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 plan20sEditDelete
- Q2Paying an employee using electronic funds transfer is calleddirect deposit.individual retirement account.electronic funds transfer system.net pay.20sEditDelete
- Q3A method of paying an employee based on the amount of sales the employee generates.commissionhourly paypiece payincentive pay20sEditDelete
- Q4A federal tax paid for old age, survivors and disability insurance.Qualified Retirement Plan TaxSocial Security TaxTax BaseMedicare Tax20sEditDelete
- Q5A qualified retirement plan sponsored by an employer.401(h)401(c)401(k)401(d)20sEditDelete
- 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.20sEditDelete
- Q7The maximum amount of gross earnings on which a tax is calculated.Exemptions.Total Earnings.Tax Base.Withholdings.20sEditDelete
- Q8A retirement plan approved by the Internal Revenue Service is401 (b)401 (k)qualified retirement plan.Roth individual retirement account.20sEditDelete
- 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 Pay20sEditDelete
- Q10The total earnings paid to an employee after payroll taxes and other deductions.Gross Pay.Deductions.Total Earnings.Net Pay.20sEditDelete
- Q11A qualified retirement plan that allows tax-free withdrawals from the account.Qualified Retirement Plan.401 KRoth Individual Retirement Account.Individual Retirement Plan.20sEditDelete
- Q12A federal tax paid for hospital insurance.Medicare Tax.Medical Insurance Tax.Federal Medical Tax.Medicaid Tax.20sEditDelete
- 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 earnings20sEditDelete
- Q14Qualified retirement plans are approved bya company act.the Federal government.an act of Senate.an act of Congress.20sEditDelete
- Q15Total earnings are sometimes referred to astake-home pay.net pay.gross pay.disposable earnings.20sEditDelete
- Q16Payroll taxes withheld represent a _____________ for an employer, until payment is made.assetrevenueexpenseliability20sEditDelete
- Q17When an employee's earnings exceed the tax base,no more social security tax is deducted.no more medicare is deducted.none of these.no more social security tax or medicare is deducted.20sEditDelete
- Q18The amount of income tax withheld from each employee's total earnings is determinedhow often they are paid.from the number of withholding allowances.from their marital status.all of these.20sEditDelete
- Q19The investment income in a Roth IRA isnever subject to taxes as it is building a retirement.none of these.not subject to federal income taxes when withdrawn.tax deferred.20sEditDelete
- Q20A business is requiredto only withhold what the employee desires from their salaries.by law to withhold Social Security, Medicare, and Retirement.to withhold optional amounts from the employees salaries.by law to withhold certain payroll taxes from employee salaries.20sEditDelete