44-49

44. If the owner of Que Legal Services forgot to deduct a withdrawal from the balance per books, what entry would be necessary? a. Debit Cash; credit Withdrawals b. Debit Withdrawals; credit Cash c. Debit Revenue; credit Cash d. Debit cash; credit Revenue 45. The law that governs overtime earnings is called a. Federal Insurance Contribution Act b. Federal Wage and Hour Law c. Fair Labor Standards Act d. b and c only 46. If Sheila worked 38 hours, how many hours of overtime will Sheila earn? a. 0 b. 1 c. 9 d. 5 47. A company can deem an employee as salaried: a. if they do not want to pay overtime wages b. if the employee meets the salaried laws under the Fair Labor Standards Act c. to make the payroll process easier d. if they have been employed at the company for 1 year or longer 48. FICA (OASDI and Medicare) and unemployment taxes are similar in that they: a. are paid by the employee b. have the same maximum taxable wage base c. are a specified percent of federal income tax withholdings d. are payroll tax expenses of the employer 49. When calculating the employer's payroll tax expense the clerk forgot about the wage base limits. This will cause: a. the expenses to be overstated b. the assets to be overstated c. the liabilities to be overstated d. a and c only