Bookkeeping For Payroll Practice Quiz » Week 2 » Liabilities And Equity In Accounting

Q: An employee's paycheck will be: Gross Wages Earned - Deductions = Net pay. This will be the amount recorded for wages payable.

Correct! The final paycheck for an employee is calculated by gross wages earned, subtracting all deductions (taxes, garnishments, and elected withholdings), which leaves their net pay, or wages payable.

Q: Which of the following is not true of a guaranteed payment to a partner in a partnership business?

Correct! A partner receiving a guaranteed payment is NOT an employee and these are not counted as wages.

Q: Payroll reports are for internal use only.

Correct! Payroll reports will inform internal business metrics but are also necessary for external use when remitting taxes to external entities.

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Q:

An employee’s paycheck will be: Gross Wages Earned – Deductions = Net pay. This will be the amount recorded for wages payable.

View Solution

Q:

Which of the following is not true of a guaranteed payment to a partner in a partnership business?

View Solution

Q:

Payroll reports are for internal use only.

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