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THE PAYROLL SOURCE CPP FINAL EXAM LATEST 2025/2026
ACTUAL EXAM WITH COMPLETE QUESTIONS AND CORRECT
DETAILED ANSWERS (100% VERIFIED ANSWERS) |ALREADY
GRADED A+| ||PROFESSOR VERIFIED|| ||BRANDNEW!!!||
Which of the following records MUST be kept for the four years?
A. hours worked
B. time cards
C. OSHA records
D. voided payroll checks - ANSWER-D. voided payroll checks
Techniques for conducting periodic physical payouts:
A. are the same for all employees
B. vary by whether the employee is paid by check or direct
deposit
C. vary for some employees such as telecommuters
D. vary by wage class and compensation level - ANSWER-A. are
the same for all employees
Which of the following plans describes a cafeteria plan under
section 125 of the Internal Revenue code?
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A. a quantified and accountable expense reimbursement plan
B. a tax-qualified retirement plan for public education institutions
C. a plan which permits employees to select from two or more
qualified taxable and nontaxable benefits
D. a plan whereby state government employees may request that
pretax dollars be set aside in a retirement account until age 59 -
ANSWER-C. a plan which permits employees to select from two
or more qualified taxable and nontaxable benefits
Using federal child support guidelines, calculate the maximum
amount of support that can be withheld from an employee's
semimonthly disposable earnings of $1,500.00. The employee is
four months in arrears in making child support payments and has
no other dependents.
A. $750.00
B. $825.00
C. $900.00
D. $975.00 - ANSWER-D. $975.00 ($1500x65%=$975)
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Employers in non-credit reduction states that pay their state
unemployment taxes on time can deduct up to what percentage
from the full FUTA tax rate in calculating their FUTA tax
payments?
A. 0.6%
B. 4.5%
C. 5.4%
D. 6.0% - ANSWER-C. 5.4%
Which of the following items determines the disposition of
unclaimed wages?
A. state law only
B. federal law only
C. federal and state law
D. no recognized procedures exist - ANSWER-A. state law only
An employee is terminated with 3 workdays remaining in a month.
The employee earned an annual salary of $24,000 and was paid
semimonthly. What is the regular compensation due this
employee for the final pay period?
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A. $723.07
B. $782.61
C. $800.00
D. $869.57 - ANSWER-A. $723.07 ($24,000/24)-
(($24,000/260)x3)=$723.07
Employee deferrals under section 401(k) are subject to which
taxes?
A. federal income, social security and Medicare taxes
B. social security and Medicare taxes
C. social security, Medicare and FUTA taxes
D. federal income, social security, Medicare and FUTA taxes -
ANSWER-C. social security, Medicare and FUTA taxes
What does it mean if, at the end of an accounting period, a
company has a debit balance in a liability account?
A. The company has under deposited taxes withheld from
employee wages
B. The company has not yet paid the third party
THE PAYROLL SOURCE CPP FINAL EXAM LATEST 2025/2026
ACTUAL EXAM WITH COMPLETE QUESTIONS AND CORRECT
DETAILED ANSWERS (100% VERIFIED ANSWERS) |ALREADY
GRADED A+| ||PROFESSOR VERIFIED|| ||BRANDNEW!!!||
Which of the following records MUST be kept for the four years?
A. hours worked
B. time cards
C. OSHA records
D. voided payroll checks - ANSWER-D. voided payroll checks
Techniques for conducting periodic physical payouts:
A. are the same for all employees
B. vary by whether the employee is paid by check or direct
deposit
C. vary for some employees such as telecommuters
D. vary by wage class and compensation level - ANSWER-A. are
the same for all employees
Which of the following plans describes a cafeteria plan under
section 125 of the Internal Revenue code?
,2|Page
A. a quantified and accountable expense reimbursement plan
B. a tax-qualified retirement plan for public education institutions
C. a plan which permits employees to select from two or more
qualified taxable and nontaxable benefits
D. a plan whereby state government employees may request that
pretax dollars be set aside in a retirement account until age 59 -
ANSWER-C. a plan which permits employees to select from two
or more qualified taxable and nontaxable benefits
Using federal child support guidelines, calculate the maximum
amount of support that can be withheld from an employee's
semimonthly disposable earnings of $1,500.00. The employee is
four months in arrears in making child support payments and has
no other dependents.
A. $750.00
B. $825.00
C. $900.00
D. $975.00 - ANSWER-D. $975.00 ($1500x65%=$975)
,3|Page
Employers in non-credit reduction states that pay their state
unemployment taxes on time can deduct up to what percentage
from the full FUTA tax rate in calculating their FUTA tax
payments?
A. 0.6%
B. 4.5%
C. 5.4%
D. 6.0% - ANSWER-C. 5.4%
Which of the following items determines the disposition of
unclaimed wages?
A. state law only
B. federal law only
C. federal and state law
D. no recognized procedures exist - ANSWER-A. state law only
An employee is terminated with 3 workdays remaining in a month.
The employee earned an annual salary of $24,000 and was paid
semimonthly. What is the regular compensation due this
employee for the final pay period?
, 4|Page
A. $723.07
B. $782.61
C. $800.00
D. $869.57 - ANSWER-A. $723.07 ($24,000/24)-
(($24,000/260)x3)=$723.07
Employee deferrals under section 401(k) are subject to which
taxes?
A. federal income, social security and Medicare taxes
B. social security and Medicare taxes
C. social security, Medicare and FUTA taxes
D. federal income, social security, Medicare and FUTA taxes -
ANSWER-C. social security, Medicare and FUTA taxes
What does it mean if, at the end of an accounting period, a
company has a debit balance in a liability account?
A. The company has under deposited taxes withheld from
employee wages
B. The company has not yet paid the third party
