Preparing Payroll
Quiz by Julie
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32 questions
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- Q1A qualified retirement plan that provides most individuals with a deferred federal income tax benefit.401 KQualified Retirement planIndividual Retirement Plan (IRA)Roth Individual Retirement plan20s
- Q2Paying an employee using electronic funds transfer is calleddirect deposit.individual retirement account.electronic funds transfer system.net pay.20s
- Q3A method of paying an employee based on the amount of sales the employee generates.commissionhourly paypiece payincentive pay20s
- Q4A federal tax paid for old age, survivors and disability insurance.Qualified Retirement Plan TaxSocial Security TaxTax BaseMedicare Tax20s
- Q5A qualified retirement plan sponsored by an employer.401(h)401(c)401(k)401(d)20s
- Q6A deduction from total earnings for each person legally supported by a taxpayer, including the employee.None of these.Withholding allowance.Social Security Withholding.Withholding base.20s
- Q7The maximum amount of gross earnings on which a tax is calculated.Exemptions.Total Earnings.Tax Base.Withholdings.20s
- Q8A retirement plan approved by the Internal Revenue Service is401 (b)401 (k)qualified retirement plan.Roth individual retirement account.20s
- Q9A computerized cash payments system that transfers funds without the use of checks, currency or other paper documents.None of these.Electronic Funds TransferDirect DepositNet Pay20s
- Q10The total earnings paid to an employee after payroll taxes and other deductions.Gross Pay.Deductions.Total Earnings.Net Pay.20s
- Q11A qualified retirement plan that allows tax-free withdrawals from the account.Qualified Retirement Plan.401 KRoth Individual Retirement Account.Individual Retirement Plan.20s
- Q12A federal tax paid for hospital insurance.Medicare Tax.Medical Insurance Tax.Federal Medical Tax.Medicaid Tax.20s
- Q13Payroll records are used toto prepare payroll reports for the government.all of these.to determine when the tax base has been met.inform employees of their annual earnings20s
- Q14Qualified retirement plans are approved bya company act.the Federal government.an act of Senate.an act of Congress.20s
- Q15Total earnings are sometimes referred to astake-home pay.net pay.gross pay.disposable earnings.20s