Tracking payroll transactions

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Last updated 11:14 PM on 8/15/24
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7 Terms

1
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Earnings from which an employer must withhold taxes.

  • Net pay

  • Taxable wages

  • FICA

  • FUTA

Taxable wages

2
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Taxes going into Medicare and Social Security paid by both employees and employers.

  • Net pay

  • Taxable wages

  • FICA

  • FUTA

FICA

3
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The amount an employee gets paid after deductions.

  • Net pay

  • Taxable wages

  • FICA

  • FUTA

Net pay

4
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A payroll tax that only the employer pays.

  • Net pay

  • Taxable wages

  • FICA

  • FUTA

FUTA

5
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Where does SUTA appear on a paystub?

  • In the deduction section

  • Under gross pay

  • It does not appear because it’s paid only by the employer.

It does not appear because it’s paid only by the employer.

<p>It does not appear because it’s paid only by the employer.</p>
6
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Which of the following is an example of an amount of money that would be withheld due to wage garnishment?

  • FICA

  • Credit card debt

  • State disabilities insurance

Credit card debt

<p>Credit card debt</p>
7
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<p>Looking at the paystub above, calculate the correct FICA withholding and net wages for the pay period. (FICA is calculated as 7.65% of the employees gross wages).</p><ul><li><p>FICA $122.24, net wages $1477.76</p></li><li><p>FICA $122.40, net wages $1477.60</p></li><li><p>FICA $121.60, net wages $1478.40</p></li></ul>

Looking at the paystub above, calculate the correct FICA withholding and net wages for the pay period. (FICA is calculated as 7.65% of the employees gross wages).

  • FICA $122.24, net wages $1477.76

  • FICA $122.40, net wages $1477.60

  • FICA $121.60, net wages $1478.40

FICA $122.40, net wages $1477.60

<p>FICA $122.40, net wages $1477.60</p>