Payroll Exam 2022/2023 Questions with Correct Answers

Payroll Exam 2022/2023 Questions with Correct Answers Post -Tax deductions may be either voluntary or mandatory. ✅✅ - True Which of the following is true about the fundamental accounting equation? ✅✅ - It is commonly expressed as assets=liabilities+owner' equity Payroll accruals reflect the amount of payroll earned but not paid at the end of the financial period. ✅✅ - True Garnishments may include deductions from employee wages on a post -tax basis for items such as: ✅✅ - Federal tax liens The use of payroll apps shifts the onus for payroll accuracy from the employer to the employee ✅✅ - False Form W -3 is the summary report of wages and salaries paid to employees during a calendar year and is du e to the IRS by January 31 of the following year ✅✅ - True Which of the following is never true about employees who are subject to the tipped wage minimum ✅✅ - The minimum wage for tipped employees is consistent among all states Contemporary payroll pr actices involve the use of cloud -based software ✅✅ - True The general valuation rule uses the fair market value approach to determine the value of fringe benefits ✅✅ - True The __________report assists managers with allocation of labor to company depar tments ✅✅ - Labor Usage Which of the following is a purpose of new hire reporting laws ✅✅ - To ensure payment of court -ordered obligations like garnishments and child support What are the hallmarks of Flexible Spending Accounts (FSAs) and Health Saving s Accounts (HSAs) ✅✅ - FSAs expire on an annual basis but HSAs continue perpetually Which is not a step in computing net pay for each period ✅✅ - Report fringe benefits balances Paycards as a means of disbursing employee pay is beneficial for unbanked employees ✅✅ - True A firm is exempt from FLSA provisions if it engages in interstate commerce ✅✅ - False Garnishments are court -ordered amounts that an employer must withhold fr om an employee's post-tax pay and remit the amount to the appropriate authority ✅✅ - True All FLSA elements must appear on the Employee Information Form ✅✅ - False Which pay frequency usually has 26 pay periods ✅✅ - Bi-weekly To compute the hourly ra te for an employee with a 35 -hour standard workweek, you would divide the annual salary by 1,820 ✅✅ - True