Question 1

The employer records the amount of federal income taxes withheld from employees in the________ account.

Accepted Answer

Employee I...

Question 2

Assuming a Medicare tax rate of 1.45% and monthly gross wages of $2,500, the amount recorded in Medicare Tax Payable for one quarter for the employee's payroll deduction is

Accepted Answer

A)  a credit for $108.75.
B)  a credit for $36.25.
C)  a debit for $36.25.
D)  a debit for $108.75.E) A) and D)
F) B) and D)

Question 3

Withholding for federal income taxes places employees on a pay-as-you-go basis.

Accepted Answer

A) True 
 B)False

Question 4

The Rollins Company has office employees and shipping employees. A summary of their earnings and deductions for the week ended June 14, 2019, is shown below. On page 6 of a general journal, record the June 14 payroll and the entry to summarize the effect of the checks written to pay the payroll.

Accepted Answer

The answer of The Rollins Company has office employees and...

Question 5

During one week, three employees of the Snowshoe Lodge worked the number of hours shown below. All these employees receive overtime pay at one and a half times their regular hourly rate for any hours worked beyond 40 in a week. Compute the regular earnings, overtime earnings, and gross pay for each employee.

Accepted Answer

Employee No. 1:Reg. Earn., $520.00; OT E...

Question 6

Identify the statement below that is not true regarding social security tax.

Accepted Answer

A)  Social security is sometimes referred to as FICA.
B)  In any given year, there is no limit on the amount of wages subject to social security tax.
C)  Both the employee and the employer pay an equal amount of social security tax on the employee's wages.
D)  The social security tax provides benefits for retirement as well as worker disability.E) B) and C)
F) C) and D)

Question 7

Social Security taxes are paid by:

Accepted Answer

A)  the employer and federal government.
B)  employees only.
C)  only by the employer.
D)  both the employee and employer.E) All of the above
F) A) and B)

Question 8

The Medicare tax is levied to provide medical care for the employee and the employee's spouse after they reach age 65.

Accepted Answer

A) True 
 B)False

Question 9

Match between columns
                        Premises: An employee record that contains information needed to compute earnings and complete tax reports
Another name for individual earnings record
Insurance that protects employees against losses from job-related injuries or illnesses, or compensates their families if death occurs in the course of the employment
A form used to claim exemption (withholding)allowances
A tax imposed by the Federal Insurance Contributions Act and collected on employee earnings to provide retirement and disability benefits
A method of paying employees according to the number of units produced
A method of paying employees according to a percentage of net sales
Rate of pay for an employee's work in excess of 40 hours a week
A record of payroll information for each employee for the pay period
Taxes levied by the federal government against employers to benefit unemployed workers
A method of paying employees according to a stated rate per hour
A method of paying employees according to an agreed-upon amount for each week or month
Salaried employees who hold supervisory or managerial positions who are not subject to the maximum hour and overtime pay provisions of the Wage and Hour Law
Taxes levied by a state government against employers to benefit unemployed workers
A person who is hired by and works under the control and direction of the employer
One who is paid by a company to carry out a specific task or job but is not under the direct supervision or control of the company
A federal act providing certain benefits for employees and their families; officially the Federal Insurance Contributions Act
A simple method to determine the amount of federal income tax to be withheld using a table provided by the government
A tax levied on employees and employers to provide medical care for the employee and the employee's spouse after each has reached age 65
Earnings in excess of the base amount set by the Social Security Act

Accepted Answer

The Answer of Individual earnings record and Employee's withholding and is...

Question 10

Which of the following statements is correct?

Accepted Answer

A)  All employees must be paid no more than the minimum wage rate set by the Fair Labor Standards Act.
B)  Disability benefits for the worker and the worker's dependents are provided by the Federal Insurance Contributions Act.
C)  A company is required to withhold various employee taxes from amounts paid independent contractors.
D)  The accountant who performs the independent audit for a company is an employee of the company.E) B) and D)
F) A) and B)

Question 11

Ramon Gonzalez's gross pay for the week was $700. He had deductions of $85 for federal income tax, $43.40 for social security tax, $10.15 for Medicare tax as well as $5 for union dues. The journal entry to record his federal income tax withheld would include:

Accepted Answer

A)  a debit to Salaries Expense for $556.45
B)  a debit to Salaries Payable for $700
C)  a credit to Employee Income Tax Payable for $85
D)  a debit to Employee Income Tax Payable for $85E) None of the above
F) A) and C)

Question 12

The Santa Fe Company has office employees and shipping employees. A summary of their earnings and deductions for the week ended July 12, 2019, is shown below. On page 16 of a general journal, record the July 12 payroll and the entry to summarize the effect of the checks written to pay the payroll.

