Payroll source cpp Study guides, Class notes & Summaries

Which of the following 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 - ️️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 that all information is processed D. adequate auditing purposes - ️️A. timely processin...

Payroll Fundamentals 2 Exam 150 Questions with Verified Answers The accounting equation states: - CORRECT ANSWER Assets = Liabilities + Owners Equity Owner's Equity has two components: - CORRECT ANSWER Owner's Equity = Contributed Capital + Retained Earnings Contributed Capital - CORRECT ANSWER The amount of payments in cash or assets that the owners have made to the company The accounting equation can be expanded to: - CORRECT ANSWER Assets = Liabilties + Contributed Capital + Ret...

File: Chapter 03 Test Bank True/False [QUESTION] 1. The pay cycle is determined by the Canada Revenue Agency and cannot be altered by the employer. Ans: False Learning Objective: 03-01 Topic: 03-02 Difficulty: Moderate Accessibility: Keyboard Navigation [QUESTION] 2. The employment contract may express payment in any method imagined (for example: per hour, per year, per unit, per dollar sold, per telephone call, per page written, etc.). Ans: True Learning Objective: 03-01 Topic: 03...

CPP Certified Payroll Professional Exam 140 Questions with Verified Answers 2019 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...

CPP Certified Payroll Professional APA Master Exam Practice 406 Questions with Verified Answers Form SS-8 - CORRECT ANSWER Determination of Worker Status for Purposes of Federal Employment Taxes and Income Tax Withholding Form W-9 - CORRECT 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 files the information return for verification ...

Certified Payroll Professional Exam (CPP) Part 2|95 Questions with Verified Answers Topic - CORRECT ANSWER Definition Knowledge of workers' compensation regulations - CORRECT ANSWER Knowledge of federal tax levy requirements - CORRECT ANSWER Knowledge of wage attachment/garnishment rules (e.g., Consumer Credit Protection Act - Bankruptcy) - CORRECT ANSWER Knowledge of child support withholding order regulations - CORRECT ANSWER Knowledge of medical support order regulation...

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...

Certified Payroll Professional Exam (CPP) Part 1|40 Questions with Verified Answers Payroll Concept Workers Status - CORRECT ANSWER Form SS8 is the IRS determination of EE or IC status. Reasonal Basis Test aka Safe Harbor Rules Sec 530-Alls ee to be treated like a IC for specific reasons such as a court order, IRS audit results, Attorney or CPA advisement, or long standing industry standard for that job role. Common Law Test- see chart for example EE is required to comply with ER instructions...

Payroll Fundamentals 2 Exam 150 Questions with Verified Answers The accounting equation states: - CORRECT ANSWER Assets = Liabilities + Owners Equity Owner's Equity has two components: - CORRECT ANSWER Owner's Equity = Contributed Capital + Retained Earnings Contributed Capital - CORRECT ANSWER The amount of payments in cash or assets that the owners have made to the company The accounting equation can be expanded to: - CORRECT ANSWER Assets = Liabilties + Contributed Capital + Ret...