ASQ POST TEST QUESTIONS AND
CORRECT ANSWERS VERIFIED BY
EXPERTS |ACCURATE ACTUAL EXAM
WITH FREQUENTLY TESTED QUESTIONS
FOR GUARANTEED PASS |A+ GRADED
An employee's income is insufficient to pay for all scheduled deductions. The
deductions, received in the following order, include a $60.00 creditor
garnishment, a $125.00 charitable contribution, $300.00 for child support, and a
$105.00 federal tax levy. Which deduction should be taken FIRST?
a. Charitable contribution
b. Federal tax levy
c. Child support
d. Creditor garnishment - ANSWER>>c. Child support
Using the Optional Flat Rate Method, calculate the federal income tax
withholding based on an employee's supplemental wage payment of
$200,000.00. The employee has received $500,000.00 in supplemental wages
during the year. - ANSWER>>$44,000.00
When calculating federal income tax on supplemental wages when an
employee's year-to-date supplemental wages are $1,000,000.00 or less, use the
Optional Flat Rate Method percentage 22% multiplied times the taxable
supplemental wages.
The customer service principle of being responsive means a payroll technician
will:
a. be the first to leave the office.
,b. be generous with praise to fellow employees.
c. respond to customers promptly.
d. strongly advocate employee empowerment. - ANSWER>>c. respond to
customers promptly
A company is a monthly depositor. On payday, the company accumulates a
payroll tax liability of $101,000.00. The payroll tax deposit must be made for this
liability: - ANSWER>>By the next business day
When recording tax liabilities on Form 941, monthly depositors:
a. check the monthly box and enter each month's liability on Line 16.
b. only enter each month's liability on Line 16.
c. complete Schedule B.
d. are not required to make any special entries. - ANSWER>>a. check the
monthly box and enter each month's liability on Line 16.
When batching data, all of the following actions occur EXCEPT:
a. immediate update of data entered.
b. grouping similar data.
c. developing totals.
d. comparing totals. - ANSWER>>a. immediate update of data entered.
A nonexempt employee earns $15.00 per hour. Last week, the employee earned
a production bonus of $45.00 and worked 50 hours. Calculate the employee's
gross pay for the week. - ANSWER>>$874.50
An employee, age 52, purchased $170,000.00 of group-term life insurance
through the company's Sec. 125 plan on a pre-tax basis. The amount paid was
$0.10 per $1,000.00 of coverage. Using the IRS Uniform Premium Table I which is
,located in Tables and Rates on the toolbar, calculate the taxable value of
January's group-term life insurance. - ANSWER>>$27.60
Under IRS rules, calculate the taxable value of excess GTL coverage with six steps:
1) Determine the GTL coverage; 2) Calculate the excess coverage (the amount
over $50,000); 3) Divide the excess by $1,000; 4) Determine the employee's age
on December 31; 5) Using IRS Table 1 Uniform Premium for one month, multiply
the value for the employee's age by the amount from Step 3; 6) Subtract any
after-tax GTL deductions from the employee's pay to determine the taxable
amount.
Which of the following statements is true regarding payroll tax deposits?
a. When the accumulated tax liability reaches $100,000.00 or more on any day
within a deposit period, it must be deposited by the next business day.
b. Monthly depositors with accumulated payroll taxes over $3,000.00 for a month
can deposit the taxes due with their quarterly tax return.
c. Semiweekly depositors with tax liabilities incurred on a Saturday or Sunday
must deposit the liability by the following Wednesday.
d. A monthly depositor must deposit tax liabilities by the last day of the following
month. - ANSWER>>a. When the accumulated tax liability reaches $100,000.00
or more on any day within a deposit period, it must be deposited by the next
business day.
An employee works part-time, 3 hours a day, Monday through Friday, earns
minimum wage, and is paid every Friday. The employee submitted a 2021 Form
W-4 indicating a filing status of Married filing jointly and $20 in Step 4(c). Using
the Wage Bracket Method, calculate the employee's federal income tax
withholding for the week. - ANSWER>>$20.00
, Which of the following actions is an example of a payroll department
demonstrating the customer service principle of reliability?
a. Holding educational meetings for employees when instituting direct deposit of
paychecks.
b. Distributing Forms W-2 for the previous year to employees by January 31.
c. Maintaining the physical appearance of the payroll department.
d. Distributing Forms W-2 that have been incorrectly completed. - ANSWER>>b.
Distributing Forms W-2 for the previous
.
All of the following items are covered by the Fair Labor Standards Act EXCEPT:
a. defining equal pay for equal work.
b. defining when escheat laws apply.
c. setting child labor restrictions.
d. setting the minimum age for work. - ANSWER>>b. defining when escheat laws
apply.
(T/F) The FLSA regulates overtime requirements, minimum wage, child labor, and
equal pay rules - ANSWER>>True
An employee must complete a new Form W-4: - ANSWER>>When the
employee's filing status changes from married filing jointly to single or married
filing separately.
An employee who is a full-time student is claimed as a dependent by her
parents. What conditions must exist for the employee to claim exempt on Form
W-4?
