Payroll Management, Finance And Accounting

Question: The term "statutory employee" refers to ______________.
A
another name for an independent contractor

B
a regular, full-time employee subject to tax withholdings

C
a part-time employee

D
the president of a company

Note: Answer not sure
1. Report
Question: The term "payroll period" refers to ____________.
A
a calendar year

B
one month

C
the frequency of employee compensation

D
two weeks

Note: Answer not sure
1. Report
Question: On which of the following financial statements is Payroll Expense reported?
A
Statement of Retained Earnings

B
Income Statement

C
Balance Sheet

D
Cash Flow Statement

Note: Answer not sure
1. Report
Question: What is an EIN?
A
Employee Identification Name

B
Employer Identification Number

C
Every Independent Numerator

D
Employer Identification Name

Note: Answer not sure
1. Report
Question: What is the purpose of a time card?
A
To track employee hours worked per payroll period

B
To calculate employee tax withholding

C
To calculate bonuses

D
To determine employee tax exemptions

Note: Answer not sure
1. Report
Question: What is the purpose of Form 940?
A
To report annual wages to employees

B
To report annual wages to the IRS

C
To reconcile taxes paid with tax liability for unemployment taxes

D
To reconcile taxes paid with tax liability for federal taxes

Note: Answer not sure
1. Report
Question: The term "withholding allowance" refers to ______________.
A
the extra amount held for the employee in a savings account

B
the additional tax obligation of the employee

C
the additional tax obligation of the employer

D
an allowance that reduces taxable income by a fixed amount

Note: Answer not sure
1. Report
Question: For an employee, which of the following is a benefit of using direct deposit?
A
Eliminates the need for the employee to reconcile bank accounts

B
Allows employee to commit fraud more easily

C
No direct benefit to employee

D
Eliminates the need for the employee to go to the bank to deposit a check, since pay is deposited directly in the bank, often the day before payday

Note: Answer not sure
1. Report
Question: For an employer, which of the following is a disadvantage of using direct deposit?
A
Builds goodwill with employees

B
Immediately reduces available cash because everyone is paid on payday without having to wait for checks to clear

C
Increases employee opportunity for fraud

D
Saves the company time and money

Note: Answer not sure
1. Report
Question: The term "wage bracket method for withholding taxes" refers to ______________.
A
a program used to process payroll

B
a company's policy on wage rates

C
minimum wage rates

D
a federal income tax withholding method that takes into account gross earnings, payroll period, marital status, and number of withholding allowances

Note: Answer not sure
1. Report

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Question: The term "statutory employee" refers to ______________.

Question: The term "payroll period" refers to ____________.

Question: On which of the following financial statements is Payroll Expense reported?

Question: What is an EIN?

Question: What is the purpose of a time card?

Question: What is the purpose of Form 940?

Question: The term "withholding allowance" refers to ______________.

Question: For an employee, which of the following is a benefit of using direct deposit?

Question: For an employer, which of the following is a disadvantage of using direct deposit?

Question: The term "wage bracket method for withholding taxes" refers to ______________.