FREE ACCOUNTING AND STUDY GAMES ABOUT CHAPTER

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FREE ACCOUNTING AND STUDY GAMES ABOUT CHAPTER

13 VOCAB EXAM QUESTIONS

Actual Qs and Ans Expert-Verified Explanation

This Exam contains:

-Guarantee passing score -22 Questions and Answers -format set of multiple-choice -Expert-Verified Explanation

Question 1: The money paid for employee services

Answer:

Salary

Question 2: A business must withhold this tax from employee total earnings

Answer:

Federal Income Tax (FWT) Question 3: Using this system provides internal control for accurate reporting of time worked

Answer:

Time card system

Question 4: A federal tax paid for hospital insurance

Answer:

Medicare Tax

Question 5: A business form used to record payroll information

Answer:

Payroll register

Question 6: When this happens, no more social security tax is deducted

Answer:

Employee's earnings exceed tax base Question 7: Are added to the previous accumulated earnings amount on the earnings record

Answer:

Total earnings not Net pay

Question 8: The period covered by a salary payment

Answer:

Pay period Question 9: Payroll deductions for buying U.S. Savings Bonds or for contributing to United Way

Answer:

B & UW Question 10: A federal tax paid for old-age, survivors, and disability insurance provided by the Federal Insurance Contributions Act

Answer:

Social Security Tax (FICA)

Question 11: The total amount earned by all employees for a pay period

Answer:

Payroll Question 12: A business form used to record details affecting payments made to an employee

Answer:

Employee earnings record

Question 13: Employers are required to withhold and deposit employees' part of the taxes and pay a matching amount of these taxes

Answer:

Employer's taxes

Question 14: The total pay due for a pay period before deductions

Answer:

Total earnings

Question 15: Taxes based on the payroll of a business

Answer:

Payroll taxes

Question 16: Rounded to the nearest quarter hour

Answer:

Time rounded Question 17: The information used to determine the amount of income tax withheld is identified on this form

Answer:

Form W-4

Question 18: The maximum amount of earnings on which a tax is calculated

Answer:

Tax base

Question 19: Paid on a weekly, biweekly, semimonthly, or monthly basis

Answer:

Salaries stated as fixed amounts

Question 20: Helps to protect and control payroll payments

Answer:

Separate checking account

Question 21: A deduction from total earnings for each person legally supported by a taxpayer, including the employee

Answer:

Withholding allowance Question 22: The total earnings paid to an employee after payroll taxes and other deductions

Answer:

Net pay