Payroll Accounting
7.65% - correct answer 6.2% Social Security tax plus 1.45% on the first $110,100 of salary and wages
bonus - correct answer compensation to management and other personnel, based on factors such as
increased sales or the amount of net income
companies must report the taxes - correct answer quarterly
company reports the amount of the contribution required each period as pension expense. - correct
answer The employer reports a liability only if it has not made the contribution in full
defined- contribution plan - correct answer defines the employer's contribution but not the benefit that
the employee will receive at retirement
defined-benefit plan - correct answer the benefits that the employee will receive at the time of
retirement are defined by the terms of the plan
determining the payroll - correct answer gross earnings, payroll deductions, net pay
employee earnings record - correct answer a cumulative record of each employee's gross earnings,
deductions, and net pay during the year
employer (company) - correct answer sponsors the pension plan
employer payroll taxes - correct answer FICA taxes and Unemployment taxes
employer payroll taxes - correct answer FICA, federal unemployment tax, state unemployment tax
federal and state unemployment taxes are usually paid - correct answer quarterly
, federal unemployment taxes - correct answer provide benefits for a limited period of time to employees
who lose their jobs through no fault of their own, employer bears total amount
fees - correct answer payments made for the services of professionals
FICA taxes - correct answer federal insurance contribution act, designed to provide workers with
supplemental retirement, employment disability, and medical benefits
FICA taxes matches each employee's contribution which results in - correct answer payroll tax expense
to the employer
FICA taxes-federal insurance contribution act - correct answer social security tax and medicare
filing and remitting payroll taxes - correct answer prepping, making
fringe benefits - correct answer paid vacations and pensions
gross earnings - correct answer the total compensation earned by an employee, consists of wages or
salaries, plus any bonuses and commissions
hiring employees fraud prevented - correct answer fictitious employees are not added to payroll
hiring employees internal control features - correct answer human resources department documents
and authorizes employment
income tax variables - correct answer the employee's gross earnings, the number of allowances claimed
by the employee, the length of the pay period
income tax withholdings and FICA taxes are paid either - correct answer monthly or quarterly
7.65% - correct answer 6.2% Social Security tax plus 1.45% on the first $110,100 of salary and wages
bonus - correct answer compensation to management and other personnel, based on factors such as
increased sales or the amount of net income
companies must report the taxes - correct answer quarterly
company reports the amount of the contribution required each period as pension expense. - correct
answer The employer reports a liability only if it has not made the contribution in full
defined- contribution plan - correct answer defines the employer's contribution but not the benefit that
the employee will receive at retirement
defined-benefit plan - correct answer the benefits that the employee will receive at the time of
retirement are defined by the terms of the plan
determining the payroll - correct answer gross earnings, payroll deductions, net pay
employee earnings record - correct answer a cumulative record of each employee's gross earnings,
deductions, and net pay during the year
employer (company) - correct answer sponsors the pension plan
employer payroll taxes - correct answer FICA taxes and Unemployment taxes
employer payroll taxes - correct answer FICA, federal unemployment tax, state unemployment tax
federal and state unemployment taxes are usually paid - correct answer quarterly
, federal unemployment taxes - correct answer provide benefits for a limited period of time to employees
who lose their jobs through no fault of their own, employer bears total amount
fees - correct answer payments made for the services of professionals
FICA taxes - correct answer federal insurance contribution act, designed to provide workers with
supplemental retirement, employment disability, and medical benefits
FICA taxes matches each employee's contribution which results in - correct answer payroll tax expense
to the employer
FICA taxes-federal insurance contribution act - correct answer social security tax and medicare
filing and remitting payroll taxes - correct answer prepping, making
fringe benefits - correct answer paid vacations and pensions
gross earnings - correct answer the total compensation earned by an employee, consists of wages or
salaries, plus any bonuses and commissions
hiring employees fraud prevented - correct answer fictitious employees are not added to payroll
hiring employees internal control features - correct answer human resources department documents
and authorizes employment
income tax variables - correct answer the employee's gross earnings, the number of allowances claimed
by the employee, the length of the pay period
income tax withholdings and FICA taxes are paid either - correct answer monthly or quarterly
