7.2   Learning Objective 7-2

 

1) An employee has gross earnings of $1,000 with withholdings of 6.2% FICA-OASDI, 1.45 % FICA-Medicare, $50 for federal income tax and $10 for state income tax. How much is the gross pay?

A) $1000.00

B) $781.15

C) $771.15

D) $791.15

 

2) An employee has gross earnings of $1,000 with withholdings of 6.2% FICA-OASDI, 1.45% FICA-Medicare, $50 for federal income tax and $10 for state income tax. How much is the net pay?

A) $900.00

B) $781.15

C) $863.50

D) $791.15

3) Ocean’s Auction House’s payroll for April includes the following data:

 

Gross earnings

$2,900

Salaries subject to FICA:

 

   6.2% OASDI

2,550

   1.45% Medicare

3,000

Salaries subject to unemployment:

 

   0.8% FUTA

2,000

   2.0% SUTA

2,000

Other deductions include:

 

   Federal income tax

500

   State income tax

300

 

What is the gross pay?

A) $1,998.40

B) $1,942.40

C) $2,900.00

D) $2,798.40

 

4) Ocean’s Auction House’s payroll for April includes the following data:

 

Gross earnings

$3,000

Salaries subject to FICA:

 

   6.2% OASDI

2,550

   1.45% Medicare

3,000

Salaries subject to unemployment:

 

   0.8% FUTA

2,000

   2.0% SUTA

2,000

Other deductions include:

 

   Federal income tax

500

   State income tax

300

 

What is the net pay?

A) $1,998.40

B) $1,942.40

C) $3,000.00

D) $2,798.40

5) Ocean’s Auction House’s payroll for April includes the following data:

 

Gross earnings

$4,000

Salaries subject to FICA:

 

   6.2% OASDI

2,550

   1.45% Medicare

4,000

Salaries subject to unemployment:

 

   0.8% FUTA

2,000

   2.0% SUTA

2,000

Other deductions include:

 

   Federal income tax

500

   State income tax

300

 

What is the employer’s portion of the tax?

A) $1,072.10

B) $56.00

C) $272.10

D) $800.00

 

6) Ocean’s Auction House’s payroll for April includes the following data:

 

Gross earnings

$3,000

Salaries subject to FICA:

 

   6.2% OASDI

2,550

   1.45% Medicare

3,000

Salaries subject to unemployment:

 

   0.8% FUTA

2,000

   2.0% SUTA

2,000

Other deductions include:

 

   Federal income tax

500

   State income tax

300

 

What is the employee’s portion of the tax?

A) $1,057.60

B) $1,001.60

C) $257.60

D) $800.00

7) The payroll taxes the employer is responsible for are:

A) FICA-OASDI.

B) FICA-Medicare.

C) worker’s compensation.

D) All of the above are correct.

 

8) If the employee has $300 withheld from their check for FICA-OASDI, what is the amount that the employer would need to pay?

A) $300

B) $100

C) $0

D) $400

 

9) If the employee has $500 withheld from their check for federal income tax, what is the amount that the employer would need to pay for their portion of the federal income tax?

A) $500

B) $100

C) $0

D) $400

 

10) Unemployment taxes are:

A) based on wages paid to employees.

B) based employer’s payment history.

C) the same for all employers.

D) Both A and B are correct.

 

 



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