Filters
Question type
Study Flashcards

Deductions for U.S.savings bond purchases,pension plan payments,and Social Security taxes are considered voluntary deductions.

A) True
B) False

Correct Answer

verifed

verified

Base and rate changes in payroll taxes such as FICA affect the accounting principles and procedures for payroll.

A) True
B) False

Correct Answer

verifed

verified

An employee's total earnings are also known as ____________________.

Correct Answer

verifed

verified

Tracing the employee's gross pay for a specific time period into the appropriate wage-bracket table provided by the Internal Revenue Service is called using the wage-bracket method to determine the amount of tax to be withheld from an employee's pay.

A) True
B) False

Correct Answer

verifed

verified

Compensation expressed in terms of hours,weeks,or units produced for skilled or unskilled labor is usually referred to as salary.

A) True
B) False

Correct Answer

verifed

verified

Jerri's Mason Supply Company has four employees who are paid on a weekly basis receiving time and a half for working more than 40 hours in any one week.The payroll data for the week ended December 10 is as follows: ?  Federal  # of  Marital  Total  Cumulative IncomeName‾ Allowances ‾Status‾Hours ‾Rate ‾Earnings ‾Tax‾ B. Russo 0 S44$8.00$8,300$40 P. Higgins 1M4628.0052,176160 S. Minsky 2M409.0018,5608 A. Mendez 4M4034.0086,000129\begin{array} { l c c c c c c } &&&&&&\text { Federal }\\&\text { \# of } & \text { Marital }&\text { Total }&& \text { Cumulative }&\text{Income}\\ \underline{\text {Name}}& \underline{\text { Allowances }}& \underline{\text {Status}}& \underline{\text {Hours }}& \underline{\text {Rate }}& \underline{\text {Earnings }}& \underline{\text {Tax}}\\\text { B. Russo }& 0 & \mathrm {~S} & 44 & \$ 8.00 & \$ 8,300 &\$40 \\\text { P. Higgins } & 1 & \mathrm { M } & 46 & 28.00 & 52,176 & 160 \\\text { S. Minsky } & 2 & \mathrm { M } & 40 & 9.00 & 18,560 & 8 \\\text { A. Mendez }& 4 & \mathrm { M } & 40 & 34.00 & 86,000 & 129\\\end{array} Social Security tax is withheld at 6.2% and Medicare tax at 1.45%.Each employee that is single has $40 withheld for health insurance and each that is married has $70 withheld.Higgins has $25 withheld for United Way.Number the checks beginning with 803. Required: 1.Complete the payroll register. 2.Journalize the payroll entry. ? ? Jerri's Mason Supply Company has four employees who are paid on a weekly basis receiving time and a half for working more than 40 hours in any one week.The payroll data for the week ended December 10 is as follows: ? \begin{array} { l c c c c c c } &&&&&&\text { Federal }\\ &\text { \# of } & \text { Marital }&\text { Total }&& \text { Cumulative }&\text{Income}\\ \underline{\text {Name}}& \underline{\text { Allowances }}& \underline{\text {Status}}& \underline{\text {Hours }}& \underline{\text {Rate }}& \underline{\text {Earnings }}& \underline{\text {Tax}}\\ \text { B. Russo }& 0 & \mathrm {~S} & 