Payroll Accounting Test 2 2024/2025 with 100% correct answers
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Course
Payroll Accounting T2
Institution
Payroll Accounting T2
_ is a payment the employer is required to withhold federal income taxes. correct answersTipped employees with monthly tips of $120.
Under the federal income tax withholding, _ is not defined as an employee. correct answersA partner
The FICA tax rates to be paid by employers are _. correct an...
_ is a payment the employer is required to withhold federal income taxes. correct answersTipped
employees with monthly tips of $120.
Under the federal income tax withholding, _ is not defined as an employee. correct answersA partner
The FICA tax rates to be paid by employers are _. correct answers6.2% for OASDI (social security)
1.45% for HI (medicare)
_ is not taxable for FICA. correct answersWage supplements to cover the difference between employees
salaries and their military pay.
_ is not defined under the FICA as taxable wages. correct answersValues of meals furnished to
employees for employees convenience
FICA defines all of the following as wages: correct answersYear end bonuses, standby payments,
employer social security taxes paid by employer, first 6 months of sick pay
_ is a kind of employment not excluded from coverage by FICA correct answersFederal government
secretary hired in 1990
_ is not defined by FICA as an employee correct answersA partner
The annual value of one withholding allowance for federal income tax purpose is correct answers$3950
If a person works for two different employers during the year and the total amount of OASDI taxes
withheld by the two employers exceed the maximum OASDI tax the person is required to pay, the worker
can recover the amount of over payment by correct answersClaiming a credit in the amount of over
payment on the federal income tax return filed for the year of unemployment
, A self-employed person must pay OASDI and HI taxes on net earnings at rates of correct answersOASDI
@ 12.4% of first $117,000 and 2.9% of total net earnings
The minimum wage to which a tipped employee is entitled is correct answers$7.25
To curb the practice of employees filing false W-4 Forms, the IRS requires that an employer submit to the
agency a copy of the a W-4 Form correct answerswhenever IRS requests it in writing
Beech refuses to state her marital status on W-4 Form which she gave to you, the payroll manager, when
she was hired. What action should you take? correct answersYou will have to withhold income taxes
according to the income table for a single employee with no allowances
A personal allowance correct answersmay be claimed to exempt a portion of their earnings from
withholding
_ is not properly defined as wages subject to the withholding of federal income taxes correct
answersPayments made under workers comp law
Fess receives wages totaling $74500 from his employer during the year. In addition, he has net earnings
from self-employment amounting to $51,300. In determining Fess' taxable self-employment income for
the OASDI tax, how much of her net self-employment earnings must Fess count? correct answers$42,500
117,000-74500 = 42500
Carson Smart is paid for $1300 every two weeks. He is a participant in the company 401(k) plan and has
$150 deducted from his pay for his contribution to the plan. He is married with two allowances. Using
the appropriate wage-bracket table, determine how much would be deducted from his pay for federal
income tax? correct answers$52
1300 - 150 = 1150
According to the table, $52 will be deducted.
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