Exam 7: Employee Earnings and Deductions

Which of the following payroll taxes is the employee's responsibility

Employees' individual earnings records are not needed for salaried workers.

A twelve-month period beginning on January 1 and ending on December 31 of the same year is called a:

The employer records the amount of federal income tax withheld as

Match the terms below with the correct definitions. -Social Security taxes paid by both employers and employees

Net pay is calculated as gross pay plus the FICA tax and the Medicare tax.

Flexible spending plans and 401(k) deductions are normally considered

A law that protects employees and dependents against losses due to death or injury on the job is:

The Fair Labor Standards Act of 1938 provides for

The employee's individual earnings record includes

Assuming that a payroll bank account is used, when the payroll is initially recorded, Salaries Payable is credited for total take-home pay.

What are the two parts of FICA taxes

The portion of FICA taxes designated as Medicare is paid by

What item is NOT used to calculate the federal income tax to be withheld by employers

Which of the following would NOT be an employee payroll deduction?

All of the following are payroll taxes that are expenses of the employer except

An employee's total earnings for a payroll period are called gross pay.

Assume that the last payroll period for the year ends on December 26. Prior to the last payroll period, Roger's cumulative earnings are $67,500. If the Social Security tax is 6.2 percent of the first $113,700 and the Medicare tax is 1.45 percent of all earnings, then Roger's deduction for total FICA taxes on the $5,200 gross earnings for the last payroll period would be $322.40.

The payroll register contains all of the following except:

T. Powell, an employee of Daisy's Day Care, worked 48 hours during the week of August 29. Her rate of pay is $21.50 per hour, and she receives time-and-a-half for work in excess of 40 hours per week. T. Powell is single and claims zero allowances on her W-4 form. Her YTD earnings before this pay period are $34,850 with wages subject to the following deductions: a.)Federal income tax, $190. b.)Social Security tax at 6.2 percent, with a wage limit of $113,700. c.)Medicare tax at 1.45 percent. d.) Medical insurance premium (after tax), $80. e.) United Way contribution.$55.Instructions: