Not a member of Pastebin yet?
Sign Up,
it unlocks many cool features!
- Download: http://solutionzip.com/downloads/20-mcq-which-of-the-following-would-not-typically/
- Question 1 of 20 5.0 Points
- Which of the following would not typically be an employee payroll withholding?
- A. Unemployment taxes
- B. Medical insurance
- C. State income tax
- D. Social Security
- Question 2 of 20 5.0 Points
- Grammy’s Bakery had the following information for the pay period ending June 30:
- Employee Name Pay
- Rate Hours Worked Cumulative Earnings Department Federal Income Tax Withheld
- P. Ganster $2,000 Salaried $12,000 Kitchen $86.00
- T. Baker 10.00/hr 50 $6,500 Office $22.00
- Assume:
- FICA-OASDI is applied to the first $106,800 at a rate of 6.2%.
- FICA-Medicare is applied at a rate of 1.45%.
- FUTA is applied to the first $7,000 at a rate of 0.8%.
- SUTA is applied to the first $7,000 at a rate of 5.6%.
- State income tax is 3.8%.
- Given the above information, what would be the amount applied to Office Salaries Expense?
- A. Debit of $550
- B. Credit of $550
- C. Debit of $500
- D. Credit of $500
- (Baker works in the office, so $10 x 50 hours = $500)
- Question 3 of 20 5.0 Points
- The amount of federal income tax withheld from an employee during the year is determined by the employee’s
- A. W-4 form.
- B. W-2 form.
- C. 1040 form.
- D. None of the above
- Question 4 of 20 5.0 Points
- To compute federal income tax to be withheld,
- A. use the net earnings and number of allowances.
- B. use gross earnings, number of allowances, and marital status.
- C. use net earnings and Form W-4.
- D. None of the above
- Question 5 of 20 5.0 Points
- The information needed to make the journal entries to record the wages and salaries expense comes from
- A. Form W-2.
- B. the look-back period.
- C. the payroll register.
- D. Form 941.
- Question 6 of 20 5.0 Points
- When calculating the employee’s payroll, the clerk forgot about the wage base limits. What impact could this error have on the employee’s check?
- A. FICA-OASDI could be overstated.
- B. FUTA could be overstated.
- C. SUTA could be overstated.
- D. All of the above
- Question 7 of 20 5.0 Points
- A summary record of each person’s earnings, deductions, and net pay is called a/an
- A. payroll register.
- B. W-4.
- C. employee individual earnings record.
- D. general journal.
- Question 8 of 20 5.0 Points
- Brian Temple’s cumulative earnings are $73,000, and his gross pay for the week is $5,300. If the FICA rates are OASDI 6.2% on a limit of $106,800 and Medicare is 1.45%, what are his FICA-OASDI and FICA-Medicare taxes for the week?
- A. $0; $76.85
- B. $328.60; $0
- C. $328.60; $76.85
- D. $3,286; $768.50
- $5300 x 6.2% = 328.60; $5300 x 1.45% = 76.85
- Question 9 of 20 5.0 Points
- Gross earnings are the same as
- A. regular earnings.
- B. regular earnings plus overtime earnings.
- C. net earnings.
- D. net earnings plus overtime earnings.
- Question 10 of 20 5.0 Points
- Compute net earnings on March 3, when gross (taxable) pay equals $750. FICA-OASDI tax rates are 6.2%, FICA-Medicare rate is 1.45%, federal income tax is $71.00, and state income tax is $5.00.
- A. $615.00
- B. $610.00
- C. $616.62
- D. $672.12
- $750 – (750 x 6.2%) – (750 x 1.45%) – $71.00 – $5.00 = 750 -46.50 -10.88 – 71.00 – 5.00 = $616.62
- Question 11 of 20 5.0 Points
- Derek works 43 hours at a rate of pay of $15 per hour. He receives double pay over 40 hours. What is his gross pay?
- A. $800
- B. $720
- C. $780
- D. $690
- (40 x 15) + (3 x 15 x 2) = 600 + 90 = $690
- Question 12 of 20 5.0 Points
- Which type of account is Wages and Salaries Payable?
- A. Asset
- B. Liability
- C. Revenue
- D. Expense
- Question 13 of 20 5.0 Points
- On January 15, Robert Love earned $4,000 and has the following deductions: FICA-OASDI 6.2%, FICA-Medicare 1.45%, federal income tax of $200, and state income tax of $40. What is his net pay?
- A. $3,400
- B. $3,454
- C. $4,454
- D. $4,000
- $4000 – (4000 x 6.2%) – (4000 x 1.45%) – 200 – 40 = 4000 – 248 -58 -200 -40 = $3454
- Question 14 of 20 5.0 Points
- Todd earns an hourly rate of $20 and had taxes withheld totaling $200. What would his net earnings be if he worked 44 hours (assuming double time over 40 hours)?
- A. $760
- B. $780
- C. $720
- D. $860
- (20 x 40) + (20 x 4 x 2) – 200 = 800 + 160 – 200 = 760
- Question 15 of 20 5.0 Points
- If Sheila worked 38 hours, how many hours of overtime did she earn?
- A. Zero
- B. One
- C. Five
- D. Nine
- Question 16 of 20 5.0 Points
- The debit amount to Payroll Tax Expense represents
- A. the employer’s portion of the payroll taxes.
- B. the employees’ portion of the payroll taxes.
- C. the employer’s and employees’ portion of the payroll taxes.
- D. None of the above
- Question 17 of 20 5.0 Points
- Great Lakes Tutoring had the following payroll information on February 28:
- Employee Gross Pay Cumulative Earnings Prior to This Payroll
- R. Hill $4,000 $4,000
- Assume:
- FICA tax rates are OASDI 6.2% on a limit of $106,800, and Medicare is 1.45%.
- The state unemployment tax rate is 2% on the first $7,000.
- The federal unemployment tax rate is 0.8% on the first $7,000.
- Using the information above, the journal entry to record the payroll tax expense for Great Lakes Tutoring would include
- A. a debit to Payroll Tax Expense in the amount of $390.
- B. a credit to FUTA Payable for $24.
- C. a credit to SUTA Payable for $60.
- D. All of the above
- 4000 x (6.2% + 1.45%) + ((7000 limit – 4000 prior pay) x (2% + 0.08%)) = $390 payroll tax exp
- SUTA=(7000 limit–4000 prior pay) x 2%=$60; FUTA=(7000 limit–4000 prior pay) x 0.8%=$24
- Question 18 of 20 5.0 Points
- Wages and Salaries Expense is
- A. equal to net pay.
- B. equal to gross pay.
- C. equal to the employer’s taxes.
- D. None of the above
- Question 19 of 20 5.0 Points
- The entry to record the payroll tax expense would include a
- A. credit to Federal Income Taxes Payable.
- B. credit to Cash.
- C. credit to FICA (OASDI and Medicare) Taxes Payable.
- D. credit to Wages Payable.
- Question 20 of 20 5.0 Points
- The law that governs overtime earnings is called the
- A. Federal Insurance Contribution Act.
- B. Federal Wage and Hour Law.
- C. Fair Labor Standards Act.
- D. Both b and c
- Download: http://solutionzip.com/downloads/20-mcq-which-of-the-following-would-not-typically/
Add Comment
Please, Sign In to add comment