THE PAYROLL SOURCE CPP FINAL AND PRACTICE EXAM
NEWEST 2024 WITH COMPLETE QUESTIONS AND CORRECT
VERIFIED ANSWERS (DETAILED ANSWERS) ALREADY
GRADED A+ 100% GUARANTEED TO PASS CONCEPTS!!!
If wages are paid weekly, postings to the employees earnings record would be
done once a month - ANSWER-False
In order to prepare Forms W-2, an employer would utilize the employees
earning record - ANSWER-True
Tax withholding from employees pay reduce the amount of the debit to salary
expense in the payroll entry - ANSWER-False
The wages and salaries expense account is an operating expense account
debited for total net pay each payroll period - ANSWER-False
Companies usually provide a separate column in the payroll register to record
the employers payroll taxes - ANSWER-False
An employer will use the payroll register to keep track of an employees
accumulated wages - ANSWER-False
,Deduction from gross pay in the payroll register are reflected on the credit side
of the journal entry to record the payroll - ANSWER-True
The SUTA tax is not a social security tax - ANSWER-False
Since the Advance EIC payments are added to the employees take home pay
checks, it is an added expense to the employer - ANSWER-False
FIT Payable is a liability account used to record both the employees withheld
federal income taxes and also the employers match of that tax - ANSWER-False
A debit to the employees FIT payable account removes the liability for the
amount of federal income taxes withheld from employees wages - ANSWER-
True
When withheld union dues are turned over to the union by the employer, a
journal entry is made debiting the liability account and crediting the Cash
Account - ANSWER-True
Under the provision of the Consumer Credit Protection Act, an employer can
discharge an employee simply because the employees wage is subject to
garnishment for a single indebtedness - ANSWER-False
Under the Consumer Credit Protection Act, disposable earning are the earning
remaining after any deduction for taxes, pensions (such as the 401-k) and
health insurance - ANSWER-False
When recording FICA taxes, different liability accounts should be set up for the
employees and the employers portion of the tax - ANSWER-False
,FUTA taxes payable is an expense account in which are recorded the employers
federal unemployment taxes - ANSWER-False
Since the FUTA is a social security tax, it can be charged to the same expense
account as the other payroll taxes of the employer, the Payroll Taxes Expense
account - ANSWER-True
At the time that the entry is made to record the employers payroll taxes, the
SUTA tax is recorded at the net amount (0.8%) - ANSWER-False
In the adjusting entry to accrue wages at the end of the accounting period,
there is no need to credit any tax withholding accounts - ANSWER-True
The adjusting entry to record accrued vacation pay at the end of the accounting
period includes credits to the tax withholding liability accounts - ANSWER-False
Since vacation time is paid when used, there is no need to accrue this time in a
liability account at the end of each accounting period - ANSWER-False
Carmen Gaetano worked 46 hours during this payweek. He is paid time and a
half for all worked hours over 40 in the week. His pay rate is 17.90/hr. what was
his overtime premium pay for this workweek - ANSWER-$53.70
The employees earnings record provides information for each of the following
except - ANSWER-completing the journal entry to record the payroll
Which of the following accounts shoe the total gross earning that the employer
incurs as an expense each payday - ANSWER-Wages Expense
, Which of the following is not an expense of the employer - ANSWER-Union
dues withheld
The entry to deposit FICA taxes and federal income taxes withheld involves all
of the following accounts except - ANSWER-payroll taxes expense
When recording the deposit of FUTA taxes owed, the proper journal entry is -
ANSWER-Debit FUTA, Credit Cash
The journal entry made at the end of the accounting period to record wages
incurred but unpaid is - ANSWER-Debit wages expense, Credit wages payable
Which of the following items would require an adjusting journal entry at the
end of the accounting period - ANSWER-Vacation pay earned by employees
In recording the monthly adjusting entry for accrues wages at the end of the
accounting period, the amount of the adjustment would usually be determined
by - ANSWER-a percentage of the previous weeks gross payroll
The social security act ordered every state to set up an unemployment
compensation program - ANSWER-True
Partnerships do not have to pay unemployment taxes on the wages of their
employees - ANSWER-False
A traveling salesperson who solicits and transmits orders to the principal for
merchandise for resale is considered an employee under FUTA - ANSWER-True
Services performed by a child under the age of 21 for a parent-employer are
excluded from FUTA coverage - ANSWER-True
NEWEST 2024 WITH COMPLETE QUESTIONS AND CORRECT
VERIFIED ANSWERS (DETAILED ANSWERS) ALREADY
GRADED A+ 100% GUARANTEED TO PASS CONCEPTS!!!
