1.An employee earns $18 per hour and 1 1/2 times that rate for all hours worked in excess of 40 hours per week. Assume that the employee works 46 hours during the week and the FICA tax rate is 7% and federal income tax withheld is $185. The employee's net pay is __________. (Points : 1)

$635.26 $586.04 $882.00 None of these choices

Question 2.2.Which of the following statements is NOT true regarding current liabilities? (Points : 1)

Obligations due for a period of time greater than 1 year Will be paid out of current assets Arise from receiving goods or services prior to making payment Include taxes payable and wages payable

Question 3.3.RR Inc. issued $100,000, 8%, 10-year bonds on January 1, 2008. The bonds were issued at a discount of $24,600. Using the straight-line method, what is the annual amount of interest expense for these bonds? (Points : 1)

$10,460 $8,000 $5,540 Cannot be determined from the information given

Question 4.4.If the contract rate is lower than the market rate, the bonds will sell at __________. (Points : 1)

a discount a premium face amount Cannot be determined from facts given

Question 5.5.Stock dividends are: (Points : 1)

distributions of common stock to holders of common stock distributions of cash or other assets to shareholders normally recorded at the par value of the stock issued required of companies periodically, according to their corporate charters

PART 2

1.Use the following information to answer questions 15. The following information is for employee William Heedy for the week ended March 15. Total hours worked: 48 Rate: $16 per hour, with double time for all hours in excess of 40 Federal income tax withheld: $200 United Fund deduction: $50 Cumulative earnings prior to current week: $6,400 Tax rates: Social security: 6% on maximum earnings of $106,800 Medicare tax: 1.5% on all earnings; on both employer and employee State unemployment: 3.4% on maximum earnings of $7,000; on employer Federal unemployment: 0.8% on maximum earnings of $7,000; on employer What is the employers FICA based on Williams pay? (Points : 3)

$70.00 $67.20 $20.40 $0

Question 2.2.Use the following information to answer questions 15. The following information is for employee William Heedy for the week ended March 15. Total hours worked: 48 Rate: $16 per hour, with double time for all hours in excess of 40 Federal income tax withheld: $200 United Fund deduction: $50 Cumulative earnings prior to current week: $6,400 Tax rates: Social security: 6% on maximum earnings of $106,800 Medicare tax: 1.5% on all earnings; on both employer and employee State unemployment: 3.4% on maximum earnings of $7,000; on employer Federal unemployment: 0.8% on maximum earnings of $7,000; on employer What is the employers Federal Unemployment based on Williams pay? (Points : 3)

$0 $13.44 $7.00 $4.80

Question 3.3.Use the following information to answer questions 15. The following information is for employee William Heedy for the week ended March 15. Total hours worked: 48 Rate: $16 per hour, with double time for all hours in excess of 40 Federal income tax withheld: $200 United Fund deduction: $50 Cumulative earnings prior to current week: $6,400 Tax rates: Social security: 6% on maximum earnings of $106,800 Medicare tax: 1.5% on all earnings; on both employer and employee State unemployment: 3.4% on maximum earnings of $7,000; on employer Federal unemployment: 0.8% on maximum earnings of $7,000; on employer What is Williams total earnings? (Points : 3)

$640.00 $896.00 $256.00 $900.00

Question 4.4.Use the following information to answer questions 15. The following information is for employee William Heedy for the week ended March 15. Total hours worked: 48 Rate: $16 per hour, with double time for all hours in excess of 40 Federal income tax withheld: $200 United Fund deduction: $50 Cumulative earnings prior to current week: $6,400 Tax rates: Social security: 6% on maximum earnings of $106,800 Medicare tax: 1.5% on all earnings; on both employer and employee State unemployment: 3.4% on maximum earnings of $7,000; on employer Federal unemployment: 0.8% on maximum earnings of $7,000; on employer What is William's net pay? (Points : 3)

$578.80 $640.00 $580.00 $600.00

Question 5.5.Use the following information to answer questions 15.

The following information is for employee William Heedy for the week ended March 15.

Total hours worked: 48

Rate: $16 per hour, with double time for all hours in excess of 40

Federal income tax withheld: $200

United Fund deduction: $50

Cumulative earnings prior to current week: $6,400

Tax rates:

Social security: 6% on maximum earnings of $106,800

Medicare tax: 1.5% on all earnings; on both employer and employee

State unemployment: 3.4% on maximum earnings of $7,000; on employer

Federal unemployment: 0.8% on maximum earnings of $7,000; on employer

What is Williams total deductions? (Points : 3)

$200.00 $50.00 $317.20 $250.00