Payroll Accounting exam 2024/2025 with 100% correct answers
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Course
Payroll Accounting
Institution
Payroll Accounting
Circular E correct answersAlso known as Publication 15. An employer's tax guide written by the IRS. Includes due dates for payroll forms, tables to calculate tax withholding, a summary of regulations, and IRS contact information.
Form SS-4 correct answersUsed to obtain an Employer Identification...
Circular E correct answersAlso known as Publication 15. An employer's tax guide written by the IRS.
Includes due dates for payroll forms, tables to calculate tax withholding, a summary of regulations, and
IRS contact information.
Form SS-4 correct answersUsed to obtain an Employer Identification Number (EIN)
Form SS-5 correct answersUsed to obtain a Social Security number
Personal Responsibility and Work Opportunity Act of 1996 correct answersEnables better enforcement
of child-support laws. Employers can satisfy the provisions of this act by submitting the newly hired
employee's W-4 Form to the state.
Form W-4 correct answersIndicates the number of tax allowances being claimed. This provides the
employer with information necessary to calculate both federal income tax withholding and applicable
state income tax withholding.
Immigration Reform and Control Act of 1986 correct answersIntended to reduce illegal employment of
foreign workers in the U.S.
Form I-9 correct answersCompleted by the employee; acceptable documents are verified by the
employer This document verifies that the employee is permitted to work in the United States.
E-verify correct answersCompares information from employee with that possessed by various
government agencies such as the Social Security Administration and the United States Department of
Homeland Security.
Employee Earnings Record correct answersContains key employee and payroll information.
Summarizes annual payroll figures.
Facilitates completion of payroll tax forms.
,People employed by large businesses with revenues greater than $500,000, governmental agencies
(local, state, or federal), hospitals, schools, and domestic workers and employees working for interstate
commerce businesses must do what? correct answerspay the minimum wage
Which groups of people are exceptions to the federal minimum wage requirement? correct
answersWorkers with disabilities, full-time students, young workers, tipped employees, student learners.
What are the pay restrictions for a full-time student when working for specific employers (colleges and
universities, agriculture, and retail or service stores)? correct answersMay be paid 85% of the current
minimum wage rate, and are limited to a maximum of 8 hours/day, 20/hours/week while school is in
session.
What are the pay restrictions for a young worker (under 20 years old)? correct answersMay be paid
$4.25/hour for the first 90 days of employment, as long as they do not replace another employee. The
pay then reverts to the federal minimum after 90 days or after the employee turns 20, whichever occurs
first.
What are the pay restrictions for a tipped employee? correct answersMay be paid $2.13/hour, as long as
their tips, when added to this amount, equal or exceed the federal minimum wage. They must receive at
least $30 in tips per month. Any deficit will be made up by the employer.
What are the pay restrictions for a student learner enrolled in a vocational school? correct answersMay
be paid 75% of the federal minimum wage, as long as they remain in the educational program while
employed. Employers must obtain an authorizing certificate from the U.S. Department of Labor to pay
these reduced wages.
What are the pay restrictions for a person with a disability? correct answersMay be paid a percentage of
the current prevailing wage rate for a comparable position and is based on the productivity level of the
employee with the disability.
Who is exempt from overtime wages? correct answersexecutive, administrative, and professional
workers.
, Which age group may only perform specific activities, such as newspaper delivery and working for their
parents' sole proprietorships?
- Under 14 years of age
- Ages 14 and 15
- Ages 16 and 17 correct answersUnder 14 years of age
Which age group may work a variety of jobs outside of manufacturing and mining, but are subject to
extensive hour limitations?
- Under 14 years of age
- Ages 14 and 15
- Ages 16 and 17 correct answersAges 14 and 15
Which age group may work an unlimited number of hours?
- Under 14 years of age
- Ages 14 and 15
- Ages 16 and 17 correct answersAges 16 and 17
No child under which age may not work in any job classified as hazardous? correct answers17
How are the premiums for workers' compensation insurance based? correct answerson the relative risk
associated with different job types
How can employers satisfy the requirement for workers' compensation? correct answersBy purchasing it
from a state-operated fund or private insurance carrier, or by becoming authorized by the state to be
self-insured.
Payroll Service correct answersCalculates employee net pay, generates paychecks, completes and files
monthly, quarterly, and annual payroll tax forms. Benefits of use include avoiding potential penalties
with mishandling payroll and reducing the amount of time spent on payroll tasks.
A workweek can differ from a ____ week. correct answersCalendar
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