Payroll Accounting Final Exam Study Guide Part 1 with 100% correct answers
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Payroll Accounting F Study Ge Part 1
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Payroll Accounting F Study Ge Part 1
The ________ is a multicolumn form used to assemble and summarize the data needed at the end of each payroll period.
payroll register
employee's earnings record
employee history record
personnel record correct answersPayroll Register
The information provided in the payroll register is used p...
The ________ is a multicolumn form used to assemble and summarize the data needed at the end of
each payroll period.
payroll register
employee's earnings record
employee history record
personnel record correct answersPayroll Register
The information provided in the payroll register is used primarily to meet the requirements of the Fair
Labor Standards Act.
True
False correct answersTrue
The payroll register lists all the employees who earned remuneration, the amount of remuneration, the
deductions, and the net amount paid.
True
False correct answersTrue
Which of the following is true of an employee's earnings record?
- It maintains year to date information prior to the information recorded on payroll register.
- It maintains a payroll record for each employee separately.
- It provides the information needed to prepare periodic reports required by the Fair Credit Reporting
Act.
, - It lists all the employees who earned remuneration, the amount of remuneration, the deductions, and
the net amount paid. correct answersIt maintains a payroll record for each employee separately.
Employers use the employee's earnings record in preparing ________.
- Form 5500
- Form 1095-C
- Form W-2
- Form W-4 correct answersForm W-2
Form W-2 is the statement of ________.
- Employee's Withholding Allowances
- Wage and Tax
- Annual Report
- Change in Payroll Rate correct answersWage and Tax
Which act sets the minimum wage, and what is the current wage rate?
- The Fair Labor Standard Act sets the minimum wage and the current minimum wage rate is $7.25 per
hour.
- The Civil Rights Act of 1964 sets the minimum wage and the current minimum wage rate is $7.50 per
hour.
- The Federal Unemployment Tax Act sets the minimum wage and the current minimum wage rate is
$7.25 per hour.
- The Self-Employment Contributions Act sets the minimum wage and the current minimum wage rate is
$9.19 per hour.
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