Question 1

Regarding the federal income tax withholding tables, the amount of each employee's earnings withheld is affected by the

Accepted Answer

A) number of exemptions claimed. 
B) age of the employee. 
C) number of years working for the company. 
D) state where the employer is located. 
E) number of years the company has been in business. 
A) number of exemptions claimed. 
B) age of the employee. 
C) number of years working for the company. 
D) state where the employer is located. 
E) number of years the company has been in business. A

Question 2

Match the terms below with the correct definitions.
  
-An employee's total pay before any deductions

Accepted Answer

D

Question 3

The payroll register contains the earnings of all the employees for the pay period.

Accepted Answer

A) True 
 B)False  True

Question 4

The source of information for the employee's individual earnings record is

Accepted Answer

A) the payroll register. 
B) Form W-2. 
C) Form W-4. 
D) employees' time cards. 
E) the general ledger. 
A) the payroll register. 
B) Form W-2. 
C) Form W-4. 
D) employees' time cards. 
E) the general ledger.

Question 5

The journal entry for recording the payroll is based on certain column totals of the payroll register.

Accepted Answer

A) True 
 B)False

Question 6

An employee's individual earnings record is a supplementary record showing cumulative earnings and deductions for all his or her pay periods.

Accepted Answer

A) True 
 B)False

Question 7

James received $650 for working 40 hours. What is the hourly rate of pay for James?

Accepted Answer

A) $16.00 
B) $16.04 
C) $16.25 
D) $16.50 
A) $16.00 
B) $16.04 
C) $16.25 
D) $16.50

Question 8

Match the terms below with the correct definitions.
  
-The form that specifies the number of exemptions claimed by each employee

Accepted Answer

The answer of Match the terms below with the correct...

Question 9

There is no limit on each employee's total earnings that are subject to Medicare tax.

Accepted Answer

A) True 
 B)False

Question 10

Employees who are paid a regular salary are not entitled to premium pay for overtime.

Accepted Answer

A) True 
 B)False

Question 11

The following payroll taxes that are strictly the employer's responsibility

Accepted Answer

A) SUTA 
B) FUTA 
C) FICA SS Employee Withheld 
D) Federal Tax Withheld 
E) A & B 
A) SUTA 
B) FUTA 
C) FICA SS Employee Withheld 
D) Federal Tax Withheld 
E) A & B

Question 12

State and federal unemployment taxes are two required payroll deductions for employees.

Accepted Answer

A) True 
 B)False

Question 13

The record maintained for each employee, listing the current data on that employee's earnings for the period, deductions, and accumulated earnings, is the

Accepted Answer

A) employee's individual earnings record. 
B) payroll register. 
C) employee's wage and tax statement. 
D) employee's withholding allowance (W-4) certificate. 
E) Social Security record statement. 
A) employee's individual earnings record. 
B) payroll register. 
C) employee's wage and tax statement. 
D) employee's withholding allowance (W-4) certificate. 
E) Social Security record statement.

Question 14

Jerry Whiten is paid a commission of 15% on sales he makes for XYZ Motors. What are Jerry's total earnings if he sold $55,000 last month?

Accepted Answer

A) $46,750 
B) $8,250 
C) $63,250 
D) None of the above 
A) $46,750 
B) $8,250 
C) $63,250 
D) None of the above

Question 15

James Company has the following payroll information for the week ended December 18:
   Taxable earnings for Social Security are based on the first $106,800. Taxable earnings for Medicare are based on all earnings. Taxable earnings for federal and state unemployment are based on the first $7,000. Employees are paid time-and-a-half for work in excess of 40 hours per week.
Instructions:

Accepted Answer

The answer of James Company has the following payroll information...

Question 16

Optional deductions would include employee income tax, Social Security tax, union dues, and insurance premiums.

Accepted Answer

A) True 
 B)False

Question 17

A law that regulates overtime earnings is called:

Accepted Answer

A) Federal Unemployment Tax Act 
B) Tax Payment Act 
C) Fair Labor Standards Act 
D) Federal Insurance Contribution Act 
A) Federal Unemployment Tax Act 
B) Tax Payment Act 
C) Fair Labor Standards Act 
D) Federal Insurance Contribution Act

Question 18

Pre-tax deductions mean

Accepted Answer

A) Taxes are calculated before deductions 
B) Employee deductions that are not subject to income tax 
C) Employees are subject to all taxes on the deduction 
D) Taxes are optional 
A) Taxes are calculated before deductions 
B) Employee deductions that are not subject to income tax 
C) Employees are subject to all taxes on the deduction 
D) Taxes are optional

Question 19

Ashley earns an hourly rate of $15 and worked 48 hours in one week. She had taxes withheld totaling $175 and union dues deducted for $50. Assuming that Ashley receives overtime at a rate of 1.5 what would her net earnings be for the week?