44 & \$ 8.00 & \$ 8,300 &\$40 \\ \text { P. Higgins } & 1 & \mathrm { M } & 46 & 28.00 & 52,176 & 160 \\ \text { S. Minsky } & 2 & \mathrm { M } & 40 & 9.00 & 18,560 & 8 \\ \text { A. Mendez }& 4 & \mathrm { M } & 40 & 34.00 & 86,000 & 129\\ \end{array} Social Security tax is withheld at 6.2% and Medicare tax at 1.45%.Each employee that is single has $40 withheld for health insurance and each that is married has $70 withheld.Higgins has $25 withheld for United Way.Number the checks beginning with 803. Required: 1.Complete the payroll register. 2.Journalize the payroll entry. ? ? ? ? ? Jerri's Mason Supply Company has four employees who are paid on a weekly basis receiving time and a half for working more than 40 hours in any one week.The payroll data for the week ended December 10 is as follows: ? \begin{array} { l c c c c c c } &&&&&&\text { Federal }\\ &\text { \# of } & \text { Marital }&\text { Total }&& \text { Cumulative }&\text{Income}\\ \underline{\text {Name}}& \underline{\text { Allowances }}& \underline{\text {Status}}& \underline{\text {Hours }}& \underline{\text {Rate }}& \underline{\text {Earnings }}& \underline{\text {Tax}}\\ \text { B. Russo }& 0 & \mathrm {~S} & 44 & \$ 8.00 & \$ 8,300 &\$40 \\ \text { P. Higgins } & 1 & \mathrm { M } & 46 & 28.00 & 52,176 & 160 \\ \text { S. Minsky } & 2 & \mathrm { M } & 40 & 9.00 & 18,560 & 8 \\ \text { A. Mendez }& 4 & \mathrm { M } & 40 & 34.00 & 86,000 & 129\\ \end{array} Social Security tax is withheld at 6.2% and Medicare tax at 1.45%.Each employee that is single has $40 withheld for health insurance and each that is married has $70 withheld.Higgins has $25 withheld for United Way.Number the checks beginning with 803. Required: 1.Complete the payroll register. 2.Journalize the payroll entry. ? ? ? ? ? Jerri's Mason Supply Company has four employees who are paid on a weekly basis receiving time and a half for working more than 40 hours in any one week.The payroll data for the week ended December 10 is as follows: ? \begin{array} { l c c c c c c } &&&&&&\text { Federal }\\ &\text { \# of } & \text { Marital }&\text { Total }&& \text { Cumulative }&\text{Income}\\ \underline{\text {Name}}& \underline{\text { Allowances }}& \underline{\text {Status}}& \underline{\text {Hours }}& \underline{\text {Rate }}& \underline{\text {Earnings }}& \underline{\text {Tax}}\\ \text { B. Russo }& 0 & \mathrm {~S} & 44 & \$ 8.00 & \$ 8,300 &\$40 \\ \text { P. Higgins } & 1 & \mathrm { M } & 46 & 28.00 & 52,176 & 160 \\ \text { S. Minsky } & 2 & \mathrm { M } & 40 & 9.00 & 18,560 & 8 \\ \text { A. Mendez }& 4 & \mathrm { M } & 40 & 34.00 & 86,000 & 129\\ \end{array} Social Security tax is withheld at 6.2% and Medicare tax at 1.45%.Each employee that is single has $40 withheld for health insurance and each that is married has $70 withheld.Higgins has $25 withheld for United Way.Number the checks beginning with 803. Required: 1.Complete the payroll register. 2.Journalize the payroll entry. ? ? ? ?

