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Question 1

5 / 5 pts

A pay period is defined as:

biweekly.

monthly.

weekly.

All of the above are correct.

IncorrectQuestion 2

0 / 5 pts

Gross Earnings are the same as:

regular earnings + overtime earnings.

net earnings.

net earnings + overtime earnings.

regular earnings only.

Question 3

5 / 5 pts

Under the Fair Labor Standards Act, for any hours that an employee works over 40 during a work week:

the employee must receive the minimum wage.

the employee must be paid double.

the employee is paid time and a half.

the employee must be paid at straight-time pay.

Question 4

5 / 5 pts

If Robert worked 39 hours, how many hours of overtime will Robert earn?

1

4

9

0

Question 5

5 / 5 pts

Payroll taxes include all of the following except:

state income tax.

federal income tax.

FICA-OASDI.

All of the above are payroll taxes.

Question 6

5 / 5 pts

The Federal Insurance Contributions Act is better known as:

FICA.

FUTA.

overtime laws.

FIT.

Question 7

5 / 5 pts

An employee has gross earnings of $1,200 with withholdings of 6.2% FICA-OASDI, 1.45% FICA-Medicare, $50 for federal income tax and $10 for state income tax. How much is the net pay?

$791.15

$781.15

$1,048.20

$900.00

IncorrectQuestion 8

0 / 5 pts

Bob's Auction House's payroll for June includes the following data:

Gross earnings	$4,000
Salaries subject to FICA:
6.2% OASDI	2,800
1.45% Medicare	4,000
Salaries subject to unemployment:
0.8% FUTA	2,000
2.0% SUTA	2,000
Other deductions include:
Federal income tax	700
State income tax	500

What is the net pay?

$3,000.00

$2,568.40

$1,942.40

$2,798.40

IncorrectQuestion 9

0 / 5 pts

Bob's Auction House's payroll for April includes the following data:

Gross earnings	$4,000
Salaries subject to FICA:
6.2% OASDI	2,550
1.45% Medicare	4,000
Salaries subject to unemployment:
0.8% FUTA	2,000
2.0% SUTA	2,000
Other deductions include:
Federal income tax	500
State income tax	300

What is the employer's portion of the taxes?

$272.10

$1,072.10

$800.00

$56.00

Question 10

5 / 5 pts

An employee has gross earnings of $2,000 with withholdings of 6.2% FICA-OASDI, 1.45 % FICA-Medicare, $100 for federal income tax and $30 for state income tax. How much is the gross pay?

$791.15

$781.15

$2000.00

$771.15

IncorrectQuestion 11

0 / 5 pts

Bob's Auction House's payroll for April includes the following data:

Gross earnings	$3,000
Salaries subject to FICA:
6.2% OASDI	2,550
1.45% Medicare	3,000
Salaries subject to unemployment:
0.8% FUTA	2,000
2.0% SUTA	2,000
Other deductions include:
Federal income tax	500
State income tax	300

What is the employee's portion of the taxes?

$800.00

$257.60

$1,057.60

$1,001.60

Question 12

5 / 5 pts

If the employee has $800 withheld from their check for federal income tax, what is the amount that the employer would need to pay for their portion of the federal income tax?

$0

$400

$800

$100

Question 13

5 / 5 pts

The payroll taxes the employer is responsible for are:

FICA-OASDI.

FICA-Medicare.

State income taxes.

A and B.

Question 14

5 / 5 pts

Most employers are levied a payroll tax for:

state and federal income taxes.

FICA taxes, federal and state unemployment taxes.

only state and federal unemployment taxes.

only FICA taxes.

Question 15

5 / 5 pts

Karen's cumulative earnings before this pay period were $5,340, and gross pay for the week is $600. Assuming the wage base limit is $7,000, how much of this week's pay is subject to taxes for SUTA and FUTA?

$600

$1,550

$0

$550

Question 16

5 / 5 pts

What type of an account is Wages and Salaries Payable?

Revenue

Asset

Expense

Liability

Question 17

5 / 5 pts

A monthly depositor:

is determined by the amount of Form 941 taxes that they paid in the look-back-period.

is an employer who only has to deposit Form 941 taxes on the 15th day of the month (or next banking day).

will remain a monthly depositor, once classified, for one year at which time they will be reevaluated.

All of the above answers are correct.

IncorrectQuestion 18

0 / 5 pts

What liability account is reduced when the employees are paid?

Wages and Salaries Payable

Payroll Taxes Payable

Federal Income Taxes Payable

Wages and Salaries Expense

Question 19

5 / 5 pts

FUTA taxes are paid:

by the end of January of the following year if the amount owed is less than $500.

by the end of the month following the end of the calendar quarter if the amount owed is more than $500.

at the same time as the Form 941 taxes.

Both A and B are correct.

IncorrectQuestion 20

0 / 5 pts

What type of account is Payroll Tax Expense?

Liability

Expense

Contra-revenue

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