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ACC 105 Chapter 5 Smartbook: Employee Net Pay & Pay Methods || Questions and 100% Accurate Answers. $10.99
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ACC 105 Chapter 5 Smartbook: Employee Net Pay & Pay Methods || Questions and 100% Accurate Answers.
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Once the employer has computed the employee's gross pay, the next step is: correct answers to deducted mandatory, voluntary, and mandated amounts After computing employee gross pay, the next step is to: correct answers subtract pre-tax deductions Daniel is a new employee looking at contributi...

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  • August 9, 2024
  • 6
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • once the employer has computed the employees gros

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  • ACC 105 Chapter 5 Smartbook: Employee Net Pay & Pa
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ACC 105 Chapter 5 Smartbook: Employee Net Pay & Pay
Methods || Questions and 100% Accurate Answers.
Once the employer has computed the employee's gross pay, the next step is: correct answers to
deducted mandatory, voluntary, and mandated amounts

After computing employee gross pay, the next step is to: correct answers subtract pre-tax
deductions

Daniel is a new employee looking at contributing to a 401(k) offered through the company. How
will his contributions affect his tax liability? correct answers -No change to FICA tax liability
-Lower federal income tax

The purpose for using grossed-up pay is to: correct answers -Satisfy tax liabilities
-Achieve a predetermined net pay

The employer's role in federal income taxes is: correct answers -depositor
-reporter
-collector

Mandatory tax deductions for all employees include the following: correct answers -Medicare
taxes
-Federal income taxes
-Social Security taxes

Put the list in the correct processing order: correct answers 1. Determine Gross Pay
2. Determine Pre-Tax Deductions
3. Determine Federal Withholding Taxes
4. Determine Post-Tax Deductions

George had gross wages of $1,000, 401(k) deduction equal to 15% of gross wages and health
insurance of $50. George's taxable income is $_. correct answers $800
(1,000 x .15 = 150
150 + 50 = 200
1,000 - 200 = 800)

An employee earns $4,000 per week and contributes $150 to their 401(k) plan and $75 to United
Way, a charity. What is the employee's FICA taxes for the period? correct answers $306
($4,000 x (.062 + .0145) = $306
Social Security Tax Rate = 6.2
Medicare Tax Rate = 1.45)

During the first step of determining grossed-up pay, what computation must occur? correct
answers Compute the total percentage of mandatory taxes

, The employee completes which form to identify the withholding information for federal income
taxes? correct answers W-4

Which of the following are more often employer-only taxes? correct answers -Federal
unemployment taxes
-State unemployment taxes

True or False: The new Form W-4 removes the withholding allowances and focuses on marital
status, annual income, and dependents. correct answers True

True or False: Social Security and Medicare can be higher than federal taxable income because
of retirement contributions. correct answers True

An employee earns $4,000 per week and contributes $150 to their 401(k) plan and $75 to United
Way. What amount of employee's wages are subject to federal income taxes? correct answers
$3,850
($4,000 - 150 = $3,850)

In 2020, Publication _ was issued for the sole purpose of income tax calculations. correct
answers 15-T

True or False: The wage-bracket method is useful for manual payroll preparation because the
process of federal tax withholding is an absolute amount that will match the year-end tax forms.
correct answers False

What item(s) was/were new on the Form 2020 W-4? correct answers Dependents under 17

When would an employee want to have additional taxes withheld by their employer? correct
answers -When the employee has more than one job.
-When the employee has additional income for which no income tax is withheld.

When using the wage-brack method in Publication 15-t, the payroll clerk identifies the: correct
answers -taxable income
-marital status

Manual calculations of payroll taxes using the wage-bracket method would: correct answers
estimate the amount for year end

Under the percentage method, place the items in calculation order: correct answers 1. Gross Pay
2. Federal Taxable Wages
3. Withholding Allowance Deduction
4. Tiered Tax Rate

Which of the following are types of taxes employers would match? correct answers -Social
Security taxes
-Medicare taxes

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