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Payroll Regulations and Processes Quiz

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Questions and Answers

What is the purpose of the Form W-4 (Employee’s Withholding Certificate)?

To calculate the employer's FICA taxes

To declare the employee's gross earnings

To determine the employee's net pay

To provide information for federal income tax withholding (correct)

Which tax is paid by employers to the federal government?

Federal Income Tax Withholding

Federal Unemployment Tax Act (FUTA) (correct)

FICA Medicare

State Unemployment Tax Act (SUTA)

What does Worker’s Compensation Insurance (WCI) protect against?

Employee union dues

Employee payroll taxes

State income tax withholdings

Losses due to employee injury or death on the job (correct)

What does the term 'Net Pay' refer to in the context of payroll?

Earnings after all deductions, what the worker takes home Signup and view all the answers

Which tax does not have a wage base minimum but has a maximum wage base for Social Security and Medicare purposes?

FICA Social Security Signup and view all the answers

What is the purpose of the Individual employee earnings record in payroll?

To summarize total wages paid and deductions for the year Signup and view all the answers

What is the consequence for a business that fails to follow federal, state, & local laws regulating the payroll process?

Be fined penalties & interest Signup and view all the answers

Which form does an employer fill out to receive an EIN from the IRS?

Form SS-4 Signup and view all the answers

Under the Fair Labor Standards Act (FLSA), what rate are hourly employees paid for overtime hours worked?

At least one and a half times their regular pay rate Signup and view all the answers

What test is applied to determine if an employer must follow the rules of the FLSA when doing business across state lines?

Interstate Commerce Test Signup and view all the answers

What is the primary difference between an hourly employee and a salaried employee?

Hourly employees are paid only for hours worked, while salaried employees receive a fixed amount regardless of hours worked Signup and view all the answers

What is the purpose of a pay/payroll period in calculating an employee's earnings?

To determine the amount of an employee’s earnings Signup and view all the answers