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Review Payroll Accounting

Total questions: 28

Worksheet time: 14mins

Name
Class
Date
1.
The document that records all employees total earnings as well as total deductions is the
a)
Payroll Register
b)
Employee Earnings Record
c)
Payroll Tax Record
d)
Gross Pay Calculator
2.
An employees earnings after all taxes and optional deductions are taken out is called
a)
Gross pay
b)
Net Pay
c)
Total Earnings
d)
Total deductions
3.
The form used to record an individual employees total earnings and total deductions is called the
a)
Payroll register
b)
Employee Earnings Record
c)
Gross Pay calculator
d)
Income Tax Accumulation
4.
Deductions a business makes from its employees earnings (such as Fed Inc Tax) are recorded in a journal as ____________ to the business.
a)
Assets
b)
Expenses
c)
Liabilities
d)
Equities
5.
Which account is debited when a business records it employee payroll?
a)
Salaries Expense
b)
Payroll Tax Expense
c)
Cash
d)
Salaries Payable
6.
What % is withheld from employees to pay for Social Security?
a)
1.45%
b)
3.75%
c)
5%
d)
6.2%
7.
How much is withheld from employees earnings to pay for Medicare Tax?
a)
1.45%
b)
5%
c)
6.2&
d)
8%
8.
True or False..  State Income Tax is collected in all 50 states.
a)
True
b)
False
9.
The form employees fill out before they start to declare how many allowance they want is the
a)
W-2
b)
W-4
c)
1099
d)
1040EZ
10.
Paying an employee a set amount each pay period is called a
a)
Piece Rate
b)
Hourly Wage
c)
Salary
d)
Commission
11.
Paying an employee based on how many hours they worked is called paying
a)
Piece Rate
b)
Hourly Wage
c)
Salary
d)
Commission
12.
Paying an employee based on a percentage of sales is called paying
a)
Piece Rate
b)
Hourly Wage
c)
Salary
d)
Commission
13.
How many hours can an hourly worker work in a week before receiving overtime pay?
a)
20
b)
40
c)
60
d)
80
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.

What is the formula for calculating gross wages?

a)

Gross Wages = Total Hours Worked * Hourly Rate

b)

Gross Wages = Total Hours Worked - Hourly Rate

c)

Gross Wages = Total Hours Worked / Hourly Rate

d)

Gross Wages = Total Hours Worked + Hourly Rate

16.

What is the difference between gross wages and net wages?

a)

Gross wages are the amount received after deductions, while net wages are the total amount earned before deductions.

b)

Gross wages are the amount received after taxes, while net wages are the total amount earned before taxes.

c)

Gross wages are the total amount earned after deductions, while net wages are the amount received before deductions.

d)

Gross wages are the total amount earned before deductions, while net wages are the amount received after deductions.

17.

What is the purpose of withholding taxes in payroll accounting?

a)

To ensure accurate payroll calculations.

b)

To collect income taxes from employees throughout the year.

c)

To calculate employee benefits.

d)

To provide additional income for the employees.

18.

What are some common payroll deductions for employees?

a)

federal income tax, state income tax, Social Security tax, Medicare tax, health insurance premiums, retirement contributions, and garnishments

b)

sales tax, property tax, unemployment tax

c)

union dues, parking fees, gym membership

d)

student loan payments, credit card payments, car loan payments

19.

What are some legal requirements for payroll accounting?

a)

Ignoring minimum wage and overtime laws

b)

Not providing pay stubs to employees

c)

Accurately calculating and withholding taxes, maintaining records of employee wages and hours worked, providing pay stubs to employees, and complying with minimum wage and overtime laws.

d)

Paying employees in cash, without any record keeping

20.
The social security tax is paid by both employer and employees.
a)
True
b)
False
21.
When a business transfers money from its regular checking account to the payroll checking account, the check is written for the total net pay amount.
a)
True
b)
False
22.
The payroll register is the source of information for preparing the journal entry for payroll.
a)
True
b)
False
23.
The account Employees' Federal Income Tax Payable has a normal _____ balance.
a)
Debit
b)
Credit
24.
The account Salaries Expense has a normal ____ balance.
a)
Debit
b)
Credit
25.
Payroll Tax Expense has a normal _____ balance.
a)
Debit
b)
Credit
26.
A decrease to the U.S. Savings Bonds Payable account is recorded as a ______.
a)
Debit
b)
Credit
27.
By January 31, employers must provide each employee with a _____, which summarizes the employee's wages and taxes withheld.
a)
Form W-3
b)
Form W-2
c)
Form 940
d)
Form 941
28.

A business form used to record details affecting payments made to an employee

a)

employee earnings record

b)

payroll register

c)

total earnings

d)

withholding allowance

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