ACCT Ch 12
Quiz by John Peters
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11 questions
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- Q1What form do employees complete to determine their withholding allowances?Form 1040Form 1099Form W-4Form W-230s
- Q2What is the Medicare tax rate mentioned in the text?6.2%1.25%2.5%1.45%30s
- Q3What is another term for 'total earnings' before deductions?basic salarytaxable incomegross paynet pay30s
- Q4What taxes are included under the Federal Insurance Contributions Act (FICA)?Federal income tax and estate tax.Corporate tax and sales tax.Social Security tax and Medicare tax.Property tax and state income tax.30s
- Q5What determines the amount of federal income tax withheld from an employee's earnings?Only the employee's salary amount.The employee's job title.The length of employment.The employee's total earnings, marital status, and number of withholding allowances.30s
- Q6What is the definition of payroll in a business context?The deductions made from employee wages.The total amount earned by all employees for a pay period.The total salaries paid each month.The amount an employee earns annually.30s
- Q7How is net pay calculated?By calculating total earnings without deductionsBy subtracting total deductions from total earnings.By adding all earnings togetherBy multiplying earnings by tax rates30s
- Q8How does claiming dependents on your tax return affect your tax liability?It increases your tax rateIt can reduce the amount of taxable income and tax owedIt has no effect on taxesIt only affects state taxes30s
- Q9What is a dependent for tax purposes?Any friend that lives with youAnyone over the age of 18A person who pays you rentA person whom you support financially and who qualifies you for certain tax benefits30s
- Q10What is the primary difference between payroll and salary?Payroll is only for hourly workers.Salary is the total payment for all employees.Salary is always paid weekly.Payroll refers to the total amount of money paid to employees, while salary is a fixed regular payment.30s
- Q11How often is salary usually paid compared to payroll?Salary is paid daily, while payroll is monthly.Salary payments and payroll processing are the same thing.Salary is only paid once a year, while payroll is weekly.Salary is usually paid on a regular schedule, such as monthly or biweekly, while payroll can be processed more frequently.30s