Question 1

If the employee has $800 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) $800 
B) $100 
C) $0 
D) $400

Question 2

Generally,employers can take a credit against the FUTA tax for contributions paid into the state unemployment funds.

Accepted Answer

A) True 
 B)False

Question 3

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

Accepted Answer

A) True 
 B)False

Question 4

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

Accepted Answer

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

Question 5

Kathy Jenkins earns $75,000 per year.What is her net pay for the month ended January 31,if FICA tax rates are: 6.2% for OASDI and 1.45% for Medicare;federal income tax is 20%;and union dues are $100 per month?

Accepted Answer

A) $4,100 
B) $4,421.87 
C) $4,326 
D) $4,293

Question 6

Explain what is meant by the cumulative gross earnings.

Accepted Answer

The answer of Explain what is meant by the cumulative...

Question 7

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) Federal Unemployment tax

Question 8

Both parts of FICA,OASDI and Medicare have maximum earnings limits.

Accepted Answer

A) True 
 B)False

Question 9

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

Accepted Answer

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

Question 10

Net pay is the same as:

Accepted Answer

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

Question 11

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 12

When calculating the employee's payroll,the clerk forgot about the wage base limits.What impact could this error cause on the employee's check?

Accepted Answer

A) FICA-OASDI could be overstated. 
B) FUTA could be overstated. 
C) SUTA could be overstated. 
D) All of these could be correct.

Question 13

Another name for the Fair Labor Standards Act is:

Accepted Answer

A) Federal Insurance Contribution Act. 
B) Federal Wage and Hour Law. 
C) Federal Income Tax Act. 
D) Federal Wage and Work Law.

Question 14

Bob's Auction House's payroll for June includes the following data:

What is the net pay?

Accepted Answer

A) $2,568.40 
B) $1,942.40 
C) $3,000.00 
D) $2,798.40

Question 15

Insurance paid in advance by employers to protect their employees against loss due to injury or death incurred during employment is:

Accepted Answer

A) life insurance. 
B) worker's compensation insurance. 
C) liability insurance. 
D) health insurance.

Question 16

If the employee has $500 withheld from their check for FICA-OASDI,what is the amount that the employer would need to pay?

Accepted Answer

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

Question 17

Compute net earnings on March 3,when gross (taxable)pay equals $750.FICA-OASDI tax rates are 6.2%,FICA-Medicare rate is 1.45%,federal income tax $71.00,and state income tax $5.00.

Accepted Answer

A) $615.00 
B) $610.00 
C) $616.62 
D) $672.12

Question 18

A summary record of each person's earnings,deductions,and net pay is called a(n):

Accepted Answer

A) payroll register. 
B) W-4. 
C) employee individual earnings record. 
D) general journal.

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

If the employee has $800 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?

Generally,employers can take a credit against the FUTA tax for contributions paid into the state unemployment funds.

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

Kathy Jenkins earns $75,000 per year.What is her net pay for the month ended January 31,if FICA tax rates are: 6.2% for OASDI and 1.45% for Medicare;federal income tax is 20%;and union dues are $100 per month?

Explain what is meant by the cumulative gross earnings.

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

Both parts of FICA,OASDI and Medicare have maximum earnings limits.

Net pay is the same as:

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

When calculating the employee's payroll,the clerk forgot about the wage base limits.What impact could this error cause on the employee's check?

Another name for the Fair Labor Standards Act is:

Bob's Auction House's payroll for June includes the following data: What is the net pay?

Insurance paid in advance by employers to protect their employees against loss due to injury or death incurred during employment is:

If the employee has $500 withheld from their check for FICA-OASDI,what is the amount that the employer would need to pay?

Compute net earnings on March 3,when gross (taxable) pay equals $750.FICA-OASDI tax rates are 6.2%,FICA-Medicare rate is 1.45%,federal income tax $71.00,and state income tax $5.00.

A summary record of each person's earnings,deductions,and net pay is called a(n) :