Question : 86.Portia Grant an employee who paid monthly. For the month : 1258963

 

 

86.Portia Grant is an employee who is paid monthly. For the month of January of the current year, she earned a total of $8,260. The FICA tax for social security is 6.2% and the FICA tax rate for Medicare is 1.45%. The FUTA tax rate of .6% and the SUTA tax rate of 5.4% are applied to the first $7,000 of an employee’s pay. The amount of federal income tax withheld from her earnings was $1,325.17. Her net pay for the month is:    

A. $6,422.71

 

B. $6,246.94

 

C. $6,302.94

 

D. $5,868.94

 

E. $7,194.11

Net Pay = Gross Pay – Federal Income Tax – FICA-SS Tax – FICA-Medicare Tax Net Pay = $8,260.00 – $1,325.17 – $512.12* – $119.77** = $6,302.94 *FICA-SS Tax $8,260.00 * 0.062 = $512.12 **FICA-Medicare Tax $8,260.00 * 0.0145 = $119.77

 

 

 

87.Portia Grant is an employee who is paid monthly. For the month of January of the current year, she earned a total of $8,260. The FICA tax for social security is 6.2% and the FICA tax rate for Medicare is 1.45%. The FUTA tax rate of 0.6% and the SUTA tax rate of 5.4% are applied to the first $7,000 of an employee’s pay. The amount of federal income tax withheld from her earnings was $1,325.17. What is the total amount of taxes withheld from the Portia’s earnings?    

A. $3,097.17

 

B. $2,443.21

 

C. $1,957.06

 

D. $1,722.00

 

E. $1,495.36

Total Taxes = Federal Income Tax + FICA-SS Tax + FICA-Medicare Tax Total Taxes = $1,325.17 + $512.12 + $119.77** = $1,957.06 *FICA-SS Tax $8,260.00 * 0.062 = $512.12 **FICA-Medicare Tax $8,260.00 * 0.0145 = $119.77

 

 

 

88.Trey Morgan is an employee who is paid monthly. For the month of January of the current year, he earned a total of $4,538. The FICA tax for social security is 6.2% and the FICA tax rate for Medicare is 1.45% for both the employee and the employer. The amount of federal income tax withheld from his earnings was $680.70. His net pay for the month is:    

A. $3,510.14

 

B. $3,857.30

 

C. $4,190.84

 

D. $4,538.00

 

E. $3,162.98

Net Pay = Gross Pay – Federal Income Tax – FICA-SS Tax – FICA-Medicare Tax Net Pay = $4,538.00 – $680.70 – $281.36* – $65.80** = $3,510.14 *FICA-SS Tax $4,538.00 * 0.062 = $281.36 **FICA-Medicare Tax $4,538.00 * 0.0145 = $65.80

 

 

 

89.Trey Morgan is an employee who is paid monthly. For the month of January of the current year, he earned a total of $4,538. The FICA tax for social security is 6.2% and the FICA tax rate for Medicare is 1.45% for both the employee and the employer. The amount of federal income tax withheld from his earnings was $680.70. What is the total amount of taxes withheld from the Trey’s earnings?    

A. $1,375.02

 

B. $746.50

 

C. $962.06

 

D. $1,027.86

 

E. $680.70

Total Taxes = Federal Income Tax + FICA-SS Tax + FICA-Medicare Tax Total Taxes = $680.70 + $281.36* + $65.80** = $1,027.86 *FICA-SS Tax $4,538.00 * 0.062 = $281.36 **FICA-Medicare Tax $4,538.00 * 0.0145 = $65.80

 

 

 

90.The annual Federal Unemployment Tax Return is:    

A. Form 940.

 

B. Form 1099.

 

C. Form 104.

 

D. Form W-2.

 

E. Form W-4.

 

 

 

 

91.The Wage and Tax Statement given to each employee annually is:    

A. Form 940.

 

B. Form 941.

 

C. Form 1040.

 

D. Form W-2.

 

E. Form W-4.

 

 

 

 

92.A bank that is authorized to accept deposits of amounts payable to the federal government is a:    

A. Credit union.

 

B. FDIC insured bank.

 

C. Federal depository bank.

 

D. National bank.

 

E. Federal Reserve Bank.

 

 

 

 

93.An employer’s federal unemployment taxes (FUTA) are reported:   

A. Annually.

 

B. Semiannually.

 

C. Quarterly.

 

D. Monthly.

 

E. Weekly.

 

 

 

 

94.The rate that a state assigns reflecting a company’s stability or instability in employing workers is the:   

A. FICA rate.

 

B. Tax withholding rate.

 

C. Pay rate.

 

D. Credit rating.

 

E. Merit rating.

 

 

 

 

95.Employer payroll taxes:   

A. Are added expenses beyond that for the wages and salaries earned by employees.

 

B. Represent the federal taxes withheld from employees.

 

C. Represent the social security taxes withheld from employees.

 

D. Are paid by the employee.

 

E. Are payable for up to a maximum $117,000 of employee earnings.