Payroll and taxes quiz - Study guides, Class notes & Summaries

Payroll and Taxes Quiz Latest Update Graded A+ Why do governments need to collect taxes? - To fund essential public services and infrastructure - Both employers and employees contribute payroll taxes to finance Social Security and Medicare. Give an example of a mandatory government expense. Social Security benefits, which the government must pay Provide an example of discretionary spending by the government. Military spending, which accounts for 57% of discretionary budget alloc...

Why does the government need taxes? Ans: - To provide services that people want and need - Payroll taxes are collected from both you and your employer to pay for things such as FICA (Social Security and Medicare). What is one example of "mandatory" spending? Ans: Social Security is required by the government What is one example of "discretionary" spending? Ans: 57% of all discretionary spending goes to fund the military What is one benefit that you (or someone you personally know) r...

Payroll and Taxes Quiz

EDF 2005 FINAL, EDF 2005 Module 11 Quiz, EDF2005-70 Final Exam Questions with complete solution local funding schools - correct answers -property tax: whether a school district will find itself rich in resources or struggling depends on the wealth of the community being taxed. -inequalities between school districts: communities with valuable real estate can easily raise funds for their schools states funding schools - correct answers state income tax: brings in more than 25% of state reven...

Payroll 1 – Quiz Latest Update with Verified Answers Can an employer add optional deductions to an employee's paycheck without consent? False. Optional deductions require written consent from the employee. Examples include donations to charities, parking fees, and contributions to employee-sponsored social funds. Employees can choose to opt out of these deductions. Can an employer make compulsory deductions from your paycheck? True. Employers can make compulsory deductions, such ...

Practice Exam Quiz Test- SHRM CP Latest Update. What is Human Capital Planning? - CORRECT ANSWER Human Capital planning is a systematic process for identifying the resource pool and its capabilities to meet organization goals and developing the strategies to meet the requirements to fulfill those goals. A Human Management Capital plan is forward thinking; the questions asked look at the present and into the future. What is an environmental scan and how does it pertain to strategic planni...

CMS Quiz 46 Questions with Verified Answers Medicare - CORRECT ANSWER true social insurance and paid medicare tax for at least 10 years medicare covers - CORRECT ANSWER old people over 65 and some disabled individuals disabilities covered by medicare - CORRECT ANSWER ALS, chronic kidney (renal) disease, receive disability benefits from social security part a - CORRECT ANSWER hospital stays, short-term home health after hospitalization, and hospice care part a limitations - CORRECT...

Payroll Basic CHAPTER 7 QUIZ 20 Questions with Verified Answers REVENUE QUEBEC - CORRECT ANSWER Contributions to the Workforce Skills Development and Recognition Fund and the Commission des Normes Du Travail are collected by? SUBORDINATION IN THE PERFORMANCE OF WORK - CORRECT ANSWER The most important criterion used by Revenu Quebec in determining whether a worker is an employee or is self-employed in Quebec? IN RECEIPT OF RETIREMENT PENSION UNDER QUEBEC OR CPP, NOT IN RECEIPT OF DISABI...

FPC Quiz 2 Questions & Answers When an employee has a single charitable contribution deducted from their pay, in order to take the deduction on their personal income tax return, they must have documentation from the employer and the charitable organization if the contribution is greater than: a) $50 b) $100 c) $250 d) any dollar amt c) $250 i put B The Internal Revenue Code requires taxpayers who make charitable contributions of $250 or more through a payroll deduction obtain writt...

QuickBooks Quiz Chapter 8 (2022/2023) Already Passed The company that hires the workers is referred to as the employer A(n) ____ is the person hired by a company who will receive salary or wages on a regular basis. employee Payroll involves all of the following except preparing a spreadsheet with government agencies names and addresses. Withholdings generally refer to the payroll taxes the employer is required to take out of the employee's paycheck and submit to the appropriate government ag...