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Exam 10: Payroll Computations, Records, and Payment

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Question 51

Multiple Choice

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An employee whose regular hourly rate is $20 and whose overtime rate is 1.5 times the regular rate worked 44 hours in one week. In the payroll register, the employer should record an overtime premium of

A) $120.
B) $880.
C) $440.
D) $40.

E) A) and C)
F) None of the above

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Question 52

Multiple Choice

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An employee whose regular hourly rate is $9 and whose overtime rate is 1.5 times the regular rate worked 44 hours one week. The employee's gross pay was

A) $396.
B) $594.
C) $378.
D) $414.

E) All of the above
F) B) and C)

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Question 53

Multiple Choice

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Publication 15, Circular E contains withholding information

All details related to an employee's earnings, deductions, and net pay throughout the year would be found in

When a firm records its payroll, the amount of federal income tax withheld from employees is entered as a liability.

The monthly salaries for December and the year-to-date earnings as of November 30 for the three employees of Heather's Hair Salon are listed below. Compute the amount of social security tax and Medicare tax to be withheld from each of the employee's gross pay for December. Assume a 6.2 percent social security tax rate and a base of $122,700 for the calendar year. Assume a 1.45 percent Medicare tax rate.

Social Security Tax is 6.2%; Medicare Tax is 1.45% and federal and state unemployment compensation taxes total 5.4% (both added together) . The federal income tax for the month is $250 and the state income taxes for the month is $40. If employee George Glass earned $2,500 for the current month and he has not reached any maximums for taxes, what is George's total net pay for the month?

Social Security Tax is 6.2%; Medicare Tax is 1.45% and federal and state unemployment compensation taxes total 5.4% (both added together) ; the federal income tax for the month is $250 and the state income taxes for the month is $40. If employee George Glass earned $2,500 for the current month and he has not reached any maximums for taxes, what are the total employee payroll taxes withheld for the current month?

Michael Miller is paid twice a month and had total gross earnings as of 10/15 of $116,800. His gross earnings for the period ending 10/31 were $6,000. If social security taxes are 6.2% on a maximum earnings of $122,700 per year and Medicare tax is 1.45% on all earnings, how much medicare tax will be paid by Michael and how much will be paid by his employer for the period ending 10/31?