8 8 00 6
7 Record taxes on payroll 7
8 8
Analyze: The total employer's payroll taxes would be $378.00 ($248 + $58 + $24 FUTA + $48 SUTA).
PROBLEM 11.2B
POST.
1 2016 1
2 July 7 Payroll Taxes Expense 2 0 9 00 2
6 State Unemployment Tax Payable 4 4 00 6
7 Payroll taxes for week ended July 7 7
8 8
9 Aug. 15 Employee Income Tax Payable 7 0 0 00 9
10 Social Security Tax Payable 1 0 0 1 92 10
12 Cash 1 9 3 6 24 12
13 Deposit of payroll taxes for July 13
14 14
15 Sept. 15 Employee Income Tax Payable 8 4 0 00 15
18 Cash 2 2 9 3 50 18
19 Deposit of payroll taxes for August 19
20 20
Analyze: A SUTA rate of .015 would reduce the amount of tax by $14.00 [(0.022 – 0.015) x $2,000].
PROBLEM 11.3B
POST.
1 2016 1
2 Oct. 15 Employee Income Tax Payable 9 1 5 00 2
5 Cash 2 4 9 0 90 5
6 Deposit payroll taxes for September 6
7 7
Analyze: The total taxes deposited with the IRS for the quarter ended September 30 was $6,720.64
determined as follows:
Social Security - employer $1,728.56

Social Security - employee 1,728.56
Medicare - employer 404.26
Medicare - employee 404.26
Income tax withheld 2,455.00
$6,720.64
PROBLEM 11.4B
State unemployment insurance = 0.023 × $20,335.00 = $467.71
POST.
1 2016 1
2 April 30 State Unemployment Tax Payable 4 6 7 71 2
3 Cash 4 6 7 71 3
4 Paid state unemployment tax 4
5 5
Analyze: If Brian Morris made the same amount for the quarter ended June 30, 2016,
$3,120 ($7,000 - $3,880) would be subject to the federal unemployment tax.
PROBLEM 11.5B
POST.
1 2017 1
2 Jan. 27 Federal Unemployment Tax Payable 5 5 1 08 2
3 Cash 5 5 1 08 3
4 Pay balance of tax due 4
5 5
Analyze: The balance of the Federal Unemployment Tax Payable account is zero.
PROBLEM 11.6B
1.
WORK ESTIMATED INSURANCE ESTIMATED
CLASSIFICATION EARNINGS RATE PREMIUMS
Office work $50,000 $0.50/$100 $250.00

Delivery work $308,000 $6.00/$100 18,480.00
Total $18,730.00
2.
POST.
1 2016 1
2 Jan. 17 Prepaid Workers’ Compensation Insurance 18 7 3 0 00 2
3 Cash 18 7 3 0 00 3
4 Pay estimated workers' compensation 4
5 for year 5
6 6
3.
WORK ACTUAL EARNINGS INSURANCE ACTUAL
CLASSIFICATION RATE PREMIUMS
Office work $52,970 $0.50/$100 $264.85

