AIPB Mastering Payroll Exam With Questions
And Answers @ 2024
If an employer unintentionally misclassifies an employee as an independent
contractor and files Form 1099-MISC, the tax assessment for failure to withhold
federal income tax is equal to: - Answer 1.5% of the wage amount
On which form are wages reported? - Answer W-2
Due on for Employee copies January 31
If an employer wants s a written determination from the IRS on a worker's status,
which form should it submit? - Answer SS-8
When the common-law test is met, an individual is considered? - Answer an
employee
Nonemployee compensation is reported on Form: - Answer 1099-MISC
Employer payments to employees for services rendered are called - Answer
wages
Employer payments to independent contractors are made as ordinary - Answer
payments
A taxpayer identification number supplied by an independent contractor may be
either an individual's ___________ ____________ number or a company's
_____________ ___________ number. - Answer social security , employer ID
If an employer wishes to obtain a written determination from the IRS regarding
an individual's worker status, it can submit Form _________________. - Answer
SS-8
While an employer is waiting for a written determination of an individual's worker
status from the IRS, it should treat the individual as (a, an)
__________________________ - Answer employee
If an employer unintentionally misclassifies an employee as an independent
contractor and also fails to file Form 1099-MISC, the tax assessment for failure to
withhold FICA tax is equal to what percentage of the employee's portion of Social
Security and Medicare tax? - Answer 40%
FLSA - Answer Fair Labor Standards Act , which is enforced by the U.S.
, Department of Labor, Wage and Hour Division. Employers covered by the FLSA
are requited to pay a minimum hourly wage and overtime rate to all covered
employees. The FLSA defines the hours of work for which employees must be
paid.
For 2015, if a nonemployee fails to provide a TIN and is paid $400 or more for the
year, what is the required federal backup withholding tax rate that the employer
must use? - Answer 28%
The FLSA is silent on matters concerning the method and ____________ of wage
payments. - Answer frequency
Generally, businesses that began operations after March 31, 1990, must comply
with the FLSA if gross annual sale exceed $__________. - Answer 500,000
State laws covering the treatment of unclaimed wages are called
________________ laws. - Answer escheat
The federal law that governs minimum wage and overtime requirements is called
- Answer Fair Labor Standards Act
For businesses that began operations before April 1, 1990. Must comply with
FLSA if gross annual sales are? - Answer Retail Enterprises $362,500 or more
Nonretail Enterprises $250,000 or more
Four Kinds of employees are exempt from the federal minimum wage - Answer
tipped employees, computer professionals, recipients of the opportunity wage
and outside sales persons
The FLSA is enforced by the U.S. Department of Labor, ____________________
_______________ ________________ Division. - Answer wage and hour
At what rate must federal income tax be withheld for an employee who has not
properly completed a W-4? - Answer single with zero allowances
FUTA tax must be deposited when the cumulative quarterly tax liability exceeds:
- Answer $500
Employers can file the employment tax return annually (Form 944) if they
anticipate their federal employment tax liability will not exceed: - Answer $1,000
State unemployment returns are generally filed: - Answer quarterly
Form 1099 informational statements must be furnished o recipients no later than:
- Answer January 31
And Answers @ 2024
If an employer unintentionally misclassifies an employee as an independent
contractor and files Form 1099-MISC, the tax assessment for failure to withhold
federal income tax is equal to: - Answer 1.5% of the wage amount
On which form are wages reported? - Answer W-2
Due on for Employee copies January 31
If an employer wants s a written determination from the IRS on a worker's status,
which form should it submit? - Answer SS-8
When the common-law test is met, an individual is considered? - Answer an
employee
Nonemployee compensation is reported on Form: - Answer 1099-MISC
Employer payments to employees for services rendered are called - Answer
wages
Employer payments to independent contractors are made as ordinary - Answer
payments
A taxpayer identification number supplied by an independent contractor may be
either an individual's ___________ ____________ number or a company's
_____________ ___________ number. - Answer social security , employer ID
If an employer wishes to obtain a written determination from the IRS regarding
an individual's worker status, it can submit Form _________________. - Answer
SS-8
While an employer is waiting for a written determination of an individual's worker
status from the IRS, it should treat the individual as (a, an)
__________________________ - Answer employee
If an employer unintentionally misclassifies an employee as an independent
contractor and also fails to file Form 1099-MISC, the tax assessment for failure to
withhold FICA tax is equal to what percentage of the employee's portion of Social
Security and Medicare tax? - Answer 40%
FLSA - Answer Fair Labor Standards Act , which is enforced by the U.S.
, Department of Labor, Wage and Hour Division. Employers covered by the FLSA
are requited to pay a minimum hourly wage and overtime rate to all covered
employees. The FLSA defines the hours of work for which employees must be
paid.
For 2015, if a nonemployee fails to provide a TIN and is paid $400 or more for the
year, what is the required federal backup withholding tax rate that the employer
must use? - Answer 28%
The FLSA is silent on matters concerning the method and ____________ of wage
payments. - Answer frequency
Generally, businesses that began operations after March 31, 1990, must comply
with the FLSA if gross annual sale exceed $__________. - Answer 500,000
State laws covering the treatment of unclaimed wages are called
________________ laws. - Answer escheat
The federal law that governs minimum wage and overtime requirements is called
- Answer Fair Labor Standards Act
For businesses that began operations before April 1, 1990. Must comply with
FLSA if gross annual sales are? - Answer Retail Enterprises $362,500 or more
Nonretail Enterprises $250,000 or more
Four Kinds of employees are exempt from the federal minimum wage - Answer
tipped employees, computer professionals, recipients of the opportunity wage
and outside sales persons
The FLSA is enforced by the U.S. Department of Labor, ____________________
_______________ ________________ Division. - Answer wage and hour
At what rate must federal income tax be withheld for an employee who has not
properly completed a W-4? - Answer single with zero allowances
FUTA tax must be deposited when the cumulative quarterly tax liability exceeds:
- Answer $500
Employers can file the employment tax return annually (Form 944) if they
anticipate their federal employment tax liability will not exceed: - Answer $1,000
State unemployment returns are generally filed: - Answer quarterly
Form 1099 informational statements must be furnished o recipients no later than:
- Answer January 31
