The Real Minimum Wage Rate

question 139

Multiple Choice

The real minimum wage rate

• A) has generally increased since 1967.
• B) has generally decreased since 1967.
• C) was at its highest level in 1995.
• D) fell after 1967 until it reached a minimum around 1985 and has generally risen since then.
• E) has stayed in the range between $6 and $5 (measured in 2005 dollars per hour) since 1967.

Understand the employer's payroll tax liabilities and the related accounting entries.

Distinguish between the information contained in a payroll register and an employee’s earnings record.

Understand how to calculate total FICA taxes for an employer based on social security and Medicare tax rates.

Determine the correct journal entry for the payment of net pay from the payroll register.

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