Payroll Practice Quiz

· Prepare and use a payroll register including Social Security and Medicare withholdings. Use =IF and =ROUND to design the Social Security tax and union dues formulas. Record journal entries for payroll, employer's tax liability, and payment of payroll taxes. Identify behavior patterns among payroll taxes over time. Alter the worksheet to include an additional employee. Create a chart showing the percentage of an employee's gross pay that is withheld for taxes and other such deductions, and how much is left over as net pay. PROBLEM DATA Reno Graphics has five employees, and they are paid at the end of each month. Payroll data for November are as follows: Employee Jones Miller Smith Williams Zlotorzynski Gross Pay for November $9,000 1,530 1,210 12,000 4,200 Federal Income Tax Withheld $1,948 137 89 Cumulative Gross Pay at October 31 $? 15,570 6,550 2,788 661 Other information (using 2011 rates) is as follows: a. Social security taxes are 4.2% of monthly gross pay up to a cumulative…

Which of the following is true about employee pay methods? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.) O Employees must request the transfer of payroll earnings to their paycard each period. Employees must be able to access the full amount of their net pay on the pay date. O Employees do not need to own a bank account to receive their pay via direct deposit. O Employers must keep a record of all pay disbursements.

Felipe's Mexican Restaurant incurred salaries expense of $59,000 for 2024. The payroll expense includes employer FICA tax, in addition to state unemployment tax and federal unemployment tax. Of the total salaries, $16,000 is subject to unemployment tax. Also, the company provides the following benefits for employees: health insurance (cost to the company, $2,400), life insurance (cost to the company, $400), and retirement benefits (cost to the company, 5% of salaries expense). A (Click the icon to view payroll tax rate information.) More info Requirements For all payroll calculations, use the following tax rates and round amounts to the nearest cent: 1. Journalize Felipe's expenses for employee benefits and for payroll taxes. Explanations are not required. Employee: OASDI: 6.2% on first $132,900 earned; Medicare: 1.45% up to $200,000, 2.35% on earnings above $200,000. 2. What was Felipe's total expense for 2024 related to payroll? Employer: OASDI: 6.2% on first $132,900 earned per…

1.Why do the employee deductions display as negative amounts on the Payroll Entry window 2.What are the gross pay amounts for Brandee M. Nunnley and for Drake V. Carter? Include Mr. Carter's overtime pay. 3.What is the net pay for Brandee M. Nunnley and for Drake V. Čarter? Include Mr. Carter's overtime pay. 4.What happens when payroll entries are posted? what informarion ia missing

Identify all correct statements concerning payrolls andrelated payroll costs.a. Both employers and employees pay Social Security andMedicare taxes.b. Workers’ compensation premiums are withheld fromemployees’ wages.c. An employer’s total payroll costs usually exceed totalwages expense by about 71⁄2 percent.d. Under current law, employers are required to pay SocialSecurity taxes on employees’ earnings, but they are notrequired to pay for health insurance.

Compute the net pay for each employee and answer the additional requirements that follow: Deductions Employee Basic Pay SSS Philhealth Withholding Tax Ericka Bilango 40,300.00 581.30 550.00 100.00 P 3,933.84 Alani Ching 37,600.00 581.30 517.00 100.00 3,267.09 Audrey Tan 35,500.00 581.30 488.13 100.00 2,749.31 1. How much is the total Salaries Expense? 2. How much is the total payroll deductions? 3. How much is the total credit to Cash upon payment of salaries? Is this the same as the take-home pay? Pag-IBIG

activity Investigating Payroll Deductions Read the problem and answer the question. An employer is required to withhold 7.65 percent of the first $62,700 of an employee's income for FICA taxes. Suppose you earn $50,000. How much will be withheld for FICA?

To determine how much to deduct from the gross pay of Jason Parker, an employee of Jensen Ltd., one would look at the earnings record. O Form TD1. O payroll register. O Form T4.

Factory Payroll: (To record salaries and wages paid and the employee payroll deductions) (To record employer payroll taxes) Sales Payroll: (To record salaries and wages paid and the employee payroll deductions) || |

Required information [The following information applies to the questions displayed below.] BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. a. b. C. Gross Pay through Gross Pay for September August 31 $ 5,200 $ 2,400 2,700 132, 100 Assuming situation (a), prepare the employer's September 30 journal entry to record salary expense and its related payroll liabilities for this employee. The employee's federal income taxes withheld by the employer are $90 for this pay period. Complete this question by entering your answers in the tabs below. Taxes to be Withheld From Gross Pay 2,800 8,700 General Journal The employee's federal income taxes withheld by the employer are $90 for this pay period. Assuming situation (a), compute the taxes to be withheld from gross pay for this employee.…

Problem #3 Ernesto Enterprises uses the wage-bracket method to determine federal income tax withholding on its employees. Find the amount to withhold from the wages paid each employee. Employee Filing Status No. of Withholding Payroll Period Wage Amount to Be Allowances w = Weekly Withheld S = Semimonthly M= Monthly D= Daily Lily Troon MFJ N/A $1,250 Barry Ortega N/A 695 Pat Lopez N/A 915 Rex Kim MFJ N/A M 3,070 Ruth Horace MFJ N/A M 2,730 Tom Gleam MFJ N/A 1,200 Tom Abreu N/A 115 Holly Sanchez s Kathy Nee N/A N/A 2,040 MFJ M 3,500

Select the best answer. What is the maximum amount of tax credits available to employers for paid leave provided to employees under the FFCRA? 100% of the qualifying payments made to employees who took leave for a qualifying reason, A. thus giving the employer full reimbursement B. 100% of the payments made for the first two weeks of paid leave and 2/3ds of the payments made for the additional ten weeks C. 100% of the payments made to full-time employees only 100% of the payments made to employees who were employed for at least 30 days prior to D. the leave Submit Answers

Calculation and Journal Entry for Employer Payroll Taxes  1. Calculate the employer's payroll taxes expense. Round your answer to the nearest cent. 2. Prepare the journal entry as of March 12, 20--, assuming that FUTA tax is 0.6%, SUTA tax is 5.4%, Social Security tax is 6.2%, and Medicare tax is 1.45%. If required, round your answers to the nearest cent. If an amount box does not require an entry, leave it blank. Earnings for several employees for the week ended March 12, 20--, are as follows:     Taxable Earnings Employee Name CurrentEarnings UnemploymentCompensation SocialSecurity Aus, Glenn E. $720   $190         $720   Diaz, Charles K. 370   360         370   Knapp, Carol S. 1,240   -         1,240   Mueller, Deborah F. 850   125         850   Yeager, Jackie R. 900   35         900