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THE PAYROLL SOURCE CPP FINAL EXAM (VERSION B) NEWEST 2024 ACTUAL EXAM COMPLETE 100 QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED A+||BRAND NEW!! What is the effect of failing to record salaries that are earned but not paid at t$17.99
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THE PAYROLL SOURCE CPP FINAL EXAM (VERSION B) NEWEST 2024 ACTUAL EXAM COMPLETE 100 QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED A+||BRAND NEW!! What is the effect of failing to record salaries that are earned but not paid at t
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THE PAYROLL SOURCE CPP
Institution
THE PAYROLL SOURCE CPP
THE PAYROLL SOURCE CPP FINAL EXAM (VERSION B) NEWEST 2024 ACTUAL
EXAM COMPLETE 100 QUESTIONS AND CORRECT DETAILED ANSWERS
(VERIFIED ANSWERS) |ALREADY GRADED A+||BRAND NEW!!
What is the effect of failing to record salaries that are earned but not paid at the end of
an accounting period?
a. unde...
THE PAYROLL SOURCE CPP FINAL EXAM (VERSION B) NEWEST 2024 ACTUAL
EXAM COMPLETE 100 QUESTIONS AND CORRECT DETAILED ANSWERS
(VERIFIED ANSWERS) |ALREADY GRADED A+||BRAND NEW!!
What is the effect of failing to record salaries that are earned but not paid at the end of
an accounting period?
a. understatement of expenses for the period
b. overstatement of expenses for the period
c. understatement of assets for the period
d. overstatement of liabilities for the period - ✔✔ANSW✔✔..a
Which of the following authorities dictates the information provided on a payroll check
stub?
a. individual states
b. Federal Unemployment Tax Act
c. Federal Wage and Hour Division
d. Social Security Administration - ✔✔ANSW✔✔..a
How often are Form 940 taxable wages reported?
a. annually
b. semi-annually
c. quarterly
d. monthly - ✔✔ANSW✔✔..a
All of the following types of compensation are subject to social security tax EXCEPT:
a. tips under $100
b. deferred bonus
c. third-party
sick pay up to $3,000
d. workers' compensation benefits - ✔✔ANSW✔✔..a
How, if at all, are payments made to employees during absence from work due to illness
under their
employer's sick pay/disability plan treated for social security and Medicare taxation?
a. Social Security and Medicare taxable for the first 6 calendar months
b. Not subject to Social Security and Medicare tax
c. Social Security and Medicare taxable after the first 3 months
d. Social Security and Medicare taxable the entire time - ✔✔ANSW✔✔..a
,Under the FLSA, all of the following payments are included in the regular rate of pay
except:
a. Remuneration paid employees
b. Salaries, commissions, bonuses
c. Holiday pay
d. Room and board provided by employer - ✔✔ANSW✔✔..c
To qualify as an executive exempt from the minimum wage and overtime requirements
of the FLSA, what
must the employee's responsibilities include?
a. Manage 2 or more full-time equivalent employees
b. Receive a salary of at least $1,500 per week
c. Have no ability to hire and fire
d. Nonexempt duties performed exceed 30% of time worked - ✔✔ANSW✔✔..a
When must an employee file a new Form W-4 in 2019 to continue exempt status from
2018?
a. When the employee receives more than $350.00 in unearned income
b. December 31
c. February 15
d. When the employee earns more than $455.00 a week - ✔✔ANSW✔✔..c
What is the minimum a nonexempt employee must be paid under the FLSA when the
employee is paid
$8.00 per hour for the first 30 hours of work and $10.00 per hour for the next 20 hours
of work in a
workweek?
a. $440.00
b. $480.00
c. $484.00
d. $490.00 - ✔✔ANSW✔✔..c
In order to use the optional flat rate for determining the federal income tax to withhold
from a supple-
mental wage payment, how must supplemental wage payments made at the same time
as a regular wage
payment be treated?
a. The supplemental wages must be identified separately.
b. The supplemental wages must be combined with the wage payment when calculating
taxes.
c. The supplemental wages must be combined with the wages paid for the last
preceding payroll period
or with the wages to be paid for the current payroll period.
d. Supplemental payments can never be paid with regular wage payments. -
✔✔ANSW✔✔..a
, What must a nonexempt employee be paid under the FLSA if the employee is paid
$10.00 per hour, works
40 hours in a workweek, and is paid 8 hours for a holiday in accordance with company
policy?
a. $400.00
b. $480.00
c. $500.00
d. $520.00 - ✔✔ANSW✔✔..b
An employer pays an employee a bonus of $2,000, and chooses to pay the employment
taxes on the bonus.
The employee lives and works in a state which has no income tax and has year-to-date
wages of $55,000.
What amount is included in the employee's wages?
a. $2,969.56
b. $2,842.93
c. $2,000.00
d. $1,347.00 - ✔✔ANSW✔✔..b
When an employer receives a federal tax levy for an employee, what deductions from
the employee's pay
are allowed when determining the amount due the IRS?
a. All mandatory taxes only
b. All mandatory taxes, dependent health insurance, and child support deductions only
c. All mandatory taxes and all wage attachments currently in place only
d. All mandatory taxes and all voluntary and involuntary deductions currently in place
only - ✔✔ANSW✔✔..d
What kind of account is Accrued Salaries Payable?
a. Asset
b. Expense
c. Liability
d. Revenue - ✔✔ANSW✔✔..c
An employee who is paid $15.00 per hour works a 43-hour week. The employee is
claiming married with 3
withholding allowances, is paid weekly, and has no voluntary or required deductions
other than withhold-
ing taxes. The employee has year-to-date wages of $25,000.00 and lives and works in a
state with no state
income tax. Using the percentage method, calculate the employee's net pay.
a. $589.65
b. $632.49
c. $596.62
d. $646.89 - ✔✔ANSW✔✔..c
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