Question 1

Select the one term that best fits each definition.
-The total earnings paid to an employee after payroll taxes and other deductions.

Accepted Answer

A)   401(k) 
B)   commission
C)   direct deposit
D)   electronic funds transfer
E)   individual retirement accountF)  Medicare taxG)  net payH)  qualified retirement planI)  Roth individual retirement accountJ)  social security taxK)  tax baseL)  withholding allowanceM) E) and G)
N) A) and D)

Question 2

Total earnings are sometimes referred to as net pay.

Accepted Answer

A) True 
 B)False

Question 3

The investment income in a Roth IRA is not subject to federal income taxes when withdrawn.

Accepted Answer

A) True 
 B)False

Question 4

The Accumulated Earnings column of the employee earnings record

Accepted Answer

A)   shows net pay for the year.
B)   is the total earnings since the first of the year.
C)   shows net pay for one quarter.
D)   is the gross earnings for one quarter.E) All of the above
F) None of the above

Question 5

A business is required by law to withhold certain payroll taxes from employee salaries.

Accepted Answer

A) True 
 B)False

Question 6

Select the one term that best fits each definition.
-A federal tax paid for old-age, survivors, and disability insurance.

Accepted Answer

A)   401(k) 
B)   commission
C)   direct deposit
D)   electronic funds transfer
E)   individual retirement accountF)  Medicare taxG)  net payH)  qualified retirement planI)  Roth individual retirement accountJ)  social security taxK)  tax baseL)  withholding allowanceM) G) and L)
N) C) and H)

Question 7

Federal income tax is withheld from employee earnings

Accepted Answer

A)   only in those states electing to do so.
B)   in states without a state income tax.
C)   only in states where a state income tax is levied.
D)   in all 50 states.E) All of the above
F) B) and C)

Question 8

Select the one term that best fits each definition.
-A retirement plan that provides individuals with a tax benefit plan approved by the Internal Revenue Service.

Accepted Answer

A)   401(k) 
B)   commission
C)   direct deposit
D)   electronic funds transfer
E)   individual retirement accountF)  Medicare taxG)  net payH)  qualified retirement planI)  Roth individual retirement accountJ)  social security taxK)  tax baseL)  withholding allowanceM) D) and I)
N) B) and D)

Question 9

The total earnings paid to an employee after payroll taxes and other deductions is recorded in the payroll register's

Accepted Answer

A)   Gross Pay column.
B)   Total Earnings column.
C)   Net Pay column.
D)   Total Deductions column.E) C) and D)
F) None of the above

Question 10

The amount of income tax withheld from each employee's total earnings is determined solely from the number of withholding allowances.

Accepted Answer

A) True 
 B)False

Question 11

The withholding allowances of an employee affect

Accepted Answer

A)   social security tax withheld.
B)   federal income tax withheld.
C)   federal unemployment tax owed.
D)   state unemployment tax owed.E) None of the above
F) All of the above

Question 12

Select the one term that best fits each definition.
-A qualified retirement plan sponsored by an employer.

Accepted Answer

A)   401(k) 
B)   commission
C)   direct deposit
D)   electronic funds transfer
E)   individual retirement accountF)  Medicare taxG)  net payH)  qualified retirement planI)  Roth individual retirement accountJ)  social security taxK)  tax baseL)  withholding allowanceM) A) and F)
N) G) and J)

Exam 12: Preparing Payroll Records

The amount of income tax withheld from each employee's total earnings is determined solely from the number of withholding allowances.

Correct Answer
verified

Select the one term that best fits each definition. -A retirement plan that provides individuals with a tax benefit plan approved by the Internal Revenue Service.

Correct Answer
verified

Total earnings are sometimes referred to as net pay.

Correct Answer
verified

Federal income tax is withheld from employee earnings

Correct Answer
verified

A business is required by law to withhold certain payroll taxes from employee salaries.

Correct Answer
verified

The withholding allowances of an employee affect

Correct Answer
verified

Select the one term that best fits each definition. -A qualified retirement plan sponsored by an employer.

Correct Answer
verified

The Accumulated Earnings column of the employee earnings record

Correct Answer
verified

The total earnings paid to an employee after payroll taxes and other deductions is recorded in the payroll register's

Correct Answer
verified

Select the one term that best fits each definition. -The total earnings paid to an employee after payroll taxes and other deductions.

Correct Answer
verified

Select the one term that best fits each definition. -A federal tax paid for old-age, survivors, and disability insurance.

Correct Answer
verified

The investment income in a Roth IRA is not subject to federal income taxes when withdrawn.

Correct Answer
verified

Exam 12: Preparing Payroll Records

The amount of income tax withheld from each employee's total earnings is determined solely from the number of withholding allowances.

Correct AnswerverifiedShow Answer

Select the one term that best fits each definition. -A retirement plan that provides individuals with a tax benefit plan approved by the Internal Revenue Service.

Correct AnswerverifiedShow Answer

Total earnings are sometimes referred to as net pay.

Correct AnswerverifiedShow Answer

Federal income tax is withheld from employee earnings

Correct AnswerverifiedShow Answer

A business is required by law to withhold certain payroll taxes from employee salaries.

Correct AnswerverifiedShow Answer

The withholding allowances of an employee affect

Correct AnswerverifiedShow Answer

Select the one term that best fits each definition. -A qualified retirement plan sponsored by an employer.

Correct AnswerverifiedShow Answer

The Accumulated Earnings column of the employee earnings record

Correct AnswerverifiedShow Answer

The total earnings paid to an employee after payroll taxes and other deductions is recorded in the payroll register's

Correct AnswerverifiedShow Answer

Select the one term that best fits each definition. -The total earnings paid to an employee after payroll taxes and other deductions.

Correct AnswerverifiedShow Answer

Select the one term that best fits each definition. -A federal tax paid for old-age, survivors, and disability insurance.

Correct AnswerverifiedShow Answer

The investment income in a Roth IRA is not subject to federal income taxes when withdrawn.

Correct AnswerverifiedShow Answer

Correct Answer
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Correct Answer
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Correct Answer
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