Rfm - Payroll - Part 1
Test payroll and accounting knowledge.
- 1.The combination of the Social Security tax and the Medicare tax is often referred to by the acronym:
- A.
FUTA
- B.
FICA
- C.
SUI
- D.
FIT
- 2.The employee Federal withholding taxes (FIT) must be matched by the employer.
- A.
True
- B.
False
- 3.The amount withheld from an employee's paycheck for Federal Income tax is determined by the form:
- A.
W-2
- B.
W-3
- C.
W-4
- D.
I-9
- 4.A bi-weekly employee is paid a total of paychecks per year.
- A.
18
- B.
24
- C.
26
- D.
52
- 5.The acronym SSA stands for:
- A.
State Security Agency
- B.
Social Security Administration
- C.
State Security Administration
- D.
Social Security Agency
- 6.Every employee must be given a W-2 and W-3 by January 31st of every year.
- A.
True
- B.
False
- 7.Which of the following sequences of months are considered the second quarter of a payroll year?
- A.
December, January, February
- B.
January, February, March
- C.
March, April, May
- D.
April, May, June
- 8.Form W-3 is sent to .
- A.
The IRS
- B.
The SSA
- C.
The IRS & SSA
- D.
The Federal Reserve
- 9.When does a hourly employee receive overtime pay?
- A.
When they have more than 40 hours of paid time in a week, including paid time off.
- B.
When they physically work more than 40 hours per week.
- C.
When their manager wants them to receive overtime.
- D.
When they work more than 8 hours in a day.
- 10.If a full time hourly employee is paid $10 per hour, what is their annual salary?
- A.
$19,200
- B.
$22,100
- C.
$18,500
- D.
$20,800
- 11.If a salaried employee makes $31,200 per year, what is their hourly rate equivalent?
- A.
$15.00/hr
- B.
$16.25/hr
- C.
$13.00/hr
- D.
$14.75/hr
- 12.A full-time hourly employee has a pay rate of $10.00/hr. If they work 50 hours in a week, what is their gross pay for that week?
- A.
$500.00
- B.
$550.00
- C.
$400.00
- D.
$450.00
- 13.An hourly employee who currently makes $10.00/hr receives a 5% pay raise. What is their new hourly rate?
- A.
$10.05/hr
- B.
$10.50/hr
- C.
$15.00/hr
- D.
$11.00/hr
- 14.Supplemental wages paid to employees, such as bonuses and commissions, are not taxable.
- A.
True
- B.
False
- 15.Sam is one of our clients' employees. On payday, his wife calls our office and asks what his net pay was so she can balance her checkbook. Is it ok to tell his wife what he made?
- A.
Yes
- B.
No
- 16.What is the per pay period gross earnings for a semi-monthly employee who earns $100,000 a year?
- A.
$2,166.67
- B.
$1,923.08
- C.
$4,166.67
- D.
$3,846.16
- 17.What is the overtime rate for an employee who makes $50,000 a year?
- A.
$36.06
- B.
$46.88
- C.
$56.06
- 18.Can a payee have more than one direct deposit account?
- A.
Yes
- B.
No
- 19.Which of the following accounts has a normal debit balance?
- A.
Liability
- B.
Revenue
- C.
Equity
- D.
Expense
- 20.Which of the following accounts has a normal credit balance?
- A.
Asset
- B.
Liability
- C.
Expense
- D.
Cash
- 21.Under which of the following situations may an employee change an election made under a 125 cafeteria plan within the plan year?
- A.
Employee receives a salary increase
- B.
Employee divorces
- C.
Employee is demoted
- D.
Employee transfers to another department
- 22.Which of the following generally is excluded when computing the workers' compensation insurance premium?
- A.
Vacation
- B.
Bonuses
- C.
Premium overtime pay
- D.
Shift pay
- 23.Which of the following would NOT be an asset account?
- A.
Cash
- B.
Wages payable
- C.
Employee receivables
- D.
Prepaid expenses
- 24.Procedures governing employers' payment of wages by direct deposit are governed by:
- A.
IRS
- B.
NACHA
- C.
SSA
- D.
INS
- 25.Under the Immigration Reform and Control Act, employers and employees are required to complete which of the following forms:
- A.
SS-5
- B.
W-4
- C.
I-9
- D.
W-2
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