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PRDV204 Final Exam - Payroll Applications
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PRDV204 Final Exam - Payroll Applications
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25 Questions

1. The Old-Age, Survivors, and Disability Insurance (OASDI) component of Social Security is:
2. For the purposes of Earned Income Credit (EIC), which of the following is considered earned income?
3. What type of benefits may a cafeteria plan NOT include?
4. Which of the following examples of an employee would most likely be considered an independent contractor?
5. For what amount of time must employers keep employee pay records, according to the Fair Labor Standards Act (FLSA)?
6. Consider the following scenario and choose the correct answer from the options below.
Sandra earned $1,200 last week. Sandra works and lives in Minnesota. She is single, claims one (1) allowance, and is paid weekly.
Use the wage-bracket method and the section of the 2013 federal wage tables shown below to determine Sandra's federal withholding for the week. Sandra's federal withholding for the week is:
"
7. When completing a form W-4:
8. In Kentucky, a new employer pays a 2.7% State Unemployment Tax (SUTA) up to $9,300. Karen earned $28,900 this year. For SUTA tax purposes, Karen's employer will pay a total of:
9. The Health Insurance Portability and Accountability Act (HIPAA):
10. An accrual:
11. What is a consequence of withholding allowances?
12. Consider the following scenario and choose the correct answer from the options below.
Sandra earned $1,200 last week. Sandra works and lives in Minnesota. She is single, claims one (1) allowance, and is paid weekly.
Below is a partial table from the 2013 Minnesota Withholding Tax Tables. Use this table to determine the amount of Sandra's state withholding for the week. Sandra's state withholding for the week is:
"
13. What negative result/s can occur when a business fails to meet deadlines for depositing withheld income taxes, Social Security, Medicare contributions, and employer-matching amounts?
14. Consider the following scenario and choose the correct answer from the options below.
Sandra earned $1,200 last week. Sandra works and lives in Minnesota. She is single, claims one (1) allowance, and is paid weekly.
The amounts Sandra's employer will deduct from her paycheck for Social Security and Medicare
15. Which of the following is NOT a legal category for an employer to deduct from an employee's paycheck?
16. The journal entry below:
17. A Form W-2:
18. What type of penalty will be imposed upon any person who fails to deposit any amount of tax in a government depository?
19. In order to avoid penalties related to Electronic Federal Tax Payment System (EFTPS) payments, an employer must do all of the following EXCEPT:
20. What are internal controls?
21. What is the main purpose of the Consolidated Omnibus Reconciliation Act (COBRA)?
22. What does the matching principle state?
23. What is the major advantage of processing payroll by hand?
24. Consider the following scenario and choose the correct answer from the options below.
Sandra earned $1,200 last week. Sandra works and lives in Minnesota. She is single, claims one (1) allowance, and is paid weekly.
Below is a partial table from the 2013 Minnesota Withholding Tax Tables and a partial table from the 2013 federal withholding tables. Use these tables and the wage-bracket method to determine Sandra's net pay for the week. What is Sandra's net pay for the week?
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25. An accountable plan is a reimbursement or allowance arrangement that meets all of the following conditions EXCEPT:

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