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WorksheetsChapter 12 Payroll
Total questions: 18
Worksheet time: 9mins
Name
Class
Date
1.
A set amount of money paid to an employee each pay period is called
a)
salary
b)
wages
c)
commission
d)
overtime
2.
An amount paid to an employee based on a percentage of the employee's sales is
a)
salary
b)
wages
c)
commission
d)
overtime
3.
The total amount of money an employee earns in a pay period before deductions
a)
net pay
b)
gross pay
c)
book value
d)
overall wages
4.
The number of days or weeks of work covered by an employee's paycheck.
a)
pay day
b)
payroll
c)
paycheck
d)
pay period
5.
A record of the time an employee arrives and leaves each day is often kept on a
a)
ledger card
b)
time manager
c)
clock document
d)
time card
6.
The overtime rate for work over 40 hours is generally __________ times the regular rate of pay.
a)
1
b)
1.5
c)
2
d)
2.5
7.
The taxes that MUST come out of every employee's paycheck are called
a)
required deductions
b)
voluntary deductions
c)
allowances
d)
FUTA
8.
Amounts subtracted from pay are called
a)
overtime
b)
taxes
c)
deductions
d)
commissions
9.
Employees state how many allowances they have on a form called
a)
1099
b)
Federal Tax Refund Form
c)
W-4
d)
W-2
10.
A separate record kept for each employee and all the pay they received throughout the year is
a)
payroll register
b)
employee earnings record
c)
W-4
d)
Employee pay stub
11.
The amount left after deductions are subtracted is called
a)
gross pay
b)
overtime
c)
commission
d)
net pay
12.
Overtime is paid when an employee works more than _____ hours a week
a)
20
b)
36
c)
40
d)
48
13.
What % is withheld from employees to pay for Social Security?
a)
1.45%
b)
3.75%
c)
5%
d)
6.2%
14.
What is the formula for calculating Overtime Pay?
a)
Regular pay x 2
b)
Regular pay x 1.5
c)
Regular pay x 3
d)
Regular pay / 2
15.
Federal income taxes are a progressive tax calculated on worker earnings in ______ states.
a)
several
b)
most
c)
all 50
d)
none of the 50
16.
Social Security and Medicare are called ___________ taxes because they are paid by the employee and the employer.
a)
double
b)
inconvenient
c)
collective
d)
matching
17.
When a business withholds taxes from an employee's earnings, the money is ultimately transferred to the state or federal government. Therefore the business "owes" the government this money so these deductions are _______________ until paid.
a)
LIABILITIES
b)
assets
18.
The portion of FICA that pays for hospital insurance.
a)
Medicare
b)
Social Security
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