Questions from College Accounting


Q: What is the purpose of the Fair Labor Standards Act (also

What is the purpose of the Fair Labor Standards Act (also called the Federal Wage and Hour Law)?

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Q: The employer doesn’t have to contribute to FICA. Agree or disagree

The employer doesn’t have to contribute to FICA. Agree or disagree? Please explain.

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Q: Explain how an employer can receive a credit against the FUTA tax

Explain how an employer can receive a credit against the FUTA tax due.

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Q: Explain what an experience or merit rating is and how it affects

Explain what an experience or merit rating is and how it affects the amount paid by an employer for state unemployment insurance.

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Q: Who pays workers’ compensation insurance, the employee or the employer?

Who pays workers’ compensation insurance, the employee or the employer? What types of benefits does this insurance provide? How are premiums calculated?

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Q: An employee for Repairs to Go, Inc., works different numbers

An employee for Repairs to Go, Inc., works different numbers of hours each week depending on the needs of the business. To simplify the accounting, the bookkeeper for Repairs to Go classifies this emp...

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Q: What taxes are recorded when recording Payroll Tax Expense?

What taxes are recorded when recording Payroll Tax Expense?

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Q: Burton Fish is the purchasing agent for Lyle Co. One of

Burton Fish is the purchasing agent for Lyle Co. One of his suppliers, Grant Co., offers Burton a free vacation to Spain if he buys at least 50% of Lyle’s supplies from Grant Co. Burton, who is angry...

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Q: What is a calendar year?

What is a calendar year?

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Q: Explain how to calculate overtime pay.

Explain how to calculate overtime pay.

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