Chapter 1 – 5 : Payroll Accounting
$0.04 needs to be added via line 6 (Current year's adjustments) for the current years adjustments? -
correct answer Collin's Lawn Service files a Form 944 to report its payroll tax liability. Line 5 (Total taxes
before adjustments) had a total of $2,648.96. Line 13m (Total liability for the year) in Part 2 reported
wages of $2,649.00. What needs to be done to reconcile the two amounts?
$1,940 - correct answer Amity is an employee with a period gross pay of $2,000. She elects to have 3%
of her gross pay withheld for her 401(k) contribution. What will be her taxable income be for federal
income taxes?
$140,328.00 - correct answer McBean Farms has the following information on their Form 941: What
amount should be entered in Column 1, Lines 5a and 5c? Assume no Section 125 health insurance and
that none of the employees had exceeded the Social Security wage base. (Click on the image to view it.)
$17,400.67 and $4,069.51, respectively - correct answer McBean Farms has the following information
on their Form 941: What amount should be entered in Column 2, Lines 5a and 5c? Assume no Section
125 health insurance and that none of the employees had exceeded the Social Security wage base. (Click
on the image to view it.)
$204.80 - correct answer Minimum wage in Oklahoma is $7.25 per hour. That means employees working
a 40 hour work week must earn a gross pay of at least $290. The tipped minimum wage is $2.13 per
hour. How much money in tips would an employee need to earn for their employer to avoid
contributing more than the tipped minimum wage, if the employee works exactly 40 hours?
$22.36. - correct answer A nonexempt, salaried worker who received $46,500 in annual compensation
for a 40-hour standard workweek has an hourly rate of ________. (Round to nearest cent.)
$387.50 - correct answer Breon works as clerk in the human resources department for her company for
which she receives an hourly rate of $9.50. Occasionally she fills in for the receptionist at the front desk
and receives a $1.50 per hour differential. During a weekly pay period, she worked 35 hours in the
human resources department and 5 hours at the front desk. What is Breon's gross pay for the week?
, $40,710.00 - correct answer John works for Heinlein Hillclimbers in Wyoming, where he earns $26,500
annually. He contributes $150 per month to his 401(k), of which his employer matches half of his
contribution. Heinlein Hillclimbers contributes $150 per month to his health insurance, $30 per month
to his life insurance, and $50 per month to his AD&D policy. He receives a 2% profit-sharing bonus at the
end of each year and $5,250 in tuition reimbursement. Heinlein pays employer-only taxes and insurance
that comprises an additional 18% of John?s annual salary. What is John's total annual compensation?
$44.84 - correct answer On a recent paycheck, Bob's taxes were as follows: Federal withholding, $32;
Social Security tax, $35.94; Medicare, $8.90; and state income tax, $10.50. What is the employer's share
for these taxes?
$48.00 - correct answer Andie earned $680.20 during the most recent weekly pay period. She is single
with 3 withholding allowances and needs to decide between contributing 2.5% and $25 to her 401(k)
plan. If she chooses the method that results in the lowest taxable income, how much will be withheld
for federal income tax based on the following table? (Click on the image to view it.)
25% (Although in some cases, child support can be up to 50%) - correct answer According to the
Consumer Credit Protection Act, what is the maximum percentage of an employee's disposable earnings
that may be withheld as part of a consumer credit garnishment?
41.20 hours - correct answer Quinn works the following hours during a one-week period. Under the
hundredth-hour method, how many hours has he worked? (Click on the image to view it.) CHART NOT
AVAILABLE
According to the Fair Labor Standards Act, nonexempt workers receive overtime for: - correct answer
Hours worked in excess of 40 per week.
Affordable Care Act - correct answer Which Act extended health care benefits to employee dependents
until age 26?
An employee's pay after legally required deductions have been withheld. - correct answer Disposable
income is defined as:
Annual Sales Volume Whether or not the business conducts interstate commerce - correct answer Select
All that Apply: What components make up FLSA coverage?
