A semiweekly depositor having a payroll tax liability of $50,000.00 from a Monday payroll must deposit the liability by:
- Tuesday.
- Wednesday.
- Thursday.
- Friday. correct answers- Friday.
Semiweekly depositors incurring a liability less than $100,000.00 during Saturday, Sunday, Monday, a...
A semiweekly depositor having a payroll tax liability of $50,000.00 from a Monday payroll must deposit
the liability by:
- Tuesday.
- Wednesday.
- Thursday.
- Friday. correct answers- Friday.
Semiweekly depositors incurring a liability less than $100,000.00 during Saturday, Sunday, Monday,
and/or Tuesday must deposit the liability by the next Friday (three business days after the end of the
deposit period).
All of the following types of compensation are taxable EXCEPT:
- a $5,000.00 check to a marketing representative for sales efforts.
- a trip for two to Las Vegas given to an outside salesperson for exceeding sales goals by 150%.
- a gold watch (costing $300.00) awarded to an employee for 30 years of service with the company.
- a $1,000.00 gift certificate awarded to a payroll supervisor for cost-cutting suggestions. correct
answers- a gold watch (costing $300.00) awarded to an employee for 30 years of service with the
company.
The IRC generally excludes the value of tangible personal property provided in a length of service or
safety award program up to $400. Length of service or safety awards valued in excess of $400 will have
the excess amount included in income. All other awards provided to employees are included in the
employee's income, reported on Form W-2.
The minimum salary requirement does not apply to exempt professional employees who are:
- medical interns or residents.
- athletic trainers with accreditation.
- licensed funeral directors or embalmers.
,- learned professionals with advanced knowledge in a field of science. correct answers- medical interns
or residents.
The FLSA exempts attorneys, physicians and teachers from the white collar minimum salary requirement.
A payroll manager personally directs the work of her staff. A perfectionist with low tolerance for errors
and great pride in the quality service award the department has won for three straight years, this payroll
manager's situational leadership style would be described as:
- low task, low relationship.
- low task, high relationship.
- high task, low relationship.
- high task, high relationship. correct answers- high task, low relationship.
This payroll manager's situational leadership style would be described as directing (high task, low
relationship) where the manager controls the job and procedures.
Which of the following items can pension recipients specify on Form W-4P to determine their federal
income tax withholding?
- Only allowances
- Only additional amounts to withhold
- Neither allowances nor additional amounts to withhold
- Both allowances and additional amounts to withhold correct answers- Both allowances and additional
amounts to withhold
Pension recipients can specify marital status, allowances, and additional amounts to withhold on Form
W-4P, Withholding Certificate for Pension or Annuity Payments, to determine their federal income tax
withholding.
All of the following benefits are taxable EXCEPT:
- the personal use of a company car.
- reimbursements for meal expenses incurred during a qualified relocation.
- employer-paid premiums for $100,000.00 of employee group-term life insurance coverage.
, - the cost of moving household goods for a member of the Armed Forces. correct answers- the cost of
moving household goods for a member of the Armed Forces.
Under IRS rules, expenses excluded from income during a qualified move (for military personnel only)
are:1) Moving the household goods from the old home to the new home and2) The cost of moving the
family from the old home to the new home (except meals).The personal use of a company-vehicle and
employee's group-term life insurance that exceeds $50,000 are taxable.
In addition to the accuracy-related penalty for underpayment of taxes, if the underpayment of taxes is
due to fraud, the IRS may asses an additional penalty of:
a) 20%.
b) 40%.
c) 75%.
d) 100%. correct answersc) 75%.
The IRS may assess an accuracy-related penalty for any underpayment of tax due to negligence or
disregard of the rules. If the understatement of any underpayment of income or employment tax was
due to fraud, a penalty of 75% of the underpayment may be assessed.
The foreign base housing amount is what percentage of the foreign earned income exclusion? correct
answersThe correct answer is: 16%.
The base housing amount is 16% of the maximum foreign earned income exclusion, figured on a daily
basis, multiplied by the number of days during the year the employee met the bona fide residence or
physical presence test.
The 2021 foreign earned income exclusion of $108,700.00 produces a base housing amount of
$17,392.00.
Using the information below, calculate the employee's net pay.
Regular pay $1,312.50
Overtime pay $25.50
Federal income tax $135.00
State income tax $45.00
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