Payroll Source Exam 2024 | The Payroll
Source Actual Exam Update Latest 2024
Questions and Correct Answers Rated
A+
How, if at all, are payments made to employees during absence from
work due to illness under their
employer's sick pay/disability plan treated for social security and
Medicare taxation?
a. Social Security and Medicare taxable for the first 6 calendar months
b. Not subject to Social Security and Medicare tax
c. Social Security and Medicare taxable after the first 3 months
d. Social Security and Medicare taxable the entire time -ANSWER-a
Under the FLSA, all of the following payments are included in the
regular rate of pay except:
a. Remuneration paid employees
b. Salaries, commissions, bonuses
c. Holiday pay
d. Room and board provided by employer -ANSWER-c
To qualify as an executive exempt from the minimum wage and
overtime requirements of the FLSA, what
must the employee's responsibilities include?
a. Manage 2 or more full-time equivalent employees
b. Receive a salary of at least $1,500 per week
c. Have no ability to hire and fire
d. Nonexempt duties performed exceed 30% of time worked -
ANSWER-a
,When must an employee file a new Form W-4 in 2019 to continue
exempt status from 2018?
a. When the employee receives more than $350.00 in unearned
income
b. December 31
c. February 15
d. When the employee earns more than $455.00 a week -ANSWER-c
What is the minimum a nonexempt employee must be paid under the
FLSA when the employee is paid
$8.00 per hour for the first 30 hours of work and $10.00 per hour for
the next 20 hours of work in a
workweek?
a. $440.00
b. $480.00
c. $484.00
d. $490.00 -ANSWER-c
In order to use the optional flat rate for determining the federal income
tax to withhold from a supple-
mental wage payment, how must supplemental wage payments made
at the same time as a regular wage
payment be treated?
a. The supplemental wages must be identified separately.
b. The supplemental wages must be combined with the wage payment
when calculating taxes.
c. The supplemental wages must be combined with the wages paid for
the last preceding payroll period
or with the wages to be paid for the current payroll period.
d. Supplemental payments can never be paid with regular wage
payments. -ANSWER-a
, What must a nonexempt employee be paid under the FLSA if the
employee is paid $10.00 per hour, works
40 hours in a workweek, and is paid 8 hours for a holiday in
accordance with company policy?
a. $400.00
b. $480.00
c. $500.00
d. $520.00 -ANSWER-b
An employer pays an employee a bonus of $2,000, and chooses to
pay the employment taxes on the bonus.
The employee lives and works in a state which has no income tax and
has year-to-date wages of $55,000.
What amount is included in the employee's wages?
a. $2,969.56
b. $2,842.93
c. $2,000.00
d. $1,347.00 -ANSWER-b
When an employer receives a federal tax levy for an employee, what
deductions from the employee's pay
are allowed when determining the amount due the IRS?
a. All mandatory taxes only
b. All mandatory taxes, dependent health insurance, and child support
deductions only
c. All mandatory taxes and all wage attachments currently in place
only
d. All mandatory taxes and all voluntary and involuntary deductions
currently in place only -ANSWER-d
What kind of account is Accrued Salaries Payable?
a. Asset
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