Exam (elaborations)

Payroll Final Exam 2024/2025 with 100% correct answers

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Course
Payroll F

Institution
Payroll F

Companies usually provide a separate column in the payroll register to record the employers payroll taxes - correct answers False An employer will use the payroll register to keep track of an employees accumulated wages - correct answers False Deduction from gross pay in the payroll register ...

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Uploaded on September 17, 2024
Number of pages 6
Written in 2024/2025
Type Exam (elaborations)
Contains Questions & answers

payroll final exam

Institution Payroll F
Course Payroll F

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Payroll Final Exam

Companies usually provide a separate column in the payroll register to record the employers payroll
taxes - correct answers ✔✔False

An employer will use the payroll register to keep track of an employees accumulated wages - correct
answers ✔✔False

Deduction from gross pay in the payroll register are reflected on the credit side of the journal entry to
record the payroll - correct answers ✔✔True

If wages are paid weekly, postings to the employees earnings record would be done once a month -
correct answers ✔✔False

In order to prepare Forms W-2, an employer would utilize the employees earning record - correct
answers ✔✔True

Tax withholding from employees pay reduce the amount of the debit to salary expense in the payroll
entry - correct answers ✔✔False

The wages and salaries expense account is an operating expense account debited for total net pay each
payroll period - correct answers ✔✔False

The SUTA tax is not a social security tax - correct answers ✔✔False

Since the Advance EIC payments are added to the employees take home pay checks, it is an added
expense to the employer - correct answers ✔✔False

FIT Payable is a liability account used to record both the employees withheld federal income taxes and
also the employers match of that tax - correct answers ✔✔False

, A debit to the employees FIT payable account removes the liability for the amount of federal income
taxes withheld from employees wages - correct answers ✔✔True

When withheld union dues are turned over to the union by the employer, a journal entry is made
debiting the liability account and crediting the Cash Account - correct answers ✔✔True

Under the provision of the Consumer Credit Protection Act, an employer can discharge an employee
simply because the employees wage is subject to garnishment for a single indebtedness - correct
answers ✔✔False

Under the Consumer Credit Protection Act, disposable earning are the earning remaining after any
deduction for taxes, pensions (such as the 401-k) and health insurance - correct answers ✔✔False

When recording FICA taxes, different liability accounts should be set up for the employees and the
employers portion of the tax - correct answers ✔✔False

FUTA taxes payable is an expense account in which are recorded the employers federal unemployment
taxes - correct answers ✔✔False

Since the FUTA is a social security tax, it can be charged to the same expense account as the other
payroll taxes of the employer, the Payroll Taxes Expense account - correct answers ✔✔True

At the time that the entry is made to record the employers payroll taxes, the SUTA tax is recorded at the
net amount (0.8%) - correct answers ✔✔False

In the adjusting entry to accrue wages at the end of the accounting period, there is no need to credit any
tax withholding accounts - correct answers ✔✔True

The adjusting entry to record accrued vacation pay at the end of the accounting period includes credits
to the tax withholding liability accounts - correct answers ✔✔False

Since vacation time is paid when used, there is no need to accrue this time in a liability account at the
end of each accounting period - correct answers ✔✔False

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Exam (elaborations)

Payroll Final Exam 2024/2025 with 100% correct answers

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