Question : 101. The employee earnings record would contain which column that the : 1226650

 

 

101. The employee earnings record would contain which column that the payroll register would probably not contain? A. deductionsB. paymentC. earningsD. cumulative earnings

 

102. The detailed record indicating the data for each employee for each payroll period and the cumulative total earnings for each employee is called the  A. payroll registerB. payroll checkC. employee’s earnings recordD. employer’s earnings record

 

103. An employee receives an hourly rate of $15, with time and a half for all hours worked in excess of 40 during the week. Payroll data for the current week are as follows: hours worked, 48; federal income tax withheld, $120; cumulative earnings for the year prior to this week, $24,500; Social security tax rate, 6% on maximum of $100,000; and Medicare tax rate, 1.5% on all earnings; state unemployment compensation tax, 3.4% on the first $7,000; federal unemployment compensation tax, .8% on the first $7,000. What is the net amount to be paid the employee? A. $568.74B. $601.50C. $660.00D. $574.90

 

104. Use the following information to answer the following questions.The following totals for the month of April were taken from the payroll register of Magnum Company.

Salaries

$12,000

FICA taxes withheld

550

Income taxes withheld

2,500

Medical insurance deductions

450

Federal Unemployment Taxes

32

State Unemployment Taxes

216

 

 

The journal entry to record the monthly payroll on April 30 would include a  A. credit to Salaries Payable for $8,500B. debit to Salaries Expense for $8,252C. debit to Salaries Payable for $8,500D. debit to Salaries Payable for $8,252

 

105. Use the following information to answer the following questions.The following totals for the month of April were taken from the payroll register of Magnum Company.

Salaries

$12,000

FICA taxes withheld

550

Income taxes withheld

2,500

Medical insurance deductions

450

Federal Unemployment Taxes

32

State Unemployment Taxes

216

 

 

The entry to record accrual of employer’s payroll taxes would include a A. debit to Payroll Tax Expense for $248B. credit to FICA Taxes Payable for $1,100C. credit to Payroll Tax Expense for $248D. debit to Payroll Tax Expense for $798

 

106. The following totals for the month of April were taken from the payroll register of Magnum Company.

Salaries

$10,000

FICA taxes withheld

850

Income taxes withheld

2,000

Medical insurance deductions

450

Unemployment Taxes

420

 

 

The entry to record accrual of employer’s payroll taxes would include a A. debit to Payroll Tax Expense for $1,270B. credit to FICA Taxes Payable for $1,700C. credit to Payroll Tax Expense for $420D. debit to Payroll Tax Expense for $2,120

 

107. An employee receives an hourly rate of $15, with time and a half for all hours worked in excess of 40 during the week. Payroll data for the current week are as follows: hours worked, 46; federal income tax withheld, $110; cumulative earnings for the year prior to this week, $24,500; Social security tax rate, 6% on maximum of $100,000; and Medicare tax rate, 1.5% on all earnings; state unemployment compensation tax, 3.4% on the first $7,000; federal unemployment compensation tax, .8% on the first $7,000. What is the net amount to be paid the employee? A. $569.87B. $539.00C. $625.00D. $544.88

 

108. The following totals for the month of June were taken from the payroll register of Young Company:

Salaries expense

$15,000

Social security and Medicare Taxes withheld

1,125

Income Taxes withheld

3,000

Retirement Savings

500

 

Salaries subject to federal and state

 

unemployment taxes of 6.2 percent

4,000

 

 

 

 

The entry to record the accrual of employer’s payroll taxes would include a A. debit to Payroll Taxes Expense for $2,498B. credit to Social Security and Medicare Tax Payable for $2,250C. debit to Payroll Taxes Expense for $1,373D. Debit to Payroll Tax Expense for $1,125

 

109. Use the following information to answer the following questions.Assuming no employees are subject to ceilings for their earnings, Jensen Company has the following information for the pay period of January 15 – 31, 20xx. 

Gross payroll

$10,000

 

Federal income tax withheld

$1,500

Social security rate

6%

 

Federal unemployment tax rate

.8%

Medicare rate

1.5%

 

State unemployment tax rate

5.4%

 

 

 

 

 

Salaries Payable would be recorded in the amount of: A. $8,500B. $7,130C. $7,670D. $7,750

 

110. Use the following information to answer the following questions.Assuming no employees are subject to ceilings for their earnings, Jensen Company has the following information for the pay period of January 15 – 31, 20xx. 

Gross payroll

$10,000

 

Federal income tax withheld

$1,500

Social security rate

6%

 

Federal unemployment tax rate

.8%

Medicare rate

1.5%

 

State unemployment tax rate

5.4%

 

 

 

 

 

Assuming that all wages are subject to federal and state unemployment taxes, the Payroll Taxes Expense would be recorded as: A. $1,370B. $750C. $620D. $2,870