The FLSA defines this as "any person acting directly or indirectly in the interest of an employer.
What is an employee.
100
Two parts: The Employee and the Employer OASDI precentage rates.
What is 4.2% for the employee and 6.2% for the employer.
100
This amount goes into box 2 of form W-2.
What is the amount of FIT withheld?
100
The EE's taxable wage base that ER's pay FUTA tax on (per each employee in one calendar year).
What is up to $7,000 per employee.
100
This document contains information about all of the employees. It includes their time records, regular earnings, deductions, and net pay.
What is the payroll register?
200
The Federal miminum wage rate and the minimum wage rate for tipped employees.
What is $7.25 and $2.13
200
The FICA-HI rate for both the employee and the employer.
What is 1.45%
200
The two methods for calculating the amount of FIT to withhold.
What is the percentage method and the wage-bracket method?
200
The net FUTA rate that ER's pay (that inculdes the 5.4% maximum reduction).
What is .6% (or .006 as a decimal)?
200
Increasing an expense account requires an amount in this column of the journal.
What is the debit column?
300
Employees that get paid biweekly recieve this many checks in one year.
What is 26.
300
Two parts: The taxable wage base for FICA-OASDI and for FICA-HI(up to this amount is taxable)
What is $110,100 for OASDI and no wage base for HI, every dollar is taxable.
300
Contributions into this standard tax deferred retirement plan are exempt from Federal Income Tax. (multiple answers acceptable)
What is a 401K plan, SIMPLE plans, IRAs.
300
The Employer's Annual Federal Unemployment (FUTA) Tax Return.
What is form 940?
300
All of the deductions taken out of an employees gross pay must go into this type of account.
What is a payable account (liability)?
400
The hourly rate of a salaried employee who works 40 hours a week and is paid $75,000 yearly.
What is $36.06 an hour.
400
The Employer's Quarterly Federal Tax Return form.
What is the form 941?
400
This Employee's Withholding Allowance Certificate contains the number of allowances to withhold and is completed by the employee.
What is from W-4.
400
A good employer will earn a 5.4% FUTA credit based on this rating.
What is the experience rating? (or merit rating)
400
The earnings remaining after withholding for federal and state income taxes, FICA taxes, state unemployment and disability taxes, and deductions required for state employees' retirement systems.
What are disposable earnings?
500
The gross pay for an employee who makes $8.50 an hour and worked 45 hours this week.
What is $403.75
500
The date the law requires employers to file form 941.
What is on or before the last day of the month following the close of the calendar quarter for which the the return applies.
500
Using the wage-bracket method, the amount of Federal Income Tax a $500 weekly paid, single employee must pay with two exemptions.
What is $39.00?
500
The amount of FUTA a "good" (timely tax paying) employer must pay on $100,000 of wages, of which $25,000 was paid to each employee in excess of $7,000.
What is $450? ($100,000 -$25,000=$75,000 taxable
$75,000x .6% (good ER rate)= $450.00)
500
The maximum amount of disposable earnings that can be garnished to repay a debt is the lesser of these two options.
What is 25% of disposable earnings for the week, or the amount by which the disposable earnings for the week exceed 30x the federal minimum wage rate?