Question 1

For which of the following taxes is there a ceiling on the amount of annual employee earnings subject to the tax?

Accepted Answer

A) Only the FICA tax 
B) Only the FICA tax and the federal unemployment tax 
C) Only the state and federal unemployment taxes 
D) The FICA Social Security tax and the state and federal unemployment taxes 
E) Only the FICA Medicare tax 
A) Only the FICA tax 
B) Only the FICA tax and the federal unemployment tax 
C) Only the state and federal unemployment taxes 
D) The FICA Social Security tax and the state and federal unemployment taxes 
E) Only the FICA Medicare tax

Question 2

Mindy receives an annual salary of $25,500 plus a 5 percent commission on all sales during the year in excess of $100,000. Her sales for the year total $210,000. Her total earnings amount to

Accepted Answer

A) $31,000. 
B) $26,775. 
C) $36,000. 
D) $30,500. 
E) $25,500. 
A) $31,000. 
B) $26,775. 
C) $36,000. 
D) $30,500. 
E) $25,500.

Question 3

Compare and contrast an employee and an independent contractor.

Accepted Answer

Compare - Both paid by busines

Question 4

Alpine Homes has the following payroll information for the week ended June 27. State income tax is computed as 20 percent of federal income tax.
   Taxable earnings for Social Security are based on the first $113,700. 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 Alpine Homes has the following payroll information...

Question 5

If an employee earning $10 per hour works 46 hours, the gross pay would amount to $490, assuming time-and-a-half for over 40 hours worked per week.

Accepted Answer

A) True 
 B)False

Question 6

Stacey works 38 hours in a week. How many hours of overtime will Stacey be paid?

Accepted Answer

A) 0 
B) 3 
C) 8 
D) Can't be determined from information 
A) 0 
B) 3 
C) 8 
D) Can't be determined from information

Question 7

John Smith is paid $15 per hour and he worked 35 hours during the week. What is John's gross pay?

Accepted Answer

A) $450 
B) $525 
C) $975 
D) $1050 
A) $450 
B) $525 
C) $975 
D) $1050

Question 8

Julie is employed as a salesperson at ABC Motors. She receives a salary of $1,200 a month, plus 15% commissions on the profit from her sales during the month. If Julie's sales profit for August is $25,000 what is her total gross pay?

Accepted Answer

A) $1,200 
B) $3,750 
C) $2,550 
D) $4,950 
A) $1,200 
B) $3,750 
C) $2,550 
D) $4,950

Question 9

Roscoe's employer pays time-and-a-half for all hours worked in excess of 8 hours per day and double time for all hours worked on Sundays. Roscoe's regular hourly rate is $9 per hour. During the week, Roscoe worked the following hours: Monday, 8; Tuesday, 8; Wednesday, 9; Thursday, 10; Friday, 8; Sunday, 6. Total gross wages are

Accepted Answer

A) $661.50. 
B) $540.00. 
C) $441.00. 
D) $481.50. 
E) $508.50. 
A) $661.50. 
B) $540.00. 
C) $441.00. 
D) $481.50. 
E) $508.50.

Question 10

The W-4 form lists all of all of the following EXCEPT one:

Accepted Answer

A) Lists the number of allowances claimed 
B) Shows the filing status 
C) Lists the employee's Social Security Number 
D) Lists the total wages to be earned 
A) Lists the number of allowances claimed 
B) Shows the filing status 
C) Lists the employee's Social Security Number 
D) Lists the total wages to be earned

Question 11

Derrick Elder works 46 hours at a bakery, earning $13.50 per hour. Calculate Derrick's weekly pay assuming his overtime rate is 1.5.

Accepted Answer

A) $621.00 
B) $661.50 
C) $702.00 
D) $931.50 
A) $621.00 
B) $661.50 
C) $702.00 
D) $931.50

Question 12

Explain the difference between gross and net pay, including how each is calculated.

Accepted Answer

Gross pay is total amount of an employee

Question 13

A carpenter who decides his own hours is an example of an independent contractor.

Accepted Answer

A) True 
 B)False

Question 14

Which of the following statements is true about FICA Social Security and Medicare?

Accepted Answer

A) Employers match the employee's deduction for FICA taxes. 
B) Only employees have this deduction 
C) Only employers are responsible for FICA taxes 
D) Both FICA Social Security and Medicare have no wage ceilings 
A) Employers match the employee's deduction for FICA taxes. 
B) Only employees have this deduction 
C) Only employers are responsible for FICA taxes 
D) Both FICA Social Security and Medicare have no wage ceilings

Question 15

Match the terms below with the correct definitions.
  
