CPP Certified Payroll Professional APA Master
Exam Questions and Answers| Updated
Form SS-8
Determination of Worker Status for Purposes of Federal Employment Taxes and
Income Tax Withholding
Form W-9
First, it is used by third parties to collect identifying information to help file
information returns with the IRS.
The form is never actually sent to the IRS, but is maintained by the person who
files the information return for verification purposes.
The information on the Form W-9 and the payment made are reported on a Form
1099.
The second purpose is to help the payee avoid backup withholding. The payer
must collect withholding taxes on certain reportable payments for the IRS.
However, if the payee certifies on the W-9 they are not subject to backup
withholding they generally receive the full payment due them from the payer. This
is similar to the withholding exemptions certifications found on Form W-4 for
employees.
Form SS-5
Apply for an original Social Security card
Apply for a replacement Social Security card
Change or correct information on your Social Security number record
,Form SS-4
Application for Employer Identification Number (EIN)
Accounting equation (Balance Sheet)
Assets = Liabilities + Capital
Assets - Liabilities = (Shareholders' or Owners' Equity)
Asset (Debit or Credit Normal Balance?)
Debit
Expense (Debit or Credit Normal Balance?)
Debit
Liability (Debit or Credit Normal Balance?)
Credit
Capital (Debit or Credit Normal Balance?)
Credit
,Owners Equity (Debit or Credit Normal Balance?)
Credit
Revenue (Debit or Credit Normal Balance?)
Credit
Escheat laws
Refer to unclaimed property obligations. Companies who issue checks-for wages,
payroll, employee commissions, returnable garnishments, deferred compensation,
payroll services or bonuses have a potential (and probable) unclaimed property
obligation.
Schedule D (Form 941)
to explain certain discrepancies (caused by acquisitions, statutory mergers, and
consolidations) between Forms W-2, Wage and Tax Statement (Copy A), and
Forms 941, Employer's QUARTERLY Federal Tax Return, for the totals of social
security wages, Medicare wages and tips, social security tips, federal income tax
withheld, and advance earned income credit (EIC) payments
Workweek for 14 and 15-year-olds
Outside school hours, and on school days including Fridays, no more than 3 hours.
No more than 8 hours on a non-school day.
When school is in session, no more than 18 hours per week.
, No more than 40 hours during a week when school is out.
Between the hours of 7 a.m. And 7 p.m, extended to 9 p.m. Between June 1 and
Labor Day.
1) Which form is used for Determination of Employee Work Status for Purposes
of Federal Employment Taxes and Income Tax Withholding?
A. Form I-9
B. Form SS-4
C. Form SS-5
D. Form SS-8
D
2) What amount must an independent contractor be paid for services rendered
before an employer is obligated to give them a 1099-MISC?
A. Once total reaches $600 or more
B. Total payments reach $600 or more for company's fiscal year
C. Total payments reach $600 or more for calendar year
D. Any individual payment makes during calendar year exceeding $600
C
3) Qualified real estate agents and direct sellers are which of the following?
Exam Questions and Answers| Updated
Form SS-8
Determination of Worker Status for Purposes of Federal Employment Taxes and
Income Tax Withholding
Form W-9
First, it is used by third parties to collect identifying information to help file
information returns with the IRS.
The form is never actually sent to the IRS, but is maintained by the person who
files the information return for verification purposes.
The information on the Form W-9 and the payment made are reported on a Form
1099.
The second purpose is to help the payee avoid backup withholding. The payer
must collect withholding taxes on certain reportable payments for the IRS.
However, if the payee certifies on the W-9 they are not subject to backup
withholding they generally receive the full payment due them from the payer. This
is similar to the withholding exemptions certifications found on Form W-4 for
employees.
Form SS-5
Apply for an original Social Security card
Apply for a replacement Social Security card
Change or correct information on your Social Security number record
,Form SS-4
Application for Employer Identification Number (EIN)
Accounting equation (Balance Sheet)
Assets = Liabilities + Capital
Assets - Liabilities = (Shareholders' or Owners' Equity)
Asset (Debit or Credit Normal Balance?)
Debit
Expense (Debit or Credit Normal Balance?)
Debit
Liability (Debit or Credit Normal Balance?)
Credit
Capital (Debit or Credit Normal Balance?)
Credit
,Owners Equity (Debit or Credit Normal Balance?)
Credit
Revenue (Debit or Credit Normal Balance?)
Credit
Escheat laws
Refer to unclaimed property obligations. Companies who issue checks-for wages,
payroll, employee commissions, returnable garnishments, deferred compensation,
payroll services or bonuses have a potential (and probable) unclaimed property
obligation.
Schedule D (Form 941)
to explain certain discrepancies (caused by acquisitions, statutory mergers, and
consolidations) between Forms W-2, Wage and Tax Statement (Copy A), and
Forms 941, Employer's QUARTERLY Federal Tax Return, for the totals of social
security wages, Medicare wages and tips, social security tips, federal income tax
withheld, and advance earned income credit (EIC) payments
Workweek for 14 and 15-year-olds
Outside school hours, and on school days including Fridays, no more than 3 hours.
No more than 8 hours on a non-school day.
When school is in session, no more than 18 hours per week.
, No more than 40 hours during a week when school is out.
Between the hours of 7 a.m. And 7 p.m, extended to 9 p.m. Between June 1 and
Labor Day.
1) Which form is used for Determination of Employee Work Status for Purposes
of Federal Employment Taxes and Income Tax Withholding?
A. Form I-9
B. Form SS-4
C. Form SS-5
D. Form SS-8
D
2) What amount must an independent contractor be paid for services rendered
before an employer is obligated to give them a 1099-MISC?
A. Once total reaches $600 or more
B. Total payments reach $600 or more for company's fiscal year
C. Total payments reach $600 or more for calendar year
D. Any individual payment makes during calendar year exceeding $600
C
3) Qualified real estate agents and direct sellers are which of the following?
