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WorksheetsAccounting Midterm Review
Total questions: 15
Worksheet time: 4mins
The FICA taxes have two components and they are
Federal income tax and state income tax
Social security tax and Medicare tax
Social security tax and Federal income tax
Medicare tax and state income tax
The overtime rate is
6.2
2
1.45
1.5
To find the federal income tax,
we use the overtime rate
we use the federal income tax rate
we use the tax tables
we use the FICA tax rates
This is the amount of time over which an employee is paid
payroll
pay period
pay stub
paycheck
This is a fixed amount of money paid to an employee for each pay period.
piece rate
salary
wage
commission
This is an amount paid to an employee based on a percentage of the employee’s sales.
Salary
wage
piece rate
commission
An amount subtracted from gross earnings is a
withdrawal
payroll
salary
deduction
All of the choices are deductions required by law EXCEPT
401k plan
federal income tax
medicare
social security
A withholding allowance reduces the amount of income tax to be withheld
TRUE
FALSE
This is an amount of money paid to an employee at a specified rate per hour worked.
salary
piece rate
commission
wage
A driver earns $5 an hour. He worked 10 hours this week.
How much is his hourly wage?
$500
$50
$5
$5,000
Diana worked 43 hours this week. She earns $7 an hour.
What is her regular earnings?
$250
$280
$301
$31.50
John had a total car sales of $50,000. He earns a 3% commission.
What is his total commission?
$150
$15
$1,500
$15,000
Sarah made 200 units of pen cover. She earns $1.50 for every unit that she produces. What is her total piece rate?
$300
$200
$350
$250
All are voluntary deductions except for
life insurance payments
social security
charitable contributions
U.S. savings bonds
