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Exam 10: Payroll

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Question 51

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IRS form W-4 is:

A) used solely for the calculation of federal income taxes
B) used to calculate Social Security and Medicare taxes
C) used to report withheld taxes to the IRS
D) used for income tax preparation

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Question 52

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ACME package delivery pays employees for each package they deliver. Last week Josef delivered 20 packages. Find his gross weekly earnings if he is paid at the following differential piece rate. $\begin{array} { l r } 1 - 10 \text { packages } & \$ 7.00 \text { each } \\11 - 15 \text { packages } & \$ 8.75 \text { each } \\16 \text { or more packages } & \$ 10.50 \text { each }\end{array}$

A) $210.00
B) $166.25
C) $157.50
D) $140.00

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Question 53

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An employee's overtime rate of pay is normally 1.2 times the regular hourly rate.

-Derek Daniels earns $22,312.15 monthly, is married, and claims 3 withholding allowances. Find his net earnings for this pay period. FICA tax is 4.2% and Medicare tax is 1.45%.

-Henry Daniels earns $2709 biweekly. He is single and claims 3 withholding allowances. He saves 2% of his salary for retirement and pays $24.50 in nonexempt insurance premiums each pay period. What are his net earnings for each pay period?

A wage is normally stated as a fixed amount of money paid each year to an employee.

Jen's Cycle Shop performs maintenance on and sells bicycles and has eight employees who are paid weekly. For one payroll period the withholding tax for all employees was $1762. The total Social Security tax withheld from employees' paychecks was $1063, the employer's share of Social Security tax was $1657, and the total Medicare tax withheld was $367. What is the total tax that must be deposited by Jen?

The amount of your earnings remaining after all deductions is called gross pay.

A quota can be best defined as:

Sybille worked 45 hours in one week. She earns $10.00 per hour with time and a half for overtime. Find her gross earnings for the week.

There are two methods, the wage bracket tables and the percentage, for calculating the amount of federal income tax.

-Eric Yang earns $603.16 weekly, is married, and claims 3 withholding allowances. Find his net earnings for this pay period. FICA tax is 4.2% and Medicare tax is 1.45%.

-Hassan Katragadda is married, has a gross weekly salary of $738.74 (all of which is taxable) , and claims 5 withholding allowances. Use the tax tables to find the federal tax withholding to be deducted from his weekly salary.

-Sun Chin earns a monthly salary of $6312.15 with no adjustments to income. She is single and claims 3 withholding allowances. Find the federal tax withholding to be deducted from her monthly paycheck using the percentage method tables.

Steve Nyren is paid on a salary-plus-commission basis. He receives $488 weekly in salary and a commission based on 1.1% of all weekly sales over $15,000. If he sold $23,700 in merchandise in one week, find his gross earnings for the week.

The amount of taxes withheld from your paycheck can be reduced by increasing the number of exemptions claimed on form W-2.

-Ann Preston is married, has a gross weekly salary of $543.74 (all of which is taxable) , and the number of withholding allowances she claims is 1. Use the tax tables to find the federal tax withholding to be deducted from her weekly salary.

-Peter Gabanyic is married, has a gross weekly salary of $683.21 (all of which is taxable) , and claims 4 withholding allowances. Use the tax tables to find the federal tax withholding to be deducted from his weekly salary.

The amount of Social Security tax and Medicare tax can change from year to year.

A pay system based on a percent of total dollar sales made is called an hourly rate.