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NEW QUESTION # 25
In which type of account (asset, liability, expense or revenue) would each of the following entries appear?
- A. a new payroll computer
- B. ss tax and medicare tax withheld but not deposited
- C. office furnitue
- D. wages paid to employees
- E. employer cost of group term life insurance
- F. mortgage on the addition to your building
- G. deposit of employer portion of social security tax and medicare tax
- H. purchase of computer paper
- I. money in a payroll checking account
Answer: A,B,C,D,E,F,G,H,I
NEW QUESTION # 26
How long should employers keep payroll records beyond legal requirements
- A. 3 years
- B. 2 years
- C. as long as the company needs the records
- D. 4 years
Answer: C
NEW QUESTION # 27
All of the following types of payments are included in the regular rate of pay calculation except:
- A. a production bonus to be paid in June which the employer announced in jan
- B. an agreement with the union to pay one half of one weeks salary to workers with over 5 years of services
- C. shift differential for working the 4pm to midnight shift
- D. a traditional $50 gift certificate which the firm has paid for the past 5 years during holiday season
Answer: D
NEW QUESTION # 28
An employer may provide all of the following features in a 401k plan except:
- A. lower ceilings on contributions
- B. higher benefits for highly compensated employees
- C. matching contributions
- D. catch up contribution
Answer: B
NEW QUESTION # 29
Privacy of employee info should be a top priority of the payroll manager, but not necessarily a top priority of the payroll staff.
- A. false
- B. true
Answer: A
NEW QUESTION # 30
All of the following deductions are involuntary deductions EXCEPT:
- A. child support
- B. tax levy
- C. creditor garnishment
- D. wage assignment
Answer: D
NEW QUESTION # 31
All of the following types of compensation are included in calculating an employees regular rate of pay for overtime purposes except:
- A. production bonus of $15
- B. shift premiums
- C. 4 hours paid but not worked
- D. 4% cost of living adjustment
Answer: C
NEW QUESTION # 32
Salaries earned but not yet paid in the current month must be recorded as:
- A. debit to cash
- B. credit to salary expense
- C. debit to salary expense
- D. debit to salary payable
Answer: C
NEW QUESTION # 33
Last month, an employee emailed her mother on the company's email, photocopied fliers for her church picnic at work and used her work computer to update her resume. These services represent:
- A. no-additional cost services
- B. taxable compensation
- C. working condition fringes
- D. de minimis fringes
Answer: D
NEW QUESTION # 34
Under what conditions can an employee claim exemption from withholding on form W4?
- A. receiving overtime pay
- B. anticipates receiving a bonus
- C. an employee takes her first job
- D. had no tax liability last year and expects no tax liability this year
Answer: D
NEW QUESTION # 35
Internal control procedures include all of the following except:
- A. system interfaces
- B. rotation of duties
- C. segregating jobs
- D. account reconciliation
Answer: A
NEW QUESTION # 36
All of the following statements are correct regarding online processing EXCEPT:
- A. the data is changed immediately
- B. the operator can communicate with the system as the fata is being processed
- C. the system is interactive
- D. the data to be processed may be abtched
Answer: B
NEW QUESTION # 37
Which plan is specifically set up for government employees?
- A. 457b plan
- B. nonqualified deferred compensation plan
- C. 401k plan
- D. 403b plan
Answer: A
NEW QUESTION # 38
Which of the following events would require an employee to fill out an amended form w4 within 10 days of its occurrence?
- A. death of a spouse
- B. adoption of a kid
- C. employee becomes legally separated from his or her spouse who was claimed as a dependent
- D. employees spouse quits job to stay home with a new baby
Answer: C
NEW QUESTION # 39
The federal minimum wage is used when figuring the amount to withhold for a creditor garnishment
- A. TRUE
- B. False
Answer: A
NEW QUESTION # 40
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