Payroll Accounting : chapter 2
Are Independent Contractors included in company payroll? Why/Why not? - correct answer They are
Not included; paid through a company's accounts payable.
Difference among daily, weekly, biweekly, semimonthly, and monthly pay periods? - correct answer
Daily - paid by EOD (365)
Weekly - paid Monday thru Friday (52)
Biweekly - two week period; week after pay period (26)
Semimonthly - twice a mont; 1st and 15th (24)
Monthly - paid once per month (12)
Difference between Termination and Resignation? - correct answer Termination - Final pay due
immediately
Resignation - Final pay due on next pay date.
File maintenance - correct answer Responsibility of the ER
Record labeling
Creation of backup copies
Secure record storage
File security - correct answer Restriction of personnel file access
For the state of Oklahoma, when must a termed employee be paid his or her final paycheck? - correct
answer Next regular payday for the pay period.
Hiring packet - correct answer Maintained by many companies may be as basic as a simple W-4 and I-9
form or may be incredibly complex if foreign workers and multiple types of voluntary deductions are
involved.
How long must Employers keep termed employee records? - correct answer 7 years.
Are Independent Contractors included in company payroll? Why/Why not? - correct answer They are
Not included; paid through a company's accounts payable.
Difference among daily, weekly, biweekly, semimonthly, and monthly pay periods? - correct answer
Daily - paid by EOD (365)
Weekly - paid Monday thru Friday (52)
Biweekly - two week period; week after pay period (26)
Semimonthly - twice a mont; 1st and 15th (24)
Monthly - paid once per month (12)
Difference between Termination and Resignation? - correct answer Termination - Final pay due
immediately
Resignation - Final pay due on next pay date.
File maintenance - correct answer Responsibility of the ER
Record labeling
Creation of backup copies
Secure record storage
File security - correct answer Restriction of personnel file access
For the state of Oklahoma, when must a termed employee be paid his or her final paycheck? - correct
answer Next regular payday for the pay period.
Hiring packet - correct answer Maintained by many companies may be as basic as a simple W-4 and I-9
form or may be incredibly complex if foreign workers and multiple types of voluntary deductions are
involved.
How long must Employers keep termed employee records? - correct answer 7 years.