Accepted Answer

The answer of The Santa Fe Company has office employees...

Question 13

The employee's marital status is one factor that determines the amount of federal income tax withheld by the employer.

Accepted Answer

A) True 
 B)False

Question 14

The employer records the amount of federal income tax withheld from employees as

Accepted Answer

A)  Social Security Tax Expense.
B)  Social Security Tax Payable.
C)  Income Tax Expense.
D)  Employee Federal Income Tax Payable.E) None of the above
F) A) and C)

Question 15

Which of the following is NOT typically an employee payroll withholding?

Accepted Answer

A)  union dues
B)  federal income taxes
C)  medical insurance
D)  state unemployment taxesE) B) and C)
F) All of the above

Question 16

An employee whose regular hourly rate is $10 and whose overtime rate is 1.5 times the regular rate worked 44 hours in one week. In the payroll register, the employer should record an overtime premium of

Accepted Answer

A)  $440.
B)  $20.
C)  $220.
D)  $5.E) B) and C)
F) A) and D)

Question 17

Each type of deduction made from the employees' earnings is recorded in a separate

Accepted Answer

A)  expense account.
B)  asset account.
C)  revenue account.
D)  liability account.E) A) and B)
F) A) and C) D

Question 18

An ________ is paid by the company to carry out a specific task or job but is not under the direct supervision, control, and direction of the company.

Accepted Answer

independen...

Question 19

A worker who is paid an agreed amount for each week or month or year, regardless of the actual hours worked, is said to be paid on a(n)________basis.

Accepted Answer

The answer of A worker who is paid an agreed...

Question 20

Which of the following statements is not correct?

Accepted Answer

A)  Medicare taxes are levied in an equal amount on both employers and employees.
B)  The amount of social security tax withheld depends on an employee's gross earnings, marital status, and number of withholding allowances.
C)  Once an employee's year-to-date wages reach a certain amount prescribed by law, social security tax is no longer withheld.
D)  Federal law requires that social security, Medicare, and federal income taxes be deducted from the gross pay of most employees.E) A) and B)
F) A) and C)

Exam 10: Payroll Computations, Records, and Payment

The employer records the amount of federal income taxes withheld from employees in the________ account.

Correct Answer
verified
Employee I...
View Answer

Assuming a Medicare tax rate of 1.45% and monthly gross wages of $2,500, the amount recorded in Medicare Tax Payable for one quarter for the employee's payroll deduction is

Correct Answer
verified

Withholding for federal income taxes places employees on a pay-as-you-go basis.

Correct Answer
verified

The Rollins Company has office employees and shipping employees. A summary of their earnings and deductions for the week ended June 14, 2019, is shown below. On page 6 of a general journal, record the June 14 payroll and the entry to summarize the effect of the checks written to pay the payroll.

Correct Answer
verified
11ea7d89_88b2_0115_8568_99a015732ad1_TB3077_00

Correct Answer
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Employee No. 1:Reg. Earn., $520.00; OT E...
View Answer

Identify the statement below that is not true regarding social security tax.

Correct Answer
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Social Security taxes are paid by:

Correct Answer
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The Medicare tax is levied to provide medical care for the employee and the employee's spouse after they reach age 65.

Correct Answer
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Match the description with the accounting terms.

Which of the following statements is correct?

Correct Answer
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Ramon Gonzalez's gross pay for the week was $700. He had deductions of $85 for federal income tax, $43.40 for social security tax, $10.15 for Medicare tax as well as $5 for union dues. The journal entry to record his federal income tax withheld would include:

Correct Answer
verified

The Santa Fe Company has office employees and shipping employees. A summary of their earnings and deductions for the week ended July 12, 2019, is shown below. On page 16 of a general journal, record the July 12 payroll and the entry to summarize the effect of the checks written to pay the payroll.

