Column 1
In the employee payroll journal entry, why is Cash credited?
Because cash is being paid out to employees.
What is the main tax advantage of a traditional 401(k)?
Contributions are usually made before taxes, lowering taxable income now.
What element has the chemical symbol “Fe”?
Iron
What is the name of the process where cells divide into two identical cells?
Mitosis
What is gross pay?
The total earnings before deductions.
What are the four employer payroll taxes?
FUTA, SUTA, Medicare, SS
What is the name of the closest star to Earth?
Proxima Centauri (outside the Sun)
What is the longest winning streak in NBA history?
Lakers 33 Games
What type of tax system does the United States use? Does everyone pay the same tax rate?
Progressive- people with higher incomes pay a higher percentage of their income in taxes than people with lower incomes.
What are the rates for social security and medicare?
6.2, 1.45%
What Olympic sport includes fencing, swimming, and running?
Modern pentathlon
What film won Best Picture at the 2020 Academy Awards?
Parasite
What is the purpose of Medicare tax?
It helps fund healthcare benefits for eligible elderly and disabled individuals through the Medicare program.
Which payroll taxes are paid by BOTH the employee and the employer?
Social Security and Medicare
What music genre originated in Jamaica?
Reggae
What band released the album “Abbey Road”?
The Beatles
Why are taxes and insurance credited in payroll journal entries?
Because they are liabilities/payables the business still owes to outside parties/ Because the business is holding the money temporarily until it pays it to the appropriate party
Maria is self-employed and earned $80,000 this year from her business.
How much will she pay in:
Step 1: Social Security Tax
80000×0.124=992080000\times0.124=992080000×0.124=9920
Social Security tax = $9,920
Step 2: Medicare Tax
80000×0.029=232080000\times0.029=232080000×0.029=2320
Medicare tax = $2,320
What movie features the quote “I’ll be back”?
The Terminator
What is the name of the school in “X-Men”?
Xavier’s School for Gifted Youngsters