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Exam 10: Payroll Computations, Records, and Payment

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Question 21

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An independent ____________________ is paid by the company to carry out a specific task or job but is not under the direct supervision, control, and direction of the company.

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Question 22

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The monthly salaries for December and the year-to-date earnings as of November 30 for the three employees of the Design Warehouse 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.

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

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Question 23

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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.

The Rollins Company has office employees and shipping employees. A summary of their earnings and deductions for the week ended June 14, 2013, is shown below. On page 6 of a general journal, record the June 14 payroll and the entry to summarize the effect of the checks written to pay the payroll.

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 and a base of $106,800 for the calendar year. Assume a 1.45 percent Medicare tax rate.

The monthly salaries for December and the year-to-date earnings as of November 30 for the three employees of the Barbara's Bookstore, Inc. 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.

An employee whose regular hourly rate is $12 and whose overtime rate is 1.5 times the regular rate worked 45 hours in one week. The employer should record an overtime premium of ____________________ in the payroll register.

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, $53.50 for social security tax, and $12.50 for Medicare tax, her net pay was

The overtime rate is one and one-half times the regular hourly rate.

During the week ended January 11, 2013, 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 her gross pay for the week? B) What is the total of her deductions for the week? C) What is her net pay for the week?

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

During one week, three employees of the Siesta Inn 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. $\begin{array} { | c | c | c | c | c | c | } \hline \begin{array} { c } \text { Employee } \\\text { No. }\end{array} & \begin{array} { c } \text { Regular } \\\text { Hourly Rate }\end{array} & \begin{array} { c } \text { Hours } \\\text { Worked }\end{array} & \begin{array} { c } \text { Regular } \\\text { Earnings }\end{array} & \begin{array} { c } \text { Overtime } \\\text { Earnings }\end{array} & \text { Gross Pay } \\\hline 1 & \$ 14.00 & 46 & & & \\\hline 2 & 12.00 & 44 & & & \\\hline 3 & 10.00 & 45 & & & \\\hline\end{array}$

Earnings in excess of the social security base amount are not taxed.

If employees in a manufacturing business are paid wages based on the number of units produced, they are paid on the ____________________ basis.

The column totals in a payroll register

Match the accounting terms with the description by entering the proper number.

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

The total amount earned by the employee is called the

Jill Monroe earns $25 per hour. She worked 48 hours this pay period and receives time-and-a-half for any hours worked over 40 hours per week. Jill's gross earnings are:

Time sheets or time cards are used to keep a record of hours worked each day by each employee paid on an hourly basis.