91.Each year there is a ceiling for the amount that is subject to all of the following
except
a.social security tax
b.federal income tax
c.federal unemployment tax
d.state unemployment tax
92.Lee Company has the following information for the pay period of December 15–31:
Gross payroll
|
$16,000
|
Federal income tax withheld
|
$4,000
|
Social security rate
|
6%
|
Federal unemployment tax rate
|
0.8%
|
Medicare rate
|
1.5%
|
State unemployment tax rate
|
5.4%
|
Assuming no employees are subject to ceilings for taxes on their earnings, Salaries Payable would be recorded for
a. $16,000
b. $9,808
c. $10,800
d. $11,040
93.Payroll taxes levied against employees become liabilities
a.the first of the following month
b.when the payroll is paid to employees
c.when data are entered in a payroll register
d.at the end of an accounting period
94.Payroll entries are made with data from the
a.wage and tax statement
b.employee's earning record
c.employer's quarterly federal tax return
d.payroll register
95.Which of the following forms is typically given to employees at the end of the calendar year so that employees canfile their individual income tax forms?
a.Employee’s Withholding Allowance Certificate (W4)
b.Wage and Tax Statement (Form W-2)
c.Employer's Quarterly Federal Tax Return (Form 941)
d.401k plans
96.The employee's earnings record would contain which data that the payroll register would probably
notcontain?
a.deductions
b.payment
c.earnings
d.cumulative earnings
97.The detailed record indicating the data for each employee for each payroll period and the cumulative total earningsfor each employee is called the
a.payroll register
b.payroll check
c.employee's earnings record
d.employer's earnings record
98.An employee receives an hourly rate of $15, with time and a half for all hours worked in excess of 40 during theweek. Payroll data for the current week are as follows: hours worked, 48; federal income tax withheld, $120; socialsecurity tax rate, 6%; and Medicare tax rate, 1.5%; state unemployment compensation tax, 3.4% on the first$7,000; federal unemployment compensation tax, 0.8% on the first $7,000. What is the net amount to be paid to theemployee?
a. $568.74
b. $601.50
c. $660.00
d. $574.90
99.The journal entry to record the monthly payroll on April 30 would include a
a.credit to Salaries Payable for $8,150
b.debit to Salaries Expense for $7,902
c.debit to Salaries Payable for $8,150
d.debit to Salaries Payable for $7,902
100.The entry to record accrual of employer’s payroll taxes would include a
a.debit to Payroll Tax Expense for $248
b.debit to FICA Taxes Payable for $1,800
c.credit to Payroll Tax Expense for $248
d.debit to Payroll Tax Expense for $1,148