Payroll Final Exam
A debit to the employees FIT payable account eliminates the liability for the quantity of federal
profits taxes withheld from employees wages - ANS-True
A federal unemployment tax is levied on - ANS-employers simplest
A traveling shop clerk who solicits and transmits orders to the fundamental for merchandise for
resale is taken into consideration an employee below FUTA - ANS-True
Advance payments for paintings to be finished within the future aren't taxable wages for FUTA
functions till the work is surely completed - ANS-False
An thing of the interstate reciprocal association issues - ANS-the transfer of an employee from
one nation to any other kingdom at some point of the year
An corporation must deposit the quarterly FUTA tax liability if the liability is extra than -
ANS-$500
An corporation will use the payroll check in to maintain track of an personnel accumulated
wages - ANS-False
At the time that the entry is made to record the employers payroll taxes, the SUTA tax is
recorded at the internet quantity (zero.Eight%) - ANS-False
Carmen Gaetano labored forty six hours during this payweek. He is paid time and a 1/2 for all
worked hours over forty in the week. His pay fee is 17.90/hr. What was his extra time top class
pay for this workweek - ANS-$53.70
Christmas gifts, excluding noncash items of nominal price, are taxable wages for unemployment
purposes. - ANS-True
Companies generally offer a separate column in the payroll sign up to file the employers payroll
taxes - ANS-False
Deduction from gross pay within the payroll register are reflected at the credit score aspect of
the magazine access to record the payroll - ANS-True
Educational assistance payments made to workers to improve their capabilities required in their
jobs are nontaxable for unemployment purposes - ANS-True
Every organization is entitled to the 5.Four% credit towards the gross FUTA tax of 6.2% -
ANS-False
FIT Payable is a liability account used to report each the employees withheld federal income
taxes and additionally the employers in shape of that tax - ANS-False
For FUTA functions, an employer may be any of the following besides - ANS-all of these can be
employers
For FUTA purposes, the coins fee of remuneration paid in any medium other than coins is not
considered taxable wages - ANS-False
Form 940 need to be mailed to the IRS by using January 15 - ANS-False
FUTA taxes payable is an cost account in which might be recorded the employers federal
unemployment taxes - ANS-False
A debit to the employees FIT payable account eliminates the liability for the quantity of federal
profits taxes withheld from employees wages - ANS-True
A federal unemployment tax is levied on - ANS-employers simplest
A traveling shop clerk who solicits and transmits orders to the fundamental for merchandise for
resale is taken into consideration an employee below FUTA - ANS-True
Advance payments for paintings to be finished within the future aren't taxable wages for FUTA
functions till the work is surely completed - ANS-False
An thing of the interstate reciprocal association issues - ANS-the transfer of an employee from
one nation to any other kingdom at some point of the year
An corporation must deposit the quarterly FUTA tax liability if the liability is extra than -
ANS-$500
An corporation will use the payroll check in to maintain track of an personnel accumulated
wages - ANS-False
At the time that the entry is made to record the employers payroll taxes, the SUTA tax is
recorded at the internet quantity (zero.Eight%) - ANS-False
Carmen Gaetano labored forty six hours during this payweek. He is paid time and a 1/2 for all
worked hours over forty in the week. His pay fee is 17.90/hr. What was his extra time top class
pay for this workweek - ANS-$53.70
Christmas gifts, excluding noncash items of nominal price, are taxable wages for unemployment
purposes. - ANS-True
Companies generally offer a separate column in the payroll sign up to file the employers payroll
taxes - ANS-False
Deduction from gross pay within the payroll register are reflected at the credit score aspect of
the magazine access to record the payroll - ANS-True
Educational assistance payments made to workers to improve their capabilities required in their
jobs are nontaxable for unemployment purposes - ANS-True
Every organization is entitled to the 5.Four% credit towards the gross FUTA tax of 6.2% -
ANS-False
FIT Payable is a liability account used to report each the employees withheld federal income
taxes and additionally the employers in shape of that tax - ANS-False
For FUTA functions, an employer may be any of the following besides - ANS-all of these can be
employers
For FUTA purposes, the coins fee of remuneration paid in any medium other than coins is not
considered taxable wages - ANS-False
Form 940 need to be mailed to the IRS by using January 15 - ANS-False
FUTA taxes payable is an cost account in which might be recorded the employers federal
unemployment taxes - ANS-False