Correct Answer

verifed

verified

? 11ea84ea_4...

View Answer

Under federal law,employers are required to withhold a percentage of the employees' wages for pensions.

A) True
B) False

Correct Answer

verifed

verified

Whether the wage-bracket method or some other method is used in computing the amount of tax to be withheld,the sum of the taxes withheld from an employee's wages is only an approximation of what the employee's actual taxes will be for the year.

A) True
B) False

Correct Answer

verifed

verified

Match the terms with the definitions. -The employee does not handle the paycheck; payment is made by the employer directly to the employee's bank.


A) direct deposit
B) electronic system
C) employee
D) employee earnings record
E) Fair Labor Standards Act (FLSA)
F) FICA taxes
G) gross pay
H) independent contractor
I) manual system
J) net pay
K) payroll processing center
L) payroll register
M) salary
N) wage-bracket method
O) wages
P) withhol ding allowance

Q) L) and P)
R) A) and I)

Correct Answer

verifed

verified

Match the terms with the definitions. -Someone who performs a service for a fee and does not work under the control and direction of the company paying for the service.


A) direct deposit
B) electronic system
C) employee
D) employee earnings record
E) Fair Labor Standards Act (FLSA)
F) FICA taxes
G) gross pay
H) independent contractor
I) manual system
J) net pay
K) payroll processing center
L) payroll register
M) salary
N) wage-bracket method
O) wages
P) withhol ding allowance

Q) M) and O)
R) H) and O)

Correct Answer

verifed

verified

The form used to assemble the data required at the end of each payroll period is the ____________________.

Correct Answer

verifed

verified

Match the terms with the definitions. - Compensation for managerial or administrative services.


A) direct deposit
B) electronic system
C) employee
D) employee earnings record
E) Fair Labor Standards Act (FLSA)
F) FICA taxes
G) gross pay
H) independent contractor
I) manual system
J) net pay
K) payroll processing center
L) payroll register
M) salary
N) wage-bracket method
O) wages
P) withhol ding allowance

Q) A) and B)
R) E) and I)

Correct Answer

verifed

verified

Joel Trump is paid one and one-half times the regular hourly rate for all hours worked in excess of 40 hours per week and double time for work on Sunday.Trump's regular rate is $8 per hour.During the week ended October 10,he worked 9 hours each day from Monday through Friday,6 hours on Saturday,and 4 hours on Sunday.Trump's total earnings for the week ended October 10 are


A) $110.
B) $320.
C) $430.
D) $516.

E) A) and D)
F) A) and B)

Correct Answer

verifed

verified

The payroll register for the week ended May 28 for J & D United indicates gross earnings of $4,000 and total deductions of $1,200.The total of all the credit entries for the payroll for the week ending May 28 would be


A) $1,200.
B) $2,800.
C) $4,000.
D) $5,200.

E) A) and B)
F) B) and C)

Correct Answer

verifed

verified

Employers usually prepare which of the following types of payroll records?


A) payroll register,employee earnings record,and payroll check
B) payroll register,payroll ledger,and employee earnings record
C) payroll journal,employee earning record,and payroll ledger
D) employee earning record,payroll check,and payroll ledger

E) B) and C)
F) None of the above

Correct Answer

verifed

verified

The account,____________________,should be credited for the total income tax withheld from an employee's earnings.

Correct Answer

verifed

verified

Employee I...

View Answer

Match the terms with the definitions. - Exempts a specific dollar amount of an employee's gross pay from federal income tax withholding.


A) direct deposit
B) electronic system
C) employee
D) employee earnings record
E) Fair Labor Standards Act (FLSA)
F) FICA taxes
G) gross pay
H) independent contractor
I) manual system
J) net pay
K) payroll processing center
L) payroll register
M) salary
N) wage-bracket method
O) wages
P) withhol ding allowance

Q) H) and O)
R) C) and P)

Correct Answer

verifed

verified

FICA taxes include amounts for both Social Security but not Medicare programs.

A) True
B) False

Correct Answer

verifed

verified

____________________ are compensation for skilled or unskilled labor.

Correct Answer

verifed

verified

Each employee is required to furnish the employer with which of the following forms?


A) W-2
B) 941
C) W-4
D) 1040

E) A) and B)
F) B) and D)

Correct Answer

verifed

verified

Showing 61 - 80 of 105

Related Exams

Exam 1

Introduction to Accounting

97 Questions

Exam 2

Analyzing Transactions: the Accounting Equation

80 Questions

Exam 3

The Double-Entry Framework

94 Questions

Exam 4

Journalizing and Posting Transactions

93 Questions

Exam 5

Adjusting Entries and the Work Sheet

113 Questions

Exam 6

Financial Statements and the Closing Process

110 Questions

Exam 7

Accounting for Cash

122 Questions

Exam 9

Payroll Accounting: Employer Taxes and Reports

97 Questions

Exam 10

Module Accounting For A Professional Service Business The Combination Journal

69 Questions

Show Answer