Question

Part 11 Multiple Choice Directions Circle the correct answer 1. A summary of the gross earnings, payroll deductions, and net pay for all employ ees for a specific payroll period is called a: a. Daily time report b. Individual earnings record c Payroll register d. Clock card 2 Which of the following taxes is matched by both the employee and employer? a: SUTA tax b. FUTA tax c. FICA tax d. Federal income tax 2. A factory employee carns $12.00 an hour and wand 1/2 the regular wage rate for all hours worked which exceed 40 in one week, a total of 46 hours was worked The amount of overtime premium is a. $12.00 . $18.00 $36.00 d. $108.00 4. The overtime premium is charged to a. Work in Process Inventory b. Factory Overhead Control c Raw Materials Inventory d. Wages Expense 5. The FICA-OASDI rate is 6.2% of the first 560,200 an employee earns. An employee has earned $59,400 in accumulated earnings before the current payroll period. Dar ing the current payroll period, the employee cared 51,000. The FICA-OASD tax is a 50 h. $12.40 c. $49.60 d. 562.00 6. Which of the following is NOT one of the employer's payrolles? a. FICA tax b. FUTA tax c. SUTA tax d. Federal income tax 7. The employee's earnings record contains all of the following except a. FICA tax b. PUTA tax c. Federal tax d. Total earnings

Answer 1

1. Option ( C ).

Summary of gross earnings, payroll deductions and net pay of all employees for a specific payroll period is known a payroll register.

2. Option (C).

FICA tax is matched by both employees and employers.

3. Option ( D ).

Extra hours worked in a week multiplied with hourly rate *150%

= 6 hours*$12*150% = $108

4. Option ( D ).

Overtime premium is charged to wage expenses.

5. Option ( D ).

FICA -OASDI is the social security withholding from the current period earnings. Therefore $1000*6.2% = $62.0

6. Option (D)

Employer payroll taxes include FICA tax, FUTA tax, SUTA tax except federal income tax.

7. Option (C)

Employee earning record contains all taxes except federal taxes