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| 1 | |
Net pay plus deductions equals gross pay. |
| | A) | True |
| | B) | False |
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| 2 | |
Bi-weekly means there are 24 pay periods per year. |
| | A) | True |
| | B) | False |
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| 3 | |
The Fair Labor Standard Act sets minimum wage standards and overtime regulations. |
| | A) | True |
| | B) | False |
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| 4 | |
The number of dependents one claims does affect the amount of Federal Income Tax withheld. |
| | A) | True |
| | B) | False |
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| 5 | |
The W-4 is strictly used to calculate Federal and State unemployment taxes. |
| | A) | True |
| | B) | False |
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| 6 | |
Only Social Security is computed by the Percentage Method. |
| | A) | True |
| | B) | False |
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| 7 | |
The wage base for Medicare: |
| | A) | Is changed once a year |
| | B) | Is changed every 6 months |
| | C) | Does not change since there is no base |
| | D) | Only after a calendar year |
| | E) | None of the above |
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| 8 | |
The payroll register: |
| | A) | Can never be computerized |
| | B) | Is prepared once a year |
| | C) | Can show FICA taxable earnings |
| | D) | Cannot show cumulative earnings |
| | E) | None of the above |
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| 9 | |
Percentage method income tax withholding tables show: |
| | A) | Only weekly payroll |
| | B) | Only monthly payroll |
| | C) | Rates for FIT withholding for current calendar year |
| | D) | Only simi-monthly payroll |
| | E) | None of the above |
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| 10 | |
The standard rate after tax credit for FUTA is: |
| | A) | .0008% |
| | B) | .8% |
| | C) | 5.4% |
| | D) | 6.2% |
| | E) | None of the above |
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| 11 | |
Knowing the one withholding allowance when using the percentage method income tax table: |
| | A) | Helps caculate FUTA |
| | B) | Helps calculate SUTA |
| | C) | Will never change |
| | D) | Helps calculate FIT |
| | E) | None of the above |
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| 12 | |
Laura Bramsa is a sales clerk at Lynn's Department Store. She is paid $8.50 per hour plus a commission of 4 percent on all sales. Assuming Laura works 36 hours and has sales of $5,200, her gross pay is: |
| | A) | $306 |
| | B) | $208 |
| | C) | $514 |
| | D) | $360 |
| | E) | None of the above |
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| 13 | |
Letter Corporation pays its employees on a graduated commission scale: 6 percent on the 1st $40,000 sales; 7 percent on sales above $40,000 to $85,000; and 8 percent on sales greater than $85,000. Joe Murray had sales of $125,000. His commission is: |
| | A) | $10,000 |
| | B) | $5,650 |
| | C) | $7,590 |
| | D) | $7,950 |
| | E) | None of the above |
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| 14 | |
Janet Ring earns $810 per week plus 6 percent of sales in excess of $8,000. If Janet sells $40,000 in the 1st week, her earnings are: |
| | A) | $810 |
| | B) | $2,730 |
| | C) | $3,210 |
| | D) | $2,310 |
| | E) | None of the above |
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| 15 | |
Lee Hall is a salesman who receives a $2,000 draw per week. He receives a 10 percent commission on all sales. Sales for Lee were $310,000. Assuming a 4-week month, Lee's commission after the draw is: |
| | A) | $31,000 |
| | B) | $23,000 |
| | C) | $13,000 |
| | D) | $32,000 |
| | E) | None of the above |
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