Multiple Choice
Select the one term that best fits each definition.
-A qualified retirement plan that provides most individuals with a deferred federal income tax benefit.
A) 401(k)
B) commission
C) direct deposit
D) electronic funds transfer
E) individual retirement account
F) Medicare tax
G) net pay
H) qualified retirement plan
I) Roth individual retirement account
J) social security tax
K) tax base
L) withholding allowance
Correct Answer:

Verified
Correct Answer:
Verified
Q5: The first task in preparing a payroll
Q6: A single person will have more income
Q7: Select the one term that best fits
Q8: Individual payroll checks are usually written on
Q9: The amount on the employee earnings record
Q11: Select the one term that best fits
Q12: Qualified retirement plans are approved by an
Q13: Businesses use payroll records to inform employees
Q14: Select the one term that best fits
Q15: When an employee's earnings exceed the tax