Fundamental Payroll Certification 88 Questions with Verified Answers Spring 2023,100% CORRECT

Fundamental Payroll Certification 88 Questions with Verified Answers Spring 2023 2 separate w-3's - CORRECT ANSWER Form 1096 1 consolidated Form w-3 Form 8279 2 separate w-3's general valuation rule - CORRECT ANSWER actual market value actual cash value general valuation rule implied benefit rule employee - CORRECT ANSWER Independent contractor w-4 exempt employee exempt from FLSA $150 - CORRECT ANSWER $0 $150 $165 $210 written authorization - CORRECT ANSWER account number written authorization bank routing number type of accoount the weighted average of the rates based on the hours worked - CORRECT ANSWER the average of two, or more, pay rates the highest pay rate the weighted average of the rates based on the hours worked the lowest pay rate 100% of the value of the room and board - CORRECT ANSWER none of the value of the room and board none of the value of the board and 50% of the room 100% of the value of the room and board 100% of the value of the room and 5-% of the board non-discretionary bonuses - CORRECT ANSWER non-discretionary bonuses discretionary bonuses paid vacation leave paid sick leave subscriptions to business periodicals - CORRECT ANSWER occasional personal use of company telephone traditional holiday gifts occasional tickets to sporting events subscriptions to business periodicals single-entry reversal - CORRECT ANSWER debit authorization double-entry reversal credit authorization single-entry reversal fed levy, CS, garnishment - CORRECT ANSWER child support, garnishment, fed levy CS, fed levy, garnishment fed levy, CS, garnishment fed levy, garnishment, CS Contractual bonuses based on the ee's performance - CORRECT ANSWER marital status - CORRECT ANSWER the birth of twins - CORRECT ANSWER 17000 - CORRECT ANSWER 7a-7p - CORRECT ANSWER 5.12 - CORRECT ANSWER 24% - CORRECT ANSWER 1/31 - CORRECT ANSWER $0 - CORRECT ANSWER Employer - CORRECT ANSWER the following Friday - CORRECT ANSWER $110 per w-2, max $571,000 - CORRECT ANSWER finalize divorce - CORRECT ANSWER August 2022 - CORRECT ANSWER allocated tips - CORRECT ANSWER 4 years - CORRECT ANSWER next day rule - CORRECT ANSWER netted against current year wages for tax purposes - CORRECT ANSWER education, hospitals, & govt - CORRECT ANSWER remaining 2% must be paid by the due date of the quarterly form 941 - CORRECT ANSWER $102k is due on Fri Mar, 22nd - CORRECT ANSWER if the repayment results in an overpayment of FICA for the earlier year - CORRECT ANSWER straight time: $10 x 45 =$450 overtime prem pay: $10 x .05 = $5 x 5 hours =$25 gross pay: $450 + $25 = $475 ss: $475 x .062 = $29.45 MC: $475 x .0145 = $6.89 FIT: step 2: $0, step 3: $4,000/52 = $76.92 credit, Step 4: $0 Net pay: $475 - $29.45 - $6.89 = $438.66 - CORRECT ANSWER withhold no taxes and report the bonus amount on form 1099-MISC **wages owed a deceased emp are paid after the year of death **Tax req: wages owed are not subject to emp taxes, No FIT, SS, MED, or FUTA **Reporting: 1099-MISC - taxable income must be reported on a form 1099-MISC (box 3) issued to the beneficiary - CORRECT ANSWER $398.80 ** Marks hourly rate of $7 can't be used since it's below min wage. - CORRECT ANSWER $1040 **emp can't be reimbursed for more than they contribute for the year - CORRECT ANSWER $2,942.31 **$76,500/26 = $2942.31 - CORRECT ANSWER $701.92 **$36500/52 weeks=701.92 - CORRECT ANSWER $672.76 **straight time pay: $12 x 48 hours = $576 **OT premium pay: $576 + $45 = $621 / 48 hours = $12.94 x 0.5 = $6.47 x 8 hours = $51.76 **Gross pay: $576 + $51.76 + $45 = $672.76 - CORRECT ANSWER $405.64 **Straight time pay = 44 x $8.25 = $363 OT prem pay rate = $363 + $25 = $388 / 44 hours = $8.82 x 0.5 = $4.41 OT prem pay: $4.41 x 4 hours = $17.64 Gross pay: $363 + $17.64 + 25 = $405.64 - CORRECT ANSWER $2924.66 **$2500 biweekly salary / 2 =$1250 $300 nondiscretionary bonus /2 = $150 Week 1 OT: 1250 + 150= $1400 / 46 hours = 30.43 RRoP OT Prem Pay: $30.43 x .05 = $15.22 x 6 hours = $91.32 Week 2 OT: 1250 + 150 = 1400 / 42 hours = $33.33 RRoP OT Prem Pay: 33.33 x 0.5 = $16.67 x 2 = $33.34 Gross pay $2500 + 300 + 91.32 + 33.34 = 2924.66 - CORRECT ANSWER 1312.50 EE cont. $35000 x .10 = 3500 ER cont/ 35000 x .05 = 1750 x .75 = 1312.50 - CORRECT ANSWER withhold income tax as if the total were a single payment for a regular payroll period - CORRECT ANSWER 126.25 ** The maximum amount that can be withheld for a creditor garnishment is the lesser of: -25% of disp earnings -the amount by which disp earnings for the week are greater than 30 times the fed min wage. 25% withholding: $505 x 25% = $126.25 30x's fed min wage: $7.25 x 30 = $217.50; $505 - $217.50 = $287.50 The lesser of the two is $126.25 - CORRECT ANSWER 51,692.03 Def tax liability for this payroll tax deposit includes EE and ER FICA as well as FIT. 30,022.97 + 10,834.53 + 10,834.53 = 51,692.03 - CORRECT ANSWER 82,440.23 -SS limit has been reached. -additional med tax applies on wages over 200K -FIT rate is 37% since YTD supplemental wages exceeds 1M .0145 + .009 + .37 = .3935 1 - .3935 = .6065 50,000 / .6065 = 82,440.23 - CORRECT ANSWER $25 $10 x .5 = $5 x 5 hours = $25 - CORRECT ANSWER $90 8/80 rule: 2 hours OT per day x 3 days = 6 hours OT 48 hours + 30 hours = 78 hours, 0 OT hours $30 x .5 = $15 x 6 hours = $90 - CORRECT ANSWER $1841.68 17,620 / 22,000 = 80.09 % business use 100%-80.09%=19.91% $9250 x .1991 = $1841.68 - CORRECT ANSWER reissue the check to the ee's estate/beneficiary - CORRECT ANSWER timely processing of payroll - CORRECT ANSWER the ER controls the entire computer system - CORRECT ANSWER validate entry accuracy - CORRECT ANSWER system edit - CORRECT ANSWER user groups - CORRECT ANSWER hourly rate of pay - CORRECT ANSWER assurance - CORRECT ANSWER responsiveness - CORRECT ANSWER ensure that procedures are followed - CORRECT ANSWER using VM to answer phone calls from customers - CORRECT ANSWER restating what you understand from the other's statements - CORRECT ANSWER have a person, other than the person who requested the authorized payments to prepare the payroll checks - CORRECT ANSWER Limit access to payroll system - CORRECT ANSWER an audit trail - CORRECT ANSWER physical payout - CORRECT ANSWER system interfacing - CORRECT ANSWER system selection - CORRECT ANSWER $1000 deposit of taxes, posted to the liability acct In a journal entry: -debits decrease liabilities (such as when withheld payroll taxes are paid) -credits increase liabilities and decrease assets - CORRECT ANSWER ensure that employee paychecks are posted correctly - CORRECT ANSWER $250 office paper purchase, posted to the expense account - debits increase expense (such as the purchase of supplies) - credits increase liabilities and decrease assets - CORRECT ANSWER debit - CORRECT ANSWER Company cost of employee benefits - CORRECT ANSWER $250 lease payment for software, posted to the expense account - debits increase expense (such as lease payments for software) - credits increase liabilities and decrease assets - CORRECT ANSWER *** - CORRECT ANSWER Escheat - CORRECT ANSWER 2/10 - CORRECT ANSWER c - CORRECT ANSWER require w2c and 941x - CORRECT ANSWER 76.55% - CORRECT ANSWER qualified retirement planning services - CORRECT ANSWER meals while moving from old home to new home - CORRECT ANSWER a - CORRECT ANSWER b - CORRECT ANSWER c - CORRECT ANSWER July 10 - CORRECT ANSWER - CORRECT ANSWER - CORRECT ANSWER