FINANCE

36)

 

FICA taxes do not provide workers with

a.   life insurance.

b.   supplemental retirement.

c.   employment disability.

d.   medical benefits.

 

 

37)

Employee payroll deductions include each of the following except

a.   federal unemployment taxes.

b.   federal income taxes.

c.   FICA taxes.

d.   insurance, pension plans, and union dues.

 

 

38)

 

The journal entry to record the payroll for a period will include a credit to Salaries and Wages Payable for the gross

a.   amount less all payroll deductions.

b.   amount of all paychecks issued.

c.   pay less taxes payable.

d.   pay less voluntary deductions.

 

 

 

39)

 

The amount of income taxes withheld from employees is dependent on each of the following except the

a.   employee’s gross earnings.

b.   employee’s net pay.

c.   length of the pay period.

d.   number of allowances claimed by the employee.

 

 

40)

 

The following totals for the month of April were taken from the payroll register of Kirk Company.

Salaries and wages                                                 $36,000

FICA taxes withheld                                                 1,650

Income taxes withheld                                               7,500

Medical insurance deductions                                   1,350

Federal unemployment taxes                                          96

State unemployment taxes                                           648

The journal entry to record the monthly payroll on April 30 would include a

a.   debit to Salaries and Wages Expense for $36,000.

b.   credit to Salaries and Wages Payable for $36,000.

c.   debit to Salaries and Wages Payable for $36,000.

d.   debit to Salaries and Wages Expense for $25,500.

 

 

41)

 

The following totals for the month of April were taken from the payroll register of Kirk Company.

Salaries and wages                                                 $36,000

FICA taxes withheld                                                 1,650

Income taxes withheld                                               7,500

Medical insurance deductions                                   1,350

Federal unemployment taxes                                          96

State unemployment taxes                                           648

The entry to record the payment of net payroll would include a

a.   debit to Salaries and Wages Payable for $24,756.

b.   debit to Salaries and Wages Payable for $25,500.

c.   debit to Salaries and Wages Payable for $23,850.

d.   credit to Cash for $27,150.

 

 

42)

 

The following totals for the month of April were taken from the payroll register of Kirk Company.

Salaries and wages                                                 $36,000

FICA taxes withheld                                                 1,650

Income taxes withheld                                               7,500

Medical insurance deductions                                   1,350

Federal unemployment taxes                                          96

State unemployment taxes                                           648

The entry to record accrual of Kirk Company’s payroll taxes would include a

a.   debit to Payroll Tax Expense for $744.

b.   debit to Payroll Tax Expense for $2,394.

c.   credit to FICA Taxes Payable for $3,300.

d.   credit to Payroll Tax Expense for $744.

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