Find Complete and recently updated Correct Question and answers of Payroll. All Answers updated regularly with new questions. Upwork Payroll test answers of 2016.

Question:* A non-exempt employee works 38 hours one week and 46 hours the next week. How many hours should this employee be paid for two weeks if guaranteed 40 hours?

Answer: • The employee should be paid 86 hours. 78 reg hours, 2 guarantee hours and 6 OT hours.

Question:* How long should an employer retain payroll information?

Answer: • Three years.

Question:* If an employee's gross wages are $10,000, federal withholding is $1,000 and the employee wages YTD is $112,000, how much more tax money should be taken from employee's check?

Answer: • $145.00

Question:* Which form is needed for independent contractors or vendors who are seeking payment for their products/services?

Answer: • W-9

Question:* A non-exempt employee worked 48 hours one week which included a holiday and 46 hours the next week. How much OT pay is due to this employee?

Answer: • Only 6 hours OT

Question:* Where is a student's EIN generally registered?

Answer: • PAWS

Question:* Of the following, which is considered an employer-paid benefit?

Answer: • Sick days.

Question:* What type of form is used to determine the amount of withholding taxes deducted from an employees check?

Answer: • W-4

Question:* What does the initials EIC stands for?

Answer: • Earned Income Credit

Question:* What is a pay period?

Answer: • A recurring period of time that time is recorded and paid.

Question:* What is a contractor?

Answer: • A person receiving payment for a task in its entirety.

Question:* Which is not entitled to company benefits?

Answer: • Contractor

Question:* What is an employee?

Answer: • A person who is trained and hired.

Question:* What is an Employer Identification Number for?

Answer: • It identifies a businesses entity.

Question:* Which of the following is considered a withholding tax?

Answer: • Income tax.

Question:* Why is payroll important from an accounting standpoint?

Answer: • Payroll and the taxes therein significantly impact the success of the company.

Question:* An employee damages equipment and a court orders their wages are withheld as repayment. This is known as:

Answer: • garnishment

Question:* Which tax form does a contractor use?

Answer: • 1099

Question:* Which tax form does an employee use?

Answer: • W-2

Question:* What is the employers responsibility with regard to Medicare taxes?

Answer: • Employers are responsible for paying both the employer and employee's portion of the Medicare tax.

Question:* If you were to purchase stock, how is it referred to in terms of payroll deductions?

Answer: • Employee stock purchase plan.

Question:* What is an example of a voluntary deduction?

Answer: • 401(k)

Question:* Which is an example of a required deduction?

Answer: • State taxes

Question:* An employee works 40 hours at $15 per hour. How much would their weekly pre-tax pay be?

Answer: • $600

Question:* Which of the following is a payroll-related tax that is imposed on employers?

Answer: • FICA taxes.

Question:* The pay earned by hourly-paid employees is usually referred to as?

Answer: • Wage

Question:* When can voluntary deductions be made?

Answer: • Only when the employee has agreed to them.

Question:* An employee has a HR status of 2080 annual hours, what is their employment status?

Answer: • Full Time

Question:* True or false? A new employee must fill out a W-4.

Answer: • True

Question:* Who is responsible for paying taxes deducted from employee's check?

Answer: • The employer is responsible for paying taxes deducted from an employee's check to the appropriate agency.

Question:* The amount of pay that an employee "takes home" or can deposit into the bank is called?

Answer: • Net

Question:* What is the typical pay period?

Answer: • Bi-weekly.

Question:* What is the primary objective of payroll?

Answer: • Accurate and timely payment to employees including deductions and withholdings.

Question:* What does IRA stand for?

Answer: • Individual Retirement Account

Question:* What must all EIN applications disclose?

Answer: • The true, legal owner of the business.

Question:* What is a reason an employee might see a garnishment on their paycheck?

Answer: • Child support.

Question:* Which of the following do employees use to report annual income tax returns?

Answer: • W-2

Question:* How many yearly paychecks should a bi-weekly pay period yield to an employee?

Answer: • 26

Question:* The combination of the Social Security tax and the Medicare tax is referred to by what acronym?

Answer: • FICA

Question:* True or false? A fiscal year must start on January 1st.

Answer: • False

Question:* Which form do you use to declare exemptions and allowances?

Answer: • W-4

Question:* What is the function of payroll?

Answer: • The recording of salaries, wages, bonuses, and deductions.

Question:* 401K deductions are calculated from an employee's ...

Answer: • Gross Wages before taxes

Question:* Which tax is unique to the states, California, Hawaii, New Jersey, New York, and Rhode Island?

Answer: • Disability insurance tax.

Question:* Which employee tax elected filing status will deduct the highest withholding amount?

Answer: • Single 0

Question:* A bonus is listed under what category?

Answer: • Benefits.

Question:* What is gross pay?

Answer: • The total amount earned, before taxes

Question:* What is the current medicare taxable rate for 2012?

Answer: • 1.45%

Question:* In the General Journal, which side would your payroll tax expense be located?

Answer: • Debit

Question:* What specific criteria must be used when making a voluntary deduction for meals?

Answer: • The meal must have been job-related.

Question:* What requirements does the FLSA have for records keeping?

Answer: • None beside accurate record keeping.

Question:* What is an ACH payment related to?

Answer: • Direct deposits

Question:* What three payroll taxes are employers responsible for?

Answer: • FICA, FUTA, SUTA

Question:* What form is required to verify employment eligibility for a new or potential employee?

Answer: • I-9

Question:* Are you obligated to set up a method of taxation for independent contractors?

Answer: • No.

Question:* What is the standard rate for Medicare taxes?

Answer: • 1.45%

Question:* Which form is filled out by the employee and includes an employees withholding for federal tax purposes?

Answer: • W-4

Question:* What is a tax outside the scope of Federal taxes that an employer and employee are legally obligated to?

Answer: • State Income Tax

Question:* Who is a “nominee”?

Answer: • Delegated parties who are given limited authority to act on behalf of an entity for duties including payroll.

Question:* A employee garnishment is usually taken out of an employee's check when?

Answer: • After taxes. Amount is deducted from the net check.

Question:* An exempt employee is exempt from...?

Answer: • Overtime

Question:* What type of form is used to pay funds directly to employees bank account?

Answer: • Direct Deposit Form

Question:* What forms are filed at the end of the year to report employee wages to IRS?

Answer: • W-2

Question:* Which is listed under payroll taxes and costs?

Answer: • Medicare.

Question:* What tax document is provided at the end of the year to independent contractors and includes all payments paid?

Answer: • 1099 Misc Form

Question:* A employee garnishment is usually taken out of an employee's check when?

Answer: • After taxes. Amount is deducted from the net check.

Question:* If you were recording journal entries for wage expenses, where would they be listed?

Answer: • Debit.

Question:* What type of tax return is used to file employee deducted and employer matched payroll taxes at the end of a quarter?

Answer: • 941 Tax Return

Question:* Which tax return is used to file federal annual employer paid taxes?

Answer: • 940 Tax Return

Question:* What two accounting records are payroll typically recorded to?

Answer: • Income Statement and Balance Sheet

Question:* Which tax can you elect to be paid for in advance in your check if you qualify?

Answer: • EIC

Question:* When accounting for taxes payable, how are they listed?

Answer: • Credit.

Question:* If exempt employee Dr. Banks worked 48 hours in one week and 46 hours in a second week, how much overtime should he be paid?

Answer: • None

Question:* What form must a contractor include to not be considered an employee?

Answer: • Invoice

Question:* Which form is used to correct an employees reported wages to IRS after W-2's have been issued?

Answer: • W-2C

Question:* What is the current employer tax rate for FICA social security and medicare?

Answer: • 7.65%

Question:* How long should a W-4 be kept on file?

Answer: • Two years.

Question:* A employee garnishment is usually taken out of an employee's check when?

Answer: • After taxes. Amount is deducted from the net check.

Question:* What is the maximum taxable earnings allowed for medicare?

Answer: • The is no maximum taxable earnings for medicare?

Question:* Which form is used to correct an employees reported wages to IRS after W-2's have been issued?

