Question:* A non-exempt employee works 38 hours one week and 46 hours the next week. How many hours should this employee be paid for two weeks if guaranteed 40 hours?
Answer: • The employee should be paid 86 hours. 78 reg hours, 2 guarantee hours and 6 OT hours.
Question:* How long should an employer retain payroll information?
Answer: • Three years.
Question:* If an employee's gross wages are $10,000, federal withholding is $1,000 and the employee wages YTD is $112,000, how much more tax money should be taken from employee's check?
Answer: • $145.00
Question:* Which form is needed for independent contractors or vendors who are seeking payment for their products/services?
Answer: • W-9
Question:* A non-exempt employee worked 48 hours one week which included a holiday and 46 hours the next week. How much OT pay is due to this employee?
Answer: • Only 6 hours OT
Question:* Where is a student's EIN generally registered?
Answer: • PAWS
Question:* Of the following, which is considered an employer-paid benefit?
Answer: • Sick days.
Question:* What type of form is used to determine the amount of withholding taxes deducted from an employees check?
Answer: • W-4
Question:* What does the initials EIC stands for?
Answer: • Earned Income Credit
Question:* What is a pay period?
Answer: • A recurring period of time that time is recorded and paid.
Question:* What is a contractor?
Answer: • A person receiving payment for a task in its entirety.
Question:* Which is not entitled to company benefits?
Answer: • Contractor
Question:* What is an employee?
Answer: • A person who is trained and hired.
Question:* What is an Employer Identification Number for?
Answer: • It identifies a businesses entity.
Question:* Which of the following is considered a withholding tax?
Answer: • Income tax.
Question:* Why is payroll important from an accounting standpoint?
Answer: • Payroll and the taxes therein significantly impact the success of the company.
Question:* An employee damages equipment and a court orders their wages are withheld as repayment. This is known as:
Answer: • garnishment
Question:* Which tax form does a contractor use?
Answer: • 1099
Question:* Which tax form does an employee use?
Answer: • W-2
Question:* What is the employers responsibility with regard to Medicare taxes?
Answer: • Employers are responsible for paying both the employer and employee's portion of the Medicare tax.
Question:* If you were to purchase stock, how is it referred to in terms of payroll deductions?
Answer: • Employee stock purchase plan.
Question:* What is an example of a voluntary deduction?
Answer: • 401(k)
Question:* Which is an example of a required deduction?
Answer: • State taxes
Question:* An employee works 40 hours at $15 per hour. How much would their weekly pre-tax pay be?
Answer: • $600
Question:* Which of the following is a payroll-related tax that is imposed on employers?
Answer: • FICA taxes.
Question:* The pay earned by hourly-paid employees is usually referred to as?
Answer: • Wage
Question:* When can voluntary deductions be made?
Answer: • Only when the employee has agreed to them.
Question:* An employee has a HR status of 2080 annual hours, what is their employment status?
Answer: • Full Time
Question:* True or false? A new employee must fill out a W-4.
Answer: • True
Question:* Who is responsible for paying taxes deducted from employee's check?
Answer: • The employer is responsible for paying taxes deducted from an employee's check to the appropriate agency.
Question:* The amount of pay that an employee "takes home" or can deposit into the bank is called?
Answer: • Net
Question:* What is the typical pay period?
Answer: • Bi-weekly.
Question:* What is the primary objective of payroll?
Answer: • Accurate and timely payment to employees including deductions and withholdings.
Question:* What does IRA stand for?
Answer: • Individual Retirement Account
Question:* What must all EIN applications disclose?
Answer: • The true, legal owner of the business.
Question:* What is a reason an employee might see a garnishment on their paycheck?
Answer: • Child support.
Question:* Which of the following do employees use to report annual income tax returns?
Answer: • W-2
Question:* How many yearly paychecks should a bi-weekly pay period yield to an employee?
Answer: • 26
Question:* The combination of the Social Security tax and the Medicare tax is referred to by what acronym?
Answer: • FICA
Question:* True or false? A fiscal year must start on January 1st.
