Question 1

The total earnings paid to an employee after payroll taxes and other deductions is recorded in the payroll register's

Accepted Answer

A)  Gross Pay column. 
B)  Total Earnings column. 
C)  Net Pay column. 
D)  Total Deductions column. 
A)  Gross Pay column. 
B)  Total Earnings column. 
C)  Net Pay column. 
D)  Total Deductions column.

Question 2

A business is required by law to withhold certain payroll taxes from employee salaries.

Accepted Answer

A) True 
 B)False

Question 3

The Accumulated Earnings column of the employee earnings record

Accepted Answer

A)  shows net pay for the year. 
B)  is the total earnings since the first of the year. 
C)  shows net pay for one quarter. 
D)  is the gross earnings for one quarter. 
A)  shows net pay for the year. 
B)  is the total earnings since the first of the year. 
C)  shows net pay for one quarter. 
D)  is the gross earnings for one quarter.

Question 4

Select the one term that best fits each definition.
-A federal tax paid for old-age, survivors, and disability insurance.

Accepted Answer

A)  401(k) 
B)  commission 
C)  direct deposit 
D)  electronic funds transfer 
E)  individual retirement account
F) Medicare tax
G) net pay
H) qualified retirement plan
I) Roth individual retirement account
J) social security tax
K) tax base
L) withholding allowance 
A)  401(k) 
B)  commission 
C)  direct deposit 
D)  electronic funds transfer 
E)  individual retirement account
F) Medicare tax
G) net pay
H) qualified retirement plan
I) Roth individual retirement account
J) social security tax
K) tax base
L) withholding allowance

Question 5

Federal income tax is withheld from employee earnings

Accepted Answer

A)  only in those states electing to do so. 
B)  in states without a state income tax. 
C)  only in states where a state income tax is levied. 
D)  in all 50 states. 
A)  only in those states electing to do so. 
B)  in states without a state income tax. 
C)  only in states where a state income tax is levied. 
D)  in all 50 states.

Question 6

Total earnings are sometimes referred to as net pay.

Accepted Answer

A) True 
 B)False

Question 7

Select the one term that best fits each definition.
-The total earnings paid to an employee after payroll taxes and other deductions.

Accepted Answer

A)  401(k) 
B)  commission 
C)  direct deposit 
D)  electronic funds transfer 
E)  individual retirement account
F) Medicare tax
G) net pay
H) qualified retirement plan
I) Roth individual retirement account
J) social security tax
K) tax base
L) withholding allowance 
A)  401(k) 
B)  commission 
C)  direct deposit 
D)  electronic funds transfer 
E)  individual retirement account
F) Medicare tax
G) net pay
H) qualified retirement plan
I) Roth individual retirement account
J) social security tax
K) tax base
L) withholding allowance

Question 8

Select the one term that best fits each definition.
-A qualified retirement plan sponsored by an employer.

Accepted Answer

A)  401(k) 
B)  commission 
C)  direct deposit 
D)  electronic funds transfer 
E)  individual retirement account
F) Medicare tax
G) net pay
H) qualified retirement plan
I) Roth individual retirement account
J) social security tax
K) tax base
L) withholding allowance 
A)  401(k) 
B)  commission 
C)  direct deposit 
D)  electronic funds transfer 
E)  individual retirement account
F) Medicare tax
G) net pay
H) qualified retirement plan
I) Roth individual retirement account
J) social security tax
K) tax base
L) withholding allowance

Question 9

The amount of income tax withheld from each employee's total earnings is determined solely from the number of withholding allowances.

Accepted Answer

A) True 
 B)False

Question 10

The investment income in a Roth IRA is not subject to federal income taxes when withdrawn.

Accepted Answer

A) True 
 B)False

Question 11

The withholding allowances of an employee affect

Accepted Answer

A)  social security tax withheld. 
B)  federal income tax withheld. 
C)  federal unemployment tax owed. 
D)  state unemployment tax owed. 
A)  social security tax withheld. 
B)  federal income tax withheld. 
C)  federal unemployment tax owed. 
D)  state unemployment tax owed.

Question 12

Select the one term that best fits each definition.
-A retirement plan that provides individuals with a tax benefit plan approved by the Internal Revenue Service.

