FiltersDone

Question type

Essay

Multiple Choice

Short Answer

True False

Matching

Exam 10: Payroll Computations, Records, and Payment

Show Answer

Share

---

All types

Filters

Study FlashcardsPractice ExamLearn

Question 21

Short Answer

Review LaterAdd Note

Review Later

FICA tax is commonly referred to as ________ tax.

Correct Answer

verified

Show Answer

Question 22

Short Answer

Review LaterAdd Note

Review Later

During the week ended April 26, 2019, Andy Tyler worked 40 hours. His regular hourly rate is $15. Assume that all of his earnings are subject to social security tax at a rate of 6.2 percent and Medicare tax at a rate of 1.45 percent. He also has deductions of $31 for federal income tax and $21 for health insurance. A)What is his gross pay for the week? B)What is the total of his deductions for the week? C)What is his net pay for the week?

Correct Answer

verified

A) $600.00
B) $97.90...

View Answer

Show Answer

Question 23

Short Answer

Review LaterAdd Note

During the week ended January 11, 2019, Darlene Marcussen worked 40 hours. Her regular hourly rate is $18. Assume that all of her earnings are subject to social security tax at a rate of 6.2 percent and Medicare tax at a rate of 1.45 percent. She also has deductions of $40 for federal income tax and $21 for health insurance. A)What is her gross pay for the week? B)What is the total of his deductions for the week? C)What is her net pay for the week?

Employees submit Form W-4 to their employers to show the number of withholding allowances they claim for federal income tax withholding purposes.

After payroll computations are made, the hours worked, rates, earnings, and deductions are entered into a record called a(n)________.

Because salaried employees who hold supervisory or managerial positions generally are not subject to wage and hour laws, they are known as ________ employees.

During one week, three employees of the Pampered Pooch Pet Salon 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. $\begin{array}{|c|r|l|l|l|l|}\hline \begin{array}{c}\text { Empl oyee } \\\text { No. }\end{array} & \begin{array}{c}\text { Regular } \\\text { Hourly Rate }\end{array} & \begin{array}{l}\text { Hours } \\\text { Worked }\end{array} & \begin{array}{l}\text { Regular } \\\text { Earnings }\end{array} & \begin{array}{l}\text { Overtime } \\\text { Earnings }\end{array} & \text { Gross Pay } \\\hline 1 & \$ 26.00 & 46 & & & \\\hline 2 & 16.00 & 44 & & & \\\hline 3 & 18.50 & 45 & & & \\\hline\end{array}$

Michael Miller is paid twice a month and had total gross earnings as of 10/15 of $116,800. His gross earnings for the period ending 10/31 were $6,000. If social security taxes are 6.2% on a maximum earnings of $122,700 per year and Medicare tax is 1.45% on all earnings, how much social security tax will be paid by Michael and how much will be paid by his employer for the period ending 10/31?

An employee's gross earnings minus the necessary payroll deductions equals the employee's________.

A person who is hired by a company and who is under the control and direction of the employer is called a(n)________.

Which of the following statements is not correct?

The amount of employees' ________ is recorded in the Wages Expense account.

The monthly salaries for December and the year-to-date earnings as of November 30 for the three employees of the Design Warehouse are listed below. Compute the amount of social security tax and Medicare tax to be withheld from each of the employee's gross pay for December. Assume a 6.2 percent social security tax rate on a maximum of $122,700 for the calendar year. Assume a 1.45 percent Medicare tax rate.

The overtime rate is usually one and one-half times the regular hourly rate.

An employee whose regular hourly rate is $12 and whose overtime rate is 1.5 times the regular rate worked 45 hours in one week. The employer should record an overtime premium of ________ in the payroll register.

Assuming a Medicare tax rate of 1.45% and monthly gross wages of $5,000, the amount recorded in Medicare Tax Payable for one quarter for the employee's payroll deduction is

For which of the following taxes is there no limit on the amount of annual earnings subject to the tax?

Time sheets or time cards are used to keep a record of hours worked each day by each employee paid on an hourly basis.

An employee whose regular hourly rate is $12 and whose overtime rate is 1.5 times the regular rate worked 48 hours in one week. In the payroll register, the employer should record an overtime premium of

Jill Monroe earns $25 per hour. She worked 48 hours this pay period and receives time-and-a-half for any hours worked over 40 hours per week. Jill's gross earnings are: