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Exam 10: Payroll Computations, Records, and Payment

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Question 41

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Because salaried employees who hold supervisory or managerial positions generally are not subject to wage and hour laws,they are known as ____________________ employees.

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Question 42

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The employer records the amount of federal income tax withheld as:

A) an asset.
B) a payroll tax expense.
C) a liability.
D) an expense.

E) All of the above
F) B) and C)

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Question 43

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The total amount earned by the employee is called the

Each type of deduction made from the employees' earnings is recorded in a separate

An independent ____________________ is paid by the company to carry out a specific task or job but is not under the direct supervision,control,and direction of the company.

The maximum base for the social security tax is the same as that for the Medicare tax.

An employee whose regular hourly rate is $9 and whose overtime rate is 1.5 times the regular rate worked 44 hours one week.The employee's gross pay was

The amount of employees' ____________________ pay is recorded in the Wages Expense account.

Abe Carter had gross earnings of $6,000 for the pay period ending 11/30.His total gross earnings as of 11/15 were $112,000.If Social Security taxes are 6.2% on a maximum earnings of $113,700 per year and Medicare tax is 1.45% on all earnings,the journal entry to record his earnings for the period ending 11/30 would include:

Lacy Crawford has a regular hourly rate of $21.50.In a week when she worked 40 hours and had deductions of $110 for federal income tax,$53.50 for social security tax,and $12.50 for Medicare tax,her net pay was

During one week,three employees of the Siesta Inn worked the number of hours shown below.All these employees receive overtime pay at one and a half times their regular hourly rate for any hours worked beyond 40 in a week.Compute the regular earnings,overtime earnings,and gross pay for each employee.

During one week,three employees of the Pampered Pooch Pet Salon worked the number of hours shown below.All these employees receive overtime pay at one and a half times their regular hourly rate for any hours worked beyond 40 in a week.Compute the regular earnings,overtime earnings,and gross pay for each employee.

Jill Monroe earns $25 per hour.She worked 48 hours this pay period and receives time-and-a-half for any hours worked over 40 hours per week.Jill's gross earnings are:

Employees submit Form W-4 to their employers to show the number of withholding allowances they claim for federal income tax withholding purposes.

The monthly salaries for December and the year-to-date earnings as of November 30 for the three employees of the Design Warehouse are listed below.Compute the amount of social security tax and Medicare tax to be withheld from each of the employee's gross pay for December.Assume a 6.2 percent social security tax rate and a base of $113,700 for the calendar year.Assume a 1.45 percent Medicare tax rate.

If an employee whose regular hourly rate is $9 and whose overtime rate is 1.5 times the regular rate works 42 hours in one week,the employee's gross pay is $378.

An employee whose regular hourly rate is $12 and whose overtime rate is 1.5 times the regular rate worked 45 hours in one week.The employer should record an overtime premium of ____________________ in the payroll register.

It is best not to pay wages and salaries by

Identify the list of accounts below that would normally all have a debit balance.