Question

Two categories of payroll deductions are required deductions and ___ deductions.

A. mandatory
B. forgiven
C. optional
D. restricted
Promissory notes due within one year that a company owes are called
A. long-term accounts payable.
B. short-term notes receivable.
C. promissory payable.
D. short-term notes payable.
Which of the following is not a component of a payroll system?
A. payroll sinking fund
B. employee earnings record
C. payroll bank account
D. payroll record
Which of the following is not a control for safeguarding payroll disbursements?
A. A formal timekeeping system is used.
B. Personnel department employees' and payroll department employees' responsibilities are separated.
C. Personnel department employees and payroll department employees have combined responsibilities.
D. A photo identification is required when payroll checks are distributed.
Which of the following is not an additional company expense?
A. unemployment tax
B. charitable contribution from employee
C. pension benefit costs
D. employer FICA
A $20,000, 90-day, 8% note payable was issued on November 1, 2015. Which of the following would be included in the journal entry required on the note's maturity date?
A. a credit to note payable for $20,400
B. a credit to cash for $10,000
C. a debit to interest expense for $133
D. a debit to interest payable for $133
Which of the following is referred to as net pay?
A. take-home pay plus all deductions
B. gross pay minus federal and state income taxes
C. all deductions plus all withholdings
D. gross pay minus all deductions
Richard and Linda are the only two employees of Carolina Company. In January, 2013, Richard's gross pay was $5,500 and Linda's gross pay was $5,200. Each employee pays federal income tax equal to 25% of gross pay. In addition, Linda pays $200 for insurance premiums and Richard pays $225. Each has $25 withheld for life insurance premiums. Assume a FICA tax rate of 8% on all earnings, a federal unemployment tax rate of 0.8%, and a state unemployment tax rate of 5.4%. The unemployment taxes are based on the first $7,000 of employee annual earnings.
The entry to record the payroll for January would include a

A. debit to salary payable to employees for $6,694.
B. credit to federal unemployment tax payable for $86.
C. credit to FICA tax payable for $856.
D. credit to state unemployment tax payable for $578.
Richard and Linda are the only two employees of Bush Company. In January, 2013, Richard's gross pay was $5,500 and Linda's gross pay was $5,200. Each employee pays federal income tax equal to 25% of gross pay. In addition, Linda pays $200 for insurance premiums and Richard pays $225. Each has $25 withheld for life insurance premiums. Assume a FICA tax rate of 8% on all earnings, a federal unemployment tax rate of 0.8%, and a state unemployment tax rate of 5.4%. The unemployment taxes are based on the first $7,000 of employee annual earnings.
The entry to record the payroll taxes imposed on the employer would include a

A. debit to FICA tax payable for $856.
B. debit to employee income tax payable for $2,675.
C. credit to state unemployment tax payable for $578.
D. debit to federal unemployment tax payable for $86.
Which of the following is a main component of a payroll system?
A. earnings record
B. tax liability
C. loss record
D. compliance checks
PLEASE HELP!!!

Answer 1

Two categories of payroll deductions are required deductions and C) OPTIONAL (OR VOLUNTARY) deductions.

Promissory notes due within one year that a company owes are called D) SHORT-TERM NOTES PAYABLE.

Which of the following is not a component of a payroll system? A) PAYROLL SINKING FUND

Which of the following is not a control for safeguarding payroll disbursements? C) PERSONNEL DEPARTMENT EMPLOYEES AND PAYROLL DEPARTMENT EMPLOYEES HAVE COMBINED RESPONSIBILITIES.

Which of the following is not an additional company expense? B) CHARITABLE CONTRIBUTION FROM EMPLOYEE

A $20,000, 90-day, 8% note payable was issued on November 1, 2015. Which of the following would be included in the journal entry required on the note's maturity date? C) A DEBIT TO INTEREST EXPENSE FOR $133

Which of the following is referred to as net pay? D) GROSS PAY MINUS ALL DEDUCTIONS

Richard and Linda are the only two employees of Carolina Company. In January, 2013, Richard's gross pay was $5,500 and Linda's gross pay was $5,200. Each employee pays federal income tax equal to 25% of gross pay. In addition, Linda pays $200 for insurance premiums and Richard pays $225. Each has $25 withheld for life insurance premiums. Assume a FICA tax rate of 8% on all earnings, a federal unemployment tax rate of 0.8%, and a state unemployment tax rate of 5.4%. The unemployment taxes are based on the first $7,000 of employee annual earnings.

The entry to record the payroll for January would include a C) CREDIT TO FICA TAX PAYABLE FOR $856.

Richard and Linda are the only two employees of Bush Company. In January, 2013, Richard's gross pay was $5,500 and Linda's gross pay was $5,200. Each employee pays federal income tax equal to 25% of gross pay. In addition, Linda pays $200 for insurance premiums and Richard pays $225. Each has $25 withheld for life insurance premiums. Assume a FICA tax rate of 8% on all earnings, a federal unemployment tax rate of 0.8%, and a state unemployment tax rate of 5.4%. The unemployment taxes are based on the first $7,000 of employee annual earnings.

The entry to record the payroll taxes imposed on the employer would include a C) CREDIT TO STATE UNEMPLOYMENT TAX PAYABLE FOR $578.

Which of the following is a main component of a payroll system? B) TAX LIABILITY