Question 1

Match the terms with the definitions.
- Exempts a specific dollar amount of an employee's gross pay from federal income tax withholding.

Accepted Answer

A withholding allowance exempts a specific dollar amount of an employee's gross pay from federal income tax withholding, directly affecting the amount of tax withheld from their paycheck.

Question 2

The account,____________________,should be credited for the total income tax withheld from an employee's earnings.

Accepted Answer

The answer of The account,____________________,should be credited for the total...

Question 3

Match the terms with the definitions.
-An employee's total earnings

Accepted Answer

Gross pay refers to an employee's total earnings before any deductions are made, such as taxes or retirement contributions.

Question 4

The ____________________ requires employers to determine the amount to withhold from an employee's gross pay for a specific time period from the appropriate wage-bracket table provided by the Internal Revenue Service.

Accepted Answer

The answer of The ____________________ requires employers to determine the...

Question 5

The form used to assemble the data required at the end of each payroll period is the ____________________.

Accepted Answer

The answer of The form used to assemble the data...

Question 6

Match the terms with the definitions.
- Compensation for managerial or administrative services.

Accepted Answer

Salary is the compensation for managerial or administrative services, typically paid on a monthly or yearly basis, as opposed to wages that are usually calculated on an hourly or daily basis.

Question 7

Match the terms with the definitions.
-Employers determine the amount to withhold from an employee's gross pay for a specific time period from the appropriate wage-bracket table provided by the Internal Revenue Service.

Accepted Answer

The wage-bracket method is used by employers to determine the amount of tax to withhold from an employee's paycheck based on their earnings and tax bracket, as provided by the IRS.

Question 8

Payroll taxes withheld to provide Social Security and Medicare benefits are called ____________________.

Accepted Answer

The answer of Payroll taxes withheld to provide Social Security...

Question 9

____________________ provides pensions and disability benefits.

Accepted Answer

The answer of ____________________ provides pensions and disability benefits....

Question 10

Match the terms with the definitions.
-Payroll taxes withheld to provide Social Security and Medicare benefits.

Accepted Answer

FICA taxes are specifically designed to fund Social Security and Medicare benefits, which are withheld from an employee's paycheck.

Question 11

The ____________________ account is credited for the Social Security tax withheld from an employee's earnings.

Accepted Answer

The answer of The ____________________ account is credited for the...

Question 12

Match the terms with the definitions.
- Requires employers to pay overtime at 1 1/2 times the regular rate to any hourly employee who works over 40 hours in a week.

Accepted Answer

The Fair Labor Standards Act (FLSA) requires employers to pay overtime at 1 1/2 times the regular rate to any hourly employee who works over 40 hours in a week.

Question 13

Match the terms with the definitions.
- Compensation for skilled or unskilled labor.

Accepted Answer

Wages refer to the compensation provided for both skilled and unskilled labor, typically based on hours worked or the amount of work done.

Question 14

Match the terms with the definitions.
-The employee does not handle the paycheck; payment is made by the employer directly to the employee's bank.

Accepted Answer

Direct deposit is the method where the employer deposits the employee's paycheck directly into the employee's bank account, bypassing the need for the employee to handle a physical check.

Question 15

Match the terms with the definitions.
-Someone who works under the control and direction of an employer.

Accepted Answer

An employee is defined as a person who works under the control and direction of an employer, performing tasks and duties as assigned by the employer.

Question 16

Match the terms with the definitions.
- Gross pay less mandatory and voluntary deductions.

Accepted Answer

Net pay is the amount of money employees take home after all deductions, including both mandatory (like taxes and FICA) and voluntary (like health insurance or retirement contributions), have been subtracted from their gross pay.

Question 17

A separate record of each employee's earnings is known as a(n)____________________.

Accepted Answer

The answer of A separate record of each employee's earnings...

Question 18

Match the terms with the definitions.
-A form used to assemble the data required at the end of each payroll period.

Accepted Answer

The payroll register is the form used to assemble the data required at the end of each payroll period. It typically includes each employee's gross pay, deductions, and net pay for the payroll period.

Question 19

A(n)____________________ exempts a specific dollar amount of an employee's gross pay from federal income tax withholding.

Accepted Answer

The answer of A(n)____________________ exempts a specific dollar amount of...

Question 20

With ____________________,the employee does not handle the paycheck; payment is made by the employer directly to the employee's bank.

Accepted Answer

The answer of With ____________________,the employee does not handle the...

Quiz 8: Payroll Accounting: Employee Earnings and Deductions

Match the terms with the definitions. - Exempts a specific dollar amount of an employee's gross pay from federal income tax withholding.

The account,____________________,should be credited for the total income tax withheld from an employee's earnings.

Match the terms with the definitions. -An employee's total earnings

The ____________________ requires employers to determine the amount to withhold from an employee's gross pay for a specific time period from the appropriate wage-bracket table provided by the Internal Revenue Service.

The form used to assemble the data required at the end of each payroll period is the ____________________.

Match the terms with the definitions. - Compensation for managerial or administrative services.

Match the terms with the definitions. -Employers determine the amount to withhold from an employee's gross pay for a specific time period from the appropriate wage-bracket table provided by the Internal Revenue Service.

Payroll taxes withheld to provide Social Security and Medicare benefits are called ____________________.

____________________ provides pensions and disability benefits.

Match the terms with the definitions. -Payroll taxes withheld to provide Social Security and Medicare benefits.

The ____________________ account is credited for the Social Security tax withheld from an employee's earnings.

Match the terms with the definitions. - Requires employers to pay overtime at 1 1/2 times the regular rate to any hourly employee who works over 40 hours in a week.

Match the terms with the definitions. - Compensation for skilled or unskilled labor.

Match the terms with the definitions. -The employee does not handle the paycheck; payment is made by the employer directly to the employee's bank.

Match the terms with the definitions. -Someone who works under the control and direction of an employer.

Match the terms with the definitions. - Gross pay less mandatory and voluntary deductions.

A separate record of each employee's earnings is known as a(n)____________________.

Match the terms with the definitions. -A form used to assemble the data required at the end of each payroll period.

A(n)____________________ exempts a specific dollar amount of an employee's gross pay from federal income tax withholding.

With ____________________,the employee does not handle the paycheck; payment is made by the employer directly to the employee's bank.