What are the two methods payroll accountants use to determine federal income tax withholding amounts? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as ncorrect.) ?Wage-salary method ? Wage-bracket method ?Percentage method ? Salary-bracket method

What are the two methods payroll accountants use to determine federal income tax withholding amounts? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as ncorrect.) ?Wage-salary method ? Wage-bracket method ?Percentage method ? Salary-bracket method

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter12: Preparing Payroll Records

Section: Chapter Questions

Problem 1MP

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V5. Question 9 Any flexibility in the question is to give the students the option to choose who approach or report. Word count doesn’t matter. 1. List four main payroll deductions/ withholding. Define each deduction and what is deduction for. 2. Do you recommend outsourcing the payroll function? List factors supporting your argument for or against. 3. List one most commonly and internally generated payroll reports. Purpose, uses and the information. 4. What is technology or application used in the payroll cycle that you recommend. 5. What is the main purpose behind the new hire report (b) which government agency is concerned with new hire report.
1- Payroll tax liability payments . А. Should be entered through pay bills. В. Can be entered through pay employees С. Can be entered through pay liabilities on the Home page. D. None of these answers is correct. 2- The amount of an employee's paycheck after deductions are taken out is called A. Gross pay В. Net pay С. Billable pay D. Gross compensation 3- Wages and salaries expense for the year А. Will be equal to the sum of all paychecks issued during the year. В. Will be equal to the sum of all compensation paid to employees during the year. C. Will be equal to the sum of all compensation earned by employees during the year. D. Will be equal to the sum of all compensation and employer taxes paid during the year. 4 New employees must complete Form W-2 and give it to their employer. A. True B. False 5- A new hourly rate would be set up in A. New Employee Setup B. Add Payroll Item C. Add Payroll Wage D. New Employee Wage Setup
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Exercise 5-4A (Static) Under which circumstances could the percentage method be used to determine federal income tax withholding amounts? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.) @ 2 W ? When the employee's taxable income exceeds the maximum amount on the appropriate wage-bracket table ? When computational accuracy is critical ? When using a computerized accounting system to compute payroll deductions ? When using a manual accounting system for a small number of low-pay employees F2 # 3 JUL 7 E 80 F3 $ 4 a F4 R . % 5 U 8 DII F8 ZAO 1 ( DD 9 F9 ) 0 0 W F10 S D F G H J K L P X F11 >
Question 9: The Internal Revenue Service levies a small service fee for employers who utilize the Electronic Federal Tax Payment System. Answer: A. True В. False
To determine how much to deduct from the gross pay of Jason Parker, an employee of Jensen Ltd., one would look at the earnings record. O Form TD1. O payroll register. O Form T4.
Which one of the following statements about payroll is incorrect – * a. you must record an hourly rate, salary or commission to process a paycheque b. the program calculates EI, CPP and Income Tax based on federal tax tables C. you must enter amounts for RRSP and Medical manually in the payroll journals d. the payroll ledgers do not have a single control account
Question 30: Match each form to its purpose. SS-4 Used to obtain a Social Security number DROP HERE W-4 Provides information to calculate income tax withholding DROP HERE SS-5 Used to obtain an Employer Identification Number DROP HERE 1-9 Verifies employment eligibility DROP HERE 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 B. O Ohio B. O insurance C. O Virginia C. O mandatory 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 9 minutes in the morning and 3 hours and 11 minutes in the afternoon. How does Alejandra record Stanley's time? Answer: A. O 7 hours B. O 7 hours and 15 minutes C. O 7 hours and 20 minutes D. O 7 hours and 30…
D Exercise 5-7A (Static) Which of the following statements are true about state and local income taxes? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.) W S X F2 ? All states tax employee earnings. ? Some localities levy income tax on employees. State tax rates on employee earnings vary among states. ? Certain states have no personal income tax deduction. # 3 E JUL 7 80 F3 $ 4 R Q F4 % 5 U * 00 8 DII F8 I ( 9 J K CVBNM A F9 0 < ) 0 F10 L W P 4 F11 { [ = F12 ?
I already did part b and c and I am struggling to do part a. Help please !!