-A form that summarizes payroll information for a given payroll period

Accepted Answer

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

Question 16

An independent contractor is one who is under the direct control of an employer.

Accepted Answer

A) True 
 B)False

Question 17

Net pay is equal to

Accepted Answer

A) take-home pay plus all deductions. 
B) take-home pay minus all deductions. 
C) gross pay plus all deductions. 
D) gross pay minus all deductions. 
E) gross pay minus only federal and state income taxes. 
A) take-home pay plus all deductions. 
B) take-home pay minus all deductions. 
C) gross pay plus all deductions. 
D) gross pay minus all deductions. 
E) gross pay minus only federal and state income taxes.

Question 18

Employees may be paid hourly or salary based on the following:

Accepted Answer

A) Type of work performed 
B) Period of time covered 
C) The employer's discretion 
D) A & B 
A) Type of work performed 
B) Period of time covered 
C) The employer's discretion 
D) A & B

Question 19

Totals for payroll journal entries are obtained from:

Accepted Answer

A) a payroll register 
B) an employee's pay check 
C) a W-4 statement 
D) a payroll bank account 
A) a payroll register 
B) an employee's pay check 
C) a W-4 statement 
D) a payroll bank account

Question 20

Match the terms below with the correct definitions.
  
-State laws guaranteeing benefits for employees killed or injured on the job

Accepted Answer

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

For which of the following taxes is there a ceiling on the amount of annual employee earnings subject to the tax?

Mindy receives an annual salary of $25,500 plus a 5 percent commission on all sales during the year in excess of $100,000. Her sales for the year total $210,000. Her total earnings amount to

Compare and contrast an employee and an independent contractor.

If an employee earning $10 per hour works 46 hours, the gross pay would amount to $490, assuming time-and-a-half for over 40 hours worked per week.

Stacey works 38 hours in a week. How many hours of overtime will Stacey be paid?

John Smith is paid $15 per hour and he worked 35 hours during the week. What is John's gross pay?

Julie is employed as a salesperson at ABC Motors. She receives a salary of $1,200 a month, plus 15% commissions on the profit from her sales during the month. If Julie's sales profit for August is $25,000 what is her total gross pay?

The W-4 form lists all of all of the following EXCEPT one:

Derrick Elder works 46 hours at a bakery, earning $13.50 per hour. Calculate Derrick's weekly pay assuming his overtime rate is 1.5.

Explain the difference between gross and net pay, including how each is calculated.

A carpenter who decides his own hours is an example of an independent contractor.

Which of the following statements is true about FICA Social Security and Medicare?

Match the terms below with the correct definitions. -A form that summarizes payroll information for a given payroll period

An independent contractor is one who is under the direct control of an employer.

Net pay is equal to

Employees may be paid hourly or salary based on the following:

Totals for payroll journal entries are obtained from:

Match the terms below with the correct definitions. -State laws guaranteeing benefits for employees killed or injured on the job

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

For which of the following taxes is there a ceiling on the amount of annual employee earnings subject to the tax?

Mindy receives an annual salary of $25,500 plus a 5 percent commission on all sales during the year in excess of $100,000. Her sales for the year total $210,000. Her total earnings amount to

Compare and contrast an employee and an independent contractor.

If an employee earning $10 per hour works 46 hours, the gross pay would amount to $490, assuming time-and-a-half for over 40 hours worked per week.

Stacey works 38 hours in a week. How many hours of overtime will Stacey be paid?

John Smith is paid $15 per hour and he worked 35 hours during the week. What is John's gross pay?

Julie is employed as a salesperson at ABC Motors. She receives a salary of $1,200 a month, plus 15% commissions on the profit from her sales during the month. If Julie's sales profit for August is $25,000 what is her total gross pay?

The W-4 form lists all of all of the following EXCEPT one:

Derrick Elder works 46 hours at a bakery, earning $13.50 per hour. Calculate Derrick's weekly pay assuming his overtime rate is 1.5.

Explain the difference between gross and net pay, including how each is calculated.

A carpenter who decides his own hours is an example of an independent contractor.

Which of the following statements is true about FICA Social Security and Medicare?

Match the terms below with the correct definitions. -A form that summarizes payroll information for a given payroll period

An independent contractor is one who is under the direct control of an employer.

Net pay is equal to

Employees may be paid hourly or salary based on the following:

Totals for payroll journal entries are obtained from:

Match the terms below with the correct definitions. -State laws guaranteeing benefits for employees killed or injured on the job

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