Accounting Chapter 7 Quiz

An employer may withhold portions of an employee's total earnings for

Charitable contributions

Pre-tax deductions mean

Employee deductions that are not subject to income tax

Which of the following would NOT be an employee payroll deduction?

FUTA

A law regulates overtime earnings is called:

Fair labor Standards Act

Regarding the federal income tax withholding tables, the amount of each employee's earnings withheld is affected by the

number of exemptions claimed

Net pay is the same as

take home pay

The source of information for the employee's individual earnings record is

the payroll register

To examine in detail the weekly payroll figures of all employees, one would look at

the payroll register

What item is not used to calculate the federal income tax to be withheld by employers?

W-2

The payroll register contains all of the following excepts

W-4 form

Types of compensation that an employee might receive include

all of these choices are correct

The portion of FICA taxes designated as Medicare is paid by

both the employee and the employer

An employer may withhold portions of an employee's total earnings for

charitable contributions

Net pay is equal to

gross pay minus all deductions

Employees may be paid hourly or salary based on the following

"Type of work performed" & "Period of time covered"

The Social Security Act of 1935 was originally enacted to provide

Benefits for Retired Workers

Stacey works 38 hours in a week. How many hours of overtime will Stacey be paid?

0

Types of deductions from employee's earnings include

All of these choices are correct

What are the two parts of FICA taxes

Social Security and Medicare

Julie is employed as a salesperson at ABC Motors. She receives a salary of $1200 a month, plus 15% commissions on the profit from her sales during the month. If Julie's sales profit for August is $25,000 what is her total gross pay?

$4,950

Rate of $10 per shirts stitched. Emma stitches 10 shirts a day and 5 days a week. Which of the following figures is emmas total earnings for one week.

$500

Jenny receives an annual salary of $51,000 plus a 10% commission on all sales during the year in excess of $200,000. Her sales for the year total $420,000. Her total earnings amount to

$73,000

Olivia worked 46 hours during the week at an hourly rate of $16/hr. Assume that Olivia overtime rate is paid at time and a half over 40 hrs. What is Olivia's gross pay for the week?

$784

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

Federal Income tax

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

Federal income tax

All of the following are optional deductions except

Medicare tax

Net pay is the same as

Take home pay

For which of the following taxes is there a ceiling on the amount of annual employee earnings subject to the tax

The FICA tax and the state and federal unemployment tax