Exam 10: Payroll Computations, Records, and Payment

Sabrina Duncan had gross earnings for the pay period ending 10/15/16 of $5,785.Her total gross earnings as of 9/30/16 were $111,400.If Social Security taxes are 6.2% on a maximum earnings of $113,700 per year,Sabrina's Social Security withheld from her 10/15/16 paycheck would be:

Michael Miller had total gross earnings as of 10/15 of $113,000.His gross earnings for the period ending 10/30 were $2,000.If social security taxes are 6.2% on a maximum earnings of $113,700 per year and Medicare tax is 1.45% on all earnings,how much social security tax will be paid by Michael and how much will be paid by his employer for the period ending 10/30?

One who is hired by an employer and who is under the control and direction of the employer is called a(n)___________________.

The monthly salaries for December and the year-to-date earnings as of November 30 for the three employees of the Lakeview Medical Center are listed below.Compute the amount of social security tax and Medicare tax to be withheld from each of the employee's gross pay for December.Assume a 6.2 percent social security tax rate and a base of $113,700 for the calendar year.Assume a 1.45 percent Medicare tax rate.

For which of the following taxes is there no limit on the amount of annual earnings subject to the tax?

Federal law requires that the employer withhold _________ from the employee's pay.

Employers are required to pay workers' ____________________ insurance that will reimburse employees for losses suffered from job-related injuries.

Which of the following is NOT typically an employee payroll withholding?

Ramon Gonzalez's gross pay for the week was $700.He had deductions of $85 for federal income tax,$43.40 for social security tax,$10.15 for Medicare tax as well as $5 for union dues.The journal entry to record his salary would include:

The employer records the amount of federal income tax withheld from employees as

Which of the following statements is correct?

The monthly salaries for December and the year-to-date earnings as of November 30 for the three employees of Heather's Hair Salon are listed below.Compute the amount of social security tax and Medicare tax to be withheld from each of the employee's gross pay for December.Assume a 6.2 percent social security tax rate and a base of $113,700 for the calendar year.Assume a 1.45 percent Medicare tax rate.

All details related to an employee's earnings,deductions,and net pay throughout the year would be found in

Publication 15,Circular E contains withholding information

The amount debited to Wages Expense when a payroll is recorded is the

If an employee works for more than one employer during the year,the social security tax is deducted and matched by only one employer.

When checks are issued to employees after the entry to record the payroll has been made,the accountant would

Rick O'Shea,the only employee of Hunter Furniture Company,makes $30,000 per year and is paid once a month.For the month of July,his federal income taxes withheld are $180,state income taxes withheld are $37,social security is 6.2%,Medicare tax is 1.45%,State Unemployment Tax is 4%,and Federal Unemployment tax is .8%.What is Rick's net pay for July?

Which of the following is a factor in the determination of the amount of social security tax to withhold from an employee's pay?

Lisa Ramos has a regular hourly rate of $10.75.In a week when she worked 40 hours and had deductions of $55 for federal income tax,$26.75 for social security tax,and $6.25 for Medicare tax,her net pay was