Delivery work $316,240 $6.00/$100 18,974.40
Total actual premiums 19,239.25
Estimated premiums paid 18,730.00
Additional premium due $509.25
4.
POST.
1 2016 1
2 Dec. 31 Workers’ Compensation Insurance Expense 5 0 9 25 2
3 Workers' Compensation Insurance Payable 5 0 9 25 3
4 Adjust workers’ compensation 4
5 insurance expense 5
6 6
7 31 Workers’ Compensation Insurance Expense 18 7 3 0 00 7
8 Prepaid Worker's Compensation Insurance 18 7 3 0 00 8
9 Adjust prepaid workers’ compensation 9
10 insurance 10
11 11
Analyze: The balance of the Workers’ Compensation Insurance Expense account is $19,239.25
($18,730.00 + $509.25).
CRITICAL THINKING PROBLEM 11.1
1. Payroll information needed: the hourly rate paid the truck drivers; the rates for social security,
medicare, and federal and state unemployment taxes; and the employer’s obligations for workers’
compensation insurance and fringe benefits such as health insurance, pension contributions,
and group life insurance.
2. YEARLY COST—CURRENT SYSTEM
Truck Drivers:
Wages (100 × $42,000) $4,200,000
Social Security Tax ($4,200,000 × 0.062) 260,400
Medicare Tax ($4,200,000 × 0.0145) 60,900
State Unemployment Tax (100 × $7,000 × .05) 35,000
Federal Unemployment Tax (100 × $7,000 × .006) 4,200
Workers’ Compensation Insurance ($4,200,000 × $.70 ÷ 100) 29,400
Health Insurance (100 × $300 × 12) 360,000
Pensions (100 × $250 × 12) 300,000
Total Payroll Costs $5,249,900
Teenage Carriers: Payment per paper (90,000 × $0.04 × 5 days × 52 weeks) 936,000
Liability Insurance 100,000
Total Cost $6,285,900
YEARLY COST—PROPOSED SYSTEM
Truck Drivers:
Wages (20 × $42,000) $840,000
Social Security Tax ($840,000 × 0.0620) 52,080
Medicare Tax ($840,000 × 0.0145) 12,180
State Unemployment Tax (20 × $7,000 × 0.05) 7,000
Federal Unemployment Tax (20 × $7,000 × .006) 840
Workers’ Compensation Insurance ($840,000 × $0.70 ÷ 100) 5,880
Health Insurance (20 × $300 × 12) 72,000
Pensions (20 × $250 × 12) 60,000
Total Payroll Costs $1,049,980
Independent Contractor Payments (90,000 × $0.20 × 5 days × 52 weeks) 4,680,000
Total Cost $5,729,980
HARLEY would save $555,920 if the proposed system were adopted ($6,285,900-$5,729,980).
NOTE: Federal income tax withholding is not a factor in this analysis since it is the employees'
obligation, not the employer’s.
3 In addition to analyzing payroll costs, Harley should consider costs of operating the fleet of delivery trucks. What is the
current cost to operate the trucks? How much would be saved by reducing the fleet? He should also consider the effect
on employee morale of terminating 80 truck drivers and the commitments the paper has to union contracts. He should
also assess the dependability and stability of the independent contractors; it may be worthwhile to spend more in order to
have control of the paper’s distribution system through its own employees and trucks.
CRITICAL THINKING PROBLEM 11.2
1. Tony is not an employee. A self-employed person cannot be his or her own employee.
2. Guy is probably not an employee. He has the right to refuse jobs, which is not
characteristic of an employee’s rights.
3. Ken is an employee, paid on an hourly basis by Dr. Liu, who provides all facilities,
supplies, and equipment. He is not hired by the patients for professional services.
4. Lisa is not an employee. The employer does not provide a work place or tools,
or meet other conditions for her to be classified as an employee.
5. Ron is definitely a part-time employee. The titles of president, secretary,
and treasurer make him officially an employee.
Analyze: The employees are hired and work under the control and direction of the
employer. The employer determines how the employee completes the job.
SOLUTIONS TO BUSINESS CONNECTIONS
Managerial Focus:
1. Only authorized persons able to add new employees to payroll; review of payroll by
different employee; distribution of paychecks by yet another person.
2. Premiums for workers’ compensation insurance are based on the amount earned by
classes of employees.
3. Penalties and fines for the employer.
4. Experience rating is a potential source of tax savings.
Ethical Dilemma:
Johan is paying $1,720 more per month for wages. The extra expense represents an additional
employee that he did not hire. He should consult his accountant to find the approval for an
additional sales associate. To prevent this from happening in the future, he should pass out the
paychecks personally to match the paycheck to the person.
Financial Statement Analysis:

1. $182,000,000/340,000 employees = $535.29
Teamwork:
Hire temporary employees for jobs that occur seasonally. Only pay 98% of deposit required. The
IRS states that 98% is considered in compliance. Stop any unnecessary overtime by requiring
management approval for all overtime. Find less expensive benefits.
Internet Connection:
The 940 and 941 form is available to download and use. However, the W-2, W-3, W-4 and W-5
must be original forms.
SOLUTIONS TO PRACTICE TEST
Part A True-False
1. TRUE
2. FALSE
3. FALSE
4. TRUE
5. FALSE
6. TRUE
7. FALSE
8. FALSE
9. TRUE
10. FALSE
11. TRUE
12. FALSE
13. TRUE
14. FALSE
15. FALSE
16. FALSE
17. FALSE
18. FALSE
Part B Matching
1. j
2. i
3. h
4. a
5. g
6. e
7. f
8. b
9. d
10. c
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College Accounting A Practical Approach 14th Edition

Foundations of College Chemistry 14th Edition Hein

Chapter Opener: Thinking Critically

Managerial Implications: Thinking Critically

6. SUTA, FUTA, social security, and Medicare

10. Employer is responsible and must pay any taxes due.

GENERAL JOURNAL PAGE 24

TAX BASE RATE AMOUNT

Social Security $71,900.00 6.2% $4,457.80

GENERAL JOURNAL PAGE 14

SUTA = $1,400.70 ($100,050 x 0.014)

GENERAL JOURNAL PAGE 30

Gross tax (0.006 × $150,000) = $900.00

WORK ESTIMATED EARNINGS RATE ESTIMATED

Office $215,000 $ .60/$100 $1,290.00

TAX BASE RATE AMOUNT

Social Security $4,500.00 6.2% $279.00

GENERAL JOURNAL PAGE 30

GENERAL JOURNAL PAGE 12

GENERAL JOURNAL PAGE 24

State unemployment insurance = 0.017 × $27,363.00 = $465.17

GENERAL JOURNAL PAGE 82

GENERAL JOURNAL PAGE 15

Analyze: The total debits made to liability accounts were $547.58.

Office work $64,000 $0.30/$100 $192.00

Office work $69,960 $0.30/$100 $209.88

Analyze: The premium estimate would have been $22,320=($64,000+$308,000) x ($6.00/$100).

TAX BASE RATE AMOUNT

Social Security $4,000 6.2% $248.00

GENERAL JOURNAL PAGE 28

GENERAL JOURNAL PAGE 31

GENERAL JOURNAL PAGE 31

Social Security - employer $1,728.56

State unemployment insurance = 0.023 × $20,335.00 = $467.71

GENERAL JOURNAL PAGE 21

GENERAL JOURNAL PAGE 48

Office work $50,000 $0.50/$100 $250.00

Office work $52,970 $0.50/$100 $264.85

2. YEARLY COST—CURRENT SYSTEM

YEARLY COST—PROPOSED SYSTEM

Financial Statement Analysis:

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