Question 1

If Sheila worked 38 hours,how many hours of overtime will Sheila earn?

Accepted Answer

A) 0 
B) 1 
C) 9 
D) 5 
A) 0 
B) 1 
C) 9 
D) 5

Question 2

Bob Hill's hourly rate is $25.00,and he worked 38 hours during the week.What is his gross pay for the week?

Accepted Answer

A) $950 
B) $780 
C) $1,000 
D) $975 
A) $950 
B) $780 
C) $1,000 
D) $975

Question 3

Given the following payroll items you are to identify whether they are the expense of the employer and/or the employee by placing an X in the appropriate column.
-$$\begin{array} { | l | l | l | } 
\hline & \text { Employer } & \text { Employee } \
\hline \text { FUTA } & & \
\hline
\end{array}$$

Accepted Answer

\[\begin{array} { | l | c | c

Question 4

Gross pay is equal to take-home pay.

Accepted Answer

A) True 
 B)False

Question 5

Calculate the total wages earned for each employee (assume an overtime rate of time and a half over 40 hours):
a)Dave earns $22 per hour and worked 45 hours in one week.
b)Jeff earns $18 per hour and worked 42 hours in one week.

Accepted Answer

The answer of Calculate the total wages earned for each...

Question 6

A W-4 form:

Accepted Answer

A) determines the amount of FICA-OASDI to be withheld. 
B) determines the amount of FICA-Medicare to be withheld. 
C) provides the number of allowances an employee has claimed. 
D) shows total wages earned for the year. 
A) determines the amount of FICA-OASDI to be withheld. 
B) determines the amount of FICA-Medicare to be withheld. 
C) provides the number of allowances an employee has claimed. 
D) shows total wages earned for the year.

Question 7

Kim received $1,850 for working 40 hours.What was Kim's rate of pay per hour?

Accepted Answer

A) $46.25 
B) $44.00 
C) $45.00 
D) $40.00 
A) $46.25 
B) $44.00 
C) $45.00 
D) $40.00

Question 8

From the following data,determine the FUTA tax liability for Evans Company for the first quarter.The FUTA tax rate is 0.8% on the first $7,000 of earnings.(Assume all quarters have 13 weeks.)
$$\begin{array} { l l } 
\text { Employees } &  { \text { Goss I'sy Per Week } } \
\text { C. Otto } & \$ 2,000 \
\text { K. Yankee } & \text { B00 } \
\text { E. Lanava } & 1,400
\end{array}$$

Accepted Answer

None

Question 9

When an employee's earnings are greater than FICA base limit during the calendar year,no more FICA-OASDI tax is deducted from earnings.

Accepted Answer

A) True 
 B)False

Question 10

Tracey Thrasher earned $800 for the week.If her cumulative earnings are $30,000 prior to this pay period,how much FICA-OASDI must her employer withhold from her earnings? FICA tax rates are OASDI 6.2% on a limit of $106,800.

Accepted Answer

A) $496.00 
B) $0 
C) $49.60 
D) None of the above are correct. 
A) $496.00 
B) $0 
C) $49.60 
D) None of the above are correct.

Question 11

Unemployment taxes are:

Accepted Answer

A) based on wages paid to employees. 
B) based employer's payment history. 
C) the same for all employers. 
D) Both A and B are correct. 
A) based on wages paid to employees. 
B) based employer's payment history. 
C) the same for all employers. 
D) Both A and B are correct.

Question 12

To compute federal income tax to be withheld:

Accepted Answer

A) use the net earnings and number of allowances. 
B) use gross earnings,number of allowances,and marital status. 
C) use net earnings and Form W-4. 
D) None of these answers are correct. 
A) use the net earnings and number of allowances. 
B) use gross earnings,number of allowances,and marital status. 
C) use net earnings and Form W-4. 
D) None of these answers are correct.

Question 13

Given the following payroll items you are to identify whether they are the expense of the employer and/or the employee by placing an X in the appropriate column.
-$$\begin{array} { | l | l | l | } 
\hline & \text { Employer } & \text { Employee } \
\hline \text { Worker's compensation } & & \
\hline
\end{array}$$

Accepted Answer

\[\begin{array} { | l | c | c

Question 14

Net pay is the same as:

Accepted Answer

A) gross pay. 
B) take-home pay. 
C) before taxes pay. 
D) pay before deductions. 
A) gross pay. 
B) take-home pay. 
C) before taxes pay. 
D) pay before deductions.

Question 15

Given the following payroll items you are to identify whether they are the expense of the employer and/or the employee by placing an X in the appropriate column.
-$$\begin{array} { | l | l | l | } 
\hline & \text { Employer } & \text { Employee } \
\hline \text { Gross wages } & & \
\hline
\end{array}$$

Accepted Answer

\[\begin{array} { | l | c | c

Question 16

Which of the below allowances would have the most amount of taxes withheld for federal income tax purposes?

Accepted Answer

A) S-1 
B) S-0 
C) S-3 
D) S-2 
A) S-1 
B) S-0 
C) S-3 
D) S-2

Question 17

The law that governs overtime earnings is called:

Accepted Answer

A) Federal Insurance Contribution Act. 
B) Federal Wage and Hour Law. 
C) Fair Labor Standards Act. 
D) Both B and C are correct. 
A) Federal Insurance Contribution Act. 
B) Federal Wage and Hour Law. 
C) Fair Labor Standards Act. 
D) Both B and C are correct.

