Question 1

Which of the following statements is not correct?

Accepted Answer

A)   The FUTA tax provides benefits for employees who become unemployed.
B)   The federal unemployment tax rate can be reduced by the rate charged by state for the state unemployment tax.
C)   The earnings base for the federal and state unemployment taxes are the same,the first $7,000 of an employee's earnings for the year.
D)   The SUTA tax protects employees against losses from job-related injuries or illnesses.E) A) and B)
F) B) and D)

Question 2

A worker who is paid an agreed amount for each week or month or year is said to be paid on a(n)____________________ basis.

Accepted Answer

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

Question 3

During the week ended January 11,2016,Darlene Marcussen worked 40 hours.Her regular hourly rate is $18.Assume that 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 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?

Accepted Answer

A)$720.00
B)$116.08 ...

Question 4

Employees of firms engaged in interstate commerce must receive an overtime rate of at least 1.5 times the regular hourly rate of pay for time worked in excess of ____________________ hours per week.

Accepted Answer

The answer of Employees of firms engaged in interstate commerce...

Question 5

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

Accepted Answer

A)   a debit for $217.50.
B)   a credit for $217.50.
C)   a debit for $72.50.
D)   a credit for $72.50.E) None of the above
F) All of the above

Question 6

An employee whose regular hourly rate is $18 and whose overtime rate is 1.5 times the regular rate worked 44 hours one week.The employee's gross pay was

Accepted Answer

A)   $1,188.
B)   $828.
C)   $792.
D)   $756.E) None of the above
F) B) and C)

Question 7

Lila Harrison's is the sole employee of ABC Grocers.Her gross pay for the week was $400.She had deductions of $50 for federal income tax,$25 for social security tax,and $5.80 for Medicare tax.The journal entry to record her salary would include:

Accepted Answer

A)   a debit to Salaries Expense for $319.20
B)   a debit to Salaries Expense for $400
C)   a debit to Salaries Payable for $319.20
D)   a credit to Salaries Payable for $400E) B) and C)
F) A) and D)

Question 8

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

Accepted Answer

The answer of After payroll computations are made,the hours worked,rates,earnings,and...

Question 9

Jason McCurdy has a regular hourly rate of $10.75.During a two week period,he worked 80 hours and had deductions of $110 for federal income tax,$53.50 for social security tax,and $12.50 for Medicare tax.His net pay was

Accepted Answer

A)   $860.
B)   $684.
C)   $750.
D)   $794.E) None of the above
F) B) and C)

Question 10

The Social Security Tax Payable account will normally have a(n)

Accepted Answer

A)   debit balance.
B)   credit balance.
C)   debit or credit balance depending on the timing of payments.
D)   zero balance.E) C) and D)
F) B) and C)

Question 11

The Santa Fe Company has office employees and shipping employees.A summary of their earnings and deductions for the week ended July 12,2016,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 12

To compute ____________________ pay,it is necessary to subtract the total of an employee's deductions from the employee's gross pay.

Accepted Answer

The answer of To compute ____________________ pay,it is necessary to...

Question 13

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 14

The employer records the amount of federal income taxes withheld from employees in the Employee Income Tax ____________________ account.

Accepted Answer

The answer of The employer records the amount of federal...

Question 15

During the week ended May 15,2016,Scott Fairchild worked 40 hours.His regular hourly rate is $14.Assume that 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?

Accepted Answer

A)$560.00
B)$94.84 (...

Question 16

An employee whose regular hourly rate is $10 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

Accepted Answer

A)   $480.
B)   $240.
C)   $80.
D)   $40.E) B) and D)
F) B) and C)

Question 17

During one week,three employees of the Tea Leaf Cafe 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 Ear...

Question 18

The net amount due employees for their wages is recorded as a debit to Salaries and Wages Payable.

Accepted Answer

A) True 
 B)False

Question 19

The Royal Company has office employees and sales employees.A summary of their earnings and deductions for the week ended April 26,2016,is shown below.On page 18 of a general journal,record the April 26 payroll and the entry to summarize the effect of the checks written to pay the payroll.

Accepted Answer

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

Question 20

When a firm records its payroll,the amount of federal income tax withheld from employees is entered as a liability.

Accepted Answer

A) True 
 B)False

Exam 10: Payroll Computations, Records, and Payment

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

Correct Answer
verified
A)$720.00
B)$116.08 ...
View Answer

Employees of firms engaged in interstate commerce must receive an overtime rate of at least 1.5 times the regular hourly rate of pay for time worked in excess of ____________________ hours per week.

