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Payroll Certification Exam: Practice Questions and Answers, Exams of Business Administration

London Institute of Business and Technology (LIBT)Business Administration

A series of questions and answers related to payroll certification, covering topics such as minimum wage laws, medicare, w-2 forms, employee pension and welfare acts, and flsa regulations. It also addresses various aspects of federal income tax withholding, unemployment tax, and futa tax. The material is presented in a question-and-answer format, making it useful for exam preparation or review of payroll practices. It includes true/false questions and multiple-choice questions, offering a comprehensive overview of payroll compliance requirements and regulations. Useful for students and professionals in accounting, human resources, and business administration.

Typology: Exams

2024/2025

Available from 05/21/2025

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Payroll Certification Exam RDE
Post Test Assessment correct answer
Which of the following laws establishes the minimum wage correct answer Fair labor standards
act
medicare is a two part health insurance program that was part of an amendment to what act
correct answer federal insurance contributions act
which of the following forms is used to complete each employee's W-2 wage and tax statement
correct answer Employee's earning record
which of the following items does not always appear on both the patrol register and the
employee's earning record in the weekly payroll recording correct answer Cumulative earnings
Which of the following acts covers employee pension and welfare act correct answer Employee
retirement income security act (ERISA)
an enterprise is covered under the FLSA if there are at lease two employees engaged in
interstate commerce and if the enterprise has a gross annual sales volume of at least 100000
correct answer False
Employees who regularly work less than 20 hours a week are not covered by the minimum
wage requirements correct answer False
Wage differentials between sexes would be allowed if the different wage rates were based on a
seniority system correct answer True
a work who is regularly paid on a biweekly basis should receive 24 paychecks each year correct
answer false
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Payroll Certification Exam RDE

Post Test Assessment correct answer Which of the following laws establishes the minimum wage correct answer Fair labor standards act medicare is a two part health insurance program that was part of an amendment to what act correct answer federal insurance contributions act which of the following forms is used to complete each employee's W-2 wage and tax statement correct answer Employee's earning record which of the following items does not always appear on both the patrol register and the employee's earning record in the weekly payroll recording correct answer Cumulative earnings Which of the following acts covers employee pension and welfare act correct answer Employee retirement income security act (ERISA) an enterprise is covered under the FLSA if there are at lease two employees engaged in interstate commerce and if the enterprise has a gross annual sales volume of at least 100000 correct answer False Employees who regularly work less than 20 hours a week are not covered by the minimum wage requirements correct answer False Wage differentials between sexes would be allowed if the different wage rates were based on a seniority system correct answer True a work who is regularly paid on a biweekly basis should receive 24 paychecks each year correct answer false

a non discretionary bonus is one that is either known in advance or is set up as an inducement to achieve certain goals correct answer true on payday, friday, a semiweekly depositor has accumulated employment taxes totaling 13900 correct answer true employers who file form 941 electronically are given an extra 10 days from the normal due date to make their deposits correct answer false every employer has the right to choose the method of depositing employment taxes correct answer false if the last day for filing form 941 falls on Saturday the return may be filed on the next business day correct answer true which of the following fringe benefits is taxable correct answer membership to a country club All of the following persons are considered employees under the federal income tax withholding law with the exception of correct answer A partner if an employee files an amended W-4 the employer must make the W-4 effective no later than the correct answer start of the first payroll period ending on or after the 30th day from the w- reciept Ron case, married with four dependents failed to complete and file form w4 with his employer, the employer should correct answer take none of the above actions employer must submit forms w4 to the IRS for correct answer those requested in writing by the IRS

