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Question 11: Which statement regarding the calculation of taxes is accurate? Answer: А. O For simplicity, taxable income for local, state, and federal income tax withholdings has been standardized. В. O All taxes are calculated based on net pay. С. O Because retirement plans are exempt from federal income tax, you add the contributed amount before calculating the employee's federal withholding. D. O Taxes may be calculated based on an amount lower than gross pay, and not all taxes are calculated based on the same amount.

Question 11: Which statement regarding the calculation of taxes is accurate? Answer: А. O For simplicity, taxable income for local, state, and federal income tax withholdings has been standardized. В. O All taxes are calculated based on net pay. С. O Because retirement plans are exempt from federal income tax, you add the contributed amount before calculating the employee's federal withholding. D. O Taxes may be calculated based on an amount lower than gross pay, and not all taxes are calculated based on the same amount.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question 11: Which statement regarding the calculation of taxes is accurate? Answer: A. O For simplicity, taxable income for local, state, and federal income tax withholdings has been standardized. В. O All taxes are calculated based on net pay. С. O Because retirement plans are exempt from federal income tax, you add the contributed amount before calculating the employee's federal withholding. D. O Taxes may be calculated based on an amount lower than gross pay, and not all taxes are calculated based on the same amount. Question 12: Which of these is a credit reduction state/territory? Question 15: Union dues are considered a deduction. Answer: Answer: A. O Connecticut A. O cafeteria В. O Ohio В. O insurance C. O Virginia O mandatory С. D. O U.S. Virgin Islands D. O voluntary Question 14: Alejandra owns and operates an appliance store where employees clock in and out for each shift. Per the FLSA, Alejandra rounds employee time worked to the nearest 15-minute increment. On Tuesday this week, Stanley works 4 hours and afternoon. How does Alejandra record Stanley's time? minutes in the morning and 3 hours and 11 minutes in the Answer: А. O 7 hours В. O 7 hours and 15 minutes С. O 7 hours and 20 minutes D. O 7 hours and 30 minutes Question 13: Match each form relating to independent contractors to its intended purpose. Form 1099-NEC Used request a Taxpayer Identification Number DROP HERE Displays total compensation for one independent contractor Form W-9 DROP HERE Form 1096 Totals all compensation paid to independent contractors DROP HERE Used by the IRS to determine a worker's employment classification Form SS-8 DROP HERE Question 16: Most columns on the left side of the employee earnings record relate to employee earnings, while columns on the right relate to Answer: А. O allowances В. O deductions С. O regular hours worked D. O overtime hours worked Question 17: Match each additional Medicare tax earnings threshold to the filing status. Married filing jointly S125.000 DROP HERE Single/head of household/qualifying widower S200,000 DROP HERE Married filing separately S250,000 DROP HERE
Transcribed Image Text:Question 11: Which statement regarding the calculation of taxes is accurate? Answer: A. O For simplicity, taxable income for local, state, and federal income tax withholdings has been standardized. В. O All taxes are calculated based on net pay. С. O Because retirement plans are exempt from federal income tax, you add the contributed amount before calculating the employee's federal withholding. D. O Taxes may be calculated based on an amount lower than gross pay, and not all taxes are calculated based on the same amount. Question 12: Which of these is a credit reduction state/territory? Question 15: Union dues are considered a deduction. Answer: Answer: A. O Connecticut A. O cafeteria В. O Ohio В. O insurance C. O Virginia O mandatory С. D. O U.S. Virgin Islands D. O voluntary Question 14: Alejandra owns and operates an appliance store where employees clock in and out for each shift. Per the FLSA, Alejandra rounds employee time worked to the nearest 15-minute increment. On Tuesday this week, Stanley works 4 hours and afternoon. How does Alejandra record Stanley's time? minutes in the morning and 3 hours and 11 minutes in the Answer: А. O 7 hours В. O 7 hours and 15 minutes С. O 7 hours and 20 minutes D. O 7 hours and 30 minutes Question 13: Match each form relating to independent contractors to its intended purpose. Form 1099-NEC Used request a Taxpayer Identification Number DROP HERE Displays total compensation for one independent contractor Form W-9 DROP HERE Form 1096 Totals all compensation paid to independent contractors DROP HERE Used by the IRS to determine a worker's employment classification Form SS-8 DROP HERE Question 16: Most columns on the left side of the employee earnings record relate to employee earnings, while columns on the right relate to Answer: А. O allowances В. O deductions С. O regular hours worked D. O overtime hours worked Question 17: Match each additional Medicare tax earnings threshold to the filing status. Married filing jointly S125.000 DROP HERE Single/head of household/qualifying widower S200,000 DROP HERE Married filing separately S250,000 DROP HERE
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