Question 18

Payroll taxes include all of the following except:

Accepted Answer

A) federal income tax. 
B) state income tax. 
C) FICA-OASDI. 
D) All of the above are payroll taxes. 
A) federal income tax. 
B) state income tax. 
C) FICA-OASDI. 
D) All of the above are payroll taxes.

Question 19

Brian Temple's cumulative earnings are $73,000,and his gross pay for the week is $5,300.If the FICA rates are: OASDI 6.2% on a limit of $106,800 and Medicare is 1.45%,what are his FICA-OASDI and FICA-Medicare taxes for the week?

Accepted Answer

A) $0; $76.85 
B) $328.60; $0 
C) $328.60; $76.85 
D) $3,286; $768.50 
A) $0; $76.85 
B) $328.60; $0 
C) $328.60; $76.85 
D) $3,286; $768.50

Question 20

Compute the net pay for each employee.The FICA tax rate is: OASDI 6.2% on a limit of $106,800; Medicare is 1.45%; federal income tax is 15%; state income tax is 5%; and medical insurance is $100 per employee.
 $\begin{array}{llcc}
 & \text {Cumulative Pay  } & \text {This Week's Pay }   \
 \text { Sarah Ahti } &\$75,000&\$4,000\
 \text { Matt DeFore } &\$62,000&\$2,000\

\end{array}$

Accepted Answer

\[\begin{array} { l l } 
\text

Exam 7: Calculating Pay and Payroll Taxes: The Beginning of the Payroll Process

If Sheila worked 38 hours,how many hours of overtime will Sheila earn?

Bob Hill's hourly rate is $25.00,and he worked 38 hours during the week.What is his gross pay for the week?

Given the following payroll items you are to identify whether they are the expense of the employer and/or the employee by placing an X in the appropriate column. - Employer Employee FUTA

Gross pay is equal to take-home pay.

Calculate the total wages earned for each employee (assume an overtime rate of time and a half over 40 hours): a)Dave earns $22 per hour and worked 45 hours in one week. b)Jeff earns $18 per hour and worked 42 hours in one week.

A W-4 form:

Kim received $1,850 for working 40 hours.What was Kim's rate of pay per hour?

From the following data,determine the FUTA tax liability for Evans Company for the first quarter.The FUTA tax rate is 0.8% on the first $7,000 of earnings.(Assume all quarters have 13 weeks.) Employees Goss I'sy Per Week C. Otto \ 2,000 K. Yankee B00 E. Lanava 1,400

When an employee's earnings are greater than FICA base limit during the calendar year,no more FICA-OASDI tax is deducted from earnings.

Tracey Thrasher earned $800 for the week.If her cumulative earnings are $30,000 prior to this pay period,how much FICA-OASDI must her employer withhold from her earnings? FICA tax rates are OASDI 6.2% on a limit of $106,800.

Unemployment taxes are:

To compute federal income tax to be withheld:

Given the following payroll items you are to identify whether they are the expense of the employer and/or the employee by placing an X in the appropriate column. - Employer Employee Worker's compensation

Net pay is the same as:

Given the following payroll items you are to identify whether they are the expense of the employer and/or the employee by placing an X in the appropriate column. - Employer Employee Gross wages

Which of the below allowances would have the most amount of taxes withheld for federal income tax purposes?

The law that governs overtime earnings is called:

Payroll taxes include all of the following except:

Brian Temple's cumulative earnings are $73,000,and his gross pay for the week is $5,300.If the FICA rates are: OASDI 6.2% on a limit of $106,800 and Medicare is 1.45%,what are his FICA-OASDI and FICA-Medicare taxes for the week?

Compute the net pay for each employee.The FICA tax rate is: OASDI 6.2% on a limit of $106,800; Medicare is 1.45%; federal income tax is 15%; state income tax is 5%; and medical insurance is $100 per employee. Cumulative Pay This Week's Pay Sarah Ahti \7 5,000 \4 ,000 Matt DeFore \6 2,000 \2 ,000

Accounting Concepts and Procedures

Debits and Credits: Analyzing and Recording Business Transactions

Beginning the Accounting Cycle

The Accounting Cycle Continued

The Accounting Cycle Completed

Banking Procedure and Control of Cash

Paying,recording,and Reporting Payroll and Payroll Taxes: The Conclusion of the Payroll Process

Sales and Cash Receipts

Purchases and Cash Payments

Preparing a Worksheet for a Merchandise Company

Completion of the Accounting Cycle for a Merchandise Company

Accounting for Bad Debts

Notes Receivable and Notes Payable

Accounting for Merchandise Inventory

Accounting for Property, plant, equipment, and Intangible Assets

Partnership

Corporations: Organizations and Stock

Corporations: Stock Values, dividends, treasury Stocks, and Retained Earnings

Corporations and Bonds Payable

Statement of Cash Flows

Analyzing Financial Statements

The Voucher System

Departmental Accounting

Manufacturing Accounting

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