Acct 5.0 Test Review

Front

Mayberry Ice Cream Shoppe has $1,500.00 in wages, $93.00 in Social Security withholding, $21.75 in Medicare withholding, $200.00 in federal income tax withholding, and $80.00 in state income tax withholding. The federal unemployment tax rate is 0.8%. In this scenario, what is the Medicare Tax Payable for the pay period?

Back

$43.50

Front

Nick worked 35 hours at a rate of $10.00/hour and made 2% commission on sales of $5,750.00. What are his gross earnings for the pay period?

Back

$465.00

Front

On April 16, Caldwell Company received notice from the bank of a dishonored check from Hickory Hosiery in the amount of $55. The bank charged a service fee of $25. The correct journal entry to record the dishonored check is:

Back

debit Accounts Receivable/Hickory Hosiery, $80; credit Cash, $80.

Front

On March 31 of the current year, Avery Company received a bank statement dated March 30. Based on this information, the journal entry to record the bank service charge is: debit Miscellaneous Expense, $2.50; credit Cash, $2.50.

Back

debit Miscellaneous Expense, $2.50; credit Cash, $2.50.

Front

What is the state income tax withholding for Sally Smith, who has a gross pay of $425.00?

Back

$27.63

Front

What is the Medicare withholding for Sally Smith with a Gross Pay of $425.00?

Back

$6.16

Front

What is the Social Security withholding for Kevin?

Back

$37.20

Front

Matt has gross earnings of $300.00 and total deductions of $126.75. What is Matt's net pay?

Back

$173.25

Front

What is the adjusted bank balance for Brunswick Builders based on the bank statement dated August 30? Options: $1,452.00, $1,481.25, $1,514.25, $1,518.00

Back

$1,452.00

Front

What are Greg's total deductions if he has gross earnings of $245.00, Social Security withholding of $15.19, Medicare withholding of $3.55, federal income tax withholding of $50.00, and state income tax withholding of $15.93?

Back

$84.67