Topic: Payroll Liabilities
84.
The Federal Insurance Contributions Act (FICA) requires that each employer file a:
85.
An employee earned $37,000 during the year working for an employer when the maximum
limit for Social Security was $118,500 each calendar year. The FICA tax rate for Social
Security is 6.2% and the FICA tax rate for Medicare is 1.45%. The employee’s annual FICA
taxes amount is:
86.
Portia Grant is an employee who is paid monthly. For the month of January of the current
year, she earned a total of $8,260. The FICA tax for social security is 6.2% of the first
$118,500 of employee earnings each calendar year and the FICA tax rate for Medicare is
1.45% of all earnings. The FUTA tax rate of .6% and the SUTA tax rate of 5.4% are applied
to the first $7,000 of an employee’s pay. The amount of federal income tax withheld from
her earnings was $1,325.17. Her net pay for the month is:
87.
Portia Grant is an employee who is paid monthly. For the month of January of the current
year, she earned a total of $8,260. The FICA tax for social security is 6.2% of the first
$118,500 earned each calendar year and the FICA tax rate for Medicare is 1.45% of all
earnings. The FUTA tax rate of 0.6% and the SUTA tax rate of 5.4% are applied to the first
$7,000 of an employee’s pay. The amount of federal income tax withheld from her earnings
was $1,325.17. What is the total amount of taxes withheld from the Portia’s earnings?
88.
Trey Morgan is an employee who is paid monthly. For the month of January of the current
year, he earned a total of $4,538. The FICA tax for social security is 6.2% of the first
$118,500 earned each calendar year, and the FICA tax rate for Medicare is 1.45% of all
earnings for both the employee and the employer. The amount of federal income tax
withheld from his earnings was $680.70. His net pay for the month is:
89.
Trey Morgan is an employee who is paid monthly. For the month of January of the current
year, he earned a total of $4,538. The FICA tax for social security is 6.2% of the first
$118,500 earned each calendar year, and the FICA tax rate for Medicare is 1.45% of all
earnings for both the employee and the employer. The amount of federal income tax
withheld from his earnings was $680.70. What is the total amount of taxes withheld from
the Trey’s earnings?
90.
The annual Federal Unemployment Tax Return is:
91.
The Wage and Tax Statement given to each employee annually is:
92.
A bank that is authorized to accept deposits of amounts payable to the federal government
is a:
93.
An employer’s federal unemployment taxes (FUTA) are reported:
94.
The rate that a state assigns reflecting a company’s stability or instability in employing
workers is the:
95.
Employer payroll taxes:
96.
All of the following are employer payroll taxes
except
:
97.
FUTA taxes are:
98.
Which of the following is
not
true regarding the unemployment insurance program?
99.
The current FUTA tax rate is 0.6%, and the SUTA tax rate is 5.4%. Both taxes are applied
to the first $7,000 of an employee’s pay. Assume that an employee earned total wages of
$9,900. What is the amount of total unemployment taxes the employer must pay on this
employee’s wages?
100.
The current FUTA tax rate is 0.6%, and the SUTA tax rate is 5.4%. Both taxes are applied
to the first $7,000 of an employee’s pay. Assume that an employee earned total wages of
$2,900 in the current period and had cumulative pay for prior periods of $5,800. What is
the amount of unemployment taxes the employer must pay on this employee’s wages for
the current period?
101.
An employee earned $43,300 working for an employer in the current year. The current rate
for FICA Social Security is 6.2% payable on earnings up to $118,500 maximum per
calendar year and the rate for FICA Medicare 1.45% of all earnings. The employer’s total
FICA payroll tax for this employee is:
102.
An employee earned $128,500 working for an employer in the current year. The current
rate for FICA Social Security is 6.2% payable on earnings up to $118,500 maximum per
year and the rate for FICA Medicare 1.45% of all earnings. The employer’s total FICA
payroll tax for this employee is:
103.
An employee earned $62,500 during the year working for an employer. The FICA tax rate
for Social Security is 6.2% of the first $118,500 of employee earnings per calendar year
and the FICA tax rate for Medicare is 1.45% of all earnings. The current FUTA tax rate is
0.6%, and the SUTA tax rate is 5.4%. Both unemployment taxes are applied to the first
$7,000 of an employee’s pay. What is the amount of total unemployment taxes the
employee
must pay?
104.
Gary Marks is paid on a monthly basis. For the month of January of the current year, he
earned a total of $8,288. FICA tax for Social Security is 6.2% on the first $118,500 of
earnings each calendar year and the FICA tax for Medicare is 1.45% of all earnings. The
FUTA tax rate is 0.6%, and the SUTA tax rate is 5.4%. Both unemployment taxes are
applied to the first $7,000 of an employee’s pay. The amount of Federal Income Tax
withheld from his earnings was $1,375.17. What is the amount of the
employer’s
payroll
taxes expenses for this employee?
105.
Triston Vale is paid on a monthly basis. For the month of January of the current year, he
earned a total of $5,210. FICA tax for Social Security is 6.2% on the first $118,500 of
earnings each calendar year and the FICA tax for Medicare is 1.45% of all earnings. The
FUTA tax rate is 0.6%, and the SUTA tax rate is 5.4%. Both unemployment taxes are
applied to the first $7,000 of an employee’s pay. The amount of Federal Income Tax
withheld from his earnings was $885.70. What is the amount of the
employer’s
payroll
taxes expenses for this employee?
106.
An estimated liability:
107.
Estimated liabilities commonly arise from all of the following except:
108.
Employees earn vacation pay at the rate of one day per month. During the month of July,
25 employees qualify for one vacation day each. Their average daily wage is $100 per day.
What is the amount of vacation benefit expense to be recorded for the month of July?
109.
Employees earn vacation pay at the rate of one day per month. During the month of June,
10 employees qualify for one vacation day each. Their average daily wage is $150 per day.
Which of the following is the necessary adjusting journal entry to record the June vacation
benefits?
110.
Employee vacation benefits: