Payroll Accounting Exam Solutions
Course Introduction
Payroll Accounting focuses on the principles and procedures involved in processing employee compensation within an organization. Students learn about wage and salary calculations, federal and state payroll tax requirements, employer responsibilities, and record-keeping practices. The course covers topics such as earnings calculations, benefits, tax withholdings, payroll legislation, and payroll systems, as well as the preparation of payroll registers, tax filings, and required government reports. Emphasis is placed on both manual and computerized payroll accounting methods, ensuring students gain comprehensive practical skills for managing payroll operations in a business environment.
Recommended Textbook
Payroll Accounting 2017 27th Edition by
Bernard J. Bieg
Source URL: https://quizplus.com/study-set/3346 Page 2
Chapter 1: The Need for Payroll and Personal Records
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70 Verified Questions
70 Flashcards
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Sample Questions
Q1) The Fair labor Standards Act has set the current minimum hourly rate of pay at:
A) $10.00
B) $7.25
C) $7.75
D) $5.00
E) $8.50
Answer: B
Q2) The FLSA provides health insurance for the aged and disabled (Medicare).
A)True
B)False
Answer: False
Q3) The Age Discrimination in Employment Act provides protection to virtually all workers over the age of:
A) 50.
B) 65.
C) 70.
D) 75.
E) 40.
Answer: E
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Page 3
Chapter 2: Computing Wages and Salaries
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79 Verified Questions
79 Flashcards
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Sample Questions
Q1) Refer to Instruction 2-1.Carla Maloney is a waitress who regularly receives $80 each week in tips and works 40 hours each week.The minimum gross weekly pay,excluding tips,that the restaurant could pay Maloney without violating the FLSA is __________.
Answer: 11ea7e83_1197_d49b_ba34_db637d72fb4a_TB2268_00
Q2) The Wage and Hour Division allows the practice of recording an employee's starting and stopping time to:
A) the nearest five minutes.
B) the nearest tenth of an hour.
C) the nearest quarter of an hour.
D) all of the above.
E) none of the above.
Answer: D
Q3) Refer to Instruction 2-1.Kevin Kurtz is a newly hired exempt employee who earns an annual salary of $67,600.Since he started work on Thursday (five-day week ends on Friday),his pay for the first week would be __________.
Answer: 11ea7e83_1197_fbad_ba34_c9fa9a2547f2_TB2268_00
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4
Chapter 3: Social Security Taxes
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70 Verified Questions
70 Flashcards
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Sample Questions
Q1) If an employee,who works two or more separate jobs,pays OASDI taxes on wages in excess of the taxable wage base,the employee is entitled to a refund of the overpayment.
A)True
B)False Answer: True
Q2) Employers do not pay payroll taxes on payments made to independent contractors.
A)True
B)False
Answer: True
Q3) Nonagricultural employers who withhold income taxes and are liable for social security taxes must file a monthly tax and information return.
A)True
B)False Answer: False
Q4) A worker hired by the federal government in 2017 is covered under FICA. A)True
B)False Answer: True
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Chapter 4: Income Tax Withholding
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56 Verified Questions
56 Flashcards
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Sample Questions
Q1) An employer must withhold federal income taxes on both the tips reported by tipped employees and the tips that the employer allocates to the employees.
A)True
B)False
Q2) By completing Form W-4P,a person can elect to have no income tax withheld from the annuity amounts the person receives.
A)True
B)False
Q3) Which of the following cannot be included in a cafeteria plan?
A) Health insurance
B) Group-term life insurance (first $50,000 of coverage)
C) Dependent care assistance (first $5,000)
D) Self-insured medical reimbursement plan
E) Educational assistance
Q4) Of the two main methods of withholding,only the wage-bracket method distinguishes unmarried persons from married persons.
A)True
B)False
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Page 6
Chapter 5: Unemployment Compensation Taxes
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67 Verified Questions
67 Flashcards
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Sample Questions
Q1) Which of the following is not a factor considered in determining coverage of interstate employees?
A) Location of base of operations
B) Place where work is localized
C) Location of company's payroll department
D) Location of employee's residence
E) Location of place from which operations are controlled
Q2) Currently,none of the states imposes an unemployment tax on employees.
A)True
B)False
Q3) Even if the duties of depositing the FUTA taxes and filing Form 940 have been outsourced,the employer is still the responsible party.
A)True
B)False
Q4) When making a payment of FUTA taxes,the employer must make the payment by the:
A) end of the month after the quarter.
B) 15th of the month after the quarter.
C) 10th of the month after the quarter.
D) end of the following quarter.
E) same day of the FICA and FIT deposits.
Page 7
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Chapter 6: Analyzing and Journalizing Payroll
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54 Verified Questions
54 Flashcards
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Sample Questions
Q1) An employer will use the payroll register to keep track of an employee's accumulated wages.
A)True
B)False
Q2) Which of the following accounts is an expense account in which an employer records the FICA,FUTA,and SUTA taxes?
A) Wages Expense
B) Payroll Taxes
C) SUTA Taxes Payable
D) Salaries Payable
E) None of the above
Q3) The employer's payroll tax expenses are recorded by all employers at the time these taxes are actually paid.
A)True
B)False
Q4) Under the Uniform Unclaimed Property Act,any unclaimed paychecks must be turned over to the state after the next payday.
A)True
B)False
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