FREE AND STUDY GAMES ABOUT ACCOUNTING 13 EXAM

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FREE AND STUDY GAMES ABOUT ACCOUNTING 13 EXAM

QUESTIONS

Actual Qs and Ans Expert-Verified Explanation

This Exam contains:

-Guarantee passing score -35 Questions and Answers -format set of multiple-choice -Expert-Verified Explanation Question 1: the information used to prepare payroll checks is taken from a payroll register

Answer:

true

Question 2: payroll taxes are based on employee total earnings

Answer:

true

Question 3: withholding allowance

Answer:

a deduction from total earnings for each person legally supported by a taxpayer, including the employee

Question 4: a separate payroll checking account is used primarily to

Answer:

provide additional protection and control of individual payroll checks

Question 5: a single person will have less income tax withheld than a married employee

Answer:

false

Question 6: employee regular earnings are calculated as

Answer:

regular hours times regular rate

Question 7: total earnings

Answer:

the total pay due for a pay period before deductions

Question 8: employee earnings record

Answer:

a business form used to record details affecting payments made to an employee Question 9: an employee can be exempt from having federal income tax withheld under certain conditions

Answer:

true Question 10: the columns of the employee earnings record consist of the amount columns in a payroll register and an accumulated earnings column

Answer:

true

Question 11: social security tax is paid by the employer only

Answer:

false Question 12: payroll taxes withheld represent a liability for an employer until payment is made

Answer:

true

Question 13: total earnings are sometimes referred to as net pay or net earnings

Answer:

false

Question 14: payroll

Answer:

the total amount earned by all employees for a pay period Question 15: when an employee's earnings exceed the tax base, no more social security tax is deducted

Answer:

true Question 16: all deductions from employee wages are recorded in a payroll register

Answer:

true Question 17: employers in many states are required to withhold state, city, or county income tax from employee earnings

Answer:

true Question 18: payroll time cards can be used as the basic source of information to prepare a payroll

Answer:

true Question 19: the first task in preparing a payroll is to determine the number of days worked by each employee

Answer:

false

Question 20: payroll taxes

Answer:

taxes based on the payroll of a business

Question 21: employee total earnings are calculated as regular hours times regular rate, plus overtime hours time overtime rate

Answer:

true Question 22: businesses use payroll records to inform employees of their annual earnings and to prepare payroll reports for the government

Answer:

true Question 23: the amount of income tax withheld from each employee's total earnings is determined from the number of withholding allowances and by the employee's marital status

Answer:

true Question 24: an act of congress can change the social security tax base and tax rate at any time

Answer:

true

Question 25: tax base

Answer:

the maximum amount of earnings on which a tax is calculated Question 26: information needed to determine the employee social security tax withholding for a pay period includes

Answer:

total earnings, accumulated earnings, and social security tax rate and tax base

Question 27: medicare tax

Answer:

a federal tax paid for hospital insurance

Question 28: net pay

Answer:

the total earnings paid to an employee after payroll taxes and other deductions