A Self-Employed individual is NOT required to contribute to Social Security and Medicare.

The payroll record that records all the payroll checks issued to all employees is called the Payroll Journal.

An employee's work week is ALWAYS based on 40 hours.

An employee's gross earnings is charged (distributed) to Payroll General Ledger Expense Accounts.

Working owners of "pass thru" types of business organizations are generally not considered to be employees.

At times, it might be prudent for a business to seek professional guidance pertaining to labor laws.

A federal tax deposit is made up of federal income taxes withheld and both the employee's and employer's portion of payroll taxes.

Paid vacations and employee sick leave are not examples of employee benefits.

Form W-10 is used to report an employee's earnings and deductions for the calendar year.

None of the fringe benefits provided by an employer are subject to any special rules, laws, or regulations.

The Fair Labor Standards Act requires an employer to pay double time for hours worked on a holiday.

Bonuses, if paid to any employee, must be paid to all employees.

Most states have a state income tax and require employers to withhold these taxes from their employee's earnings.

The IRS requires employers to pay or deposit employment taxes and withholdings on a "pay as you go" basis.

An employee's calculated overtime rate is only based on their base rate of pay and does not include other compensation such as bonuses or commissions.

An employee regardless of how their pay is calculated must receive at least the minimum wage for the hours they worked.

It is always legal to deduct cash shortages resulting from an employee's negligence from an employee's wages.

An employer who has any "tipped" employees is subject to special rules that apply to how tips are paid and reported.

Normally self-employed individuals are NOT required to estimate and make any advance payments for self employment or income taxes.

Generally, in order for an employee to NOT be classified as exempt by the Fair Labor Standards Act the must be paid on an Hourly Basis.

One of a businesses key assets that does not appear in a Balance Sheet is their employees.

A piece rate system is not a method allowed for calculating employee wages.

The form filed annually with the IRS to calculate and report Federal Unemployment Taxes is form 940.

All fringe benefits provided by employers are required by law.

An employer uses Form I-9 to verify the identity and employment authorization of individuals hired for employment in the United States.