FPC Payroll Fundamentals 1.9, 1.10 Questions & Answers
IRS requires
marital status and allowances are obtained from Form W-4
Major Payroll Tasks
Compliance with federal, state and local regulations
Timely and accurate issuance of paychecks
Periodic reporting
Record retention
Control a...
FPC Payroll Fundamentals 1.9, 1.10
Questions & Answers
IRS requires - answer marital status and allowances are obtained from Form W-4
Major Payroll Tasks - answer Compliance with federal, state and local regulations
Timely and accurate issuance of paychecks
Periodic reporting
Record retention
Control and Security
Federal Requirements for a Master File - Employee Data - answer Name
Address
Gender
Birth date
SSN
Occupation
State where services rendered
Federal Requirements for a Master File - Employment Data - answer Hire date
Termination date
Payment date
Basic or hourly rate of pay
Additions/deductions from pay
Frequency of payment
Hours worked/ day
Hours worked/ week
Workweek
Straight time hours/ pay
Overtime hours/ pay
Shift premiums
Federal Requirements for a Master File - Tax and Payroll Data - answer Allowances
claimed
Marital status
Federal Requirements for a Master File - Both Payroll Period and Calendar Year -
answer Total wages subject to federal, state, and local income taxes
Total Wages subject to Social Security tax and Medicare tax
Total remuneration
Total Federal Income tax withheld
Total social security tax withheld
Total Medicare tax withheld
, Tax paid by employer but not deducted from wages
What must be kept in a Master File? - answer Employee Name
Address
Gender
Birth date
SSN
Occupation
State where services rendered
Employment Hire date
Termination date
Payment date
Basic or hourly rate of pay
Additions/deductions from pay
Frequency of payment
Hours worked/ day
Hours worked/ week
Workweek
Straight time hours/ pay
Overtime hours/ pay
Shift premiums
Tax and Payroll Allowances claimed
Marital status
Payroll Period and Calendar Year Total wages subject to federal, state, and local
income taxes
Total Wages subject to Social Security tax and Medicare tax
Total remuneration
Total Federal Income tax withheld
Total social security tax withheld
Total Medicare tax withheld
Tax paid by employer but not deducted from wages
Master File records - answer are required for federal income tax withholding, social
security and medicare tax withholding, calculating unemployment tax and overtime.
Without complete and accurate records - answer an employer has no way to verify
whether an employee's claim for back pay is justified.
Record may be maintained - answer in any legible, retrievable form (electronic
storage, microfilm, microfiche, hard copy, etc) There is no federal requirement to
maintain a paper copy of these records.
Master File should be - answer kept up to date. There are no federal requirements
for how often the file must be updated. The more up to date the records, the more
reliable they are if the DOL or court needs to investigate contested wages. Thus, you
may want to consider updating the files more often than once per month.
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