10. Under the principles of double entry bookkeeping, what does a credit to an
account signify?
The Payroll Source Section 11.1-2
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An increase in a liability account
liability = CR primary account
asset = DR primary acct
3. An employee whose year-to-date wages are $60,000.00 receives a net bonus
check of $100.00. The employee is not subject to state income tax. Using the
supplemental optional flat rate, calculate the gross amount of the employee's bonus
payment.
The Payroll Source Section 3.4-11
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, b. $142.15 - gross up
23. What may employers require when implementing direct deposit?
The Payroll Source Section 5.3-2
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a. That participating employees authorize the deposit
4. What amount would be included in the employee's income when the employer
chooses to pay the taxes on a bonus of $800.00 and to use the supplemental optional
flat rate for calculating the federal income tax? The employee's year-to-date earnings
are $17,500.00 and the employee is not subject to any state income tax.
The Payroll Source Section 3.4-11
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c. $1,137.17
5. What is the minimum a nonexempt employee must be paid under the FLSA when
the employee is paid $8.00 per hour for the first 30 hours of work and $10.00 per hour
for the next 20 hours of work in a workweek?
The Payroll Source Section 2.6-4
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weighted avg = all differing job pay rates / total hours all jobs
[($8x30)+($10x20)] / 50 = $8.8 reg, $13.20 ot
, then: ($8.8x40)+($13.2x10) = $484
$484
21. On which form are payments to independent contractors reported to the IRS?
The Payroll Source Section 8.12-1
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b. 1099-NEC
22. Which of the following requirements determines how soon employees must be
paid after a pay period ends?
The Payroll Source Section 5.1
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c. State law
to use the optional flat rate for federal income tax withholding from a supplemental
wage payment, how must supplemental wage payments be treated?
The Payroll Source Section 6.4-4
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supplemental wages must be identified separately. paid at same time as
regular wage payment.
22% flat rate
, 14. Under which of the following situations may all health insurance premiums paid be
excluded from the employee's income?
The Payroll Source Section 4.1-2
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d. When the employer pays the premium
20. What is the maximum FUTA tax wage base per employee?
The Payroll Source Section 7.1-4
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a. $7,000.00
8. All of the following payments are subject to social security tax except:
The Payroll Source Section 4.3-1
a. Dismissal payments
b. Tips exceeding $20.00 per month
c. Employee's elective deferral to a 401(k) plan
d. Sick-leave payments after six calendar months of absence from work
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d. Sick-leave payments after six calendar months of absence from work
account signify?
The Payroll Source Section 11.1-2
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An increase in a liability account
liability = CR primary account
asset = DR primary acct
3. An employee whose year-to-date wages are $60,000.00 receives a net bonus
check of $100.00. The employee is not subject to state income tax. Using the
supplemental optional flat rate, calculate the gross amount of the employee's bonus
payment.
The Payroll Source Section 3.4-11
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, b. $142.15 - gross up
23. What may employers require when implementing direct deposit?
The Payroll Source Section 5.3-2
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a. That participating employees authorize the deposit
4. What amount would be included in the employee's income when the employer
chooses to pay the taxes on a bonus of $800.00 and to use the supplemental optional
flat rate for calculating the federal income tax? The employee's year-to-date earnings
are $17,500.00 and the employee is not subject to any state income tax.
The Payroll Source Section 3.4-11
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c. $1,137.17
5. What is the minimum a nonexempt employee must be paid under the FLSA when
the employee is paid $8.00 per hour for the first 30 hours of work and $10.00 per hour
for the next 20 hours of work in a workweek?
The Payroll Source Section 2.6-4
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weighted avg = all differing job pay rates / total hours all jobs
[($8x30)+($10x20)] / 50 = $8.8 reg, $13.20 ot
, then: ($8.8x40)+($13.2x10) = $484
$484
21. On which form are payments to independent contractors reported to the IRS?
The Payroll Source Section 8.12-1
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b. 1099-NEC
22. Which of the following requirements determines how soon employees must be
paid after a pay period ends?
The Payroll Source Section 5.1
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c. State law
to use the optional flat rate for federal income tax withholding from a supplemental
wage payment, how must supplemental wage payments be treated?
The Payroll Source Section 6.4-4
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supplemental wages must be identified separately. paid at same time as
regular wage payment.
22% flat rate
, 14. Under which of the following situations may all health insurance premiums paid be
excluded from the employee's income?
The Payroll Source Section 4.1-2
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d. When the employer pays the premium
20. What is the maximum FUTA tax wage base per employee?
The Payroll Source Section 7.1-4
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a. $7,000.00
8. All of the following payments are subject to social security tax except:
The Payroll Source Section 4.3-1
a. Dismissal payments
b. Tips exceeding $20.00 per month
c. Employee's elective deferral to a 401(k) plan
d. Sick-leave payments after six calendar months of absence from work
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d. Sick-leave payments after six calendar months of absence from work
