I NEED HELP TO CHECK MY ANSWERS BEFORE I TAKE THE QUIZ AT SCHOOL. I WOULD BE GOING TO SCHOOL IN ABOUT AN HOUR. THANKS

1. A law that regulates overtime earnings is called:

Federal Unemployment Tax Act

Tax Payment Act

Fair Labor Standards Act

Federal Insurance Contribution Act

2. To which of the following payroll taxes are employers required to contribute a matching portion for each employee?

State unemployment

Federal unemployment

FICA Medicare

FICA Social Security

All of these

3. Mary Janes cumulative year-to-date earnings are $7,200. On June 30th, Mary Jane earned $600. What is the FUTA tax amount that Mary Janes employer must record and pay on her most recent earnings?

$0

$4.80

$52.80

$56.00

4. A plumber who sets his own work schedule is an example of:

Independent Contractor

Employee

Employer

Freelancer

5. Which of the following statements is true about FICA Social Security and Medicare?

Employers match the employees deduction for FICA Medicare but pay a higher percentage for FICA Social Security.

Only employees have this deduction.

Only employers are responsible for FICA taxes.

Both FICA Social Security and Medicare have no wage ceilings.

6. Which of the following payroll taxes has a maximum of earnings subject to the tax?

State unemployment tax

FICA Social Security

FICA Medicare

All of these

Both state unemployment tax and FICA Social Security

7. Which of the following statements is NOT true about Workers Compensation Insurance?

Employers generally pay premiums in advance.

Most states require employers to provide coverage.

Employers normally pass along the cost of coverage to employees.

Premium rates vary based on risk and claims.

8. In a payroll journal entry, a credit to Federal Withholding Tax Payable indicates

Federal taxes have been withheld from the employee and are a liability until paid to the governing agency

Federal taxes have been paid to the governing agency

Federal taxes are due to be withheld from the employee

None of the above

9. John Smith has cumulative yearly earnings of $24,700, counting his current pay period salary amount of $3,500. Assume the FICA tax rate is 6.2 percent for Social Security, with a limit of $113,700, and 1.45 percent for Medicare, applied to all earnings. The FUTA tax is 0.6 percent, with a limit of $7,000, and the SUTA tax is 5.4 percent, with a limit of $7,000. The employer's payroll tax expense entry will include a credit to

FICA Tax Payable for $217.00.

FICA Tax Payable for $267.75.

Federal Unemployment Tax Payable for $28.00.

State Unemployment Tax Payable for $189.00.

Federal Unemployment Tax Payable for $280.00.

10. There is no wage ceiling limit for which of the following:

FICA Medicare

SUTA

FUTA

FICA Social Security

11. Which of the following payroll taxes is the employees responsibility?

Federal Income Tax, FICA SS & Medicare, FUTA

Federal Income Tax, FUTA, SUTA

Federal Income Tax, FICA SS & Medicare

FICA SS & Medicare, FUTA, SUTA

12. The W-2 form contains all of the following EXCEPT:

Wages

Employee Social Security Number

EIN

Number of Allowances

13. What are the two parts of FICA taxes?

Medical and Disability

Social Security and Disability

Social Security and Medicare

FUTA and SUTA

14. Employees may be paid hourly or salary based on the following:

Type of work performed

Period of time covered

The employers discretion

a & b

15. The number assigned to employers by the IRS for use in submitting and reporting tax payments is:

EIN

TIPN

iPay

FUTA

16. The following payroll taxes that are strictly the employers responsibility

SUTA

FUTA

FICA SS Employee Withheld

Federal Tax Withheld

a & b

17. What item is NOT used to calculate the federal income tax to be withheld by employers?

Total Earnings

W-2

Publication 15 (Circular E)

W-4

18. Rounding differences with the employee and employer amounts of FICA taxes are handled on the 941 report by:

Any differences are paid in or refunded as appropriate

Line 7 accommodates fraction differences, which accommodates rounding

When differences occur, the numbers are adjusted before the report to balance

None of the above

19. If a company is considered to have high employee turnover, what effect does the turnover have on the Payroll Tax expenses for the business?

Increases payroll tax expenses

Decreases payroll tax expenses

Would not have any effect

May increase or decrease payroll tax expenses depending on the time of the year.

20. The Social Security Act of 1935 was originally enacted to provide

Benefits for Spouses

Benefits for Minor Children

Benefits for Retired Workers

Disability Insurance

21. The 941 employers tax payment to the IRS consists of

Employees FICA Withheld

Employers matching FICA

Employees federal income tax withheld

a & b

All of the above

22. The entry to record the payroll tax expense includes all of the following except

Federal Unemployment Tax Payable.

FICA Tax Payable.

Employees' Federal Income Tax Payable.

State Unemployment Tax Payable.

None of these are correct.

23. The total amount of employee compensation before deductions are taken out is referred to as

gross pay.

net pay.

compensation after withholdings.

take-home pay.

merit pay.

24. A debit to the Payroll Tax Expense account means:

The employers payroll taxes have increased

The employers payroll taxes have decreased

Both the employers and the employees payroll taxes have increased

The employers and employees payroll taxes have not changed

25. Which of the following payroll taxes do employers pay on employees?

SUTA

FUTA

FICA

All of these

None of these