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Exam 7: Calculating Pay and Payroll Taxes: The Beginning of the Payroll Process

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Question 21

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When an employee's earnings are greater than FICA base limit during the calendar year,no more FICA-OASDI tax is deducted from earnings.

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Question 22

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Which of the below allowances would have the most amount of taxes withheld for federal income tax purposes?

A) S-1
B) S-0
C) S-3
D) S-2

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Question 23

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To compute federal income tax to be withheld:

Given the following payroll items you are to identify whether they are the expense of the employer and/or the employee by placing an X in the appropriate column. - $\begin{array} { | l | l | l | } \hline & \text { Employer } & \text { Employee } \\\hline \text { Gross wages } & & \\\hline\end{array}$

If Sheila worked 38 hours,how many hours of overtime will Sheila earn?

Given the following payroll items you are to identify whether they are the expense of the employer and/or the employee by placing an X in the appropriate column. - $\begin{array} { | l | l | l | } \hline & \text { Employer } & \text { Employee } \\\hline \text { Worker's compensation } & & \\\hline\end{array}$

Gross pay is equal to take-home pay.

Payroll taxes include all of the following except:

Calculate the total wages earned for each employee (assume an overtime rate of time and a half over 40 hours): a)Dave earns $22 per hour and worked 45 hours in one week. b)Jeff earns $18 per hour and worked 42 hours in one week.

From the following data,determine the FUTA tax liability for Evans Company for the first quarter.The FUTA tax rate is 0.8% on the first $7,000 of earnings.(Assume all quarters have 13 weeks.) $\begin{array} { l l } \text { Employees } & { \text { Goss I'sy Per Week } } \\\text { C. Otto } & \$ 2,000 \\\text { K. Yankee } & \text { B00 } \\\text { E. Lanava } & 1,400\end{array}$

The law that governs overtime earnings is called:

Bob Hill's hourly rate is $25.00,and he worked 38 hours during the week.What is his gross pay for the week?

A W-4 form:

Given the following payroll items you are to identify whether they are the expense of the employer and/or the employee by placing an X in the appropriate column. - $\begin{array} { | l | l | l | } \hline & \text { Employer } & \text { Employee } \\\hline \text { FUTA } & & \\\hline\end{array}$

Compute the net pay for each employee.The FICA tax rate is: OASDI 6.2% on a limit of $106,800; Medicare is 1.45%; federal income tax is 15%; state income tax is 5%; and medical insurance is $100 per employee. $\begin{array}{llcc} & \text {Cumulative Pay } & \text {This Week's Pay } \\ \text { Sarah Ahti } &\$75,000&\$4,000\\ \text { Matt DeFore } &\$62,000&\$2,000\\\end{array}$

Unemployment taxes are:

Net pay is the same as:

Brian Temple's cumulative earnings are $73,000,and his gross pay for the week is $5,300.If the FICA rates are: OASDI 6.2% on a limit of $106,800 and Medicare is 1.45%,what are his FICA-OASDI and FICA-Medicare taxes for the week?

Kim received $1,850 for working 40 hours.What was Kim's rate of pay per hour?

Tracey Thrasher earned $800 for the week.If her cumulative earnings are $30,000 prior to this pay period,how much FICA-OASDI must her employer withhold from her earnings? FICA tax rates are OASDI 6.2% on a limit of $106,800.