Question 1

Workers' compensation provides insurance for employees who are:

Accepted Answer

A) unemployed due to an economic downturn. 
B) unemployed due to a plant closing. 
C) injured while on the job. 
D) not paid enough. 
A) unemployed due to an economic downturn. 
B) unemployed due to a plant closing. 
C) injured while on the job. 
D) not paid enough.

Question 2

Valerie Chandler works 42 hours as a coffee barista and earns $12 per hour. Compute her weekly pay assuming an overtime rate of 1.5.

Accepted Answer

A) $552 
B) $516 
C) $480 
D) $624 
A) $552 
B) $516 
C) $480 
D) $624

Question 3

Ocean's Auction House's payroll for April includes the following data:   What is the gross pay?

Accepted Answer

A) $1,998.40 
B) $1,942.40 
C) $2,900.00 
D) $2,798.40 
A) $1,998.40 
B) $1,942.40 
C) $2,900.00 
D) $2,798.40

Question 4

A FUTA tax credit:

Accepted Answer

A) is given to employers who pay their state unemployment taxes on time. 
B) is usually in the amount of 5.4% 
C) is applied against the 6.2% standard rate. 
D) All of the above are correct. 
A) is given to employers who pay their state unemployment taxes on time. 
B) is usually in the amount of 5.4% 
C) is applied against the 6.2% standard rate. 
D) All of the above are correct.

Question 5

An allowance or exemption represents a certain amount of a person's income that will be considered nontaxable.

Accepted Answer

A) True 
 B)False

Question 6

Which of the following taxes has a maximum amount an employee must pay in a year?

Accepted Answer

A) Federal income tax 
B) FICA-Medicare tax 
C) FICA-OASDI tax 
D) State Income tax 
A) Federal income tax 
B) FICA-Medicare tax 
C) FICA-OASDI tax 
D) State Income tax

Question 7

Which of the following would not typically be an employee payroll withholding?

Accepted Answer

A) Unemployment taxes 
B) Medical Insurance 
C) State income tax 
D) Social Security 
A) Unemployment taxes 
B) Medical Insurance 
C) State income tax 
D) Social Security

Workers' compensation provides insurance for employees who are:

Valerie Chandler works 42 hours as a coffee barista and earns $12 per hour. Compute her weekly pay assuming an overtime rate of 1.5.

Ocean's Auction House's payroll for April includes the following data: What is the gross pay?

A FUTA tax credit:

An allowance or exemption represents a certain amount of a person's income that will be considered nontaxable.

Which of the following taxes has a maximum amount an employee must pay in a year?

Which of the following would not typically be an employee payroll withholding?

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

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

Workers' compensation provides insurance for employees who are:

Valerie Chandler works 42 hours as a coffee barista and earns $12 per hour. Compute her weekly pay assuming an overtime rate of 1.5.

Ocean's Auction House's payroll for April includes the following data: What is the gross pay?

A FUTA tax credit:

An allowance or exemption represents a certain amount of a person's income that will be considered nontaxable.

Which of the following taxes has a maximum amount an employee must pay in a year?

Which of the following would not typically be an employee payroll withholding?

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