Do you know that? Explain your process in simplest terms to client next

Contact Email: teammmrem@yahoo.com

<< All Upwork (oDesk) and Elance Tests << Elance test answers << Fin. & Mgt. category

Test answers for Payroll 2016

(80) Last updated: February 12
Elance • Fin. & Mgt.
Questions and answers are regularly updated. Answered and not answered tests questions.

This helps getting job: Hundreds of (cover letter examples , interview questions , profile samples ) • Earn on Upwork (oDesk)
Job assistance: jobs popularityfreelance rates

Popular test answers: HTML, .Net, CSS, English, SEO, Photoshop, iOS, Java, Android, Ruby, Python, JavaScript

See all 6 tests answers updated

Find Upwork (oDesk) and Elance test answers on this website:



Collapse | Expand

80 Answered Test Questions:

1. A non-exempt employee works 38 hours one week and 46 hours the next week.  How many hours should this employee be paid for two weeks if guaranteed 40 hours?

Answers:

• The employee should be paid 78 regular hours. No overtime

• The employee should be paid 78 regular hours and 6 overtime hours.

• The employee should be paid 86 hours. 78 reg hours, 2 guarantee hours and 6 OT hours.

• The employee should be paid 80 regular hours.

• none of the answers are correct

2. How long should an employer retain payroll information?

Answers:

• Five years.

• Fifty years.

• Three years.

• Ten years.

3. If an employee's gross wages are $10,000, federal withholding is $1,000 and the employee wages YTD is $112,000, how much more tax money should be taken from employee's check?

Answers:

• $0.00

• $145.00

• $565.00

• $765.00

• $520.00

4. Which form is needed for independent contractors or vendors who are seeking payment for their products/services?

Answers:

• W-9

• 1099

• I-9

• W-2

• W-4

5. A non-exempt employee worked 48 hours one week which included a holiday and 46 hours the next week. How much OT pay is due to this employee?

Answers:

• None. The employee is non-exempt

• Only 6 hours OT

• 8 hours of OT

• 14 hours of OT

• None of the answers are correct

6. Where is a student's EIN generally registered?

Answers:

• PAWS

• SEC

• ACC

• EIS

7. Of the following, which is considered an employer-paid benefit?

Answers:

• Time's Up!

• Fake days.

• Sick days.

• Slack days.

• Random office supplies.

8. What type of form is used to determine the amount of withholding taxes deducted from an employees check?

Answers:

• W-2

• W-4

• 1099

• I-9

9. What does the initials EIC stands for?

Answers:

• Earned Income Check

• None of these answers are correct

• Earnings Income Tax Credit

• Earned Income Credit

• Earned Interest Credit

10. What is a pay period?

Answers:

• The one time per year that employees are paid.

• The time when employees pay their taxes.

• The period in time when businesses have to pay their taxes.

• A recurring period of time that time is recorded and paid.

11. What is a contractor?

Answers:

• Someone trained in-house.

• Someone receiving cash payments.

• A person receiving payment for a task in its entirety.

• A person who uses a W-2 for tax reasons.

12. Which is not entitled to company benefits?

Answers:

• Contractor

• Employees with poor performance.

• Employees.

• Managers.

13. What is an employee?

Answers:

• A person who is trained and hired.

• A person who gives an invoice to their client.

• A person who is not employed.

• A person using a 1099 for for tax reasons.

14. What is an Employer Identification Number for?

Answers:

• It is the healthcare code.

• It identifies a businesses entity.

• It identifies transactions in a business.

• It does nothing.

15. Which of the following is considered a withholding tax?

Answers:

• Payment tax.

• Inheritance tax.

• Sales tax.

• Income tax.

16. Why is payroll important from an accounting standpoint?

Answers:

• Payroll and the taxes therein significantly impact the success of the company.

• Payroll is not important.

• Payroll is entrusted with donating money.

• Payroll is important because it allocates funds to those deemed worthy.

17. An employee damages equipment and a court orders their wages are withheld as repayment. This is known as:

Answers:

• taxation

• garnishment

• austerity

18. Which tax form does a contractor use?

Answers:

• 1077

• 4531

• 2055

• 1099

19. Which tax form does an employee use?

Answers:

• W-5

• W-2

• W-1

• W-8

20. What is the employers responsibility with regard to Medicare taxes?

Answers:

• Employers are not responsible.

• Employers are only half responsible.

• Employers are responsible for paying both the employer and employee's portion of the Medicare tax.

• Nobody is responsible.

21. If you were to purchase stock, how is it referred to in terms of payroll deductions?

Answers:

• Investing strategy.

• Investment plan.

• It is completely ignored.

• Employee stock purchase plan.

22. What is an example of a voluntary deduction?

Answers:

• 401(k)

• Sales tax.

• Luxury tax.

• Income tax.

23. Which is an example of a required deduction?

Answers:

• Private taxes.

• Preferred taxes.

• State taxes

• There are no required deductions.

24. An employee works 40 hours at $15 per hour. How much would their weekly pre-tax pay be?

Answers:

• Time's Up!

• $500

• $480

• $600

• $700

25. Which of the following is a payroll-related tax that is imposed on employers?

Answers:

• FISA taxes.

• NAFTA taxes.

• FICA taxes.

• FINRA taxes.

26. The pay earned by hourly-paid employees is usually referred to as?

Answers:

• Wage

• Salary

27. When can voluntary deductions be made?

Answers:

• When the government requests it.

• Only when the employee has agreed to them.

• Any time.

• Never.

