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Exam 10: Payroll Computations, Records, and Payment

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Question 41

Multiple Choice

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Publication 15, Circular E contains withholding information

A) for social security and Medicare taxes only.
B) for federal income taxes only.
C) for social security, Medicare, and federal income tax taxes.
D) for federal and state income taxes.

E) All of the above
F) B) and C)

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Question 42

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The gross pay of an hourly employee is determined by subtracting the overtime premium from the regular earnings.

A) True
B) False

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Question 43

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

When checks are issued to employees after the entry to record the payroll has been made, the accountant would

Which of the following is a factor in the determination of the amount of social security tax to withhold from an employee's pay?

FICA tax is commonly referred to as ____________________ tax.

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

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

Which of the following statements is correct?

The monthly salaries for December and the year-to-date earnings as of November 30 for the three employees of Heather's Hair Salon 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 and a base of $106,800 for the calendar year. Assume a 1.45 percent Medicare tax rate.

The Royal Company has office employees and sales employees. A summary of their earnings and deductions for the week ended April 26, 2013, 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.

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

Which of the following statements is not correct?

The employer records the amount of federal income tax withheld from employees as

Each type of deduction made from the employees' earnings is recorded in a separate

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

The Burns Company has two office employees and two shipping employees. A summary of their earnings and deductions for the week ended August 23, 2013, is shown below. On page 10 of a general journal, record the August 23 payroll and the entry to summarize the effect of the checks written to pay the payroll.

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. $\begin{array} { | c | c | c | c | c | c | } \hline \begin{array} { c } \text { Employee } \\\text { No. }\end{array} & \begin{array} { c } \text { Regular } \\\text { Hourly Rate }\end{array} & \begin{array} { c } \text { Hours } \\\text { Worked }\end{array} & \begin{array} { c } \text { Regular } \\\text { Earnings }\end{array} & \begin{array} { c } \text { Overtime } \\\text { Earnings }\end{array} & \text { Gross Pay } \\\hline 1 & \$ 24.00 & 46 & & & \\\hline 2 & 18.00 & 44 & & & \\\hline 3 & 17.00 & 45 & & & \\\hline\end{array}$

The employer records the amount of federal income tax withheld as:

Employers are required to pay workers' ____________________ insurance that will reimburse employees for losses suffered from job-related injuries.