Accepted Answer

A) $495 
B) $555 
C) $605 
D) $225 
A) $495 
B) $555 
C) $605 
D) $225

Question 20

In a payroll entry, a credit to Accounts Receivable indicates that

Accepted Answer

A) an employee is paying a bill owed to the company. 
B) a customer is paying a bill owed to the company. 
C) the employer is paying a bonus to the employee. 
D) a mistake has been made in an employee's paycheck. 
E) the company underpaid the employee the previous pay period. 
A) an employee is paying a bill owed to the company. 
B) a customer is paying a bill owed to the company. 
C) the employer is paying a bonus to the employee. 
D) a mistake has been made in an employee's paycheck. 
E) the company underpaid the employee the previous pay period.

Regarding the federal income tax withholding tables, the amount of each employee's earnings withheld is affected by the

Match the terms below with the correct definitions. -An employee's total pay before any deductions

The payroll register contains the earnings of all the employees for the pay period.

The source of information for the employee's individual earnings record is

The journal entry for recording the payroll is based on certain column totals of the payroll register.

An employee's individual earnings record is a supplementary record showing cumulative earnings and deductions for all his or her pay periods.

James received $650 for working 40 hours. What is the hourly rate of pay for James?

Match the terms below with the correct definitions. -The form that specifies the number of exemptions claimed by each employee

There is no limit on each employee's total earnings that are subject to Medicare tax.

Employees who are paid a regular salary are not entitled to premium pay for overtime.

The following payroll taxes that are strictly the employer's responsibility

State and federal unemployment taxes are two required payroll deductions for employees.

The record maintained for each employee, listing the current data on that employee's earnings for the period, deductions, and accumulated earnings, is the

Jerry Whiten is paid a commission of 15% on sales he makes for XYZ Motors. What are Jerry's total earnings if he sold $55,000 last month?

Optional deductions would include employee income tax, Social Security tax, union dues, and insurance premiums.

A law that regulates overtime earnings is called:

Pre-tax deductions mean

Ashley earns an hourly rate of $15 and worked 48 hours in one week. She had taxes withheld totaling $175 and union dues deducted for $50. Assuming that Ashley receives overtime at a rate of 1.5 what would her net earnings be for the week?

In a payroll entry, a credit to Accounts Receivable indicates that

Asset, Liability, Owners Equity, Revenue, and Expense Accounts

T Accounts, Debits and Credits, Trial Balance, and Financial Statements

The General Journal and the General Ledger

Adjusting Entries and the Work Sheet

Closing Entries and the Post-Closing Trial Balance Including Appendix

Bank Accounts and Cash Funds

Employer Taxes, Payments, and Reports

Sales and Purchases

Cash Receipts and Cash Payments

Work Sheet and Adjusting Entries

Financial Statements, Closing Entries, and Reversing Entries

Filters

Exam 7: Employee Earnings and Deductions

Regarding the federal income tax withholding tables, the amount of each employee's earnings withheld is affected by the

Match the terms below with the correct definitions. -An employee's total pay before any deductions

The payroll register contains the earnings of all the employees for the pay period.

The source of information for the employee's individual earnings record is

The journal entry for recording the payroll is based on certain column totals of the payroll register.

An employee's individual earnings record is a supplementary record showing cumulative earnings and deductions for all his or her pay periods.

James received $650 for working 40 hours. What is the hourly rate of pay for James?

Match the terms below with the correct definitions. -The form that specifies the number of exemptions claimed by each employee

There is no limit on each employee's total earnings that are subject to Medicare tax.

Employees who are paid a regular salary are not entitled to premium pay for overtime.

The following payroll taxes that are strictly the employer's responsibility

State and federal unemployment taxes are two required payroll deductions for employees.

The record maintained for each employee, listing the current data on that employee's earnings for the period, deductions, and accumulated earnings, is the

Jerry Whiten is paid a commission of 15% on sales he makes for XYZ Motors. What are Jerry's total earnings if he sold $55,000 last month?

Optional deductions would include employee income tax, Social Security tax, union dues, and insurance premiums.

A law that regulates overtime earnings is called:

Pre-tax deductions mean

Ashley earns an hourly rate of $15 and worked 48 hours in one week. She had taxes withheld totaling $175 and union dues deducted for $50. Assuming that Ashley receives overtime at a rate of 1.5 what would her net earnings be for the week?

In a payroll entry, a credit to Accounts Receivable indicates that

Asset, Liability, Owners Equity, Revenue, and Expense Accounts

T Accounts, Debits and Credits, Trial Balance, and Financial Statements

The General Journal and the General Ledger

Adjusting Entries and the Work Sheet

Closing Entries and the Post-Closing Trial Balance Including Appendix

Bank Accounts and Cash Funds

Employer Taxes, Payments, and Reports

Sales and Purchases

Cash Receipts and Cash Payments

Work Sheet and Adjusting Entries

Financial Statements, Closing Entries, and Reversing Entries

Filters