Payroll-5

You need an Employee Identification Number (EIN) if you -
1. All of the listed answers are correct
2. have employees
3. have a qualified retirement plan
4. operate a business as a partnership, corporation, or LLC
Which of the following is normally considered an employee ?
1. anyone where you control what and how the work is performed
2. an independent contractor
3. a licensed real estate agent
4. all of the listed answers are correct
Which of the following is not an acceptable pay period ?
1. All the listed answers are acceptable pay periods
2. Weekly
3. Monthly
4. Annually
The money used to pay employees laid off or unable to work is "funded" by
1. Unemployment Taxes
2. FICA Taxes
3. Medicare Taxes
4. Withholding Taxes
Which form is used to verify that an employee is eligible to work in the USA ?
1. I-9
2. W-2
3. W-3
4. W-4
Which form is required in order to calculate amounts withheld for income tax ?
1. W-4
2. W-2
3. W-3
4. I-9
Which form is used to report an employee's earnings and withholdings for a year ?
1. W-2
2. W-4
3. W-3
4. I-9
Form required to calculate and claim the Advanced Earned Income Credit is ?
1. W-5
2. W-3
3. W-2
4. W-4
To classify an employee as exempt -
1. all of the listed answers are correct
2. an employee must be paid a salary
3. an employee must perform exempt job duties
4. an employee must earn a minimum salary amount
An employee not covered by the Fair Labor Standards Act is called -
1. an exempt employee
2. a non-exempt employee
3. a statutory employee
4. none of the listed answers is correct
Which of the following would not be considered as regular compensation ?
1. fringe benefits
2. salaries
3. wages
4. commissions
Which of the following benefits is required by law ?
1. unemployment compensation
2. vacation pay
3. holidays
4. sick time
Which of the following is a deduction from earnings required by law ?
1. Social Security
2. Tools
3. Employee Advance Repayments
4. Retirement Plans
Which of the following deduction from earnings is not required by law ?
1. Group Insurance
2. Social Security
3. Income Tax Withholdings
4. Medicare
The term used for an employee's earnings prior to any deductions is called -
1. Gross Earnings
2. Net Earnings
3. Taxable Earnings
4. Exempt Earnings
The IRS Form used to report quarterly eanings and deductions is -
1. Form 941
2. Form 940
3. Form 1040
4. Form 1120
The IRS Form used to report and calculate Federal Unemployment Taxes is -
1. Form 940
2. Form 941
3. Form W-3
4. Form 1120
Which of the following is not required to pay self employment tax ?
1. Owner of a Subchapter S corporation
2. Parner in a partnership
3. Owner of a sole proprietorship
4. All of the listed types of businesses are required to pay self employment tax
The law that prohibits paying different wages for the same basic job is ?
1. Equal Pay Act
2. Social Security and Medicare Act
3. National Labor Relations Act
4. Occupational and Safety Health Act
Law that allows employees to take time off to attend to personal family matters ?
1. Family and Medical Leave Act
2. Federal Workmens Compensation Act
3. Occupational and Safety Health Act
4. Equal Pay Act
All newly hired employees must be reported to -
1. State's New Hire Reporting Agency
2. IRS New Hire Agency
3. State's Taxing Authority
4. New hires do not need to be reported to any agency
Deductions from an employee's wages can be classified as -
1. All of the listed answers are correct
2. Deductions required by law
3. Deductions for the employee's convenience
4. Deductions for the employee's convenience
Which of the following is not true ?
1. Bonuses and shift premiums are not included in calculating an overtime rate
2. Tipped employees are subject to special rules
3. Only actual hours worked are used to calculate overtime
4. Non-exempt employees must be paid overtime for hours worked > than 40

Payroll-5

Quiz