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A comprehensive set of exercises and questions covering fundamental payroll concepts. it tests knowledge of various tax forms (w-3, 1096, 8279), valuation rules, employee vs. Contractor classification, payroll calculations (including overtime and bonuses), tax withholding, and compliance procedures. The questions assess understanding of payroll processing, tax regulations, and common payroll scenarios, making it a valuable resource for students and professionals in accounting or human resources.
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2 separate w-3's correct answer Form 1096 1 consolidated Form w- Form 8279 2 separate w-3's general valuation rule correct answer actual market value actual cash value general valuation rule implied benefit rule employee correct answer Independent contractor w-4 exempt employee exempt from FLSA $150 correct answer $
written authorization correct answer account number written authorization bank routing number type of accoount the weighted average of the rates based on the hours worked correct answer the average of two, or more, pay rates the highest pay rate the weighted average of the rates based on the hours worked the lowest pay rate 100% of the value of the room and board correct answer none of the value of the room and board none of the value of the board and 50% of the room
single-entry reversal fed levy, CS, garnishment correct answer child support, garnishment, fed levy CS, fed levy, garnishment fed levy, CS, garnishment fed levy, garnishment, CS Contractual bonuses based on the ee's performance correct answer marital status correct answer the birth of twins correct answer 17000 correct answer 7a-7p correct answer 5.12 correct answer 24% correct answer 1/31 correct answer
$0 correct answer Employer correct answer the following Friday correct answer $110 per w-2, max $571,000 correct answer finalize divorce correct answer August 2022 correct answer allocated tips correct answer 4 years correct answer next day rule correct answer netted against current year wages for tax purposes correct answer education, hospitals, & govt correct answer remaining 2% must be paid by the due date of the quarterly form 941 correct answer $102k is due on Fri Mar, 22nd correct answer if the repayment results in an overpayment of FICA for the earlier year correct answer
**$76,500/26 = $2942.31 correct answer $701. **$36500/52 weeks=701.92 correct answer $672. **straight time pay: $12 x 48 hours = $ **OT premium pay: $576 + $45 = $621 / 48 hours = $12.94 x 0.5 = $6.47 x 8 hours = $51. **Gross pay: $576 + $51.76 + $45 = $672.76 correct answer $405. **Straight time pay = 44 x $8.25 = $ OT prem pay rate = $363 + $25 = $388 / 44 hours = $8.82 x 0.5 = $4. OT prem pay: $4.41 x 4 hours = $17. Gross pay: $363 + $17.64 + 25 = $405.64 correct answer $2924. **$2500 biweekly salary / 2 =$ $300 nondiscretionary bonus /2 = $ Week 1 OT: 1250 + 150= $1400 / 46 hours = 30.43 RRoP OT Prem Pay: $30.43 x .05 = $15.22 x 6 hours = $91.
Week 2 OT: 1250 + 150 = 1400 / 42 hours = $33.33 RRoP OT Prem Pay: 33.33 x 0.5 = $16.67 x 2 = $33. Gross pay $2500 + 300 + 91.32 + 33.34 = 2924.66 correct answer
EE cont. $35000 x .10 = 3500 ER cont/ 35000 x .05 = 1750 x .75 = 1312.50 correct answer withhold income tax as if the total were a single payment for a regular payroll period correct answer
** The maximum amount that can be withheld for a creditor garnishment is the lesser of: -25% of disp earnings -the amount by which disp earnings for the week are greater than 30 times the fed min wage. 25% withholding: $505 x 25% = $126. 30x's fed min wage: $7.25 x 30 = $217.50; $505 - $217.50 = $287. The lesser of the two is $126.25 correct answer 51,692.
17,620 / 22,000 = 80.09 % business use 100%-80.09%=19.91% $9250 x .1991 = $1841.68 correct answer reissue the check to the ee's estate/beneficiary correct answer timely processing of payroll correct answer the ER controls the entire computer system correct answer validate entry accuracy correct answer system edit correct answer user groups correct answer hourly rate of pay correct answer assurance correct answer responsiveness correct answer ensure that procedures are followed correct answer using VM to answer phone calls from customers correct answer
restating what you understand from the other's statements correct answer have a person, other than the person who requested the authorized payments to prepare the payroll checks correct answer Limit access to payroll system correct answer an audit trail correct answer physical payout correct answer system interfacing correct answer system selection correct answer $1000 deposit of taxes, posted to the liability acct In a journal entry: -debits decrease liabilities (such as when withheld payroll taxes are paid) -credits increase liabilities and decrease assets correct answer ensure that employee paychecks are posted correctly correct answer $250 office paper purchase, posted to the expense account
a correct answer b correct answer c correct answer July 10 correct answer correct answer correct answer