Correct Answer
verified

The employee's marital status is one factor that determines the amount of federal income tax withheld by the employer.

Correct Answer
verified

The employer records the amount of federal income tax withheld from employees as

Correct Answer
verified

Which of the following is NOT typically an employee payroll withholding?

Correct Answer
verified

An employee whose regular hourly rate is $10 and whose overtime rate is 1.5 times the regular rate worked 44 hours in one week. In the payroll register, the employer should record an overtime premium of

Correct Answer
verified

Each type of deduction made from the employees' earnings is recorded in a separate

Correct Answer
verified
D

An ________ is paid by the company to carry out a specific task or job but is not under the direct supervision, control, and direction of the company.

Correct Answer
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independen...
View Answer

A worker who is paid an agreed amount for each week or month or year, regardless of the actual hours worked, is said to be paid on a(n)________basis.

Correct Answer
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Which of the following statements is not correct?

Correct Answer
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Exam 10: Payroll Computations, Records, and Payment

The employer records the amount of federal income taxes withheld from employees in the________ account.

Correct AnswerverifiedEmployee I...View AnswerShow Answer

Assuming a Medicare tax rate of 1.45% and monthly gross wages of $2,500, the amount recorded in Medicare Tax Payable for one quarter for the employee's payroll deduction is

Correct AnswerverifiedShow Answer

Withholding for federal income taxes places employees on a pay-as-you-go basis.

Correct AnswerverifiedShow Answer

The Rollins Company has office employees and shipping employees. A summary of their earnings and deductions for the week ended June 14, 2019, is shown below. On page 6 of a general journal, record the June 14 payroll and the entry to summarize the effect of the checks written to pay the payroll.

Correct Answerverified11ea7d89_88b2_0115_8568_99a015732ad1_TB3077_00

Correct AnswerverifiedEmployee No. 1:Reg. Earn., $520.00; OT E...View AnswerShow Answer

Identify the statement below that is not true regarding social security tax.

Correct AnswerverifiedShow Answer

Social Security taxes are paid by:

Correct AnswerverifiedShow Answer

The Medicare tax is levied to provide medical care for the employee and the employee's spouse after they reach age 65.

Correct AnswerverifiedShow Answer

Match the description with the accounting terms.

Which of the following statements is correct?

Correct AnswerverifiedShow Answer

Ramon Gonzalez's gross pay for the week was $700. He had deductions of $85 for federal income tax, $43.40 for social security tax, $10.15 for Medicare tax as well as $5 for union dues. The journal entry to record his federal income tax withheld would include:

Correct AnswerverifiedShow Answer

The Santa Fe Company has office employees and shipping employees. A summary of their earnings and deductions for the week ended July 12, 2019, is shown below. On page 16 of a general journal, record the July 12 payroll and the entry to summarize the effect of the checks written to pay the payroll.

Correct AnswerverifiedShow Answer

The employee's marital status is one factor that determines the amount of federal income tax withheld by the employer.

Correct AnswerverifiedShow Answer

The employer records the amount of federal income tax withheld from employees as

Correct AnswerverifiedShow Answer

Which of the following is NOT typically an employee payroll withholding?

Correct AnswerverifiedShow Answer

An employee whose regular hourly rate is $10 and whose overtime rate is 1.5 times the regular rate worked 44 hours in one week. In the payroll register, the employer should record an overtime premium of

Correct AnswerverifiedShow Answer

Each type of deduction made from the employees' earnings is recorded in a separate

Correct AnswerverifiedD

An ________ is paid by the company to carry out a specific task or job but is not under the direct supervision, control, and direction of the company.

Correct Answerverifiedindependen...View AnswerShow Answer

A worker who is paid an agreed amount for each week or month or year, regardless of the actual hours worked, is said to be paid on a(n)________basis.

Correct AnswerverifiedShow Answer

Which of the following statements is not correct?

Correct AnswerverifiedShow Answer

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Employee I...
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Employee No. 1:Reg. Earn., $520.00; OT E...
View Answer

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D

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independen...
View Answer

Correct Answer
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Correct Answer
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