Exam 10: Payroll Computations, Records, and Payment

Employees of firms engaged in interstate commerce must receive an overtime rate of at least 1.5 times the regular hourly rate of pay for time worked in excess of ____________________ hours per week.

To compute ____________________ pay,it is necessary to subtract the total of an employee's deductions from the employee's gross pay.

Assuming a Medicare tax rate of 1.45% and monthly gross wages of $5,000,the amount recorded in Medicare Tax Payable for one quarter for the employee's payroll deduction is

During one week,three employees of the Tea Leaf Cafe worked the number of hours shown below.All these employees receive overtime pay at one and a half times their regular hourly rate for any hours worked beyond 40 in a week.Compute the regular earnings,overtime earnings,and gross pay for each employee.

During the week ended January 11,2016,Darlene Marcussen worked 40 hours.Her regular hourly rate is $18.Assume that her earnings are subject to social security tax at a rate of 6.2 percent and Medicare tax at a rate of 1.45 percent.She also has deductions of $40 for federal income tax and $21 for health insurance. A)What is his gross pay for the week? B)What is the total of his deductions for the week? C)What is his net pay for the week?

Lila Harrison's is the sole employee of ABC Grocers.Her gross pay for the week was $400.She had deductions of $50 for federal income tax,$25 for social security tax,and $5.80 for Medicare tax.The journal entry to record her salary would include:

Which of the following statements is not correct?

The Social Security Tax Payable account will normally have a(n)

The Royal Company has office employees and sales employees.A summary of their earnings and deductions for the week ended April 26,2016,is shown below.On page 18 of a general journal,record the April 26 payroll and the entry to summarize the effect of the checks written to pay the payroll.

An employee whose regular hourly rate is $18 and whose overtime rate is 1.5 times the regular rate worked 44 hours one week.The employee's gross pay was

A worker who is paid an agreed amount for each week or month or year is said to be paid on a(n)____________________ basis.

After payroll computations are made,the hours worked,rates,earnings,and deductions are entered into a record called a(n)___________________.

The Santa Fe Company has office employees and shipping employees.A summary of their earnings and deductions for the week ended July 12,2016,is shown below.On page 16 of a general journal,record the July 12 payroll and the entry to summarize the effect of the checks written to pay the payroll.

The Medicare tax is levied to provide medical care for the employee and the employee's spouse after they reach age 65.

The net amount due employees for their wages is recorded as a debit to Salaries and Wages Payable.

When a firm records its payroll,the amount of federal income tax withheld from employees is entered as a liability.

An employee whose regular hourly rate is $10 and whose overtime rate is 1.5 times the regular rate worked 48 hours in one week.In the payroll register,the employer should record an overtime premium of

The employer records the amount of federal income taxes withheld from employees in the Employee Income Tax ____________________ account.

During the week ended May 15,2016,Scott Fairchild worked 40 hours.His regular hourly rate is $14.Assume that his earnings are subject to social security tax at a rate of 6.2 percent and Medicare tax at a rate of 1.45 percent.He also has deductions of $31 for federal income tax and $21 for health insurance. A)What is his gross pay for the week? B)What is the total of his deductions for the week? C)What is his net pay for the week?

Jason McCurdy has a regular hourly rate of $10.75.During a two week period,he worked 80 hours and had deductions of $110 for federal income tax,$53.50 for social security tax,and $12.50 for Medicare tax.His net pay was