Accounting Chapter 12

A Form W-4 lists the marital status and number of exemptions claimed by the employee.

• True

• False

The number of hours worked multiple by the hourly wage gives the net earnings for the pay period.

• True

• False

An example of a voluntary deduction is one for a health insurance premium.

• True

• False

The overtime rate set by the Fair Labor Standards Act of 1938 is one and half times the employee’s regular hourly pay rate.

• True

• False

Which method of paying employees involves a fixed amount paid for each period?

• piece rate

• commission

• salary

• hourly wage

Which form is allows a person to adjust their withholding?

• W-3

• W-4

• 1040

• 1099

To summarize the payroll information for the employees of a business, the accountant prepares what?

• payroll registers

• paycheck stub

• pay period

• payroll clerk

Which of the following deductions is not one of the main deductions taken out of a paycheck?

• Federal Income Tax

• Public School Tax

• Social Security

• State Tax

What is the plan where the company (for profit business) match a percentage of what the employee contributes to his/her retirement plan?

• Pension

• 401K

• 1099 K

• 1093 B

An amount subtracted from gross earnings.

• commission

• exemptions

• deduction

• direct deposit