Term
| What is the minimum was tipped employee? |
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Definition
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Term
| What is a standard error employers make when reporting to Social Security? |
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Definition
| They report the wrong Employer Identification numbers |
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Term
| Escheat laws cover which type of checks issued by a company? |
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Definition
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Term
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Definition
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Term
| What is the period used to determine whether an employer pays employment pays taxes on a semi-weekly or monthly basis? |
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Definition
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Term
| What maximum penalty can be assessed against an employer that has not retained complete copies of form I-9 for each of its non-exempt employees? |
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Definition
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Term
| How long must an employer covered by the FLSA keep payroll covered by FLSA keep payroll records for non-exempt employees? |
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Definition
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Term
| What is the penalty for failure to file Form W-2 if the correct w-2 is filed within 30 days after the due date? |
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Definition
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Term
| Who regulates how often the employees must be paid by an employer? |
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Definition
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Term
| When is someone exempt from filing an I-9 form? |
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Definition
| when they are a 1099 employee doing job and not paid by the hour and employer has little control over how and when the work is performed |
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Term
| What are the two federal employment tax deposit schedules? |
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Definition
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Term
| What percentage of an employee's earnings is paid by the employer for FUTA? |
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Definition
| 6% of the first $7,000 earned by the employee |
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Term
| What are three expenses that can be included in a Section 125 plan? |
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Definition
| Insurance premiums, out of pocket medical expenses and child care expenses |
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Term
| What is an example of work that is a statutory employee? |
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Definition
| Full=time insurance sales person |
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Term
| The FLSA is bound to all but the following but minimum hourly, premium pay for work performed on a holiday, deductions for uniforms or tools of the trade or overtime pay? |
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Definition
| Premium pay for work performed on a holiday |
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Term
| What is the SS limit for 2023? |
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Definition
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Term
| Which employment is not required to be withheld from employees paychecks? |
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Definition
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Term
| What is the minimum age age at which an employee may operate a motor vehicle on public roads is? |
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Definition
| 17 years of age and meeting requirements for time spent driving and vehicle weight |
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Term
| In a shared services environment, which type of service provider performs services after coming to an agreement with the customer and bases the price on services used called? |
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Definition
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Term
| Which condition must be met in order for income to be constructively received by a taxpayer? |
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Definition
| Income must be available to the taxpayer without substantial limitations |
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Term
| Adjusting entries are used to |
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Definition
| Defer the effect of prior transactions |
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Term
| Performing a bank reconciliation is important to? |
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Definition
| detect errors and discrepancies |
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Term
| Performing a bank reconciliation is important to? |
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Definition
| detect errors and discrepancies |
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Term
| What is the major factor that determines the amount of data loss a business may be willing to tolerate? |
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Definition
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Term
| What is the purpose of a check sum in a software backup program is to? |
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Definition
| ensure the data integrity of the back data |
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Term
| When considering the purchase of a payroll system for a construction company, which systems ability would be considered necessary? |
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Definition
| Compliance with Davis-Bacon prevailing wage requirements |
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Term
| What type of feasibility study addresses budgetary constraints? |
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Definition
| A technical feasibility study |
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Term
| Which is not a component of a financial statement Balance Sheet, Income Statement, Statement of changes in assets or Statement of cash flow? |
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Definition
| Statement of changes in assets |
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Term
| A 'monthly schedule depositor' refers to..... |
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Definition
| the set of deposit rules that apply to an employer |
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Term
| Which of the following federal taxes is not withheld from an employee's wages after an employees death |
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Definition
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Term
| Under the Consumer Protection Act of 1977, what percentage of an employee's disposable earnings be deducted if the employee supports family and is 12 or more weeks in arrears on child support? |
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Definition
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Term
| What characteristic makes a cafeteria plan different from other types of benefit plans? |
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Definition
| The employee has a choice between taxable and nontaxable benefits. |
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Term
| Which type of flexible benefit plan provides compulsory cover for key benefits? |
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Definition
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Term
| Name three types of employees that would be exempt from filing an IRS Form 940? |
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Definition
| A household or agricultural employer, one that pays less than 1,500 a year in wages and one that employees a person less than 20 days |
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Term
| The overtime premium for a commission- only employee who worked 50 hours in a week and earned 1,000 in commissions would be |
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Definition
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Term
| What is not normally included in a job description of payroll personnel: company information, major functional area and responsibility, minimum qualifications, or physical requirements? |
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Definition
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Term
| Implementing internal control system is important to.... |
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Definition
| reduce uncorrected errors and theft. |
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Term
| What is the most important quality of a payroll manager when dealing with changes in an organization? |
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Definition
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Term
| How is an organization's quick ratio measured? |
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Definition
| Current assets divided by current liabilities |
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Term
| How is an organization's quick ratio measured? |
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Definition
| Current assets divided by current liabilities |
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Term
| What is the basic premise on the matching concept used in accounting? |
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Definition
| Revenues are reflected at the same time as associated costs |
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Term
| Which set of organizational activities would be most concerned with cash flow from debt? |
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Definition
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Term
| Which skill is essential for good performance management? |
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Definition
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Term
| What is a "Pass through" entity? |
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Definition
| Businesses like sole proprietorships, S-Corporations and partnerships don't pay taxes - the tax liability is "passed through to the owners. |
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Term
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Definition
| Employers Quarterly Federal Tax Return |
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Term
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Definition
| Employers Quarterly Federal Tax Return |
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Term
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Definition
| Supporting statement to correct information on the 941, 943 or 945 |
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Term
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Definition
| Employer's Annual Federal Tax Return |
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Term
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Definition
| Employer's Annual Tax Return for Agriculture Employees |
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Term
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Definition
| Annual Return of Withheld Federal income tax from non-payroll payments includes pensions, gambling winnings |
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Term
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Definition
| Employer's Annual Federal Unemployment Tax Return |
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Term
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Definition
| Employees Wage and tax Statement and the W2c is a correction to the w2. |
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Term
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Definition
| summary of earning that goes to the social security of office |
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Term
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Definition
| Used to report non-employee compensation in box 7 that will probably be subject to employment tax |
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Term
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Definition
| Annual Summary of Transmittal of US Information Returns |
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Term
| What is the maximum number of hours that a 14 or 15-year old may work per week when school is in session |
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Definition
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Term
| What is the maximum number of hours that a 14 or 15-year old may work per week when school is in session |
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Definition
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