Payroll Management, Finance And Accounting

Question: The term "bonus" refers to ______________.
A
termination pay

B
a sum of money given to an employee in addition to the employee's regular compensation

C
severance pay

D
regular pay for 40 hours per week

Note: Answer not sure
1. Report
Question: The term "unemployment compensation benefits" refers to ______________.
A
payments under state programs made for a limited time to unemployed workers

B
payments under a federal program to unemployed workers

C
insurance an employee must take out privately

D
payments to employees who have suffered accidents on the job

Note: Answer not sure
1. Report
Question: The term "self-employment income" refers to ______________.
A
income earned working for another

B
income earned by an individual from a business operated as a sole proprietorship

C
income earned while working out of the country

D
income earned above $100,000

Note: Answer not sure
1. Report
Question: What is the purpose of Form W2?
A
To report annual wages to employees

B
To report annual wages to the IRS

C
To report to employees their total wages earned and taxes paid

D
To reconcile, on a quarterly basis, taxes paid with tax liability for federal taxes

Note: Answer not sure
1. Report
Question: Which of the following is a benefit of an automated payroll system?
A
More economical than processing payroll within the company

B
Ability to fire some of the payroll staff since the function now requires less labor

C
Fewer internal controls are needed

D
Allows a company to process payroll more quickly

Note: Answer not sure
1. Report
Question: According to the Self-Employment Contributions Act, any enterprise ___________________ is considered a business.
A
that hires at least 10 people

B
that pays federal taxes

C
that makes over $100,000 per year

D
in which activities are carried out for the purpose of earning a living

Note: Answer not sure
1. Report
Question: What is the purpose of an EIN?
A
Same as a stock ticker symbol

B
Used to report employee earnings

C
Distinguishes public companies from private companies

D
An identifier for the IRS to track employers

Note: Answer not sure
1. Report
Question: How often should payroll be reconciled?
A
Hourly

B
Once per payroll period

C
Weekly

D
Annually

Note: Answer not sure
1. Report
Question: Who decides if a person is an employee or an independent contractor?
A
SEC

B
IRS

C
Employer

D
Employee

Note: Answer not sure
1. Report
Question: Which of the following payroll items is worth auditing?
A
The middle names of employees

B
The addresses of employees

C
That gross pay for each individual matches his or her employment agreement

D
The prior employers of employees

Note: Answer not sure
1. Report

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Question: The term "bonus" refers to ______________.

Question: The term "unemployment compensation benefits" refers to ______________.

Question: The term "self-employment income" refers to ______________.

Question: What is the purpose of Form W2?

Question: Which of the following is a benefit of an automated payroll system?

Question: According to the Self-Employment Contributions Act, any enterprise ___________________ is considered a business.

Question: What is the purpose of an EIN?

Question: How often should payroll be reconciled?

Question: Who decides if a person is an employee or an independent contractor?

Question: Which of the following payroll items is worth auditing?