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NEW QUESTION # 24
How frequently must an employer include noncash fringe benefits in an employee's income?
- A. annually
- B. semiannually
- C. quarterly
- D. each pay period
Answer: A
NEW QUESTION # 25
A voluntary deduction must be:
- A. authorized by the employee
- B. deducted without the employee's permission
- C. changed to what the employer needs to deduct
Answer: A
NEW QUESTION # 26
A superintendent of schools who will be 49 years of age on Dec 31 2020 earns $100,000. his school district has a 403b plan. what is the maximum that he can contribute to this plan before taxes in 2020?
- A. $19,500
- B. $19,000
- C. $26,000
- D. $25,000
Answer: A
NEW QUESTION # 27
Would each of the following entries be posted in the account as a debit (DR) or credit (CR)?
- A. mortgage payment in a liability account
- B. employer contributions to a 401k plan in an expense account
- C. federal income tax withheld but not paid in a liability account
- D. state income tax withheld but not deposited in a liability account
- E. purchase of stationary in an expense account
- F. withdrawal from a payroll checking account
- G. purchase of a desk in an asset account
Answer: A,B,C,D,E,F,G
NEW QUESTION # 28
A semiweekly depositor that has a payroll tax liability of $50,000 from a Monday payroll must deposit the liability by:
- A. thurs
- B. tues
- C. fri
- D. weds
Answer: C
NEW QUESTION # 29
when a payroll department does not respond promptly to a penalty notice from a governmental agency against an employee, this is an example of:
- A. poor problem solving
- B. lack of compliance
- C. responding to higher priorities
- D. breaching confidentiality
Answer: A
NEW QUESTION # 30
A receptionist has agreed to work afternoons at the company until the company can find a full time replacement. what is the receptionists status?
- A. independent contractor under reasonable basis
- B. employee
- C. independent contractor under common law
Answer: B
NEW QUESTION # 31
When paying supplemental wages, when must the aggregate withholding method be used?
- A. when the employee claims more than 10 dependents
- B. when the employee claims heads of household
- C. when the employee doesnt complete a form W4
- D. when no income tax is withheld from regular wages for the current or preceding year
Answer: D
NEW QUESTION # 32
The statue of limitation for correcting a form 941 is:
- A. april 15 following the year error was discovered
- B. april 15 3 years after the close of tax year error was made
- C. whenever discovered, up to 7 years
- D. due date of 941 form for quarter in which error was discovered
Answer: B
NEW QUESTION # 33
An employer may provide all of the following features in a 401k plan except:
- A. catch up contribution
- B. matching contributions
- C. higher benefits for highly compensated employees
- D. lower ceilings on contributions
Answer: C
NEW QUESTION # 34
You receive a letter of inquiry concerning an employee. What should you do?
- A. send a short letter to the agency stating that the issue is being reviewed.
- B. ignore the letter becuase its the employees issue
- C. call the requested and tell them you plan to locate the info and send it in a few months.`
- D. follow your companys policy on the release of employee info
Answer: D
NEW QUESTION # 35
The amount of federal income tax that is withheld from an employees regular wages is determined by a formula that uses all of the following items except:
- A. filing status
- B. a flat rate
- C. employees taxable wages
- D. pay period
Answer: B
NEW QUESTION # 36
Privacy of employee info should be a top priority of the payroll manager, but not necessarily a top priority of the payroll staff.
- A. false
- B. true
Answer: A
NEW QUESTION # 37
What benefits can be provided in a section 125 cafeteria plan?
- A. medical insurance
- B. scholarships
- C. discounts
- D. commuter vans
Answer: A
NEW QUESTION # 38
a retail sales clerk took advantage of the company's employee discount program to purchase clothes at 10% off the normal retail price. this service represents:
- A. taxable compensation
- B. a qualified employee discount
- C. a no-additional cost service
- D. a working condition fringe
Answer: B
NEW QUESTION # 39
Which of the following employee benefits is nontaxable compensation?
- A. company vehicle (personal use)
- B. gifts, prizes awards
- C. company vehicle (business use)
- D. moving expense
Answer: C
NEW QUESTION # 40
What is the employer's social security tax rate in 2020?
- A. 7.65%
- B. 12.4%
- C. 6.2$
- D. 1.45%
Answer: C
NEW QUESTION # 41
How would each of the following be posted?
- A. increase a revenue account
- B. decrease in liability account
- C. increase an expense account
- D. increase in asset account
- E. decrease an asset account
Answer: A,B,C,D,E
NEW QUESTION # 42
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