CORRECT ANSWERS VERIFIED BY
EXPERTS |ACCURATE ACTUAL EXAM
WITH FREQUENTLY TESTED QUESTIONS
FOR GUARANTEED PASS |A+ GRADED
An employee's income is insufficient to pay for all scheduled deductions. The
deductions, received in the following order, include a $60.00 creditor
garnishment, a $125.00 charitable contribution, $300.00 for child support, and a
$105.00 federal tax levy. Which deduction should be taken FIRST?
a. Charitable contribution
b. Federal tax levy
c. Child support
d. Creditor garnishment - ANSWER>>c. Child support
Using the Optional Flat Rate Method, calculate the federal income tax
withholding based on an employee's supplemental wage payment of
$200,000.00. The employee has received $500,000.00 in supplemental wages
during the year. - ANSWER>>$44,000.00
When calculating federal income tax on supplemental wages when an
employee's year-to-date supplemental wages are $1,000,000.00 or less, use the
Optional Flat Rate Method percentage 22% multiplied times the taxable
supplemental wages.
The customer service principle of being responsive means a payroll technician
will:
a. be the first to leave the office.
,b. be generous with praise to fellow employees.
c. respond to customers promptly.
d. strongly advocate employee empowerment. - ANSWER>>c. respond to
customers promptly
A company is a monthly depositor. On payday, the company accumulates a
payroll tax liability of $101,000.00. The payroll tax deposit must be made for this
liability: - ANSWER>>By the next business day
When recording tax liabilities on Form 941, monthly depositors:
a. check the monthly box and enter each month's liability on Line 16.
b. only enter each month's liability on Line 16.
c. complete Schedule B.
d. are not required to make any special entries. - ANSWER>>a. check the
monthly box and enter each month's liability on Line 16.
When batching data, all of the following actions occur EXCEPT:
a. immediate update of data entered.
b. grouping similar data.
c. developing totals.
d. comparing totals. - ANSWER>>a. immediate update of data entered.
A nonexempt employee earns $15.00 per hour. Last week, the employee earned
a production bonus of $45.00 and worked 50 hours. Calculate the employee's
gross pay for the week. - ANSWER>>$874.50
An employee, age 52, purchased $170,000.00 of group-term life insurance
through the company's Sec. 125 plan on a pre-tax basis. The amount paid was
$0.10 per $1,000.00 of coverage. Using the IRS Uniform Premium Table I which is
,located in Tables and Rates on the toolbar, calculate the taxable value of
January's group-term life insurance. - ANSWER>>$27.60
Under IRS rules, calculate the taxable value of excess GTL coverage with six steps:
1) Determine the GTL coverage; 2) Calculate the excess coverage (the amount
over $50,000); 3) Divide the excess by $1,000; 4) Determine the employee's age
on December 31; 5) Using IRS Table 1 Uniform Premium for one month, multiply
the value for the employee's age by the amount from Step 3; 6) Subtract any
after-tax GTL deductions from the employee's pay to determine the taxable
amount.
Which of the following statements is true regarding payroll tax deposits?
a. When the accumulated tax liability reaches $100,000.00 or more on any day
within a deposit period, it must be deposited by the next business day.
b. Monthly depositors with accumulated payroll taxes over $3,000.00 for a month
can deposit the taxes due with their quarterly tax return.
c. Semiweekly depositors with tax liabilities incurred on a Saturday or Sunday
must deposit the liability by the following Wednesday.
d. A monthly depositor must deposit tax liabilities by the last day of the following
month. - ANSWER>>a. When the accumulated tax liability reaches $100,000.00
or more on any day within a deposit period, it must be deposited by the next
business day.
An employee works part-time, 3 hours a day, Monday through Friday, earns
minimum wage, and is paid every Friday. The employee submitted a 2021 Form
W-4 indicating a filing status of Married filing jointly and $20 in Step 4(c). Using
the Wage Bracket Method, calculate the employee's federal income tax
withholding for the week. - ANSWER>>$20.00
, Which of the following actions is an example of a payroll department
demonstrating the customer service principle of reliability?
a. Holding educational meetings for employees when instituting direct deposit of
paychecks.
b. Distributing Forms W-2 for the previous year to employees by January 31.
c. Maintaining the physical appearance of the payroll department.
d. Distributing Forms W-2 that have been incorrectly completed. - ANSWER>>b.
Distributing Forms W-2 for the previous
.
All of the following items are covered by the Fair Labor Standards Act EXCEPT:
a. defining equal pay for equal work.
b. defining when escheat laws apply.
c. setting child labor restrictions.
d. setting the minimum age for work. - ANSWER>>b. defining when escheat laws
apply.
(T/F) The FLSA regulates overtime requirements, minimum wage, child labor, and
equal pay rules - ANSWER>>True
An employee must complete a new Form W-4: - ANSWER>>When the
employee's filing status changes from married filing jointly to single or married
filing separately.
An employee who is a full-time student is claimed as a dependent by her
parents. What conditions must exist for the employee to claim exempt on Form
W-4?