Answer: • W-2C

Thursday, December 17, 2015

Payroll test answers of 2016.

Question:* A non-exempt employee works 38 hours one week and 46 hours the next week. How many hours should this employee be paid for two weeks if guaranteed 40 hours?

Answer: • The employee should be paid 86 hours. 78 reg hours, 2 guarantee hours and 6 OT hours.

Question:* How long should an employer retain payroll information?

Answer: • Three years.

Question:* If an employee's gross wages are $10,000, federal withholding is $1,000 and the employee wages YTD is $112,000, how much more tax money should be taken from employee's check?

Answer: • $145.00

Question:* Which form is needed for independent contractors or vendors who are seeking payment for their products/services?

Answer: • W-9

Question:* A non-exempt employee worked 48 hours one week which included a holiday and 46 hours the next week. How much OT pay is due to this employee?

Answer: • Only 6 hours OT

Question:* Where is a student's EIN generally registered?

Answer: • PAWS

Question:* Of the following, which is considered an employer-paid benefit?

Answer: • Sick days.

Question:* What type of form is used to determine the amount of withholding taxes deducted from an employees check?

Answer: • W-4

Question:* What does the initials EIC stands for?

Answer: • Earned Income Credit

Question:* What is a pay period?

Answer: • A recurring period of time that time is recorded and paid.

Question:* What is a contractor?

Answer: • A person receiving payment for a task in its entirety.

Question:* Which is not entitled to company benefits?

Answer: • Contractor

Question:* What is an employee?

Answer: • A person who is trained and hired.

Question:* What is an Employer Identification Number for?

Answer: • It identifies a businesses entity.

Question:* Which of the following is considered a withholding tax?

Answer: • Income tax.

Question:* Why is payroll important from an accounting standpoint?

Answer: • Payroll and the taxes therein significantly impact the success of the company.

Question:* An employee damages equipment and a court orders their wages are withheld as repayment. This is known as:

Answer: • garnishment

Question:* Which tax form does a contractor use?

Answer: • 1099

Question:* Which tax form does an employee use?

Answer: • W-2

Question:* What is the employers responsibility with regard to Medicare taxes?

Answer: • Employers are responsible for paying both the employer and employee's portion of the Medicare tax.

Question:* If you were to purchase stock, how is it referred to in terms of payroll deductions?

Answer: • Employee stock purchase plan.

Question:* What is an example of a voluntary deduction?

Answer: • 401(k)

Question:* Which is an example of a required deduction?

Answer: • State taxes

Question:* An employee works 40 hours at $15 per hour. How much would their weekly pre-tax pay be?

Answer: • $600

Question:* Which of the following is a payroll-related tax that is imposed on employers?

Answer: • FICA taxes.

Question:* The pay earned by hourly-paid employees is usually referred to as?

Answer: • Wage

Question:* When can voluntary deductions be made?

Answer: • Only when the employee has agreed to them.

Question:* An employee has a HR status of 2080 annual hours, what is their employment status?

Answer: • Full Time

Question:* True or false? A new employee must fill out a W-4.

Answer: • True

Question:* Who is responsible for paying taxes deducted from employee's check?

Answer: • The employer is responsible for paying taxes deducted from an employee's check to the appropriate agency.

Question:* The amount of pay that an employee "takes home" or can deposit into the bank is called?

Answer: • Net

Question:* What is the typical pay period?

Answer: • Bi-weekly.

Question:* What is the primary objective of payroll?

Answer: • Accurate and timely payment to employees including deductions and withholdings.

Question:* What does IRA stand for?

Answer: • Individual Retirement Account

Question:* What must all EIN applications disclose?

Answer: • The true, legal owner of the business.

Question:* What is a reason an employee might see a garnishment on their paycheck?

Answer: • Child support.

Question:* Which of the following do employees use to report annual income tax returns?

Answer: • W-2

Question:* How many yearly paychecks should a bi-weekly pay period yield to an employee?

Answer: • 26

Question:* The combination of the Social Security tax and the Medicare tax is referred to by what acronym?

Answer: • FICA