Payroll and taxes exam - Study guides, Class notes & Summaries

Washington Life/Health Insurance Exam Latest Update Graded A+ policy owner usually, but not always the person covered by the policy beneficiary the person who is paid when a claim is submitted agent/producer acts as a legal representative of the insurance company broker representative of the Insured, not the insurance company risk The chance or uncertainty of loss Pure risk the chance of experiencing a loss (without the possibility of gain). Only downside, no upside. S...

CPP - CERTIFIED PAYROLL PROFESSIONAL EXAM 2024 Counseling is appropriate when: a. salaries have been frozen. b. introducing a new procedure. c. explaining tax law changes. d. orienting new employees. - correct answer a. salaries have been frozen. In addition to the accuracy-related penalty for underpayment of taxes, if the underpayment of taxes is due to fraud, the IRS may asses an additional penalty of: - correct answer 75% If an employer's total tax liability for the lookback ...

Progressive Tax - Tax, such as Federal income tax, that takes a larger share of income as amount of income grows Sales Tax - An example of a regressive tax, a regressive tax takes a larger percentage of income from those who make less money The form W-4 is completed by - EMPLOYEE (you) Employers use which form to compute the amount of federal income tax to withhold? - Form W-4 Social Security Tax - Mandatory deduction that funds: retirement for the elderly, compensation for the severely ...

CPP Certified Payroll Professional APA Master Exam Practice Complete Set Actual Exam Questions And Correct Answers | Updated Already Passed!! Form SS-8 - ANSWER : Determination of Worker Status for Purposes of Federal Employment Taxes and Income Tax Withholding Form W-9 - ANSWER : First, it is used by third parties to collect identifying information to help file information returns with the IRS. The form is never actually sent to the IRS, but is maintained by the person who fil...

CPP Practice Exam 208 Questions with Verified Answers From what taxes are cafeteria plan contributions generally exempt? A. SS, Medi, FIT, and FUTA B. FIT and SIT C. SS, Medi, FUTA, and SUI D. SS, Medi, FIT, and SIT - CORRECT ANSWER A. Social Security, Medicare, FIT, and FUTA Reference 4.5 Cafeteria Plans In which boxes on the W-2 would you report the adoption assistance? A. Boxes 3, 4, 5, 6 B. Boxes 1, 2, 3, 4, 5, 6, 12 - Code T C. Boxes 3, 4, 5, 6, 12 - Code A D. Boxes 3...

The Payroll Source CPP Practice Exam 82 Questions with Verified Answers Which of the following features is LEAST likely to be considered when looking at the security of a new payroll system? a. regular data back-up and storage b. protection against computer viruses c. limited system access d. system edits - CORRECT ANSWER d. system edits Company deadlines for payroll data input documents are essential for: a. timely processing of the payroll b. accurate entry of data c. guaranteeing...

Module 2 Exam CSR 103 Exam With Questions and Answers 100% Solved Which of the following refers to financial obligations imposed on individuals and businesses by government entities? Social Welfare Public Service Loan Taxes - answerTaxes To accumulate wealth, you need to generate a(n) loan deficit surplus expense - answersurplus Which of the following refers to the money left over after all of your expenses have been paid? Surplus Deficit Net Worth Assets - answerSurplus Most w...

FPC Exam Fundamental Payroll 1 Latest Review Questions/Verified Answers 668-W - CORRECT ANSWER-Notice of Levy on Wages, Salary, and Other Income 1096 - CORRECT ANSWER-Annual Summary and Transmittal of U.S. Information Returns Under the FLSA how old must a minor be to be employed? - CORRECT ANSWER-14 What is the FUTA tax rate? - CORRECT ANSWER-6.0% On form 941, the employer reports - CORRECT ANSWER-Social Security Wages What is the formula for calculating an employees net pay? - CORRECT...

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...

PENNSYLVANIA STATE HEALTH AND LIFE INSURANCE EXAM 2024 Plan A - correct answer Which of the following must be present in all medicare supplement plans? National Do not call registry - correct answer What was created to keep telemarketers from calling consumers who do not wish to be contacted? Indemnity - correct answer Which insurance principle states that if a policy allows for greater compensation than the financial loss incurred, the insured may only receive benefits for the amount l...