Exam 2: Payroll System Procedures

Which items must be contained in every hiring packet issued by an employer?

Stan works for a bakery for which part of his compensation is based on the decoration of wedding and other specialty cakes. His compensation has a ________ element.

Employers may choose to omit the employees' Social Security numbers in their employee files.

FATCA enforcement has been difficult because the Internal Revenue Service relies on ________ for reporting purposes.

Upon termination from a firm, the employer must disburse the former employee's final pay ________.

Mako was an employee of the Jaeger Corporation. After she voluntarily terminated employment, auditors discovered evidence of fraudulent activity that they traced to her. Mako's records must be retained:

Individuals classified as ________ are processed as vendors of a firm.

Which of the following is an example of a typical exempt salaried employee?

Pay rate is the first payroll system decision a company must make.

It is considered a best practice to assign one employee all payroll duties.

What is the difference between termination and resignation, as far as final pay is concerned?

IRS Regulation 26 CFR 1.6001 mandates ________ procedures as they pertain to payroll records, noting that it is the responsibility of the ________.

Which entity bears the responsibility for gaining approval for a foreign worker visa so a foreign employee may work legally in the United States?

Which of the following items must exist in every employee's payroll file?

Which aspect of internal controls for payroll relates to the Sarbanes-Oxley Act?

A payroll accountant is preparing the final pay for a commission-based salesperson who has been terminated from the firm. What will happen to the salesperson's commissions that have been earned but not paid?

Josh, who is 21 years of age, is a new employee of XYZ Company. To establish his identity and employment authorization, he could present:

Allen is an employee of the foreign subsidiary of a United States based company who lives and works in the United Kingdom. According to FATCA, how much of his wages may Allen exclude from United States' taxes, according to 2016 guidelines?

Max Johnson was terminated from a company in South Carolina because of a reduction in workforce. Which statement best describes the state's requirements for disbursement of his final pay?

A firm needs to destroy paper payroll records after the end of the retention period. Which of the following is an option for destruction purposes? (Select all that apply.)