Using Quickbooks Online for Accounting, Chapter 7 Matching Please match the foll

Question

Using Quickbooks Online for Accounting, Chapter 7 Matching

Please match the following. I have done so a few times, closely reviewing the chapter and definitions, and still finding some problems with this basic end chapter review. If you could answer this it would be appreciated. The book is Using Quickbooks Online for Accounting, Chapter 7. I'm sure there is some kind of mismatch error on the self assessment and help would be appreciated to allow me to study for the exam.

a. 6.2%

b. 1.45%

c. Payroll

d. Payroll tax payable

e. QBO Payroll

f. Gross pay

g. Recurring transactions

h. Transaction report

i. Unscheduled

j. Record as negative amounts

_______ Account used to record the liability for Federal income tax withheld

_______ An add-on feature to QBO

_______ Rate used to calculate an employee's Medicare tax

_______ Hours worked times hourly rate

_______ Use to more efficiently record periodic payroll

_______ Payroll tax payable

_______ Accessed by clicking an amount on the trial balance

_______ One type of recurring event

_______ Account used to record all payroll expenses

_______ Rate used to calculate an employee's social security tax

Explanation / Answer

1) Account used to record the liability for Federal income tax withheld - d. Payroll tax payable

2) An add-on feature to QBO - e. QBO Payroll

3) Rate used to calculate an employee's Medicare tax - b. 1.45%

4) Hours worked times hourly rate - f. Gross pay

5) Use to more efficiently record periodic payroll - g. Recurring transactions

6) Payroll tax payable - j. Record as negative amounts

7) Accessed by clicking an amount on the trial balance - h. Transaction report

8) One type of recurring event - i. Unscheduled

9) Account used to record all payroll expenses - c. Payroll

10) Rate used to calculate an employee's social security tax - a. 6.2%

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