Employee fringe benefits - Study guides, Class notes & Summaries

Payroll Exam 80 Questions with Verified Answers What is FICA? - CORRECT ANSWER -Federal Insurance Contributions Act -Made up of social security and medicare -levies taxes on all employees (even self-employed) 2020 Social Security Tax Rate - CORRECT ANSWER 6.2% of the first $137,700 in wages. Both employee and employer is 6.2%. Not subject to social security taxes if wages exceed this amount. This amount is DOUBLED for those who are self employed, 12.4% Medicare tax rate - CORRECT A...

FPC Practice Exam 188 Questions with Verified Answers Cafeteria plan are authorized by what Internal Revenue Code Section? A. 125 B. 401k C. 403b D. 457b - CORRECT ANSWER a. 125 all of the following are tax implications of a cafeteria plan except: a. no income tax withholding b. no social security and medicare tax withholding c. must withhold income, social security, and medicare taxes d. no form W2 reporting - CORRECT ANSWER C. must withhold income, social security, and medicare t...

WGU C236 COMPENSATION AND BENEFITS | 180 Questions and Answers | VERIFIED The employment relationship is: A. An agreed-upon basis for organizations and people meeting each other's needs B. A disagreed-upon basis for organizations and people meeting each other's needs C. An agreed-upon basis for organizations and government meeting each other's needs D. None of the above - ANSWER A Organizations get work done through: A. Dollars B. Customers C. People D. Product - ANSWER C...

CEBS GBA - Module 1 Exam Questions & Answers 2023/2024 Fringe Benefits - ANSWER-Addition of benefits as an offset to higher labor Broad View - ANSWER-"Virtually any form of compensation other than direct wages" Limited (Narrow) View - ANSWER-Benefits that stem from an employment relationship, not underwritten or paid for directly by the government Reasons for growth in Employee Benefit Plans - ANSWER-Business, tax legislation, collective bargaining, efficiency of the approach ...

ACCT 1130 Final Exam Study Guide 115 Questions with Verified Answers Which of the following is NOT a privacy act specifically pertaining to payroll records? A) Computer fraud and abuse act B) U.S. department of labor OCFO-1 C) Freedom of information act D) Community property act - CORRECT ANSWER C) Freedom of information act Why is outsourced payroll popular among accounting professionals? - CORRECT ANSWER Time demands for payroll processing decrease Congress passed the _____ and ...

Payroll Practice Fundamentals Exam 88 Questions with Verified Answers Employee - CORRECT ANSWER Anyone who preforms a service for you, if you can control what work is accomplished and how it is accomplished. Common-law Employee - CORRECT ANSWER A worker whose services are preformed under common-law rules for an employer is his or her employee if that employer controls what and how the job will be done. Independent contractor - CORRECT ANSWER A payer has control of the work done by this ...

WGU C236 COMPENSATION AND BENEFITS | 180 Questions and Answers | VERIFIED The employment relationship is: A. An agreed-upon basis for organizations and people meeting each other's needs B. A disagreed-upon basis for organizations and people meeting each other's needs C. An agreed-upon basis for organizations and government meeting each other's needs D. None of the above - ANSWER A Organizations get work done through: A. Dollars B. Customers C. People D. Product - ANSWER C...

Practice Exam Guide for Chapter 1 - Payroll Fundamentals 1 Latest Common Law Test - Questions - CORRECT ANSWER-1) How independent is the employee? 2) How much control can be exercised over the worker? Common Law Test - Employee - CORRECT ANSWER-- Required to comply with employer's instructions about when, where, and how to work - Works exclusively for the employer - Hired by the employer - Subject to dismissal; can quit without liability - Has a continuing relationship with the empl...

APHR Compensation and Benefits Compensation and Benefits - Answer ️️ -Also known as "total rewards" are management functions that are valuable to owners of a business, helpful to managers, and significantly important to employees, all collectively identified as stakeholders The Davis-Bacon Act - Answer ️️ --Applies to contractors and subcontractors working on federally funded or assisted contracts in excess of $2000 for the construction, alteration, or repair (including painting ...