Exam (elaborations)
FPC Chapter 5.3 (1)
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Exam of 4 pages for the course FPC Chapter 2.2 & 2.3 at FPC Chapter 2.2 & 2.3 (FPC Chapter 5.3 (1))
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FPC Chapter 5.3A payroll system should ensure the:
A. maintenance and storage of records only.
B. storage and retrieval of records only.
C. maintenance and retrieval of records only.
D. maintenance, storage and retrieval of records. - ANS-D. maintenance, storage and retrieval
of records.
Under the FLSA, how many years must an employee's record of the number of hours worked in
a workweek be retained? - ANS-3 Years
***The basic federal payroll record keeping requirements are contained in regulations issued by
the Wage and Hour Division of the Department of Labor under the Fair Labor Standards Act
(FLSA). The FLSA requires certain records to be kept by all covered employers for all
employees and retained for at least two or three years.***
Under the FLSA, how many years must an employee's timecard be retained? - ANS-2 Years
***The basic federal payroll record keeping requirements are contained in regulations issued by
the Wage and Hour Division of the Department of Labor under the Fair Labor Standards Act
(FLSA). The FLSA requires certain records to be kept by all covered employers for all
employees and retained for at least two or three years.***
Payroll retains records for all the following reasons EXCEPT:
A. to demonstrate security of payroll.
B. to comply with laws.
C. to demonstrate accuracy of paychecks.
D. for periodic reporting. - ANS-A. to demonstrate security of payroll.
Under IRS regulations, how many years must Forms W-2 be retained? - ANS-5 Years
Under the FLSA, which of the following documents must be retained for at least two years?
A. Record of the amount and date of employees' wage payments
B. Record of withheld taxes
C. Record of amounts employees earned for straight time and overtime
D. Wage rate tables - ANS-D. Wage rate tables
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