ACCT test review

What is "time and a half"?

• 11:30 am

• 150% times employee base rate pay.

• The FUTA rate of tax on quarterly earnings

• Means you owe federal income tax plus another 50%

How are unemployment insurance benefits financed?

• They are financed by taxing the employee and withholding from gross earnings

• employers pay the entire tax based on an amount determined by state and federal government.

• The total cost of unemployment (FUTA and SUTA) is shared equally by employees and employers

• Congress allocates funds to pay all costs related to unemployment benefits

how are social security benefits financed?

• k

• d

• s

• employees and employers both fund social security

The purpose of FUTA is to provide benefits for...

• employees who become unemployed

• j

• s

• ss

who pays the social security tax?

• j

• s

• both employees and employer

• e

which one of the following is not a required deduction from payroll required by federal law?

• FUTA tax

• j

• r

• d

which factor(S) does not determine the amount of federal income tax to be withheld from an employee's earnings

• state where employee lives

• g

• s

• ss

what does being classified as an "exempt" employee mean?

• s

• s

• s

• generally speaking, not eligible for any overtime pay.

which of the following affects the amount of Medicare tax to be withheld from an hourly rate employee's pay?

• s

• d

• s

• Hours worked resulting in higher gross pay?

Cas Walk worked 48 hours during the week ending November 17. Her regular rate is $9 per hour. Calculate her gross earnings for the week.

• s

• s

• $468

• s