Correct Answer
verified

Jason McCurdy has a regular hourly rate of $10.75.During a two week period,he worked 80 hours and had deductions of $110 for federal income tax,$53.50 for social security tax,and $12.50 for Medicare tax.His net pay was

Correct Answer
verified

When a firm records its payroll,the amount of federal income tax withheld from employees is entered as a liability.

Correct Answer
verified

Lila Harrison's is the sole employee of ABC Grocers.Her gross pay for the week was $400.She had deductions of $50 for federal income tax,$25 for social security tax,and $5.80 for Medicare tax.The journal entry to record her salary would include:

Correct Answer
verified

Which of the following statements is not correct?

Correct Answer
verified

An employee whose regular hourly rate is $18 and whose overtime rate is 1.5 times the regular rate worked 44 hours one week.The employee's gross pay was

Correct Answer
verified

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

Correct Answer
verified

An employee whose regular hourly rate is $10 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

Correct Answer
verified

The Royal Company has office employees and sales employees.A summary of their earnings and deductions for the week ended April 26,2016,is shown below.On page 18 of a general journal,record the April 26 payroll and the entry to summarize the effect of the checks written to pay the payroll.

Correct Answer
verified

The employer records the amount of federal income taxes withheld from employees in the Employee Income Tax ____________________ account.

Correct Answer
verified

A worker who is paid an agreed amount for each week or month or year is said to be paid on a(n)____________________ basis.

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 12,2016,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 Social Security Tax Payable account will normally have a(n)

Correct Answer
verified

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

Correct Answer
verified

To compute ____________________ pay,it is necessary to subtract the total of an employee's deductions from the employee's gross pay.

Correct Answer
verified

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

Correct Answer
verified

Correct Answer
verified
A)$560.00
B)$94.84 (...
View Answer

The net amount due employees for their wages is recorded as a debit to Salaries and Wages Payable.

Correct Answer
verified

Exam 10: Payroll Computations, Records, and Payment

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

Correct AnswerverifiedA)$720.00B)$116.08 ...View AnswerShow Answer

Employees of firms engaged in interstate commerce must receive an overtime rate of at least 1.5 times the regular hourly rate of pay for time worked in excess of ____________________ hours per week.

Correct AnswerverifiedShow Answer

Jason McCurdy has a regular hourly rate of $10.75.During a two week period,he worked 80 hours and had deductions of $110 for federal income tax,$53.50 for social security tax,and $12.50 for Medicare tax.His net pay was

Correct AnswerverifiedShow Answer

When a firm records its payroll,the amount of federal income tax withheld from employees is entered as a liability.

Correct AnswerverifiedShow Answer

Lila Harrison's is the sole employee of ABC Grocers.Her gross pay for the week was $400.She had deductions of $50 for federal income tax,$25 for social security tax,and $5.80 for Medicare tax.The journal entry to record her salary would include:

Correct AnswerverifiedShow Answer

Which of the following statements is not correct?

Correct AnswerverifiedShow Answer

An employee whose regular hourly rate is $18 and whose overtime rate is 1.5 times the regular rate worked 44 hours one week.The employee's gross pay was

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

An employee whose regular hourly rate is $10 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

Correct AnswerverifiedShow Answer

The Royal Company has office employees and sales employees.A summary of their earnings and deductions for the week ended April 26,2016,is shown below.On page 18 of a general journal,record the April 26 payroll and the entry to summarize the effect of the checks written to pay the payroll.

Correct AnswerverifiedShow Answer

The employer records the amount of federal income taxes withheld from employees in the Employee Income Tax ____________________ account.

Correct AnswerverifiedShow Answer

A worker who is paid an agreed amount for each week or month or year is said to be paid on a(n)____________________ basis.

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 12,2016,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 Social Security Tax Payable account will normally have a(n)

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

To compute ____________________ pay,it is necessary to subtract the total of an employee's deductions from the employee's gross pay.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Correct AnswerverifiedA)$560.00B)$94.84 (...View AnswerShow Answer

The net amount due employees for their wages is recorded as a debit to Salaries and Wages Payable.

Correct AnswerverifiedShow Answer

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

Correct Answer
verified
A)$720.00
B)$116.08 ...
View Answer

Correct Answer
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Correct Answer
verified

Correct Answer
verified
A)$560.00
B)$94.84 (...
View Answer

Correct Answer
verified