Answer: • False
Question:* Which form do you use to declare exemptions and allowances?
Answer: • W-4
Question:* What is the function of payroll?
Answer: • The recording of salaries, wages, bonuses, and deductions.
Question:* 401K deductions are calculated from an employee's ...
Answer: • Gross Wages before taxes
Question:* Which tax is unique to the states, California, Hawaii, New Jersey, New York, and Rhode Island?
Answer: • Disability insurance tax.
Question:* Which employee tax elected filing status will deduct the highest withholding amount?
Answer: • Single 0
Question:* A bonus is listed under what category?
Answer: • Benefits.
Question:* What is gross pay?
Answer: • The total amount earned, before taxes
Question:* What is the current medicare taxable rate for 2012?
Answer: • 1.45%
Question:* In the General Journal, which side would your payroll tax expense be located?
Answer: • Debit
Question:* What specific criteria must be used when making a voluntary deduction for meals?
Answer: • The meal must have been job-related.
Question:* What requirements does the FLSA have for records keeping?
Answer: • None beside accurate record keeping.
Question:* What is an ACH payment related to?
Answer: • Direct deposits
Question:* What three payroll taxes are employers responsible for?
Answer: • FICA, FUTA, SUTA
Question:* What form is required to verify employment eligibility for a new or potential employee?
Answer: • I-9
Question:* Are you obligated to set up a method of taxation for independent contractors?
Answer: • No.
Question:* What is the standard rate for Medicare taxes?
Answer: • 1.45%
Question:* Which form is filled out by the employee and includes an employees withholding for federal tax purposes?
Answer: • W-4
Question:* What is a tax outside the scope of Federal taxes that an employer and employee are legally obligated to?
Answer: • State Income Tax
Question:* Who is a “nominee”?
Answer: • Delegated parties who are given limited authority to act on behalf of an entity for duties including payroll.
Question:* A employee garnishment is usually taken out of an employee's check when?
Answer: • After taxes. Amount is deducted from the net check.
Question:* An exempt employee is exempt from...?
Answer: • Overtime
Question:* What type of form is used to pay funds directly to employees bank account?
Answer: • Direct Deposit Form
Question:* What forms are filed at the end of the year to report employee wages to IRS?
Answer: • W-2
Question:* Which is listed under payroll taxes and costs?
Answer: • Medicare.
Question:* What tax document is provided at the end of the year to independent contractors and includes all payments paid?
Answer: • 1099 Misc Form
Question:* A employee garnishment is usually taken out of an employee's check when?
Answer: • After taxes. Amount is deducted from the net check.
Question:* If you were recording journal entries for wage expenses, where would they be listed?
Answer: • Debit.
Question:* What type of tax return is used to file employee deducted and employer matched payroll taxes at the end of a quarter?
Answer: • 941 Tax Return
Question:* Which tax return is used to file federal annual employer paid taxes?
Answer: • 940 Tax Return
Question:* What two accounting records are payroll typically recorded to?
Answer: • Income Statement and Balance Sheet
Question:* Which tax can you elect to be paid for in advance in your check if you qualify?
Answer: • EIC
Question:* When accounting for taxes payable, how are they listed?
Answer: • Credit.
Question:* If exempt employee Dr. Banks worked 48 hours in one week and 46 hours in a second week, how much overtime should he be paid?
Answer: • None
Question:* What form must a contractor include to not be considered an employee?
Answer: • Invoice
Question:* Which form is used to correct an employees reported wages to IRS after W-2's have been issued?
Answer: • W-2C
Question:* What is the current employer tax rate for FICA social security and medicare?
Answer: • 7.65%
Question:* How long should a W-4 be kept on file?
Answer: • Two years.
Question:* A employee garnishment is usually taken out of an employee's check when?
Answer: • After taxes. Amount is deducted from the net check.
Question:* What is the maximum taxable earnings allowed for medicare?
Answer: • The is no maximum taxable earnings for medicare?
Question:* Which form is used to correct an employees reported wages to IRS after W-2's have been issued?
Answer: • W-2C
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