Exam 10: Payroll Computations, Records, and Payment

Junkman Autos uses a separate checking account to pay their employees. The gross pay for the period was $1,000. However, after deductions were taken out, the net pay for the period was $820. The journal entry to record the issuance of payroll checks to their employees is:

Lisa Ramos has a regular hourly rate of $12.75. In a week when she worked 40 hours and had deductions of $67.00 for federal income tax, $31.62 for social security tax, and $7.40 for Medicare tax, her net pay was

The total amount earned by the employee is called the

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

Identify the list of accounts below that would normally all have a credit balance.

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.

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 on a maximum of $122,700 for the calendar year. Assume a 1.45 percent Medicare tax rate.

The column totals in a payroll register

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

During the week ended May 15, 2019, Scott Fairchild worked 40 hours. His regular hourly rate is $14 .Assume that all of 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?

Identify the list of accounts below that would normally all have a debit balance.

During the week ended February 8, 2019, Stuart Wayne worked 40 hours. His regular hourly rate is $12) Assume that all of 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?

Lacy Crawford has a regular hourly rate of $21.50. In a week when she worked 40 hours and had deductions of $110 for federal income tax, $53.32 for social security tax, and $12.47 for Medicare tax, her net pay was

An employee whose regular hourly rate is $20 and whose overtime rate is 1.5 times the regular rate worked 45 hours one week. The employee's gross pay was

The maximum base for the social security tax is the same as that for the Medicare tax.

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

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

Federal law requires employers to withhold which of the following taxes from the employee's pay?

The employer records the amount of federal income tax withheld as:

Federal law requires employers to pay which of the following employment related taxes?