Question
I need help with my Chapter 11 Homework pleaseeee :) 1.Identify the statement below that is not true regarding social security tax. A.Both the employee
I need help with my Chapter 11 Homework pleaseeee :)
1.Identify the statement below that is not true regarding social security tax.
A.Both the employee and the employer pay an equal amount of social security tax on the employee's wages.
B.The social security tax provides benefits for retirement as well as worker disability.
C.Social security is sometimes called FICA.
D. In any given year, there is no limit on the amount of wages subject to social security tax.
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2.
Federal law requires that the employer withhold _________ from the employee's pay.
A..federal income tax, social security tax, Medicare tax, and FUTA
B...federal income tax, social security tax, and Medicare tax
C...federal income tax, social security tax, Medicare tax, and state and local taxes
D...Federal and state income tax, social security tax, Medicare tax, and FUTA
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3. An employee whose regular hourly rate is $10 and whose overtime rate is 1.5 times the regular rate worked 48 hours in one week. The total overtime amount is $120, but how much is premium only?
A...$480.
B....$240.
C...$80.
D...$40.
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4.
Which of the following is a factor in the determination of the amount of social security tax to withhold from an employee's pay?
A....hours worked during the pay period
B....marital status
C....withholding allowances claimed on Form W-4
D....gross wages
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5. Assuming a Medicare tax rate of 1.45% and monthly gross wages of $2,500, the amount recorded in Medicare Tax Payable for one quarter for the employee's payroll deduction is
A......a debit for $36.25.
B......a credit for $36.25.
C......a debit for $108.75.
D........a credit for $108.75.
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6.
Lisa Ramos has a regular hourly rate of $10.75. In a week when she worked 40 hours and had deductions of $55 for federal income tax, $26.75 for social security tax, and $6.25 for Medicare tax, her net pay was
A.....$430.
B.....$342.
C.....$375.
D......$397.
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7.
Ramon Gonzalez's gross pay for the week was $700. He had deductions of $85 for federal income tax, $43.40 for social security tax, $10.15 for Medicare tax as well as $5 for union dues. The journal entry to record his salarywould include:
a debit to Employee Income Tax Payable for $85
a credit to Employee Income Tax Payable for $85
a debit to Salaries Payable for $700
a debit to Salaries Expense for $556.45
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