Question 1

A worker who is paid an agreed amount for each week or month or year is said to be paid on a(n) ____________________ basis.

Accepted Answer

salary

Question 2

FICA taxes are paid by:

Accepted Answer

A)  employees only. 
B)  employer and federal government. 
C)  both the employee and employer. 
D)  neither the employee nor employer. 
A)  employees only. 
B)  employer and federal government. 
C)  both the employee and employer. 
D)  neither the employee nor employer. C

Question 3

If an employee whose regular hourly rate is $9 and whose overtime rate is 1.5 times the regular rate works 42 hours in one week, the employee's gross pay is $378.

Accepted Answer

A) True 
 B)False  False

Question 4

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. $$\begin{array} { | c | c | c | c | c | c | } 
\hline \begin{array} { c } 
\text { Employee } \
\text { No. }
\end{array} & \begin{array} { c } 
\text { Regular } \
\text { Hourly Rate }
\end{array} & \begin{array} { c } 
\text { Hours } \
\text { Worked }
\end{array} & \begin{array} { c } 
\text { Regular } \
\text { Earnings }
\end{array} & \begin{array} { c } 
\text { Overtime } \
\text { Earnings }
\end{array} & \text { Gross Pay } \
\hline 1 & \$ 13.00 & 46 & & & \
\hline 2 & 11.00 & 44 & & & \
\hline 3 & 9.00 & 45 & & & \
\hline
\end{array}$$

Accepted Answer

Employee No. 1: Reg. Earn., $520.00; OT

Question 5

The employee's marital status is one factor that determines the amount of federal income tax withheld by the employer.

Accepted Answer

A) True 
 B)False

Question 6

Publication 15, Circular E contains federal income tax withholding tables.

Accepted Answer

A) True 
 B)False

Question 7

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

Accepted Answer

A) True 
 B)False

Question 8

The Santa Fe Company has office employees and shipping employees. A summary of their earnings and deductions for the week ended July 12, 2013, is shown below. On page 16 of a general journal, record the July 12 payroll and the entry to summarize the effect of the checks written to pay the payroll.

Accepted Answer

The answer of The Santa Fe Company has office employees...

Question 9

Assuming a Medicare tax rate of 1.45% and monthly gross wages of $2,500, the amount recorded in Medicare Tax Payable for one quarter for the employee's payroll deduction is

Accepted Answer

A)  a debit for $36.25. 
B)  a credit for $36.25. 
C)  a debit for $108.75. 
D)  a credit for $108.75. 
A)  a debit for $36.25. 
B)  a credit for $36.25. 
C)  a debit for $108.75. 
D)  a credit for $108.75.

Question 10

The details that are entered on the employee's individual earnings record for each pay period are obtained from the _______________________.

Accepted Answer

The answer of The details that are entered on the...

Question 11

Which of the following is NOT typically an employee payroll withholding?

Accepted Answer

A)  federal income taxes 
B)  state unemployment taxes 
C)  union dues 
D)  medical insurance 
A)  federal income taxes 
B)  state unemployment taxes 
C)  union dues 
D)  medical insurance

Question 12

During one week, three employees of the Snowshoe Lodge 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. $$\begin{array} { | c | c | c | c | c | c | } 
\hline \begin{array} { c } 
\text { Employee } \
\text { No. }
\end{array} & \begin{array} { c } 
\text { Regular } \
\text { Hourly Rate }
\end{array} & \begin{array} { c } 
\text { Hours } \
\text { Worked }
\end{array} & \begin{array} { c } 
\text { Regular } \
\text { Earnings }
\end{array} & \begin{array} { c } 
\text { Overtime } \
\text { Earnings }
\end{array} & \text { Gross Pay } \
\hline 1 & \$ 12.00 & 46 & & & \
\hline 2 & 9.00 & 44 & & & \
\hline 3 & 8.50 & 45 & & & \
\hline
\end{array}$$

Accepted Answer

Employee No. 1: Reg. Earn., $480.00; OT

Question 13

Assuming a Medicare tax rate of 1.45% and monthly gross wages of $5,000, the amount recorded in Medicare Tax Payable for one quarter for the employee's payroll deduction is

Accepted Answer

A)  a debit for $217.50. 
B)  a credit for $217.50. 
C)  a debit for $72.50. 
D)  a credit for $72.50. 
A)  a debit for $217.50. 
B)  a credit for $217.50. 
C)  a debit for $72.50. 
D)  a credit for $72.50.

Question 14

It is best not to pay wages and salaries by

Accepted Answer

A)  cash. 
B)  a check from the regular cash account. 
C)  the direct-deposit method. 
D)  a check from the payroll cash account. 
A)  cash. 
B)  a check from the regular cash account. 
C)  the direct-deposit method. 
D)  a check from the payroll cash account.

Question 15

All details related to an employee's earnings, deductions, and net pay throughout the year would be found in

Accepted Answer

A)  the payroll register. 
B)  the individual earnings record. 
C)  the general journal. 
D)  the Wages Expense account in the general ledger. 
A)  the payroll register. 
B)  the individual earnings record. 
C)  the general journal. 
D)  the Wages Expense account in the general ledger.

Question 16

Jason McCurdy has a regular hourly rate of $10.75. During a two week period, he worked 80 hours and had deductions of $110 for federal income tax, $53.50 for social security tax, and $12.50 for Medicare tax. His net pay was

Accepted Answer

A)  $860. 
B)  $684. 
C)  $750. 
D)  $794. 
A)  $860. 
B)  $684. 
C)  $750. 
D)  $794.

