Quickbooks Payroll Certification Training 29 Questions with Verified Answers,100% CORRECT

Quickbooks Payroll Certification Training 29 Questions with Verified Answers What happens if a QuickBooks Online Payroll Elite client receives a payroll tax penalty because of a product error? - CORRECT ANSWER The penalty is discounted by 50% (*)A QuickBooks Elite Payroll subscription guarantees to cover the cost of any penalty The penalty is paid automatically via the client's QuickBooks Online Payroll file The client receives a notification on the Payroll Center Overview screen Which 2 of the following statements are true of the QuickBooks Online Payroll Core standalone subscription? - CORRECT ANSWER (*)You can add QuickBooks Online to an existing Payroll Core standalone subscription You can set up a QuickBooks Online Payroll Core standalone subscription directly from QuickBooks Online Accountant You can't be set up as a company administrator (*)There are three tabs on the Left Navigation Bar: Payroll, Reports, and Payroll Tax When inviting an employee to add their personal details via Workforce, which information must be in QuickBooks Online Payroll to enable the invite to be sent? - CORRECT ANSWER (*)Name Address Date of birth Date of hire Telephone contact numbers (*)Email address Social Security Number (SSN) Where can see all paychecks created following a payroll run? - CORRECT ANSWER (*)Payroll Center Employee tab Paycheck list Payroll Center Employee tab Run payroll Tax Center Employee tab Run payroll report Gear icon Payroll settings View Payroll In their spare time, a volunteer has been working for your client, a charity shop. The charity has secured additional funding for the next 12 months to fund a paid role for the volunteer for 15 hours per week. - CORRECT ANSWER Full time (*)Part-time Intern No change What report shows all paychecks you've created, including a detailed breakdown of the amounts of all wages, taxes, and deductions. - CORRECT ANSWER Payroll Deductions/Contributions Payroll summary Payroll tax liability (*)Payroll details Which QuickBooks Online Payroll report provides details for a selected pay date, including the amount, employee and employer-paid taxes, and deductions? - CORRECT ANSWER Payroll Tax and Wage Summary Payroll Deductions/Contributions Total Payroll Cost (*)Payroll Detail Payroll Tax Payments Your client, Dave, owns a small construction business and his 14-year old son has been asking if he could work for Dave on Saturdays. The employment of minors is strictly regulated, so Dave will need to make sure he's compliant. Which Act should your client reference about the employment of minors? - CORRECT ANSWER Employing Minors Standards Act Fair Pay Standards Act (*)Fair Labor Standards Act Minors Labor Standards Act Which 2 pieces of personal information do employers need to maintain in an employee's file? - CORRECT ANSWER (*)Social Security Number (*)Birth Date Marital Status Mother's maiden name Which 2 wage types are considered regular wages? - CORRECT ANSWER Commissions Bonuses (*)Hourly pay (*)Salary Your client provided one of their employees with a non-working dinner as a token of appreciation while out of town on business. How should your client deal with the cost of the meal? - CORRECT ANSWER (*)They should add the cost to Dan's wages as a taxable benefit They should add the cost to Dan's wages as a nontaxable benefit They shouldn't add the cost to Dan's wages as it isn't a benefit Which 2 deductions are considered involuntary from the options below? - CORRECT ANSWER (*)Child support Retirement plan Medical insurance (*)Spouse support (alimony) Form 940 must be retained for how many years? - CORRECT ANSWER 1 year 3 years (*)4 years 5 years Your client opted to accrue payroll. They paid their employees on July 5 for the work they did between June 14 and July 3. What action does your client need to take at the end of the month? - CORRECT ANSWER (*)They will need to accrue the amounts that the employees earned for the days through June 30th They will need to accrue the amounts that the employees earned for the days in July No action would be required When filing W-2 forms, who should receive Copy D? - CORRECT ANSWER Social Security Administration (SSA) The employee for their records State, city, or local tax department (*)Employer (or you) for your client's records After you prepare and submit your W-2 forms via QuickBooks Online Payroll, which 2 option will indicate that the form was received correctly? - CORRECT ANSWER (*)The filing status will change to Completed The tax agency will contact you by phone to confirm The tax agency will send a letter of confirmation (*)You'll receive an email notification In addition to keeping them on your books, how does QuickBooks Online Payroll handle voided paychecks? - CORRECT ANSWER (*)The paycheck will show in the list, but with a zero balance The paycheck will be deleted from the list The paycheck will show in the list but with balance and tax debited The paycheck will be deleted from the list, and the check will be canceled When printing paychecks, what is the preferred check style to give an employee a paystub? a. Standard b. Wallet c. Payroll d. Voucher - CORRECT ANSWER D When setting up a new employee, what is important about the Payroll Info tab? a. Whatever you enter/see in this window affects each paycheck, unless you change the information on the paycheck itself. b. It identifies the state subject to withholding and the state where the employee lives (usually the same). c. You enter Emergency Contact information, which is required by law in many states. d. This tab tracks an employee's age and gender necessary for tax calculations. - CORRECT ANSWER A Why must you set deposit frequencies for the taxes or deductions your company has to pay (Payroll Liabilities)? a. This is required by State and Federal governments. If these are not set up, a warning is sent to the agency. b. So that QuickBooks can enter the dates on the Payroll Calendar that checks are due. c. So that Payroll Liabilities show up in the Pay Scheduled Liabilities list in the Payroll Center. d. You don't need to set deposit frequencies. QuickBooks does it for you - CORRECT ANSWER C What are the first two steps to set up payroll in QuickBooks? a. 1) Sign up for a payroll service; and 2) complete the Payroll Setup Interview. b. 1) Sign up for a payroll service; and 2) Setup Payroll Schedules c. 1) Turn on payroll through preferences; and 2) complete the Payroll Setup Interview d. 1) Complete the Payroll Setup Interview; and 2) set up employees. - CORRECT ANSWER A When you set up a new Payroll Item using the EZ setup wizard, which is not a choice? a. Compensation b. Retirement Benefits c. City/Local Taxes d. Insurance Benefits - CORRECT ANSWER C How do you use Write Checks to pay Payroll Liabilities so your Payroll reports are accurate? a. You can't b. On the Write Checks window, click the Items tab and enter the Payroll Items you are paying. c. On the Write Checks window, click the Payroll Items tab and enter the Payroll Items you are paying d. Select the Payroll Liability checkbox on the Write Checks window. - CORRECT ANSWER A Which of the following Payroll Services are available with QuickBooks? a. Basic b. Enhanced c. Assisted d. All of the above - CORRECT ANSWER D How do you track sick or vacation time in QuickBooks? a. When you set up an employee, define how QuickBooks should accrue time. b. Set up a sick or vacation wage item. c. Pay an employee with a sick or vacation wage item. d. All of the above. - CORRECT ANSWER D How does entering time for a job affect job cost reports? a. QuickBooks adds the cost of that employee's time to the job cost. b. QuickBooks adds the cost of that employee's "labor burden" to the job cost c. A and B. d. None of the above. - CORRECT ANSWER D When would you use the Expenses tab on a payroll liability check? a. Never. QuickBooks automatically uses payroll items to show what you are paying. b. To enter late fees/penalties or interest. c. There is no Expenses tab on a payroll liability check. d. To pay an employee's garnishment. - CORRECT ANSWER B What report should you use to help you complete the state unemployment tax form? a. Payroll Summary b. Payroll Data Review c. Employee State Taxes Detail d. State Unemployment report - CORRECT ANSWER C What form must you give to an employee? a. 1099 b. 1096 c. W-2 d. 1040 - CORRECT ANSWER C