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5/15/2021
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Course 681001- The Payroll Book A Guide for Small Business
  Final Exam
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681001v - The Payroll Book A Guide for Small Business

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Taxation
10 CPE Credit Hours

5/15/2021
Final Exam
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Read 'Chapter 1: Business Entity' & answer the following question(s):
1. Which of the following is a pass through entity for income tax purposes?
2. If you own and work in one of the following entity types are you considered an employee for payroll and payroll tax purposes: a) A partnership; b) A C-Corporation; c) A Sole Proprietorship; d) An S-Corporation; e) An LLC treated as a disregarded entity.
Read 'Chapter 2: Employees and Nonemployees' & answer the following question(s):
3. Which of the following are part of the 20 Common Law tests for determining independent contractor status: a) A signed Contract; b) A completed IRS Form W-9; c) The employee is trained by the employer; d) Work is performed on the employer’s premises; e) No tools are needed to do the work.
4. Which of the following are designated as statutory employees, by law?
Read 'Chapter 3: Earnings' & answer the following question(s):
5. In relation to paying employees the term “Exempt” means what?
6. Which of the following is not a basic category for being exempt from overtime?
7. The Federal Minimum wage under the FLSA is?
8. Employers of tipped employees who meet the Department of Labor requirements to use the tip credit provisions of the FLSA must pay tipped employees a minimum of how much per hour?
9. An employer is required to pay for which of the following types of pay when employees don’t work: a) Holiday Pay; b) Bereavement Pay; c) Jury Duty; d) Time off to Vote; e) Birthday Pay.
Read 'Chapter 4: Deductions' & answer the following question(s):
10. Which of the following is a voluntary deduction?
11. Which of the following earnings are NOT excluded from the disposable earnings calculation for a Child Support Order under Federal Law.
12. Which of the following deductions may reduce an employee’s net wages below the Federal Minimum Wage?
13. Which of the following may NOT be included in a Cafeteria Plan under IRS Code Section 125?
Read 'Chapter 5: Taxes' & answer the following question(s):
14. What are the current (2020) FICA and Medicare Tax rates on employee’s taxable wages below $200,000.00 annually?
15. The lookback period to determine whether an employer is a monthly or semi-weekly depositor for the current calendar year is?
16. Which of the following are NOT Legal Holidays that delay employment tax deposits an additional business day?
17. In fixing a mistake on an IRS Form 941 Employer’s QUARTERLY Federal Tax Return, what do you use to make that correction?
18. FUTA taxes are reported on what Government Form?
19. What year end forms are filed with the Social Security Administration showing the worker’s income and tax withholdings and a summary of them?
Read 'Chapter 6: Tax Penalties' & answer the following question(s):
20. Which of the following is not one of the four normal penalties the IRS levies of employers concerning employment tax problems?
21. Which of the following pay periods does the author recommend for a good balance between cost and convenience for employers to use?
Read 'Chapter 7: Workweek, Pay Period, Payday' & answer the following question(s):
22. When must Payday be for employees?
Read 'Chapter 8: The Law' & answer the following question(s):
23. FLSA is the acronym for?
24. Which of the following is NOT regulated by FLSA?
25. Which of the following employers is NOT automatically covered by FLSA?
26. Which of the following jobs are prohibited to youth under the age of 18 under the FLSA Child Labor Provisions.
27. Which of the following is NOT a qualifying reason for FMLA leave?
28. What is the maximum amount of tax credit, as a percentage of wages, available to an employer under Section 45S, for qualifying employee paid time off?
29. Some States currently classify Independent Contractors as employees for reporting purposes under the Personal Responsibility and Work Opportunity Reconciliation ACT of 1996 so as to notify employees of existing child support orders?
30. To make a claim under the Equal Pay Act you must show that you, and an employee of the opposite sex, are all of the following EXCEPT?
Read 'Chapter 9: Collecting Time' & answer the following question(s):
31. What type of time clock eliminates buddy punching?
Read 'Chapter 10: Calculating Payroll' & answer the following question(s):
32. If an employee works different jobs for a single employer during a pay period, that pay at different wage rates, overtime premium is calculated by using?
33. Medicare withholding taxes on an annual salary of $100,000 per year amount to how much on an annual basis?
34. How many jurisdictions (approximately) impose local or municipal taxes that have to be withheld from an employee’s payroll?
Read 'Chapter 11: Paying Your Employee' & answer the following question(s):
35. The benefits of paying employees via Direct Deposit does NOT include which of the following benefits?
Read 'Chapter 12: Taxes Depositing and Filing' & answer the following question(s):
36. At the end of the payroll year which of the following is NOT created and filed?
Read 'Chapter 13: Record Keeping' & answer the following question(s):
37. According to the Immigration Reform and Control Act you must keep copies of completed Form I-9 for how long?
38. Why should you keep health Insurance enrollment or decline forms?
39. “The Payroll Book” author recommends that you keep all payroll records for at least what period of time?
Read 'Chapter 14: Workers' Compensation Insurance' & answer the following question(s):
40. Worker’s Compensation Insurance covers what risks?
41. Which of the following is NOT part of calculating Worker’s Compensation Insurance premiums?
42. Which of the following is included when calculating the payroll amount for the Worker’s Compensation Premium?
43. An advantage of using a “Pay as You Go” program for Worker’s Compensation Insurance is?
Read 'Chapter 15: Payroll Security and Internal Controls' & answer the following question(s):
44. When will a procedure manual need to change?
45. What are ghost employees?
46. What is Positive Pay?
Read 'Chapter 16: US Citizens Abroad, Resident and Nonresident Aliens, and Illegal Aliens' & answer the following question(s):
47. What does an ITIN do for an alien?
48. What is Escheat in relation to payroll?
49. An employer becomes subject to the Fair Labor Standards Act once they have how many employees?
50. Which of the following should an Employee Handbook/Policy Manual layout for new employees: a) Introduce new hires to company values and standards; b) Set out policies for sick pay, vacation, timekeeping and more; c) Explain standards of conduct; d) Detail benefits; e) Establish grounds for termination.
Read 'Chapter 17: Other Issues' & answer the following question(s):
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