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THE PAYROLL SOURCE CPP FINAL EXAM AND PRACTICE EXAM NEWEST 2024 ACTUAL EXAM COMPLETE 300 QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED A+||BRAND NEW!! $30.49
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THE PAYROLL SOURCE CPP FINAL EXAM AND PRACTICE EXAM NEWEST 2024 ACTUAL EXAM COMPLETE 300 QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED A+||BRAND NEW!!
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Course
THE PAYROLL SOURCE CPP
Institution
THE PAYROLL SOURCE CPP
THE PAYROLL SOURCE CPP FINAL EXAM AND
PRACTICE EXAM NEWEST 2024 ACTUAL EXAM
COMPLETE 300 QUESTIONS AND CORRECT
DETAILED ANSWERS (VERIFIED ANSWERS)
|ALREADY GRADED A+||BRAND NEW!!
THE PAYROLL SOURCE CPP FINAL EXAM AND
PRACTICE EXAM NEWEST 2024 ACTUAL EXAM
COMPLETE 300 QUESTIONS AND CORRECT
DETAILED ANSWERS (VERIFIED ANSWERS)
|ALREADY GRADED A+||BRAND NEW!!
THE PAYROLL SOURCE CPP FINAL
What is the payroll department manager responsible for in a
company with strong internal controls?
A. assuring segregation of duties in the department
B. developing company policy
C. initiating payroll transactions
D. writing the internal audit transaction test plan - ANSWER- A.
assuring segregation of duties in the department
The process of balancing multiple time sheets within a specified
pay period utilizes a procedure known as:
A. batch totaling
B. exception reporting
C. system documentation
,2|Page
D. reconciliation - ANSWER- A. batch totaling
In 2017, an individual worked for three employers during the
calendar year, earning $38,000, $47,000, and $50,000
respectively. What is the total amount of social security and
Medicare taxes that should be withheld from the employee's
wages by the three employers?
A. $9,065.25
B. $9,843.90
C. $9,730.80
D. $10,327.50 - ANSWER- D $10,327.50
($38,000 + $47,000 + $50,000) x 7.65% = $10,327.50
On what form must mistakenly paid wages, for which no
repayment is made, be reported?
A. W-2
B. W-4
C. 1099-R
D. 1099-MISC - ANSWER- A W-2
A report has been requested that is NOT a standard report from
the system. This type of report is called a(n):
A. ad-hoc report
,3|Page
B. integrated report
C. batch system report
D. edit report - ANSWER- A. ad-hoc report
A procedure to have a time record signed by an employee
indicates:
A. authorization for payment
B. confirmation of total hours
C. hours cannot be challenged
D. time spent at the establishement - ANSWER- B confirmation
of total hours
For an employee earning $10.20 per hour and participating in a
401(k) plan with a deferral per pay period of $50, compute the
federal income taxable wages based on the following:
Biweekly pay period
Regular 80 hours
4 hours overtime
3 hours double-time
A. $731.40
B. $888.40
C. $898.60
, 4|Page
D. $938.40 - ANSWER- B. $888.40
(80 x $10.20) + (4 x $10.20 x 1.5) + (3 x $10.20 x 2) - $50 =
$888.40
Which of the following statements is CORRECT regarding a
federal tax levy?
A. It does not have to be honored if any other garnishments have
been served
B. It requires a new order for each pay period
C. It is limited only by the amount of the employee's net pay
D. It is continued each pay period until a release of levy is
received - ANSWER- D. It is continued each pay period until a
release of levy is received
Penalties for failure to make timely deposits are determined by:
A. a flat rate of 10% for late deposits
B. 5% of the undeposited amount with a maximum of $100,000
C. 15% of the undeposited amount with a maximum of $100,000
D. a four-tiered penalty structure based on the number of days
the deposit is late - ANSWER- D. a four-tiered penalty structure
based on the number of days the deposit is late
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