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NEW QUESTION # 58
Accounting data beings with a transaction. this information is first posted:
- A. on the income statement
- B. in the chart of accounts
- C. in the general ledger
- D. in the journal
Answer: D
NEW QUESTION # 59
When using the Optional Flat Rate Method, which of the following items is considered when making the calculation?
- A. pay frequency
- B. number of dependents
- C. taxable wages
- D. filing status
Answer: C
NEW QUESTION # 60
The federal minimum wage is used when figuring the amount to withhold for a creditor garnishment
- A. TRUE
- B. False
Answer: A
NEW QUESTION # 61
Internal control procedures include all of the following except:
- A. system interfaces
- B. segregating jobs
- C. account reconciliation
- D. rotation of duties
Answer: A
NEW QUESTION # 62
All of the following are supplemental wages EXCEPT:
- A. bonus
- B. fringe benefits
- C. salary
- D. commission
Answer: C
NEW QUESTION # 63
Which of the following is the best method of guarding against phantom employees?
- A. validity edits
- B. physical payout
- C. monthly bank reconciliation
- D. audit trails
Answer: B
NEW QUESTION # 64
The integrity of the data can be verified by:
- A. validity checks
- B. balancing and reconciliation
- C. system edits
Answer: B
NEW QUESTION # 65
Assume that a deposit is due on Weds, but this is a non-banking day. to be considered made timely, the employers deposit of federal payroll taxes must be made on or before the close of business on:
- A. monday
- B. friday
- C. thursday
- D. tuesday
Answer: C
NEW QUESTION # 66
How long should employers keep payroll records beyond legal requirements
- A. 3 years
- B. 2 years
- C. as long as the company needs the records
- D. 4 years
Answer: C
NEW QUESTION # 67
Which of the following records must be kept for 4 years:
- A. hours worked
- B. OSHA records
- C. time cards
- D. voided payroll checks
Answer: D
NEW QUESTION # 68
A computerized payroll system can help a payroll dept accomplish all of the following tasks except:
- A. record retention
- B. recognize changes in laws and regulations
- C. producing timely, accurate paychecks
- D. compliance w laws and regulations
Answer: B
NEW QUESTION # 69
A record of the business transactions by account is found in the:
- A. ledger
- B. balance sheet
- C. chart of accounts
- D. journal
Answer: A
NEW QUESTION # 70
On thurs, an employee receives news of a family emergency that requires him to take a flight home that evening. payday is not until friday at 3pm, but he needs his paycheck to pay for the flight. when he contacts the payroll dept and explains his situation, he is told that a check will be ready for him when he stops by.
Which principle of the customer service has the payroll dept exhibited?
- A. assurance.
- B. reliability
- C. responsiveness
- D. tangibles
- E. empathy
Answer: E
NEW QUESTION # 71
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. pay period
- B. a flat rate
- C. employees taxable wages
- D. filing status
Answer: B
NEW QUESTION # 72
During thanksgiving week, a nonexempt employee was paid for the following hours:
sun- none
mon- 10 hours worked
tues- 10 hrs work
weds- 8 hr sicks day
thurs- 8 hr holiday
fri-8 hr vacation
sat- 8 hr work
How many overtime hours, if any, did the ee work?
- A. 12 hours
- B. 4 hours
- C. 0 hours
Answer: C
NEW QUESTION # 73
All of the following regulate payments made by DD EXCEPT:
- A. consumer financial protection bureau
- B. local laws
- C. State laws
- D. NACHA
Answer: B
NEW QUESTION # 74
You receive a letter of inquiry concerning an employee. What should you do?
- A. ignore the letter becuase its the employees issue
- B. call the requested and tell them you plan to locate the info and send it in a few months.`
- C. follow your companys policy on the release of employee info
- D. send a short letter to the agency stating that the issue is being reviewed.
Answer: C
NEW QUESTION # 75
At the beginning of the year, an employee elected to buy group term life insurance as part of his benefit package through his companys cafeteria benefit plan. in may he took out an individual life insurance policy.
since he no longer needs group coverage, he wants to replace the insurance option with increase contributions to his 401k plans. is this possible?
- A. yes but he will have to pay taxes on the amount.
- B. no
- C. yes, if both GTL and the 401k plan are part of the same cafeteria benefit program, he can switch
Answer: B
NEW QUESTION # 76
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. $26,000
- B. $19,500
- C. $25,000
- D. $19,000
Answer: B
NEW QUESTION # 77
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