Question :
41. Roy DeSoto earns a regular hourly salary of $24.50. He : 1197560
41. Roy DeSoto earns a regular hourly salary of $24.50. He is paid time-and-a-half for all hours in excess of 40 in the week. For the week ended March 8, 2013, he worked a total of 50 hours. His gross wages year to date, prior to his March 8, paycheck, are $11,980. Social Security Tax is 6.2%, Medicare Tax is 1.45%, federal unemployment tax is .8% and state unemployment tax is 4.2%, both on a maximum of $7,000 of gross wages per year. What is the employer’s payroll tax expense for Roy for the week ended March 8, 2013?
A. $154.96
B. $123.97
C. $170.47
D. $103.08
42. Kristy Casey earns $39,000 per year and is paid once a month. For January, she had $188 withheld from her pay for federal income taxes, and $52 withheld for health insurance. Social Security and is 6.2% and Medicare tax is 1.45%; the federal unemployment tax rate is .8% and state unemployment tax rates is 4.2%. What is the total employer payroll tax expense for Kristy’s January paycheck?
A. $385.13
B. $162.50
C. $248.63
D. $411.13
43. Which of the following payroll taxes is not paid by the employee?
A. federal unemployment tax
B. federal income tax
C. state income tax
D. FICA (Social Security and Medicare)
44. For which of the following is there no limit to the amount of wages subject to the tax?
A. federal unemployment tax
B. Medicare tax
C. state unemployment tax
D. Social Security tax
45. To record a deposit of federal income taxes withheld and social security and Medicare taxes, the accountant would
A. debit an expense account and credit one or more liability accounts.
B. debit an asset account and credit an expense account.
C. debit one or more liability accounts and credit an asset account.
D. debit one or more expense accounts and credit one or more liability accounts.
46. On Form 941, the Employer’s Quarterly Federal Tax Return, a firm calculates its liability for the quarter for
A. federal income taxes withheld, social security and Medicare taxes, and FUTA taxes.
B. federal income taxes withheld and social security and Medicare taxes.
C. social security and Medicare taxes and FUTA taxes.
D. federal and state income taxes withheld.
47. Form 941 is filed
A. monthly.
B. quarterly.
C. annually.
D. each payroll period.
48. Which of the following statements is correct?
A. Form 941 is often referred to as a withholding statement.
B. An employee must attach one copy of Form W-2 to his or her personal federal income tax return.
C. The employer sends one copy of the Form W-2 for each employee to the Internal Revenue Service.
D. None of the above statements is correct.
49. Which of the following forms is submitted with a copy of the Form W-2 for each employee to the Social Security Administration?
A. Form W-3
B. Form W-4
C. Form 940
D. Form 941
50. Each employee of a firm will receive several copies of Form W-2, the Wage and Tax Statement, from the
A. employer with each paycheck.
B. employer once a year.
C. federal government once a year.
D. employer once a quarter.
