The Social Security tax on wages is the following percentage shared equally by employees and employers (unless federal legislation changes the percentage): A) 12.4%. B) 6.2%. C) 1.45%. D) No limit. E) None of the above. Feedback: Correct True or False 1 CORREC T From the Navigation Bar, to set up employee names, addresses, and payroll information, go to the Employees & Payroll Navigation Center, click on the Employees icon and select New Employee. A) True. B) False. Feedback: Correct 2 CORREC T The payroll checking account is established by depositing $6,500 of personal funds from the owner into the payroll checking account. A) True. False.
B) Feedback: Correct (A transfer of funds in the amount of $6,500 is made from the County Bank account into the payroll checking account.) 3 CORREC T The Payroll Setup Wizard simplifies the process of setting up payroll defaults and other information. A) True. B) False. Feedback: Correct 4 CORREC T Employers withhold local, state, and federal taxes from their employees’ paychecks. A) True. B) False. Feedback: Correct 5 CORREC T Unlike the social security tax, Medicare is deducted from all wages. A) True. B) False. Feedback: Correct
You've reached the end of your free preview.
Want to read all 4 pages?
- Summer '19