FPC-Remote Exam Dumps - Fundamental Payroll Certification

debit to salary payable

credit to salary expense

debit to cash

debit to salary expense

w4

w4P

w4s

w9

OSHA records

time cards

voided payroll checks

hours worked

TRUE

False

127,200

$128,400

132,900

137,700

$600

$500

$449.70

$500.18

percentage method

quarterly averaging method

annualizing wage method

none of the above

federal income tax only

social security tax only

medicare tax only

all taxes

step 3

writing below step 4c

step 2

dependents are not claimed on form W4

balancing and reconciliation

system edits

validity checks

401k only

403b only

457b only

401k, 403b, and 457b

disposable income

take home pay

gross income

net pay

on the income statement

in the general ledger

in the chart of accounts

in the journal

401k

403b

457b

nonqualified

401k plan

457b plan

403b plan

nonqualified deferred compensation plan

system interfaces

rotation of duties

segregating jobs

account reconciliation

an employer may establish one workweek for clerical employees and another for assembly workers

an employer's workweek must coincide with the calendar week

employers must pay overtime when employees work more than 8 hours in a workday

employer must pay overtime for hours worked on federal holidays

consumer financial protection bureau

NACHA

State laws

local laws

disposable pay

net pay

take home pay

taxable wages

taxable wages for each ee

calc of the appropriate tax rates

a report of form 1099 earnings

payroll analysis report

prevents fraud

facilitates reconciliations

ensures that reconciliations are completed in a timely manner

ensures that checks are issued correctly

a new payroll computer

purchase of computer paper

money in a payroll checking account

wages paid to employees

ss tax and medicare tax withheld but not deposited

employer cost of group term life insurance

office furnitue

accept the form until the employee completes a new form.

implement the form and notify the IRS

refuse to accept the form

implement the form as is

continue processing

finding the cause and correcting the error

delay finding the error until more time is available

document the difference and continue processing

TRUE

False

increase in asset account

decrease in liability account

increase an expense account

decrease an asset account

increase a revenue account

purchase of a desk in an asset account

purchase of stationary in an expense account

withdrawal from a payroll checking account

employer contributions to a 401k plan in an expense account

state income tax withheld but not deposited in a liability account

federal income tax withheld but not paid in a liability account

mortgage payment in a liability account

paid vacation leave

paid sick leave

discretionary bonuses

production bonuses

personnel

benefits

purchasing

human resources

$135

$270

$280

$300

conduct a thorough investigation and send the report to the agency.

ignore the letter because it will take time to location the information.

send a short letter to the agency stating that the issues is being reviewed.

call the agency and tell them you plan to location the info and send it in a few months.

at the end of each quarter

Feb 15 of next year

it continues as long as the ee is subject to ss tax

dec 31 each year

a summary of transactions by date

the first place transactions are recorded

a chronological record of daily transactions

a record of transactions by account

employers are penalized for failing to deposit 100% of their tax liability by the due date.

employers with accumulated payroll taxes under $2500 for a month can deposit the amount due with their quarterly tax return.

employers accumulating a tax liability of more than $50,000 in the lookback period file schedule B with form 941.

employers must withhold taxes on noncash fringe benefits at least quarterly.

reliability

responsiveness

assurance

empahty

tangibles