$0.04 needs to be added via line 6 (Current year's adjustments) for the current years adjustments? -
correct answer Collin's Lawn Service files a Form 944 to report its payroll tax liability. Line 5 (Total taxes
before adjustments) had a total of $2,648.96. Line 13m (Total liability for the year) in Part 2 reported
wages of $2,649.00. What needs to be done to reconcile the two amounts?
$1,940 - correct answer Amity is an employee with a period gross pay of $2,000. She elects to have 3%
of her gross pay withheld for her 401(k) contribution. What will be her taxable income be for federal
income taxes?
$140,328.00 - correct answer McBean Farms has the following information on their Form 941: What
amount should be entered in Column 1, Lines 5a and 5c? Assume no Section 125 health insurance and
that none of the employees had exceeded the Social Security wage base. (Click on the image to view it.)
$17,400.67 and $4,069.51, respectively - correct answer McBean Farms has the following information
on their Form 941: What amount should be entered in Column 2, Lines 5a and 5c? Assume no Section
125 health insurance and that none of the employees had exceeded the Social Security wage base. (Click
on the image to view it.)
$204.80 - correct answer Minimum wage in Oklahoma is $7.25 per hour. That means employees working
a 40 hour work week must earn a gross pay of at least $290. The tipped minimum wage is $2.13 per
hour. How much money in tips would an employee need to earn for their employer to avoid
contributing more than the tipped minimum wage, if the employee works exactly 40 hours?
$22.36. - correct answer A nonexempt, salaried worker who received $46,500 in annual compensation
for a 40-hour standard workweek has an hourly rate of ________. (Round to nearest cent.)
$387.50 - correct answer Breon works as clerk in the human resources department for her company for
which she receives an hourly rate of $9.50. Occasionally she fills in for the receptionist at the front desk
and receives a $1.50 per hour differential. During a weekly pay period, she worked 35 hours in the
human resources department and 5 hours at the front desk. What is Breon's gross pay for the week?
, $40,710.00 - correct answer John works for Heinlein Hillclimbers in Wyoming, where he earns $26,500
annually. He contributes $150 per month to his 401(k), of which his employer matches half of his
contribution. Heinlein Hillclimbers contributes $150 per month to his health insurance, $30 per month
to his life insurance, and $50 per month to his AD&D policy. He receives a 2% profit-sharing bonus at the
end of each year and $5,250 in tuition reimbursement. Heinlein pays employer-only taxes and insurance
that comprises an additional 18% of John?s annual salary. What is John's total annual compensation?
$44.84 - correct answer On a recent paycheck, Bob's taxes were as follows: Federal withholding, $32;
Social Security tax, $35.94; Medicare, $8.90; and state income tax, $10.50. What is the employer's share
for these taxes?
$48.00 - correct answer Andie earned $680.20 during the most recent weekly pay period. She is single
with 3 withholding allowances and needs to decide between contributing 2.5% and $25 to her 401(k)
plan. If she chooses the method that results in the lowest taxable income, how much will be withheld
for federal income tax based on the following table? (Click on the image to view it.)
25% (Although in some cases, child support can be up to 50%) - correct answer According to the
Consumer Credit Protection Act, what is the maximum percentage of an employee's disposable earnings
that may be withheld as part of a consumer credit garnishment?
41.20 hours - correct answer Quinn works the following hours during a one-week period. Under the
hundredth-hour method, how many hours has he worked? (Click on the image to view it.) CHART NOT
AVAILABLE
According to the Fair Labor Standards Act, nonexempt workers receive overtime for: - correct answer
Hours worked in excess of 40 per week.
Affordable Care Act - correct answer Which Act extended health care benefits to employee dependents
until age 26?
An employee's pay after legally required deductions have been withheld. - correct answer Disposable
income is defined as:
Annual Sales Volume Whether or not the business conducts interstate commerce - correct answer Select
All that Apply: What components make up FLSA coverage?
