Finance And Accounting

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
Question: The term "piece rate plan" refers to ______________.
A
a compensation plan in which the employee earns a percentage of sales

B
a compensation plan in which employees are paid based on units produced

C
termination pay

D
an agreement to pay an employee a set amount, regardless of hours worked

Note: Answer not sure
1. Report
Question: What does the acronym SUTA stand for?
A
Special Unemployment Tax Act

B
State Unemployment Taxation Analysis

C
Special Unemployment Taxation Analysis

D
State Unemployment Tax Act

Note: Answer not sure
1. Report
Question: The term "percentage method of withholding" refers to ______________.
A
the amount of unemployment tax to be withheld

B
a federal income tax withholding method that applies a formula with both fixed and variable components to the wage amounts

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
Question: The term "contribution report" refers to ______________.
A
an annual report sent to employees listing how much they made per month

B
a quarterly state unemployment tax return that applies an experience rating percentage to gross wages to compute the quarterly tax

C
an annual report sent to the IRS on behalf of the employee

D
an internal document given to employees each payroll period

Note: Answer not sure
1. Report

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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?

Question: The term "piece rate plan" refers to ______________.

Question: What does the acronym SUTA stand for?

Question: The term "percentage method of withholding" refers to ______________.

Question: The term "contribution report" refers to ______________.