If wages are paid weekly, postings to the employees earnings record would be
done once a month - ANSWER-False
In order to prepare Forms W-2, an employer would utilize the employees
earning record - ANSWER-True
Tax withholding from employees pay reduce the amount of the debit to salary
expense in the payroll entry - ANSWER-False
The wages and salaries expense account is an operating expense account
debited for total net pay each payroll period - ANSWER-False
Companies usually provide a separate column in the payroll register to record
the employers payroll taxes - ANSWER-False
An employer will use the payroll register to keep track of an employees
accumulated wages - ANSWER-False
,Deduction from gross pay in the payroll register are reflected on the credit side
of the journal entry to record the payroll - ANSWER-True
The SUTA tax is not a social security tax - ANSWER-False
Since the Advance EIC payments are added to the employees take home pay
checks, it is an added expense to the employer - ANSWER-False
FIT Payable is a liability account used to record both the employees withheld
federal income taxes and also the employers match of that tax - ANSWER-False
A debit to the employees FIT payable account removes the liability for the
amount of federal income taxes withheld from employees wages - ANSWER-
True
When withheld union dues are turned over to the union by the employer, a
journal entry is made debiting the liability account and crediting the Cash
Account - ANSWER-True
Under the provision of the Consumer Credit Protection Act, an employer can
discharge an employee simply because the employees wage is subject to
garnishment for a single indebtedness - ANSWER-False
Under the Consumer Credit Protection Act, disposable earning are the earning
remaining after any deduction for taxes, pensions (such as the 401-k) and
health insurance - ANSWER-False
When recording FICA taxes, different liability accounts should be set up for the
employees and the employers portion of the tax - ANSWER-False
,FUTA taxes payable is an expense account in which are recorded the employers
federal unemployment taxes - ANSWER-False
Since the FUTA is a social security tax, it can be charged to the same expense
account as the other payroll taxes of the employer, the Payroll Taxes Expense
account - ANSWER-True
At the time that the entry is made to record the employers payroll taxes, the
SUTA tax is recorded at the net amount (0.8%) - ANSWER-False
In the adjusting entry to accrue wages at the end of the accounting period,
there is no need to credit any tax withholding accounts - ANSWER-True
The adjusting entry to record accrued vacation pay at the end of the accounting
period includes credits to the tax withholding liability accounts - ANSWER-False
Since vacation time is paid when used, there is no need to accrue this time in a
liability account at the end of each accounting period - ANSWER-False
Carmen Gaetano worked 46 hours during this payweek. He is paid time and a
half for all worked hours over 40 in the week. His pay rate is 17.90/hr. what was
his overtime premium pay for this workweek - ANSWER-$53.70
The employees earnings record provides information for each of the following
except - ANSWER-completing the journal entry to record the payroll
Which of the following accounts shoe the total gross earning that the employer
incurs as an expense each payday - ANSWER-Wages Expense
, Which of the following is not an expense of the employer - ANSWER-Union
dues withheld
The entry to deposit FICA taxes and federal income taxes withheld involves all
of the following accounts except - ANSWER-payroll taxes expense
When recording the deposit of FUTA taxes owed, the proper journal entry is -
ANSWER-Debit FUTA, Credit Cash
The journal entry made at the end of the accounting period to record wages
incurred but unpaid is - ANSWER-Debit wages expense, Credit wages payable
Which of the following items would require an adjusting journal entry at the
end of the accounting period - ANSWER-Vacation pay earned by employees
In recording the monthly adjusting entry for accrues wages at the end of the
accounting period, the amount of the adjustment would usually be determined
by - ANSWER-a percentage of the previous weeks gross payroll
The social security act ordered every state to set up an unemployment
compensation program - ANSWER-True
Partnerships do not have to pay unemployment taxes on the wages of their
employees - ANSWER-False
A traveling salesperson who solicits and transmits orders to the principal for
merchandise for resale is considered an employee under FUTA - ANSWER-True
Services performed by a child under the age of 21 for a parent-employer are
excluded from FUTA coverage - ANSWER-True
