VA CONTRACTORS: VA 2025
ADVANCED (CLASS A)
ANSWER ALL QUESTIONS IN THIS SECTION
QUESTION 1
A non-exempt employee of a contractor covered by the Fair Labor Standards Act
works 60 hours during a workweek. The agreement is to pay the employee $400
each week regardless of the numbers of hours worked. What should be the
employee's gross pay for the worksheet? - ANSWERS-$700.50
QUESTION 2
In the previous year, a company had revenues of $500,000 project overhead of
$40,000 and company overhead of $75,000. The company expects the percentage
for project and company overhead to remain the same for the current year. The
company desires to make a 10% profit on a project it is bidding. The project would
have $80,000 in direct costs. What should the bid price be? - ANSWERS-Between
$110,000 and $120,000
QUESTION 3
How much state income tax MUST be paid by a corporation that has $30,000 of
Federal taxable income? The company deducted $2,000 of state and local taxes on
the Federal return, and had $2,000 of qualified worker retraining expenses. The
corporation does business ONLY in Virginia. - ANSWERS-$1,080
END OF
PAGE 1
, VA CONTRACTORS: VA 2025
ADVANCED (CLASS A)
QUESTION 4
How much is an employer who withheld employee Medicare and Social Security
taxes or $765 required to send to the IRS? - ANSWERS-$1,530
QUESTION 5
An insurer offers the contractor a 20% per year reduction in premiums if the
contractor has a defied safety program in place. The insurer's standard rates are $8
per $1,000 of coverage. The contractor has $300,000 in coverage. How much in
premiums will the contractor save a 3-year period by having a defined safety
program in place? - ANSWERS-Between $1,001 and $1,500
QUESTION 6
Where would depreciation of equipment first be entered? - ANSWERS-General
journal
QUESTION 7
END OF
PAGE 2
ADVANCED (CLASS A)
ANSWER ALL QUESTIONS IN THIS SECTION
QUESTION 1
A non-exempt employee of a contractor covered by the Fair Labor Standards Act
works 60 hours during a workweek. The agreement is to pay the employee $400
each week regardless of the numbers of hours worked. What should be the
employee's gross pay for the worksheet? - ANSWERS-$700.50
QUESTION 2
In the previous year, a company had revenues of $500,000 project overhead of
$40,000 and company overhead of $75,000. The company expects the percentage
for project and company overhead to remain the same for the current year. The
company desires to make a 10% profit on a project it is bidding. The project would
have $80,000 in direct costs. What should the bid price be? - ANSWERS-Between
$110,000 and $120,000
QUESTION 3
How much state income tax MUST be paid by a corporation that has $30,000 of
Federal taxable income? The company deducted $2,000 of state and local taxes on
the Federal return, and had $2,000 of qualified worker retraining expenses. The
corporation does business ONLY in Virginia. - ANSWERS-$1,080
END OF
PAGE 1
, VA CONTRACTORS: VA 2025
ADVANCED (CLASS A)
QUESTION 4
How much is an employer who withheld employee Medicare and Social Security
taxes or $765 required to send to the IRS? - ANSWERS-$1,530
QUESTION 5
An insurer offers the contractor a 20% per year reduction in premiums if the
contractor has a defied safety program in place. The insurer's standard rates are $8
per $1,000 of coverage. The contractor has $300,000 in coverage. How much in
premiums will the contractor save a 3-year period by having a defined safety
program in place? - ANSWERS-Between $1,001 and $1,500
QUESTION 6
Where would depreciation of equipment first be entered? - ANSWERS-General
journal
QUESTION 7
END OF
PAGE 2
