Payroll-2

When do you not need an Employer Identification Number (EIN) ?
1. Business has no employees
2. Business has a qualified retirement plan
3. Business is required to file employment taxes
4. Business has or plans on hiring employees
Which of the following is normally considered to be an employee ?
1. Common-Law Employee
2. Accountant whose services are occasionally used
3. Independent Contractor
4. Statutory Non-Employee
Generally, in order for an employee to not be classified as exempt they must be -
1. Paid on an Hourly Basis
2. Paid on a Salary Basis
3. Perform Exempt Job Duties
4. None of the listed answers is correct
Which of the following is not considered a type of Regular Compensation ?
1. Fringe Benefits
2. Salaries
3. Commissions
4. Overtime Pay
One of a business's key assets that does not appear in a Balance Sheet is
1. Employees
2. Equipment
3. Cash
4. All of the listed answers are correct
Which of the following is not an example of a type of fringe benefit ?
1. Paid Commissions
2. Paid Vacations
3. Paid Holidays
4. Paid Sick Days
What type of employee compensation is often not includerd in an employee's pay check ?
1. Fringe Benefits
2. Salaries
3. Overtime
4. Commissions
The money from social security and medicare deductions does not go to which of the following ?
1. Charitable Organizations
2. Retirement Benefits
3. Family Benefits
4. Medicare Benefits
An example of a type of Payroll Deduction Category is -
1. All of the listed answers are correct
2. Deductions Required By Law
3. Deductions for The Employer's Convenience
4. Deductions for the Employee's Convenience
Which of the following type of payroll deduction is required by law ?
1. Social Security
2. Insurance
3. Advances
4. Tools
The total earnings of an employee prior to any deductions is called -
1. Gross Pay
2. Total Earnings
3. Earned Wages
4. None of the listed answers is correct
All nonexempt employees must be paid overtime for any hours worked in excess of -
1. 40 hours
2. 50 hours
3. 45 hours
4. 35 hours
Which of the following is not a method that is used in calculating Gross Earnings ?
1. All of the listed answers is correct
2. Piece Rate
3. Hourly Rate
4. Salary
An employee's regular and overtime rate calculation excludes -
1. Reimbursed Business Expenses
2. Base Pay
3. Production Bonuses
4. Non-Discriminatory Bonuses
An owner of a sole proprietorship is classified as -
1. Not classified as an employee of the business
2. Exempt Employee of the business
3. Non Exempt Employee of the business
4. Statutory Employee of the business
A payroll tax deposit is composed of -
1. All of the listed answers are correct
2. Employee Deductions for Social Security & Medicare
3. Employee deductions for Income Tax
4. Employer's Matching Share of Social Security & Medicare
The form filed each quarter with the IRS to report and summarize deductions for taxes and income tax from employee's earnings is -
1. Form 941
2. Form 940
3. Form 865
4. None of the listed answers is correct
The form filed annually with the IRS to calculate and report Federal Unemployment Taxes is -
1. Form 940
2. Form 941
3. Form 865
4. No report is required
The form that provides the information for properly withholding the correct amount of income tax from an employee's wages is -
1. Form W-4
2. Form W-2
3. Form W-5
4. Form W-9

Payroll-2

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