Taxation Exam Review
Course Introduction
This course provides a comprehensive overview of the principles, laws, and practices governing taxation. Students will explore the conceptual framework of taxation, including objectives, types of taxes, tax administration, and compliance requirements. The course covers essential topics such as income tax, corporate tax, value-added tax (VAT), and other direct and indirect taxes, emphasizing the impact of taxation on individuals, businesses, and the economy. Through case studies and practical examples, students will learn to analyze tax situations, interpret relevant legislation, and apply key concepts in real-world scenarios, preparing them for roles in accounting, finance, and public administration.
Recommended Textbook Payroll Accounting 2018 28th Edition by Bernard J. Bieg
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6 Chapters
398 Verified Questions
398 Flashcards
Source URL: https://quizplus.com/study-set/3737 Page 2
Chapter 1: The Need for Payroll and Personal Records
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70 Verified Questions
70 Flashcards
Source URL: https://quizplus.com/quiz/74510
Sample Questions
Q1) Which of the following is included in a job description?
A) Secondary duties
B) Education requirements and special skills needed
C) Attendance requirements
D) Job's essential functions,including any physical requirements
E) All of the above
Answer: E
Q2) The payroll register is a separate payroll record that is kept on each employee.
A)True
B)False Answer: False
Q3) Only six states do not impose a state unemployment tax on employers in their state.
A)True
B)False Answer: False
Q4) Form I-9 must be completed by each new hire.
A)True
B)False Answer: True
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Chapter 2: Computing Wages and Salaries
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80 Verified Questions
80 Flashcards
Source URL: https://quizplus.com/quiz/74509
Sample Questions
Q1) The FLSA defines a tipped employee as one who regularly receives tips of more than $20 a month.
A)True
B)False
Answer: False
Q2) Nondiscretionary bonuses are part of the determination of the regular rate of pay.
A)True
B)False
Answer: True
Q3) A stated percentage of revenue paid an employee who transacts a piece of business or performs a service is called:
A) a piece rate.
B) a commission.
C) a regular hourly rate.
D) a remunerative salary.
E) none of the above.
Answer: B
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Chapter 3: Social Security Taxes
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72 Verified Questions
72 Flashcards
Source URL: https://quizplus.com/quiz/74508
Sample Questions
Q1) Peter,age 17 and employed by his family-owned corporation,is covered under FICA.
A)True
B)False
Answer: True
Q2) Under the safe harbor rule,when employers deposit their tax liabilities,they may have a shortfall of no more than $200 without incurring any penalty.
A)True
B)False
Answer: False
Q3) The taxes imposed under the Social Security Act consist of:
A) two taxes on employers.
B) two taxes on employees.
C) OASDI and HI taxes.
D) taxes on the net earnings of the self-employed.
E) all of the above.
Answer: E
Q4) FICA includes partnerships in its definition of employer.
A)True
B)False
Answer: True
Page 5
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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) Refer to Exhibit 4-1.Use the appropriate table to determine the amount to withhold for federal income tax from each of the following biweekly wages (biweekly withholding allowance = $155.80): Patrick Patrone (single, 2 all owances), \(\$ 925\) wages__________
Carson Leno (married, 4 allowances), \(\$ 1,195\) wages______________
Carli Lintz (single, 0 allowances), \(\$ 700\) wages______________
Gene Hartz (single, 1 allowance), \(\$ 2,500\) wages____________
Mollie Parmer (married, 2 allowances), \(\$ 3,600\) wages___________
Q2) The IRA format of the SIMPLE plan allows employees to make tax-free contributions of up to $12,500
A)True
B)False
Q3) All taxable noncash fringe benefits received during the year can only be added to the employees' taxable pay on the last payday of the year.
A)True
B)False
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Chapter 5: Unemployment Compensation Taxes
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66 Verified Questions
66 Flashcards
Source URL: https://quizplus.com/quiz/74506
Sample Questions
Q1) An aspect of the interstate reciprocal arrangement concerns:
A) the status of Americans working overseas.
B) the taxability of dismissal payments.
C) the determination of an employer's experience rating.
D) the transfer of an employee from one state to another during the year.
E) none of the above.
Q2) Advance payments for work done in the future are not taxable wages for FUTA purposes.
A)True
B)False
Q3) Currently,none of the states imposes an unemployment tax on employees.
A)True
B)False
Q4) There is a uniform rate of unemployment benefits payable by all states.
A)True
B)False
Q5) For FUTA purposes,the cash value of remuneration paid in any medium other than cash is not considered taxable wages.
A)True
B)False
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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) When withheld union dues are turned over to the union by the employer,a journal entry is made debiting the liability account and crediting the cash account.
A)True
B)False
Q2) The employee's earnings record provides information for each of the following except:
A) completing Forms W-2.
B) completing the journal entry to record the payroll.
C) determining when the accumulated wages of an employee reach cutoff levels.
D) preparing reports required by state unemployment compensation laws.
E) preparing the payroll register.
Q3) Refer to Exhibit 6-1.Journalize the entry to record the employer's payroll taxes (assume a SUTA rate of 3.7%).
Q4) Companies usually provide a separate column in the payroll register to record the employer's payroll taxes.
A)True
B)False
Q5) Refer to Exhibit 6-1.Journalize the entry to record the payroll.
Q6) Refer to Exhibit 6-1.Journalize the entry to deposit the FICA and FIT taxes.
Page 8
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