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Exam 10: Payroll Computations, Records, and Payment

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Question 1

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All details related to an employee's earnings, deductions, and net pay throughout the year would be found in

A) the payroll register.
B) the individual earnings record.
C) the general journal.
D) the Wages Expense account in the general ledger.

E) A) and B)
F) A) and C)

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Question 2

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During the week ended February 8, 2013, Stuart Wayne worked 40 hours. His regular hourly rate is $10. Assume that his earnings are subject to social security tax at a rate of 6.2 percent and Medicare tax at a rate of 1.45 percent. He also has deductions of $31 for federal income tax and $21 for health insurance. A) What is his gross pay for the week? B) What is the total of his deductions for the week? C) What is his net pay for the week?

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A) $400.00
B) $82.60...

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Question 3

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It is best not to pay wages and salaries by

Publication 15, Circular E contains federal income tax withholding tables.

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

When a firm records its payroll, the amount of federal income tax withheld from employees is entered as a liability.

During one week, three employees of the Tea Leaf Cafe 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. $\begin{array} { | c | c | c | c | c | c | } \hline \begin{array} { c } \text { Employee } \\\text { No. }\end{array} & \begin{array} { c } \text { Regular } \\\text { Hourly Rate }\end{array} & \begin{array} { c } \text { Hours } \\\text { Worked }\end{array} & \begin{array} { c } \text { Regular } \\\text { Earnings }\end{array} & \begin{array} { c } \text { Overtime } \\\text { Earnings }\end{array} & \text { Gross Pay } \\\hline 1 & \$ 13.00 & 46 & & & \\\hline 2 & 11.00 & 44 & & & \\\hline 3 & 9.00 & 45 & & & \\\hline\end{array}$

An employee whose regular hourly rate is $10 and whose overtime rate is 1.5 times the regular rate worked 44 hours in one week. In the payroll register, the employer should record an overtime premium of

During one week, three employees of the Snowshoe Lodge 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. $\begin{array} { | c | c | c | c | c | c | } \hline \begin{array} { c } \text { Employee } \\\text { No. }\end{array} & \begin{array} { c } \text { Regular } \\\text { Hourly Rate }\end{array} & \begin{array} { c } \text { Hours } \\\text { Worked }\end{array} & \begin{array} { c } \text { Regular } \\\text { Earnings }\end{array} & \begin{array} { c } \text { Overtime } \\\text { Earnings }\end{array} & \text { Gross Pay } \\\hline 1 & \$ 12.00 & 46 & & & \\\hline 2 & 9.00 & 44 & & & \\\hline 3 & 8.50 & 45 & & & \\\hline\end{array}$

During the week ended May 15, 2013, Scott Fairchild worked 40 hours. His regular hourly rate is $14. Assume that his earnings are subject to social security tax at a rate of 6.2 percent and Medicare tax at a rate of 1.45 percent. He also has deductions of $31 for federal income tax and $21 for health insurance. A) What is his gross pay for the week? B) What is the total of his deductions for the week? C) What is his net pay for the week?

The Santa Fe Company has office employees and shipping employees. A summary of their earnings and deductions for the week ended July 12, 2013, is shown below. On page 16 of a general journal, record the July 12 payroll and the entry to summarize the effect of the checks written to pay the payroll.

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.

Assuming a Medicare tax rate of 1.45% and monthly gross wages of $2,500, the amount recorded in Medicare Tax Payable for one quarter for the employee's payroll deduction is

The employee's marital status is one factor that determines the amount of federal income tax withheld by the employer.

FICA taxes are paid by:

Assuming a Medicare tax rate of 1.45% and monthly gross wages of $5,000, the amount recorded in Medicare Tax Payable for one quarter for the employee's payroll deduction is

Jason McCurdy has a regular hourly rate of $10.75. During a two week period, he worked 80 hours and had deductions of $110 for federal income tax, $53.50 for social security tax, and $12.50 for Medicare tax. His net pay was

A worker who is paid an agreed amount for each week or month or year is said to be paid on a(n) ____________________ basis.

The details that are entered on the employee's individual earnings record for each pay period are obtained from the _______________________.

Which of the following is NOT typically an employee payroll withholding?