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THE PAYROLL SOURCE CPP FINAL EXAM {VERSION B } WITH ACTUAL CORRECT QUESTIONS AND VERIFIED DETAILED ANSWERS |FREQUENTLY TESTED QUESTIONS AND SOLUTIONS |ALREADY GRADED A+|BRAND NEW VERSION!!|GUARANTEED PASS |LATEST UPDATE$22.49
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THE PAYROLL SOURCE CPP FINAL EXAM {VERSION B } WITH ACTUAL CORRECT QUESTIONS AND VERIFIED DETAILED ANSWERS |FREQUENTLY TESTED QUESTIONS AND SOLUTIONS |ALREADY GRADED A+|BRAND NEW VERSION!!|GUARANTEED PASS |LATEST UPDATE
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Course
THE PAYROLL SOURCE CPP
Institution
THE PAYROLL SOURCE CPP
THE PAYROLL SOURCE CPP FINAL EXAM
{VERSION B } WITH ACTUAL
CORRECT QUESTIONS AND VERIFIED
DETAILED ANSWERS |FREQUENTLY TESTED
QUESTIONS AND SOLUTIONS |ALREADY
GRADED A+|BRAND NEW
VERSION!!|GUARANTEED PASS |LATEST
UPDATE
THE PAYROLL SOURCE CPP FINAL EXAM
{VERSION B } 2024-2025 WITH ACTUAL
CORRECT QUESTIONS AND VERIFIED
DETAILED ANSWERS |FREQUENTLY TESTED
QUESTIONS AND SOLUTIONS |ALREADY
GRADED A+|BRAND NEW
VERSION!!|GUARANTEED PASS |LATEST
UPDATE
Which of the following outcomes is the PRIMARY advantage of developing an in-house system?
A. Outsiders are not involved in a firm's daily operations
B. Costs are reduced and can be distributed on an equitable basis
C. The employer controls the entire computer system
D. Time is saved by not having to explain business policies and practices
C. The employer controls the entire computer system
An employee covered by group health insurance at the time his employment terminates to return to
school is entitled to COBRA continuation rights for:
A. 12 months
B. 18 months
C. 24 months
D. 30 months
B. 18 months
How often are Form 940 taxable wages reported?
A. Annually
B. semi annually
C. Quarterly
D. Monthly
A. Annually
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,An employee claims married and two withholding allowances on her 2017 Form W-4, is paid $1,700
biweekly, and defers $50 per pay period to a 401(k) plan. Using the percentage method, what is the
total of the biweekly deductions from the employee's pay for federal income, social security and
Medicare taxes?
A. $245.01
B. $252.51
C. $299.66
D. $114.96
A. $245.01
FIT: $1,700 - $50 = $1,650 - (2 x $155.80) - $1,050 = $288.40 x 15% + $71.70 = $114.96
FICA: $1,700 x 7.65% = $130.05
$114.96 + $130.05 = $245.01
On a company's financial statements, payroll tax expense appears in the:
A.Balance Sheet
B. accrued payroll
C. salaries expense
D. income statement
D. income statement
What is the chief advantage of a vendor payroll package>
A. reduced processing time
B. inexpensiveness and ease of installation
C. no required major in-house system development
D. lower cost than a service provider contract
C. No required major in-house system development
Which of the following elements is essential to a disaster recovery plan?
A. an excess supply of checks and direct deposit stubs
B. a compatible off-site remote location to produce payrolls
C. detailed documentation of current company policies
D. a procedure for limiting security system access
B, A compatible off-site remote location to produce payrolls
Which of the following practices is a strong internal control procedure?
A. Have the payroll bank account reconciled in the payroll department
B. Have the payroll manager distribute paychecks
C. place payroll checks under the personal control of the payroll manager
D. have a person other than the person who requested and authorized the payments prepare the
payroll checks
D. have a person other than the person who requested and authorized the payments prepare the
payroll checks
2|Page
, During 2017. an employee worked for company A and quit after earning $130,000. later in the same
year the employee was hired by company B. With respect to social security, Medicare and FUTA, how
should company B treat the employee's earnings as of the first wage payment?
A. start accumulating social security, Medicare, and FUTA wages, and withhold both social security and
Medicare taxes
B. Start accumulating Medicare wages only and withhold medicare tax
C. start accumulating social security, medicare and FUTA wages, but withhold medicare tax only
D. Start accumulating medicare wages only, but withhold both social security and medicare taxes
A. start accumulating social security, Medicare, and FUTA wages, and withhold both social security and
Medicare taxes
Which of the following documents proves an employee's identity and authorization to work?
A. social security card
B. unexpired US Passport
C. birth certificate
D. Form I-9
B. unexpired US passport
How are salaries reflected on the income statement?
A. income
B. assets
C. accruals
D. expenses
D. Exepenses
An employee is paid a bonus of $1,500 with a regular biweekly wage payment of $2,000 in 2017 that is
indicated separately on the employee's pay stub. The employee has received no supplemental wages so
far this year. The employee has an elective deferral of 5% of regular wages made to the 401(k) plan each
pay period. For federal income tax withholding purposes, the company uses the optional flat rate for all
bonuses and the percentage method for regular wage payments. The employee's W-4 claims married
with 2 allowances. The employee has no state or local income taxes or any other deductions. What is
the employee's net pay?
A. $2,603.99
B. $2,689.79
C. $2,604.79
D. $2,623.54
All of the following techniques would enhance the level of customer service EXCEPT:
A. adding more customer service personnel
3|Page
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