Question 17

During the week ended February 8, 2013, Stuart Wayne worked 40 hours. His regular hourly rate is $10. Assume that 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?

Accepted Answer

A) $400.00
B) $82.60

Question 18

An employee whose regular hourly rate is $10 and whose overtime rate is 1.5 times the regular rate worked 44 hours in one week. In the payroll register, the employer should record an overtime premium of

Accepted Answer

A)  $440. 
B)  $220. 
C)  $20. 
D)  $5. 
A)  $440. 
B)  $220. 
C)  $20. 
D)  $5.

Question 19

When a firm records its payroll, the amount of federal income tax withheld from employees is entered as a liability.

Accepted Answer

A) True 
 B)False

Question 20

During the week ended May 15, 2013, Scott Fairchild worked 40 hours. His regular hourly rate is $14. Assume that 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?

Accepted Answer

A) $560.00
B) $94.84

A worker who is paid an agreed amount for each week or month or year is said to be paid on a(n) ____________________ basis.

FICA taxes are paid by:

If an employee whose regular hourly rate is $9 and whose overtime rate is 1.5 times the regular rate works 42 hours in one week, the employee's gross pay is $378.

The employee's marital status is one factor that determines the amount of federal income tax withheld by the employer.

Publication 15, Circular E contains federal income tax withholding tables.

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

The Santa Fe Company has office employees and shipping employees. A summary of their earnings and deductions for the week ended July 12, 2013, is shown below. On page 16 of a general journal, record the July 12 payroll and the entry to summarize the effect of the checks written to pay the payroll.

Assuming a Medicare tax rate of 1.45% and monthly gross wages of $2,500, the amount recorded in Medicare Tax Payable for one quarter for the employee's payroll deduction is

The details that are entered on the employee's individual earnings record for each pay period are obtained from the _______________________.

Which of the following is NOT typically an employee payroll withholding?

Assuming a Medicare tax rate of 1.45% and monthly gross wages of $5,000, the amount recorded in Medicare Tax Payable for one quarter for the employee's payroll deduction is

It is best not to pay wages and salaries by

All details related to an employee's earnings, deductions, and net pay throughout the year would be found in

Jason McCurdy has a regular hourly rate of $10.75. During a two week period, he worked 80 hours and had deductions of $110 for federal income tax, $53.50 for social security tax, and $12.50 for Medicare tax. His net pay was

An employee whose regular hourly rate is $10 and whose overtime rate is 1.5 times the regular rate worked 44 hours in one week. In the payroll register, the employer should record an overtime premium of

When a firm records its payroll, the amount of federal income tax withheld from employees is entered as a liability.

Accounting: the Language of Business

Analyzing Business Transactions

Analyzing Business Transactions Using T Accounts

The General Journal and the General Ledger

Adjustments and the Worksheet

Closing Entries and the Postclosing Trial Balance

Accounting for Sales and Accounts Receivable

Accounting for Purchases and Accounts Payable

Cash Receipts, Cash Payments, and Banking Procedures

Payroll Taxes, Deposits, and Reports

Accruals, Deferrals, and the Worksheet

Financial Statements and Closing Procedures

Accounting Principles and Reporting Standards

Accounts Receivable and Uncollectible Accounts

Filters

Exam 10: Payroll Computations, Records, and Payment

A worker who is paid an agreed amount for each week or month or year is said to be paid on a(n) ____________________ basis.

FICA taxes are paid by:

If an employee whose regular hourly rate is $9 and whose overtime rate is 1.5 times the regular rate works 42 hours in one week, the employee's gross pay is $378.

The employee's marital status is one factor that determines the amount of federal income tax withheld by the employer.

Publication 15, Circular E contains federal income tax withholding tables.

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

The Santa Fe Company has office employees and shipping employees. A summary of their earnings and deductions for the week ended July 12, 2013, is shown below. On page 16 of a general journal, record the July 12 payroll and the entry to summarize the effect of the checks written to pay the payroll.

Assuming a Medicare tax rate of 1.45% and monthly gross wages of $2,500, the amount recorded in Medicare Tax Payable for one quarter for the employee's payroll deduction is

The details that are entered on the employee's individual earnings record for each pay period are obtained from the _______________________.

Which of the following is NOT typically an employee payroll withholding?

Assuming a Medicare tax rate of 1.45% and monthly gross wages of $5,000, the amount recorded in Medicare Tax Payable for one quarter for the employee's payroll deduction is

It is best not to pay wages and salaries by

All details related to an employee's earnings, deductions, and net pay throughout the year would be found in

Jason McCurdy has a regular hourly rate of $10.75. During a two week period, he worked 80 hours and had deductions of $110 for federal income tax, $53.50 for social security tax, and $12.50 for Medicare tax. His net pay was

An employee whose regular hourly rate is $10 and whose overtime rate is 1.5 times the regular rate worked 44 hours in one week. In the payroll register, the employer should record an overtime premium of

When a firm records its payroll, the amount of federal income tax withheld from employees is entered as a liability.

Accounting: the Language of Business

Analyzing Business Transactions

Analyzing Business Transactions Using T Accounts

The General Journal and the General Ledger

Adjustments and the Worksheet

Closing Entries and the Postclosing Trial Balance

Accounting for Sales and Accounts Receivable

Accounting for Purchases and Accounts Payable

Cash Receipts, Cash Payments, and Banking Procedures

Payroll Taxes, Deposits, and Reports

Accruals, Deferrals, and the Worksheet

Financial Statements and Closing Procedures

Accounting Principles and Reporting Standards

Accounts Receivable and Uncollectible Accounts

Filters