Podcast
Questions and Answers
What is the purpose of the Form W-4 (Employee’s Withholding Certificate)?
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?
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?
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?
What does the term 'Net Pay' refer to in the context of payroll?
Which tax does not have a wage base minimum but has a maximum wage base for Social Security and Medicare purposes?
Which tax does not have a wage base minimum but has a maximum wage base for Social Security and Medicare purposes?
What is the purpose of the Individual employee earnings record in payroll?
What is the purpose of the Individual employee earnings record in payroll?
What is the consequence for a business that fails to follow federal, state, & local laws regulating the payroll process?
What is the consequence for a business that fails to follow federal, state, & local laws regulating the payroll process?
Which form does an employer fill out to receive an EIN from the IRS?
Which form does an employer fill out to receive an EIN from the IRS?
Under the Fair Labor Standards Act (FLSA), what rate are hourly employees paid for overtime hours worked?
Under the Fair Labor Standards Act (FLSA), what rate are hourly employees paid for overtime hours worked?
What test is applied to determine if an employer must follow the rules of the FLSA when doing business across state lines?
What test is applied to determine if an employer must follow the rules of the FLSA when doing business across state lines?
What is the primary difference between an hourly employee and a salaried employee?
What is the primary difference between an hourly employee and a salaried employee?
What is the purpose of a pay/payroll period in calculating an employee's earnings?
What is the purpose of a pay/payroll period in calculating an employee's earnings?
