Exam 15: Payroll Accounting

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Assuming a FICA tax rate of 7.65% on the first $132,900 in wages and 1.45% on wages in excess of $132,900 and a federal income tax rate of 20% on all wages, what would be an employee's net pay for the year if he earned $180,000? Round all calculations to the nearest dollar.

(Multiple Choice)

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Question 21

Lucie Ball's regular rate of pay is $15 per hour with one and one-half times her regular rate for any hours which exceed 40 hours per week.She worked 48 hours last week.Therefore, her gross wages were

(Multiple Choice)

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Question 22

An employee earnings record is a cumulative record of each employee's gross earnings, deductions, and net pay during the year.

(True/False)

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Question 23

Most companies are required to compute overtime at

(Multiple Choice)

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Question 24

By January 31, following the end of a calendar year, an employer is required to provide each employee with a(n)

(Multiple Choice)

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Question 25

Which of the following employees would likely receive a salary instead of wages?

(Multiple Choice)

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Question 26

Which of the following is not performed by the payroll department?

(Multiple Choice)

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Question 27

Showing 21 - 27 of 27

Assuming a FICA tax rate of 7.65% on the first $132,900 in wages and 1.45% on wages in excess of $132,900 and a federal income tax rate of 20% on all wages, what would be an employee's net pay for the year if he earned $180,000? Round all calculations to the nearest dollar.

Lucie Ball's regular rate of pay is $15 per hour with one and one-half times her regular rate for any hours which exceed 40 hours per week.She worked 48 hours last week.Therefore, her gross wages were

An employee earnings record is a cumulative record of each employee's gross earnings, deductions, and net pay during the year.

Most companies are required to compute overtime at

By January 31, following the end of a calendar year, an employer is required to provide each employee with a(n)

Which of the following employees would likely receive a salary instead of wages?

Which of the following is not performed by the payroll department?

Accounting in Action

The Recording Process

Adjusting the Accounts

Completing the Accounting Cycle

Accounting for Merchandising Operations

Inventories

Fraud, Internal Control and Cash

Accounting for Receivables

Plant Assets, Natural Resources and Intangible Assets

Liabilities

Corporations: Organisations, Stock Transactions and Stockholders Equity

Statement of Cash Flows

Financial Analysis: the Big Picture

Time Value of Money

Other Significant Liabilities

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