Unlock the essentials of payroll management with our comprehensive quiz on accounting principles! This document covers key concepts such as electronic systems, wage-bracket methods, and manual versus electronic payroll systems. Dive into the intricacies of payroll processing, including employee ear...
Circle the letter of the Answer that corresponds to the displayed Question.
1
Question: Electronic System
a) An employee's total earnings.
b) Compensation for managerial or administrative services.
c) Payroll taxes withheld to provide Social Security and Medicare benefits.
d) A computer system based on a software package that performs all payroll record keeping and
prepares payroll checks.
Correct Answer: A computer system based on a software package that performs all payroll record
keeping and prepares payroll checks.
Explanation: An electronic system in payroll refers to a computer-based system designed to manage
payroll processes efficiently, including record-keeping and generating payroll checks.
2
Question: Wage-Bracket Method
a) Compensation for skilled or unskilled labor.
b) Someone who works under the control and direction of an employer.
c) A method of determining the amount to withhold from an employee's gross pay for a specific time
period. Wage-bracket tables are provided by Internal Revenue Service.
d) Compensation for managerial or administrative services.
Correct Answer: A method of determining the amount to withhold from an employee's gross pay for a
specific time period. Wage-bracket tables are provided by Internal Revenue Service.
Explanation: The wage-bracket method is used to calculate the amount of federal income tax to
withhold based on an employee's gross pay and filing status, using tables provided by the IRS.
3
Question: Manual System
a) Someone who works under the control and direction of an employer.
b) Payroll system in which all records are prepared by hand.
c) A payroll method in which the employee does not handle the paycheck; payment is made by the
employer directly to the employee's bank.
d) A computer system based on a software package that performs all payroll record keeping and
prepares payroll checks.
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