RFM - Payroll - Part 1 explores key aspects of payroll management such as Social Security and Medicare taxes (FICA), Federal Income Tax withholdings (W-4), and payroll schedules. The quiz assesses understanding of compliance with SSA guidelines and payroll processing cycles, essential for professionals in finance and HR.
True
False
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W-2
W-3
W-4
I-9
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18
24
26
52
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State Security Agency
Social Security Administration
State Security Administration
Social Security Agency
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True
False
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December, January, February
January, February, March
March, April, May
April, May, June
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The IRS
The SSA
The IRS & SSA
The Federal Reserve
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When they have more than 40 hours of paid time in a week, including paid time off.
When they physically work more than 40 hours per week.
When their manager wants them to receive overtime.
When they work more than 8 hours in a day.
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$19,200
$22,100
$18,500
$20,800
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$15.00/hr
$16.25/hr
$13.00/hr
$14.75/hr
$500.00
$550.00
$400.00
$450.00
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$10.05/hr
$10.50/hr
$15.00/hr
$11.00/hr
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True
False
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Yes
No
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$2,166.67
$1,923.08
$4,166.67
$3,846.16
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$36.06
$46.88
$56.06
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Yes
No
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Liability
Revenue
Equity
Expense
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Asset
Liability
Expense
Cash
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Employee receives a salary increase
Employee divorces
Employee is demoted
Employee transfers to another department
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Vacation
Bonuses
Premium overtime pay
Shift pay
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Cash
Wages payable
Employee receivables
Prepaid expenses
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IRS
NACHA
SSA
INS
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SS-5
W-4
I-9
W-2
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All liability accounts are reset to zero balances
Unrepaid debts are "forgiven"
Asset account balances are reclassified
Asset and liability accounts reflect prior year ending balances
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Debit employee receivable, credit cash
Debit wages expense, credit cash
Debit wages expense, credit wages payable
Debit cash, credit employee receivable
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Debit - Wage Expense
Debit - Wages Payable
Credit - Wage Expense
Credit - Wages Payable
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Debit - Payroll Tax Liability
Debit - Payroll Tax Expense
Credit - Payroll Tax Liability
Credit - Payroll Tax Expense
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Debit - Cash
Credit - Cash
Debit - Wage Expense
Credit - Wage Expense
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Debit - Payroll Tax Liability
Debit - Payroll Tax Expense
Credit - Payroll Tax Liability
Credit - Payroll Tax Expense
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Debit - Health Insurance Payable
Credit - Health Insurance Payable
Debit - Health Insurance Expense
Credit - Health Insurance Expense
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4 years
2 years
3 years
1 year
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Withhold and pay only the employees' portion of social security and medicare taxes on tips.
Report taxes on tips separately when making an employment tax deposit
Report tips as wages on Form W-2 and pay the employer portions of social security and medicare taxes
Report and pay the employer portion of social security and medicare taxes on the portion of cash tips above the federal minimum wage.
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$416
$432
$448
$464
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FIT and FICA-SS and FICA-MED
FICA-SS and FICA-MED
FICA-SS and FICA-MED and FUTA
FIT and FICA-SS and FICA-MED and FUTA
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The company has under-deposited taxes withheld from employee wages
The company has not yet paid the third party
The company has withheld too much from the employee
The company has paid a third party more than was withheld from the employee
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Annually
Semi-annually
Quarterly
Monthly
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Balance sheet
State of retained earnings
Income statement
Statement of cash flows
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$50 per month
$20 per year
$20 per month
$50 per year
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Married and 0 allowances
Single and 1 allowance
Single (or Married, filing separately)
Married and 2 allowances
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