Test Bank for BPA Payroll Accounting
9th Edition by Jeanette Landin
What does OSHA stand for and what do they do? - ANSOccupational Safety and Health
Administration; enforces safety and health standards in the workplace.
What does FICA stand for? - ANSFederal Insurance Contributions Act
What is the FICA tax? - ANSA mandatory payroll deduction taken out of working adults' salaries
to pay for older American's Social Security retirement and Medicare benefits.
How many times are you paid per year on a semimonthly pay period? - ANS24
How many times are you paid per year on a biweekly pay period? - ANS26
How many times are you paid per year on a weekly pay period? - ANS52
How many times are you paid per year on a monthly pay period? - ANS12
What is the overtime working rate? - ANS1.5%
What does time-and-a-half refer to? - ANSBeing paid 1.5x the amount your normal salary
What is the rate for Medicare Tax? - ANS1.45% on all wages
What is the rate for Social Security Tax? - ANS6.2% on first $100,000
What is the rate for State Unemployment Tax? - ANS5.4%(also depends on the state)
What is the rate for Federal Unemployment Tax? - ANS0.8% ($7,000 ceiling)
What is gross pay? - ANSThe pay before taxes and other mandatory deductions are taken out
What is net pay? - ANSThe pay after taxes and other mandatory deductions are taken out
What is Medicare? - ANSFederal health insurance for people over 65, with disabilities, or with
illness. INCOME DOESN'T MATTER!
Employee Earnings Record - ANSA record that details an employee's payroll history
9th Edition by Jeanette Landin
What does OSHA stand for and what do they do? - ANSOccupational Safety and Health
Administration; enforces safety and health standards in the workplace.
What does FICA stand for? - ANSFederal Insurance Contributions Act
What is the FICA tax? - ANSA mandatory payroll deduction taken out of working adults' salaries
to pay for older American's Social Security retirement and Medicare benefits.
How many times are you paid per year on a semimonthly pay period? - ANS24
How many times are you paid per year on a biweekly pay period? - ANS26
How many times are you paid per year on a weekly pay period? - ANS52
How many times are you paid per year on a monthly pay period? - ANS12
What is the overtime working rate? - ANS1.5%
What does time-and-a-half refer to? - ANSBeing paid 1.5x the amount your normal salary
What is the rate for Medicare Tax? - ANS1.45% on all wages
What is the rate for Social Security Tax? - ANS6.2% on first $100,000
What is the rate for State Unemployment Tax? - ANS5.4%(also depends on the state)
What is the rate for Federal Unemployment Tax? - ANS0.8% ($7,000 ceiling)
What is gross pay? - ANSThe pay before taxes and other mandatory deductions are taken out
What is net pay? - ANSThe pay after taxes and other mandatory deductions are taken out
What is Medicare? - ANSFederal health insurance for people over 65, with disabilities, or with
illness. INCOME DOESN'T MATTER!
Employee Earnings Record - ANSA record that details an employee's payroll history
