1) Companies are mandated to pay for medical insurance premiums of their employees. True/False2) The federal income tax withholding is added to the gross pay of the employees. True/False3) The overtime rate for an employee who earns $20.00 regular rate is $30.00. True/False4) At the end of the year, employees are given Form 1099-Misc for the total amount of gross wages earned for the year. True/False5) On Dec. 15, current year, ABC Co. paid 2 employees: Toni is paid $20.00 an hour and worked for 48 hours for the week. Joseph is paid a salary amount of $1,000.00 a week. Toni’s federal income tax withholding is $50.00 and Joseph’s federal income tax withholding is $100.00. Joseph contributes $10.00 to United Way and Toni does not. None of the employees had reached the limit for social security taxes.Refer to Table 1, the net amount of take home pay for Joseph is:$893.50$943.50$833.50$883.50none of the above6) On Dec. 15, current year, ABC Co. paid 2 employees: Toni is paid $20.00 an hour and worked for 48 hours for the week. Joseph is paid a salary amount of $1,000.00 a week. Toni’s federal income tax withholding is $50.00 and Joseph’s federal income tax withholding is $100.00. Joseph contributes $10.00 to United Way and Toni does not. None of the employees had reached the limit for social security taxes.Refer to Table 1, the combined total of social security taxes for both Toni and Joseph is:$85.68$150.00$58.76$56.50none of the above7) On Dec. 15, current year, ABC Co. paid 2 employees: Toni is paid $20.00 an hour and worked for 48 hours for the week. Joseph is paid a salary amount of $1,000.00 a week. Toni’s federal income tax withholding is $50.00 and Joseph’s federal income tax withholding is $100.00. Joseph contributes $10.00 to United Way and Toni does not. None of the employees had reached the limit for social security taxes.Refer to Table 1, the combined total of Medicare taxes for both Toni and Joseph is:$ 85.68$150.00$95.68$115.26none of the above8) On Dec. 15, current year, ABC Co. paid 2 employees: Toni is paid $20.00 an hour and worked for 48 hours for the week. Joseph is paid a salary amount of $1,000.00 a week. Toni’s federal income tax withholding is $50.00 and Joseph’s federal income tax withholding is $100.00. Joseph contributes $10.00 to United Way and Toni does not. None of the employees had reached the limit for social security taxes.Refer to Table 1, the combined total of the federal income tax withholding for both Toni and Joseph is:$85.68$150.00$29.58$275.26None of the above.9) On Dec. 15, current year, ABC Co. paid 2 employees: Toni is paid $20.00 an hour and worked for 48 hours for the week. Joseph is paid a salary amount of $1,000.00 a week. Toni’s federal income tax withholding is $50.00 and Joseph’s federal income tax withholding is $100.00. Joseph contributes $10.00 to United Way and Toni does not. None of the employees had reached the limit for social security taxes.Refer to Table 1. What is the combined total gross pay for both Toni and Joseph?$ 960.00$1,000.00$2,040.00$1,040.00None of the above
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