Payroll Exam questions with correct answers

Post-Tax deductions may be either voluntary or mandatory. Correct Answer-True Which of the following is true about the fundamental accounting equation? Correct Answer-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. Correct Answer-True Garnishments may include deductions from employee wages on a post-tax basis for items such as: Correct Answer-Federal tax liens The use of payroll apps shifts the onus for payroll accuracy from the employer to the employee Correct Answer-False Form W-3 is the summary report of wages and salaries paid to employees during a calendar year and is due to the IRS by January 31 of the following year Correct Answer-True Which of the following is never true about employees who are subject to the tipped wage minimum Correct Answer-The minimum wage for tipped employees is consistent among all states Contemporary payroll practices involve the use of cloud-based software Correct Answer-True The general valuation rule use