Ocean's Auction House's payroll for April includes the following data: \[\begin{array} { | l | r | } \hline \text { Gross earnings } & \$ 3,000 \\ \hline \text { Salaries subject to FICA: } & \\ \hline 6.2 \% \text { OASDI } & 2,550 \\ \hline 1.45 \% \text { Medicare } & 3,000 \\ \hline \text { Salaries subject to unemployment: } & \\ \hline 0.8 \% \text { FUTA } & 2,000 \\ \hline 2.0 \% \text { SUTA } & 2,000 \\ \hline \text { Other deductions include: } & 500 \\ \hline \text { Federal income tax } & 300 \\ \hline \text { State income tax } & \$ 20 \\ \hline \end{array}\]What is the net pay?

A) $1,998.40 B) $1,942.40 C) $3,000.00 D) $2,798.40 A) $1,998.40 B) $1,942.40 C) $3,000.00 D) $2,798.40

Ocean's Auction House's payroll for April includes the following data: \[\begin{array} { | l | r | } \hline \text { Gross earnings } & \$ 4,000 \\ \hline \text { Salaries subject to FICA: } & \\ \hline 6.2 \% \text { OASDI } & 2,550 \\ \hline 1.45 \% \text { Medicare } & 4,000 \\ \hline \text { Salaries subject to unemployment: } & \\ \hline 0.8 \% \text { FUTA } & 2,000 \\ \hline 2.0 \% \text { SUTA } & 2,000 \\ \hline \text { Other deductions include: } & 500 \\ \hline \text { Federal income tax } & 300 \\ \hline \text { State income tax } & \$ 20 \\ \hline \end{array}\] What is the employer's portion of the tax?

A) $1,072.10 B) $56.00 C) $272.10 D) $800.00 A) $1,072.10 B) $56.00 C) $272.10 D) $800.00

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

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Ocean's Auction House's payroll for April includes the following data: Gross earnings \ 3,000 Salaries subject to FICA: 6.2\% OASDI 2,550 1.45\% Medicare 3,000 Salaries subject to unemployment: 0.8\% FUTA 2,000 2.0\% SUTA 2,000 Other deductions include: 500 Federal income tax 300 State income tax \ 20 What is the net pay?

(Multiple Choice)

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Question 81

The Fair Labor Standards Act must be followed if:

(Multiple Choice)

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Question 82

On January 15,Robert Love earned $4,000 and has the following deductions: FICA-OASDI 6.2%,FICA-Medicare 1.45%; federal income tax of $200; and state income tax $40.What is his net pay?

(Multiple Choice)

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Question 83

To have less money withheld from your paycheck,an employee can claim more allowances than they actually have.

(True/False)

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Question 84

Which tax does not have a wage base limit?

(Multiple Choice)

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Question 85

Companies can choose different pay periods for hourly workers versus salary workers.

(True/False)

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Question 86

Gross pay is the amount that the employee takes home.

(True/False)

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Question 87

Todd earns an hourly rate of $20 and had taxes withheld totaling $200.What would his net earnings be if he worked 44 hours (assuming double time over 40 hours)?

(Multiple Choice)

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Question 88

FUTA and SUTA are paid for exclusively by the employee.

(True/False)

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Question 89

Workers' compensation:

(Multiple Choice)

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Question 90

All employees must contribute to Federal and State income tax.

(True/False)

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Question 91

Blue's Tax Service has two types of employees,management and clerical support.The company estimates that it will pay the clerical support $300,000 next year and the managers $255,000.For every $100,the company pays $0.14 into the workers' compensation insurance.Calculate the amount of worker's compensation insurance.

(Multiple Choice)

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Question 92

Ocean's Auction House's payroll for April includes the following data: Gross earnings \ 4,000 Salaries subject to FICA: 6.2\% OASDI 2,550 1.45\% Medicare 4,000 Salaries subject to unemployment: 0.8\% FUTA 2,000 2.0\% SUTA 2,000 Other deductions include: 500 Federal income tax 300 State income tax \ 20 What is the employer's portion of the tax?

(Multiple Choice)

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Question 93

There are two parts to FICA:

(Multiple Choice)

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Question 94

Why would a business decide to use an external company to prepare their payroll checks and related reports?

(Essay)

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Question 95

Workers' compensation provides insurance for employees who are:

(Multiple Choice)

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Question 96

Each state is responsible for administering an unemployment program.

(True/False)

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Question 97

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

(Multiple Choice)

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Question 98

What is required of an employer by the Federal Insurance Contributions Act?

(Essay)

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Question 99

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

(True/False)

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Question 100

Showing 81 - 100 of 127

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

The Fair Labor Standards Act must be followed if:

On January 15,Robert Love earned $4,000 and has the following deductions: FICA-OASDI 6.2%,FICA-Medicare 1.45%; federal income tax of $200; and state income tax $40.What is his net pay?

To have less money withheld from your paycheck,an employee can claim more allowances than they actually have.

Which tax does not have a wage base limit?

Companies can choose different pay periods for hourly workers versus salary workers.

Gross pay is the amount that the employee takes home.

Todd earns an hourly rate of $20 and had taxes withheld totaling $200.What would his net earnings be if he worked 44 hours (assuming double time over 40 hours)?

FUTA and SUTA are paid for exclusively by the employee.

Workers' compensation:

All employees must contribute to Federal and State income tax.

There are two parts to FICA:

Why would a business decide to use an external company to prepare their payroll checks and related reports?

Workers' compensation provides insurance for employees who are:

Each state is responsible for administering an unemployment program.

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

What is required of an employer by the Federal Insurance Contributions Act?

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

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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