PAYROLL ACCOUNTING EXAM QUESTIONS AND ANSWERS 100% ACCURATE!!

Hintley Duck Blinds Ltd. received a student loan garnishment for their marketing manager, Joanna Mallard, in the amount of $8,523.25. If Joanna is single with three exemptions and brings home $845.00/week, what amount will go towards the garnishment each week (manually calculate)? - ANSWER $342.10 The Federal Insurance Contributions Act - ANSWER requires deduction from employees' paychecks be made; these amounts are recorded as liabilities when withheld. The primary reason that an employer may maintain a separate bank account for payroll is: a. it is easier to reconcile the company's regular bank account, as well as the payroll bank account, since only payroll checks and service charges will clear the payroll bank account. b. it reduces potential for fraud since the account should reconcile to zero each month. c. only cancelled payroll checks clear the payroll bank account, which makes tracking payroll much easier. d. All of these choices are reasons that an employer may maintain a separate bank account for payroll. - ANSWER d. All of these choices are reasons that an employer may maintain a separate bank account for payroll.