The fair labor standards act is commonly known as the federal wage and hour law correct answer true the federal insurance contributions act covers restrictions on the employment of child labor correct answer false In cases where both federal and state regulations cover the minimum wage for the same employee the federal rate is always used as the standard minimum wage correct answer False Those records that are required by the various payroll laws must generally be kept on file for only the current year correct answer false an enterprise is covered under the FLSA if there are at least two employees engaged in interstate commerce and if the enterprise has gross annual sales volume of at least 100000 correct answer False under the FLSA mom and pop stores are excluded from enterprise coverage correct answer True if a small amount of tips is turned over to the employer the tip credit can still be applied against the minimum wage correct answer False A discretionary bonus is not included in the calculation of the regular pay rate correct answer True Employees who regularly work less than 20 hours a week are not voce red by the minimum wage requirements correct answer false a child working for his father's corporation is not exempt from coverage under FICA correct answer True

Under Fica each partner in a partnership is defined as an employee of that organization correct answer False Part-time employees pay a fica tax at half the tax rate of full time employees correct answer False Once a person reaches the age of 65 social security taxes are not taken out of his or her paycheck correct answer False a bonus paid as remuneration for services is not considered taxable wages for unemployment tax purposes even if the employee has not exceeded the taxable wage base correct answer false year end bonuses paid to employees are not subject to the hospital insurance HI part of the FICA tax correct answer False In the case of the employee who changes jobs during the year only the first employer must pay feta tax on employee's earnings correct answer False the maximum credit that can be applied to theFUTA tax because of SUTA contributions is 5.4% correct answer True if an employer pays SUTA tax of 2% the total credit that can be claimed against the FUTA tax is 2% correct answer False E pay or a major debit or credit cad can be used to pay the required FUTA deposits during the year correct answer false Payroll Practice Test correct answer

FICA defines wages as including the cash value of meals provided for the convenience of the employees correct answer TRUe employees are liable for their fica taxed only until the taxes have been collected from their pay by their employer correct answer True Each of the following items is accurately defined under fica as taxable wages except correct answer Value of meals furnished employees for the employer's convenience The OASDI taxable wage base is correctly defined as correct answer the maximum amount of wages during a calendar year that is subject to th OASDI tax in the case of a 401k plan employees age 50 or over can shelter an extra 10000 of their wages from federal income tax correct answer False the special withholding allowance may be claimed only by those employees who do not itemize deductions on their income tax returns correct answer false an employee submits an invalid form w4 to the employer and does not replace it with a valid form the employer should withhold federal income taxes at the rate for a single person claiming no exemptions correct answer True which of the following statements correctly describes the withholding of federal income taxes and social security taxes antics correct answer when employees report taxable tips in connection with the employment in which they also receive regular wages the amount of tax to be withheld on the tips is computed as if the tips were a supplemental wage payment Which of the following cannot be included in a cafeteria plan correct answer educational assistance

unemployment taxes do not have to be paid by an employer who has only part time employees correct answer False If an employee works in more than one state the employer must pay a separate SUTA tax to each of those states in which the employee earns wages correct answer false Educational assistance payments made to workers to improve skills required of their jobs are nontaxable for unemployment purposes correct answer True included under the definition of employees for FUTA purposes are correct answer members of a corporation The person who is not authorized signer of form 940 is correct answer the accountant from the company's independent auditing firm In order to prepare forms w2 an employer would utilize the employee's earnings record correct answer true the payroll taxes incurred by and employer are fICA FUTA AND SUTA correct answer true the garnishment that takes priority over all others is correct answer Child Support In recording the monthly adjusting entry for accrued wages at the end of the accounting period the amount of the adjustments would usually be determined by correct answer the percentage o the previous weeks net payroll STARRED QUESTIONS correct answer Under the federal insurance contributions act the medicare portion of the tax is only paid by the employer correct answer False

In order to avoid a credit reduction for Ttile XII advances a state must repay the loans by correct answer November 10 of the year the credit reduction is scheduled to take effect When making payments of FUTA taxes the employer must make the payments by the correct answer End of the month after the quarter A debit to the employees FIT payable account removes the liability for the amount of federal income taxes withheld from employees' wages correct answer True