Question 1

Identify the list of accounts below that would normally all have a debit balance.

Accepted Answer

A)  Salaries Payable, Medicare Tax Payable, Office Salaries Expense.
B)  Salaries Expense, Salaries Payable, Cash.
C)  Cash, Salaries Expense, Insurance Expense.
D)  Employee Income Tax Payable, Social Security Tax Payable, Wages Expense.E) A) and C)
F) A) and D)

Question 2

During the week ended May 15, 2019, Scott Fairchild worked 40 hours. His regular hourly rate is $14 .Assume that all of 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 3

An employee whose regular hourly rate is $20 and whose overtime rate is 1.5 times the regular rate worked 45 hours one week. The employee's gross pay was

Accepted Answer

A)  $950.
B)  $900.
C)  $800.
D)  $1,350.E) A) and D)
F) C) and D)

Question 4

During the week ended February 8, 2019, Stuart Wayne worked 40 hours. His regular hourly rate is
$12) Assume that all of 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) $480.00
B) $88.72...

Question 5

Federal law requires employers to withhold which of the following taxes from the employee's pay?

Accepted Answer

A)  Federal and state income tax, social security tax, Medicare tax, and FUTA.
B)  federal income tax, social security tax, Medicare tax, and state and local taxes.
C)  federal income tax, social security tax, and Medicare tax.
D)  federal income tax, social security tax, Medicare tax, and FUTA.E) None of the above
F) B) and D)

Question 6

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

Accepted Answer

workers' c...

Question 7

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 8

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 E...

Question 9

Federal law requires employers to pay which of the following employment related taxes?

Accepted Answer

A)  Federal and state income tax, social security tax, Medicare tax, and FUTA.
B)  FICA tax, federal and state income tax and federal unemployment compensation tax
C)  only federal and state unemployment compensation tax
D)  FICA tax and federal unemployment compensation taxE) None of the above
F) A) and C)

Question 10

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

Accepted Answer

A)  a liability.
B)  an expense.
C)  an asset.
D)  a payroll tax expense.E) B) and D)
F) B) and C)

Question 11

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

Accepted Answer

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

Question 12

Lisa Ramos has a regular hourly rate of $12.75. In a week when she worked 40 hours and had deductions of $67.00 for federal income tax, $31.62 for social security tax, and $7.40 for Medicare tax, her net pay was

Accepted Answer

A)  $616.02
B)  $403.98
C)  $510.00
D)  $106.02E) B) and C)
F) None of the above

Question 13

The monthly salaries for December and the year-to-date earnings as of November 30 for the three employees of the Lakeview Medical Center 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 on a maximum of $122,700 for the calendar year. Assume a 1.45 percent Medicare tax rate.

Accepted Answer

Employee No. 1:Soc. Sec. Tax, ...

Question 14

Identify the list of accounts below that would normally all have a credit balance.

Accepted Answer

A)  Employee Income Tax Payable, Social Security Tax Payable, Salaries Expense.
B)  Salaries Payable, Prepaid Insurance, Medicare Tax Payable.
C)  Wages Expense, Salaries Payable, Equipment.
D)  Salaries Payable, Employee Income Tax Payable, Owner's Capital.E) B) and D)
F) C) and D)

Question 15

The maximum base for the social security tax is the same as that for the Medicare tax.

Accepted Answer

A) True 
 B)False

Question 16

The total amount earned by the employee is called the

Accepted Answer

A)  payroll.
B)  gross pay.
C)  take home pay.
D)  net pay.E) A) and B)
F) A) and C)

Question 17

Junkman Autos uses a separate checking account to pay their employees. The gross pay for the period was $1,000. However, after deductions were taken out, the net pay for the period was $820. The journal entry to record the issuance of payroll checks to their employees is:

Accepted Answer

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

Question 18

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

Accepted Answer

A)  debit Salaries and Wages Payable and credit Cash.
B)  debit Salaries Expense, debit Wages Expense, and credit Cash.
C)  debit Salaries and Wages Payable, debit Social Security Tax Payable, debit Medicare Tax Payable, debit Employee Income Tax Payable, and credit Cash.
D)  debit Salaries and Wages Payable and credit Salaries Expense and Wages Expense.E) A) and B)
F) B) and C)

Question 19

Lacy Crawford has a regular hourly rate of $21.50. In a week when she worked 40 hours and had deductions of $110 for federal income tax, $53.32 for social security tax, and $12.47 for Medicare tax, her net pay was

Accepted Answer

A)  $684.21
B)  $860.00
C)  $794.21
D)  $750.00E) A) and B)
F) A) and C)

Question 20

The column totals in a payroll register

Accepted Answer

A)  are used in the journal entry to record the payroll.
B)  are posted directly to the general ledger accounts.
C)  are used at the end of the year to record payroll taxes owed to the IRS.
D)  are unnecessary.E) B) and D)
F) A) and B)

Exam 10: Payroll Computations, Records, and Payment

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

Correct Answer
verified

Federal law requires employers to withhold which of the following taxes from the employee's pay?

