True/False and multiple choice questions

1. T F Certain employees of a business may be exempt from the overtime requirement of the Fair Labor Standards Act. 2. T F FICA-HI uses the same wage base, as does FICA-OASDI. 3. T F Another name for take home pay is gross earnings. 4. T F FUTA tax is paid equally by the employer and employee. 5. T F Form 941 is used to report all FICA taxes and the FIT withheld from employees' pay. 6. T F Employers must file Form 941 for each quarter during a calendar year. 7. T F Form 940 is used to report both FUTA and SUTA taxes to the government. 8. T 9. T F The party to be paid on the maturity date of a note is referred to as the maker. 10. T F The principal amount of a note is the amount of money borrowed. 11. Among the deductions imposed on the gross earnings of an employee are: F When a note is issued, the payees journal entry involves a debit to notes receivable. a. FUTA and SUTA taxes b. FICA and FIT taxes c. FUTA, SUTA, FICA and FIT taxes d. FICA, FIT and workers compensation taxes 12. In accounting for payroll, each employee deduction is credited to a(n): a. Asset b. Liability c. Expense d. Contra-asset e Fair Labor Standards Act covers Bill Forest. During the week, he worked 43 hours His regular pay is $14 an hour. What are his gross earnings for the week? a. S560 b. $602 c. $623 d. $644 13. Th