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THE PAYROLL SOURCE CPP FINAL EXAM AND PRACTICE EXAM WITH ACTUAL CORRECT QUESTIONS AND VERIFIED DETAILED ANSWERS |FREQUENTLY TESTED QUESTIONS AND SOLUTIONS |ALREADY GRADED A+|BRAND NEW VERSION!!|GUARANTEED PASS |LATEST UPDATE$24.99
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THE PAYROLL SOURCE CPP FINAL EXAM AND PRACTICE EXAM 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
AND PRACTICE EXAM 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
AND PRACTICE EXAM 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
A payroll register for the pay period shows gross earnings of $300,000 and deductions of $120,000. The
entry to the payroll expense account would be:
A. $120,000
B. $180,000
C. $300,000
D. $420,000
C. $300,000
Payroll system user documentation should include:
A. a copy of the RFP
B. copies of project development documents
C. details of disaster recovery procedures
D. the history of the payroll system conversion
C. details of disaster recovery procedures
When checking for phantom employees, which of the following actions should be taken?
A. Notify the employees of an impending physical payout
B. Have the managers hand checks out to their employees
C. Have employees pick up checks and direct deposit/paycard advices and show identification.
D. Mail checks directly to employees' homes
C. Have employees pick up checks and direct deposit/paycard advices and show identification
An employee is to be awarded a net bonus of $2,000 as supplemental wages in 2017. Year to date
regular and supplemental earnings are $15,000. Using the current option flat tax rate and social security
and Medicare rates, what should be the gross amount of the payment if the employee lives and works in
a state with no income tax?
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,A. $2,969.56
B. $2,906.98
C. $2,666.67
D. $2,883.92
A. $2,000/(100% - (25%+6.2%+1.45%)) = $2,000/67.35% = $2,969.56
Which form is used to request an employer identification number?
A. I-9
B. SS-4
C. SS-5
D. SS-8
B. SS-4
One element of payroll calendar is:
A. pay frequency
B. hire dates
C. total remuneration
D. social security numbers
A. Pay frequency
With online input, what is the BEST way to control miscellaneous payments?
A. verification of a sample of entered data
B. a visual audit of the online activity report
C. an auditor's comparison of each input source document to the data base record
D. a comparison of the online report totals to predetermined totals taken from the source documents
D. a comparison of the online report totals to predetermined totals taken from the source documents
All of the following actions demonstrate a strong customer service orientation EXCEPT:
A. exhibiting a customer friendly attitude
B. viewing customers as the most important part of the job
C. using voice mail to answer phone calls from customers
D. establishing relationships with people
C. using voice mail to answer phone calls from customers
Employer-sponsored athletic facilities may be nontaxable fringe benefits if the:
A. employer requires substantiation of the amount, time, and business purpose of the facilities' use
B. employer incurs no substantial additional cost, except labor, to provide the facilities
C. facilities are on the employers' premises
D. facilities qualify as a de minimis fringe
C. facilities are on the employer's premises
When an employer is advised by the IRS that an employee's W-4 is invalid, what action must the
employer take?
A. All future Forms W-4 must be sent tot he IRS as long as the employee is being paid
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,B. Employers have no obligation to change exemptions unless notified by the employee through a new
form W-4
C. Withhold on the basis of the information provided by the IRS
D. The employer should send notice at the end of the quarter, requesting that the employee contact the
IRS to clear up the problem
C. Withhold on the basis of the infomation provided by the IRS
A team comprised of members of a department's staff with the intention of improving their own process
is a:
A. cross-functional team
B. conversion team
C. functional team
D. management team
C. Functional Team
An employee who works for more than one employer and has exceeded the social security wage base
may:
A. take a credit against federal income tax on Form 1040
B. demand that the employer refund the overage
C. apply the social security tax to next year's withholdings
D. apply the overage to benefits paid at age 65
A. take a credit against federal income tax on form 1040
When determining the value of employer-provided parking, which of the following valuations methods
is allowed?
A. employer's cost
B. employee's cost
C. lower of employee's cost or fair market value
D. fair market value
D. Fair Market Value
What is the purpose of the payroll accrual entry?
A. to recognize expenses in the period in which they were incurred
B. to reverse an entry made in error
C. to recognize expenses in the period in which they were paid
D. to reverse an entry from a previous period
A. To recognize expenses in the period in which they were incurred
Which of the following steps is LEAST important during the parallel testing phase of a new payroll
system?
A. the testing of employee earnings and deductions accruacy
B. the verification of employees transferred to the new system from the old system
C. the verification of tax withholding calculations for employees
D. testing the functionality of a wage attachment process
3|Page
, D. testing the functionality of a wage attachment process
All of the following practices are acceptable to an external auditor EXCEPT:
A. the accounting department reconciling the payroll checking account
B. the payroll supervisor verifying that the deposits are made timely
C. storage of blank payroll checks in the payroll department
D. the treasury department being responsible for the signature of payroll checks
C. Storage of blank payroll checks in the payroll department
All of the following types of compensation are subject to social security EXCEPT:
A. tips under $100
B. deferred bonus
C. third party sick pay up to $3,000
D. workers compensation benefits
D. Workers compensation benefits
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
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
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