Correct Answer
verified

Lisa Ramos has a regular hourly rate of $12.75. In a week when she worked 40 hours and had deductions of $67.00 for federal income tax, $31.62 for social security tax, and $7.40 for Medicare tax, her net pay was

Correct Answer
verified

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

The maximum base for the social security tax is the same as that for the Medicare tax.

Correct Answer
verified

Identify the list of accounts below that would normally all have a credit balance.

Correct Answer
verified

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

Correct Answer
verified

An employee whose regular hourly rate is $20 and whose overtime rate is 1.5 times the regular rate worked 45 hours one week. The employee's gross pay was

Correct Answer
verified

Federal law requires employers to pay which of the following employment related taxes?

Correct Answer
verified

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

The total amount earned by the employee is called the

Correct Answer
verified

The column totals in a payroll register

Correct Answer
verified

Correct Answer
verified
A) $480.00
B) $88.72...
View Answer

Junkman Autos uses a separate checking account to pay their employees. The gross pay for the period was $1,000. However, after deductions were taken out, the net pay for the period was $820. The journal entry to record the issuance of payroll checks to their employees is:

Correct Answer
verified

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

Correct Answer
verified
workers' c...
View Answer

Correct Answer
verified
Employee No. 1:Soc. Sec. Tax, ...
View Answer

Identify the list of accounts below that would normally all have a debit balance.

Correct Answer
verified

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

Correct Answer
verified

Lacy Crawford has a regular hourly rate of $21.50. In a week when she worked 40 hours and had deductions of $110 for federal income tax, $53.32 for social security tax, and $12.47 for Medicare tax, her net pay was

Correct Answer
verified

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

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

Correct AnswerverifiedShow Answer

Federal law requires employers to withhold which of the following taxes from the employee's pay?

Correct AnswerverifiedShow Answer

Lisa Ramos has a regular hourly rate of $12.75. In a week when she worked 40 hours and had deductions of $67.00 for federal income tax, $31.62 for social security tax, and $7.40 for Medicare tax, her net pay was

Correct AnswerverifiedShow Answer

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

The maximum base for the social security tax is the same as that for the Medicare tax.

Correct AnswerverifiedShow Answer

Identify the list of accounts below that would normally all have a credit balance.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

An employee whose regular hourly rate is $20 and whose overtime rate is 1.5 times the regular rate worked 45 hours one week. The employee's gross pay was

Correct AnswerverifiedShow Answer

Federal law requires employers to pay which of the following employment related taxes?

Correct AnswerverifiedShow Answer

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

The total amount earned by the employee is called the

Correct AnswerverifiedShow Answer

The column totals in a payroll register

Correct AnswerverifiedShow Answer

Correct AnswerverifiedA) $480.00B) $88.72...View AnswerShow Answer

Junkman Autos uses a separate checking account to pay their employees. The gross pay for the period was $1,000. However, after deductions were taken out, the net pay for the period was $820. The journal entry to record the issuance of payroll checks to their employees is:

Correct AnswerverifiedShow Answer

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

Correct Answerverifiedworkers' c...View AnswerShow Answer

Correct AnswerverifiedEmployee No. 1:Soc. Sec. Tax, ...View AnswerShow Answer

Identify the list of accounts below that would normally all have a debit balance.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Lacy Crawford has a regular hourly rate of $21.50. In a week when she worked 40 hours and had deductions of $110 for federal income tax, $53.32 for social security tax, and $12.47 for Medicare tax, her net pay was

Correct AnswerverifiedShow 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

Correct Answer
verified

Correct Answer
verified

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

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

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

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
A) $480.00
B) $88.72...
View Answer

Correct Answer
verified

Correct Answer
verified
workers' c...
View Answer

Correct Answer
verified
Employee No. 1:Soc. Sec. Tax, ...
View Answer

Correct Answer
verified

Correct Answer
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Correct Answer
verified

Correct Answer
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