AIPB - Mastering Payroll National Exam Questions & Answers 2024/2025 (Grade A+)

AIPB - Mastering Payroll National Exam Questions & Answers 2024/2025 (Grade A+) FICA - 40% FITW - 3% - ANSWER-Unintentional misclassification as an independent contractor who fails to file form 1099-MISC - tax assessment for failure to withhold at FICA and FITW is equal to what percent? FICA - 20% FITW - 1.5% - ANSWER-Unintentional misclassification as an independent contractor who files form 1099-MISC - tax assessment for failure to withhold at FICA and FITW is equal to what percent? SS-8 - ANSWER-Written determination from the IRS regarding an individual's worker status can submit what form 28% - ANSWER-Back up withholding tax rate employer must use Client firm - ANSWER-Employee leasing agency fails to withhold taxes it can become whose responsibility to pay these taxes Unemployment insurance - ANSWER-Wages are subject to federal requirements including federal income tax withholding, FICA tax withholding, and federal______ tax $7.25 - ANSWER-The federal minimum wage rate has stayed at what amount per hour since July 24, 2009? $2.13 - ANSWER-What is the minimum hourly rate that employers must pay to certain tipped employees after applying the maximum allowable tip credit? $7.25 - ANSWER-After adding employees tips for the week to the employee’s regular pay, the average hourly rate for the week must be at least what amount? Fair labor standard act of 1938 - ANSWER-The federal law governing minimum wage and overtime pay is the: Wage & Hour - ANSWER-The federal law governing minimum wage and overtime pay is the: Method & frequency - ANSWER-States may regulate _________ and ____________ of payment as well as minimum wage overtime and proper handling of unclaimed wages? $250,000 - ANSWER-A non-retail business an established before April 1, 1990 must comply with federal wage hour law if its annual gross sale exceeds: Schools, hospitals, and nursing homes - ANSWER-Three kinds of establishments in operation on or after April 1, 1990 that are covered by the FLSA regardless of their annual sales volume are: $500,000 - ANSWER-A dry cleaner that began operations on May 1, 1991 is covered by the FLSA under the enterprise test if its gross annual sale exceeds: Family-owned restaurant that employs family members - ANSWER-Who is likely not to be covered by the FLSA? $500,000 - ANSWER-A retail enterprise that began operations after March 31, 1990 is covered by the FLSA if it's annual gross sales volume per year exceeds what amount Department stores - ANSWER-_____________ _____________ are covered by the FLSA only if they meet an annual sales volume test Escheat - ANSWER-State law covering the treatment of unclaimed wages are called ______ laws. Tipped employees, Computer personnel's, recipients of the opportunity wage, ???? - ANSWER-Name the four kinds of employees that are exempt from federal minimum wage Schools, hospitals, nursing homes, dry cleaners, construction company - ANSWER-Name five kinds of businesses operating prior to April 1, 1990 that are covered by the FLSA regardless of their annual sales Apprenticed, learners, messengers, handicapped persons, full-time students - ANSWER-Name five kinds of employees who may qualify for a special certificate for the payment of a sub-minimum wage Fair Labor standards act - ANSWER-What does FLSA stand for? Fair labor standards act - ANSWER-The federal law that governs minimum wage and overtime requirements is called: $0 - ANSWER-Assume that a nursing home began operations on April 1, 1988. The nursing home is covered by the FLSA under the enterprise coverage test if it's sales for the year exceed: $362,500 - ANSWER-Retail enterprises in operation before April 1, 1990 are covered by the FLSA if they are gross annual sales exceed: $250,000 - ANSWER-Non-retail enterprises in operation before April 1, 1990 are covered by the FLSA if they are gross annual sales exceed: Premium - ANSWER-The additional half time rate of pay do for overtime hours is known as the_____ rate of pay $455 - ANSWER-To be exempt from overtime pay requirements as an exclusive, the employee must be paid a weekly rate of at least: $100,000 - ANSWER-To be exempt from the overtime provisions of federal law and employee paid in excess of______ Per year can qualify as exempt Principal and necessary - ANSWER-Employees must be paid for all ______ activities and activities _______ to the performance of those principal activities. Job title - ANSWER-_________ ________ does not automatically make an employee exempt from overtime pay 7 and 168 - ANSWER-A work week is defined as a _______ consecutive days or _________ consecutive hours Executive, admin, professional, outside sales - ANSWER-Generally, to be exempt from overtime pay under federal law, and employee must be in one of four specific categories which are: Duties, responsibilities, salary - ANSWER-Whether or not and employee is exempt depends on three key factors, name them: 3 years from the date of hire or one year from the date of termination, whichever is longer. - ANSWER-Federal law requires the I-9 to be retained for how many years, before being destroyed, 4 years from 4/15 following the tax year to which the document pertains - ANSWER-W-4 must be retained how many years? 4 years from 4/15 following the tax year to which the document pertains - ANSWER-Form W-2s that are returned and canceled or voided checks, should be retained how many years? 4 years from 4/15 following the tax year to which the document pertains - ANSWER-Payroll tax records and receipts, including Forms 940, 941, 943, 944, 1099, W-2, should be retained how many years? 4 years from 4/15 following the tax year to which the document pertains - ANSWER-Payroll register (earnings/deductions), personnel files including resumes and employment applications, and documents substantiating employment tax returns should be retained how many years? continues...