Exam 2: Computing Wages and Salaries

Employee file maintenance is the responsibility of the:

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

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

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

Adrienne is a nonexempt employee who works for a firm that has an elected workweek composed of four 10-hour days and pays overtime after 40 hours worked per week. What is the rule about overtime for her work situation?

When developing the internal controls and record retention for a payroll system, a company should:

An employer must have an employee complete Form W-4:

Leased employees must have the following characteristics: (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.)

The retention period for payroll documents commences:

Form I-9 is issued by the ____ to verify employment eligibility in the United States.

Why must pay period information be a part of an employee's payroll file?

A company should restrict access to payroll files (paper and/or electronic) as a part of ____.

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?

For payroll documentation purposes, when an employee needs time away from work:

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 2019 guidelines?

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

Semimonthly payroll involves a pay cycle in which pay disbursements occur every two weeks.

What types of records does IRS Regulation 26 CFR 1.6001 cover? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.)

Which of the following is subject to overtime in the process of hourly computations, according to FLSA?