chapter 3 true and false
after a biweekly payroll register has been completed, a check for the total earnings indicated on the payroll register is written for each employee
f
both employers and employees are required to pay a federal unemployment tax
f
employees are paid two time the regular rate for overtime hours
f
employers pay government agencies all payroll taxes withheld from employee salaries each pay period
f
in proving a payroll register's accuracy, the total of the net pay column is subtracted from the total deductions column
f
like social security, medicare has a tax base
f
one payroll system is used by all employers in the United States
f
the amount of federal income tax to be withheld is determined solely by the number of withholding allowances
f
all time worked in excess of 40 hours in any one week is considered overtime
t
an employee's total earnings and deductions for the quarter are summarized on one line of the employee earnings record
t
businesses that paid more than $50,00 in taxes during the previous four quarters are classified as semiweekly schedule depositors
t
businesses with a quarterly federal unemployment tax of more than 500 must make quarterly payments in the month following the end of the quarter
t
by january 31, business must report to employees the earnings and amounts withheld for the previous calendar year
t
commissions, cost of living adjustments, a share of profits, and a bonus are included in an employee's earnings
t
congress sets the tax base and the tax rates for social security tax
t
employers are required by law to withhold certain payroll taxes from employee salaries each pay period
t
federal, state and local laws require employers to keep records of the payroll information and other payments related to employee services
t
if a business is classified as a monthly schedule depositor, the business must pay the total amount due by the 15th day of the following month
t
income and to fica taxes are the federal taxes deducted from earnings of each employee
t
laws for handling state, city, and county taxes vary
t
other deductions from employee earnings include health insurance, life insurance, pension plans, and savings deposits
t
payroll records must show an employee's earnings, amounts withheld, net amount paid, and the total amount of payroll taxes that a business must pay
t
the frequency of payments for federal, state, and local government taxes is determined by the amount of tax paid each year
t
transferring payroll amounts electronically from the employer's account to the employee's bank account is known as electronic funds transfer
t
unemployment taxes are used to pay qualified workers cash benefits for limited periods of unemployment
t
