Question 1

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 2

When calculating the employer's payroll tax expense the clerk forgot about the wage base limits, this will cause:

Accepted Answer

A) the expenses to be overstated. 
B) the assets to be overstated. 
C) the liabilities to be overstated. 
D) Both A and C are correct. 
A) the expenses to be overstated. 
B) the assets to be overstated. 
C) the liabilities to be overstated. 
D) Both A and C are correct.

Question 3

An employee has gross earnings of $1000 and withholdings of $60 FICA (OASDI and Medicare), and $50 for income taxes (FIT and SIT). The employer pays $60 FICA (OASDI and Medicare), $10 for SUTA, and $5.60 FUTA. What is the employer's total cost of the employee?

Accepted Answer

A) $915.60 
B) $1,085.60 
C) $975.60 
D) $1,035.60 
A) $915.60 
B) $1,085.60 
C) $975.60 
D) $1,035.60

Question 4

A pay period is defined as:

Accepted Answer

A) weekly. 
B) bi-weekly. 
C) monthly. 
D) All of the above are correct. 
A) weekly. 
B) bi-weekly. 
C) monthly. 
D) All of the above are correct.

Question 5

Most employers are levied a payroll tax for:

Accepted Answer

A) state and federal income taxes. 
B) only FICA taxes. 
C) FICA taxes, federal and state employment unemployment taxes. 
D) only state and federal unemployment taxes. 
A) state and federal income taxes. 
B) only FICA taxes. 
C) FICA taxes, federal and state employment unemployment taxes. 
D) only state and federal unemployment taxes.

Question 6

Which of the below allowances would have the least 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 7

All states charge a state income tax.

Accepted Answer

A) True 
 B)False

Question 8

The amount of federal income tax withheld from an employee during the year is determined by the employee's:

Accepted Answer

A) W-4 form. 
B) W-2 form. 
C) 1040 form. 
D) None of these answers are correct. 
A) W-4 form. 
B) W-2 form. 
C) 1040 form. 
D) None of these answers are correct.

Question 9

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 10

Explain the purpose of workers' compensation, and discuss the premium cost to the employer.

Accepted Answer

Workers' Compensation is insurance provi

Question 11

The payroll taxes the employer is responsible for are:

Accepted Answer

A) FICA-OASDI. 
B) FICA-Medicare. 
C) worker's compensation. 
D) All of the above are correct. 
A) FICA-OASDI. 
B) FICA-Medicare. 
C) worker's compensation. 
D) All of the above are correct.

Question 12

If the employee has $500 withheld from their check for federal income tax, what is the amount that the employer would need to pay for their portion of the federal income tax?

Accepted Answer

A) $500 
B) $100 
C) $0 
D) $400 
A) $500 
B) $100 
C) $0 
D) $400

Question 13

The payroll information for a pay period is found in the payroll register.

Accepted Answer

A) True 
 B)False

Question 14

Workers' compensation:

Accepted Answer

A) insures employees against losses they may incur due to injury or death while on the job. 
B) is based on the total estimated payroll. 
C) is paid for by the employer. 
D) All of the above are correct. 
A) insures employees against losses they may incur due to injury or death while on the job. 
B) is based on the total estimated payroll. 
C) is paid for by the employer. 
D) All of the above are correct.

Question 15

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 16

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 17

All states use the same percent for the state tax rate.

Accepted Answer

A) True 
 B)False

Question 18

FICA taxes provide funding to the government to pay:

Accepted Answer

A) monthly retirement benefits for persons over age 62. 
B) medical benefits for persons over age 65. 
C) benefits for person who have become disabled. 
D) All of the above are correct. 
A) monthly retirement benefits for persons over age 62. 
B) medical benefits for persons over age 65. 
C) benefits for person who have become disabled. 
D) All of the above are correct.

Question 19

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.
-

Accepted Answer

The answer of Given the following payroll items you are...

Question 20

Sue's jewelry Shoppe's July payroll includes the following data:   The employer's payroll tax for the period would be:

Accepted Answer

A) $918. 
B) $1,128. 
C) $210. 
D) $1,000. 
A) $918. 
B) $1,128. 
C) $210. 
D) $1,000.

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

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

When calculating the employer's payroll tax expense the clerk forgot about the wage base limits, this will cause:

An employee has gross earnings of $1000 and withholdings of $60 FICA (OASDI and Medicare), and $50 for income taxes (FIT and SIT). The employer pays $60 FICA (OASDI and Medicare), $10 for SUTA, and $5.60 FUTA. What is the employer's total cost of the employee?

A pay period is defined as:

Most employers are levied a payroll tax for:

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

All states charge a state income tax.

The amount of federal income tax withheld from an employee during the year is determined by the employee's:

Unemployment taxes are:

Explain the purpose of workers' compensation, and discuss the premium cost to the employer.

The payroll taxes the employer is responsible for are:

If the employee has $500 withheld from their check for federal income tax, what is the amount that the employer would need to pay for their portion of the federal income tax?

The payroll information for a pay period is found in the payroll register.

Workers' compensation:

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

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.

All states use the same percent for the state tax rate.

FICA taxes provide funding to the government to pay:

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. -

Sue's jewelry Shoppe's July payroll includes the following data: The employer's payroll tax for the period would be:

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

Filters