QUESTIONS AND 100% CORRECT ANSWERS|LATEST
668-W - ANSWER Notice of Levy on Wages, Salary, and Other Income
1096 - ANSWER Annual Summary and Transmittal of U.S. Information Returns
Under the FLSA how old must a minor be to be employed? - ANSWER 14
What is the FUTA tax rate? - ANSWER 6.0%
On form 941, the employer reports - ANSWER Social Security Wages
What is the formula for calculating an employees net pay? - ANSWER Gross pay-
deductions for taxes- other deductions
Which plan discriminates in favor of highly compensated employees? -
ANSWER Nonqualified deferred compensation plans
What is the federal minimum wage per hour on January 1, 2018? - ANSWER $7.25
What law determines time limits with which employees must be paid after wages are earned? -
ANSWER State Laws
Cafeteria plans are authorized by what internal revenue code section? - ANSWER 125
The direct deposit data sent to the bank after payroll processing is an example of -
ANSWER Interface
1
, What taxes, if any, must be withheld from payments to an independent contractor who
provided a tin? - ANSWER No taxes are withheld
An external audit: - ANSWER Allows an objective assessment of the financial statements.
Employees' privacy rights are governed by all of the following except: - ANSWER Local
Legislation
Under the FLSA, what basis is used to determine whether a non-exempt employee is to be paid
overtime? - ANSWER Hours worked in a work week
Overtime payments are included in the calculation of what tax, if any? - ANSWER They
are included in all tax calculations
What is the 2018 wage base for social security tax? - ANSWER $128,400.00
If an employee does not have federal tax withheld and has not claimed exempt, what must the
employer do? - ANSWER Provide the employee with the EITC notice
A computerized payroll system can help a payroll dept. accomplish all of the following tasks
except: - ANSWER Recognize changes in laws and regulations
An employee's profit sharing bonus is payable in the year following his death. How should the
bonus be taxed and reported? - ANSWER Withhold no taxes and report the bonus on for
1099-misc.
In what ways can a computerized system increase the accuracy of employees paychecks? -
ANSWER By reducing human error
2
668-W - ANSWER Notice of Levy on Wages, Salary, and Other Income
1096 - ANSWER Annual Summary and Transmittal of U.S. Information Returns
Under the FLSA how old must a minor be to be employed? - ANSWER 14
What is the FUTA tax rate? - ANSWER 6.0%
On form 941, the employer reports - ANSWER Social Security Wages
What is the formula for calculating an employees net pay? - ANSWER Gross pay-
deductions for taxes- other deductions
Which plan discriminates in favor of highly compensated employees? -
ANSWER Nonqualified deferred compensation plans
What is the federal minimum wage per hour on January 1, 2018? - ANSWER $7.25
What law determines time limits with which employees must be paid after wages are earned? -
ANSWER State Laws
Cafeteria plans are authorized by what internal revenue code section? - ANSWER 125
The direct deposit data sent to the bank after payroll processing is an example of -
ANSWER Interface
1
, What taxes, if any, must be withheld from payments to an independent contractor who
provided a tin? - ANSWER No taxes are withheld
An external audit: - ANSWER Allows an objective assessment of the financial statements.
Employees' privacy rights are governed by all of the following except: - ANSWER Local
Legislation
Under the FLSA, what basis is used to determine whether a non-exempt employee is to be paid
overtime? - ANSWER Hours worked in a work week
Overtime payments are included in the calculation of what tax, if any? - ANSWER They
are included in all tax calculations
What is the 2018 wage base for social security tax? - ANSWER $128,400.00
If an employee does not have federal tax withheld and has not claimed exempt, what must the
employer do? - ANSWER Provide the employee with the EITC notice
A computerized payroll system can help a payroll dept. accomplish all of the following tasks
except: - ANSWER Recognize changes in laws and regulations
An employee's profit sharing bonus is payable in the year following his death. How should the
bonus be taxed and reported? - ANSWER Withhold no taxes and report the bonus on for
1099-misc.
In what ways can a computerized system increase the accuracy of employees paychecks? -
ANSWER By reducing human error
2