Accepted Answer

A)  401(k) 
B)  commission 
C)  direct deposit 
D)  electronic funds transfer 
E)  individual retirement account
F) Medicare tax
G) net pay
H) qualified retirement plan
I) Roth individual retirement account
J) social security tax
K) tax base
L) withholding allowance 
A)  401(k) 
B)  commission 
C)  direct deposit 
D)  electronic funds transfer 
E)  individual retirement account
F) Medicare tax
G) net pay
H) qualified retirement plan
I) Roth individual retirement account
J) social security tax
K) tax base
L) withholding allowance

The total earnings paid to an employee after payroll taxes and other deductions is recorded in the payroll register's

A business is required by law to withhold certain payroll taxes from employee salaries.

The Accumulated Earnings column of the employee earnings record

Select the one term that best fits each definition. -A federal tax paid for old-age, survivors, and disability insurance.

Federal income tax is withheld from employee earnings

Total earnings are sometimes referred to as net pay.

Select the one term that best fits each definition. -The total earnings paid to an employee after payroll taxes and other deductions.

Select the one term that best fits each definition. -A qualified retirement plan sponsored by an employer.

The amount of income tax withheld from each employee's total earnings is determined solely from the number of withholding allowances.

The investment income in a Roth IRA is not subject to federal income taxes when withdrawn.

The withholding allowances of an employee affect

Select the one term that best fits each definition. -A retirement plan that provides individuals with a tax benefit plan approved by the Internal Revenue Service.

The Accounting Equation

Debit and Credit Parts

Journalizing Transactions

Posting to a General Ledger

Cash Control Systems

Work Sheet and Adjusting Entries

Financial Statements for a Proprietorship

Closing Entries and Post-Closing

Accounting for Purchases and Cash Payments

Accounting for Sales and Cash Receipts

Using a General Journal

Accounting for Payroll and Payroll Taxes

Uncollectible Accounts Receivable

Adjusting Entries and a Trial Balance

Financial Statements and Closing Entries

Financial Statement Analysis

Acquiring Capital for Growth and Development

Plant Assets and Intangible Assets

Accounting for Inventory

Accruals, Deferrals, and Reversing Entries

End-Of-Fiscal-Period Work for a Corporation

Accounting for Partnerships

Recording International and Internet Sales

Service Business Organized As a Proprietorship

Merchandising Business As a Corporation

Additional Accounting Procedures

Filters

Exam 12: Preparing Payroll Records

The total earnings paid to an employee after payroll taxes and other deductions is recorded in the payroll register's

A business is required by law to withhold certain payroll taxes from employee salaries.

The Accumulated Earnings column of the employee earnings record

Select the one term that best fits each definition. -A federal tax paid for old-age, survivors, and disability insurance.

Federal income tax is withheld from employee earnings

Total earnings are sometimes referred to as net pay.

Select the one term that best fits each definition. -The total earnings paid to an employee after payroll taxes and other deductions.

Select the one term that best fits each definition. -A qualified retirement plan sponsored by an employer.

The amount of income tax withheld from each employee's total earnings is determined solely from the number of withholding allowances.

The investment income in a Roth IRA is not subject to federal income taxes when withdrawn.

The withholding allowances of an employee affect

Select the one term that best fits each definition. -A retirement plan that provides individuals with a tax benefit plan approved by the Internal Revenue Service.

The Accounting Equation

Debit and Credit Parts

Journalizing Transactions

Posting to a General Ledger

Cash Control Systems

Work Sheet and Adjusting Entries

Financial Statements for a Proprietorship

Closing Entries and Post-Closing

Accounting for Purchases and Cash Payments

Accounting for Sales and Cash Receipts

Using a General Journal

Accounting for Payroll and Payroll Taxes

Uncollectible Accounts Receivable

Adjusting Entries and a Trial Balance

Financial Statements and Closing Entries

Financial Statement Analysis

Acquiring Capital for Growth and Development

Plant Assets and Intangible Assets

Accounting for Inventory

Accruals, Deferrals, and Reversing Entries

End-Of-Fiscal-Period Work for a Corporation

Accounting for Partnerships

Recording International and Internet Sales

Service Business Organized As a Proprietorship

Merchandising Business As a Corporation

Additional Accounting Procedures

Filters