FPC Paytrain Fundamentals Module 8
How is pay frequency governed? correct answer State regulations govern
- the frequency employers pay employees
- when final wage payments must be made
- the lag-time between the end of the pay period and pay date
Form W-2 Box 1 must equal: correct answer The total of all forms W-2 Box 1 must equal line 2
from all forms 941 filed during the year
Form I-9 must be retained: correct answer the later of three years after the date of hire or one
year after the date of termination
What is the ODFI? correct answer Originating Depository Financial Institution
- the financial institution a company provides its ACH files
Time card retention: correct answer at least 2 years after the date of the last entry
What is a master file? correct answer - the collection of data describing the employees of a
company
- government agencies do not require a master file to be kept in any specific format
Retention of tax returns: correct answer at least 4 years after the return's due date or payment
date (whichever is later)
Retention of worked hours records: correct answer Under the FLSA, the record of hours worked
each day/week must be retained for at least 3 years after the date of the last entry
Form W-2 Box 2 must equal: correct answer The total of all forms W-2 Box 2 must equal line 3
from all Forms 941 filed during the year
