Solved by verified expert :Grade Details – All Questions 1. Question : The taxes imposed under the Social Security Act consist of: Student Answer: two taxes on employers. two taxes on employees. OASDI and HI taxes. all of the above. 2. Question : Which payroll tax is imposed on both the employee and the employer? Student Answer: federal income tax state unemployment taxes FICA taxes federal unemployment taxes 3. Question : Voluntary payroll deductions may include all of the following deductions, except for: Student Answer: union dues 401K deductions group hospital insurance FICA taxes 4. Question : Which of the following payroll taxes are paid by the employer? Student Answer: FICA taxes Federal unemployment taxes State unemployment taxes All of these 5. Question : Using the information following information, what amount is the check, net of all deductions, that Stanley received for the week’s pay? During the first week of February, Stanley earned $300. Assume that FICA taxes are 7.65 percent of wages up to $106,800, state unemployment tax is 5.0 percent of wages up to $13,000, and federal unemployment tax is 0.8 percent of wages up to $13,000. Assume that Stanley has voluntary withholdings of $10 (in addition to taxes) and that federal and state income tax withholdings are $18 and $6, respectively. Student Answer: $243.05 $259.60 $274.60 $277.00 6. Question : Which of the following requires an adjusting entry at the end of each accounting period? Student Answer: Garnishment for child support payments Withholdings for a 401(k) plan Vacation pay earned by employees Union dues withheld 7. Question : Using the information following information, what is the employer’s payroll tax expense for the week, assuming that Stanley is the only employee? During the first week of February, Stanley earned $300. Assume that FICA taxes are 7.65 percent of wages up to $106,800, state unemployment tax is 5.0 percent of wages up to $13,000, and federal unemployment tax is 0.8 percent of wages up to $13,000. Assume that Stanley has voluntary withholdings of $10 (in addition to taxes) and that federal and state income tax withholdings are $18 and $6, respectively. Student Answer: $24.00 $40.35 $28.00 $17.40 8. Question : The employee’s earnings record provides information for each of the following except: Student Answer: completing Forms W-2. completing the journal entry to record the payroll. determining when the accumulated wages of an employee reach cutoff levels. preparing reports required by state unemployment compensation laws. 9. Question : FICA defines all of the following as employees except: Student Answer: vice presidents. partners. superintendents. full-time life insurance salespersons. 10. Question : Which of the following taxes is NOT included in the payroll tax expense of the employer? Student Answer: State unemployment taxes Federal income taxes FICA taxes Federal unemployment taxes