28. An employee has a HR status of 2080 annual hours, what is their employment status?

Answers:

• None of the answers are correct

• Commission

• Full Time

• Seasonal

• Part Time

29. True or false? A new employee must fill out a W-4.

Answers:

• True

• False

30. Who is responsible for paying taxes deducted from employee's check?

Answers:

• The state of which the employee lives in is responsible for taxes deducted from an employee's check.

• The employee is responsible for taxes deducted from their check.

• The IRS is responsible for the taxes deducted from an employee's check.

• The employer is responsible for paying taxes deducted from an employee's check to the appropriate agency.

31. The amount of pay that an employee "takes home" or can deposit into the bank is called?

Answers:

• Gross

• Margin

• Net

32. What is the typical pay period?

Answers:

• Bi-monthly.

• Annually.

• Bi-weekly.

• Semi-annually.

33. What is the primary objective of payroll?

Answers:

• Accurate and timely payment to employees including deductions and withholdings.

• Casual payment of employees at random intervals.

• Successful delivery of checks to management.

• Unilateral delivery of checks and mail.

34. What does IRA stand for?

Answers:

• Independent Revenue Account

• None of these

• Interest Returns Account

• Individual Retirement Account

35. What must all EIN applications disclose?

Answers:

• The amount of money the business makes.

• The products that the business sells.

• The agreements that a business is in.

• The true, legal owner of the business.

36. What is a reason an employee might see a garnishment on their paycheck?

Answers:

• Sound financial planning.

• Good performance.

• Child support.

• Logical payment of bills.

37. Which of the following do employees use to report annual income tax returns?

Answers:

• W-2

• W-4

• I-95

• I-9

38. How many yearly paychecks should a bi-weekly pay period yield to an employee?

Answers:

• 53

• 26

• 36

• 82

39. The combination of the Social Security tax and the Medicare tax is referred to by what acronym?

Answers:

• FICA

• SSMT

40. True or false? A fiscal year must start on January 1st.

Answers:

• True

• False

41. Which form do you use to declare exemptions and allowances?

Answers:

• WD-40

• W-4

• W-2

• W-6

42. What is the function of payroll?

Answers:

• Accounting.

• The recording of salaries, wages, bonuses, and deductions.

• To hand out paychecks.

• Records keeping.

43. 401K deductions are calculated from an employee's ...

Answers:

• Gross Wages before taxes

• After taxes but before any other deductions are taken

• Net wages after taxes

• None of the answers are correct

44. Which tax is unique to the states, California, Hawaii, New Jersey, New York, and Rhode Island?

Answers:

• Extraordinarily low taxes.

• Disability insurance tax.

• No taxes.

• Tea tax.

45. Which employee tax elected filing status will deduct the highest withholding amount?

Answers:

• Widowed 0

• Single 0

• Single 5

• Married 1

• Divorced 2

46. A bonus is listed under what category?

Answers:

• Rent.

• Benefits.

• Depreciation.

• Shrinkage.

47. What is gross pay?

Answers:

• Neither of these

• The total amount earned, before taxes

• The total amount earned, after taxes

48. What is the current medicare taxable rate for 2012?

Answers:

• 7.65%

• 5.65%

• 4.2%

• 5.2%

• 1.45%

49. In the General Journal, which side would your payroll tax expense be located?

Answers:

• Ledger

• Debit

• Credit

• Journal

50. What specific criteria must be used when making a voluntary deduction for meals?

Answers:

• It must be after work hours.

• It must be during work hours.

• The meal must have been job-related.

• It must be at work.

51. What requirements does the FLSA have for records keeping?

Answers:

• None beside accurate record keeping.

• Payment for tenured employees.

• Higher taxes for lower performance.

• Lower taxes for higher performance.

52. What is an ACH payment related to?

Answers:

• All of these

• Local taxation

• Direct deposits

• Financial privacy

53. What three payroll taxes are employers responsible for?

Answers:

• FICA, FUTA, SUPA

• FICA, FUTA, SUTA

• FICA, FUTA, PUMA

• FICA, MUTA, SUNA

54. What form is required to verify employment eligibility for a new or potential employee?

Answers:

• W-4

• W-2

• 1099

• W-9

• I-9

55. Are you obligated to set up a method of taxation for independent contractors?

Answers:

• Yes.

• No.

• You must mutually agree on taxation.

• The government will set up their taxes for them.

56. What is the standard rate for Medicare taxes?

Answers:

• 1.45%

• 1.23%

• 10%

• 2%

57. Which form is filled out by the employee and includes an employees withholding for federal tax purposes?

Answers:

• W-2

• 1040

• W-4

• 1099

58. What is a tax outside the scope of Federal taxes that an employer and employee are legally obligated to?

Answers:

• Time's Up!

• Federal income tax.

• Medicare tax.

• State Income Tax

• Inheritance tax.

59. Who is a ???nominee????

Answers:

• An employee who makes significant political contributions.

• The Guarantor.

• Delegated parties who are given limited authority to act on behalf of an entity for duties including payroll.

• Delegated parties given complete authoriy to act on behalf of an entity for duties including payroll.

60. A employee garnishment is usually taken out of an employee's check when?

Answers:

• Garnishments are a pre-taxed deduction.

• Before taxes to assure there is enough to cover the garnishment.

• After taxes. Amount is deducted from the net check.

• Garnishments are taken from the gross amount of check

61. An exempt employee is exempt from...?

Answers:

• Social Security Taxes

• All Federal and State taxes

• None of the above answers are correct

• Medicare Taxes

• Overtime

62. What type of form is used to pay funds directly to employees bank account?

Answers:

• Funds Transfer Form

• Direct Deposit Form

• ACH Direct Transfer Form

• Payroll Distribution Form

63. What forms are filed at the end of the year to report employee wages to IRS?

Answers:

• I-9

• 1040

• 1099

• W-4

• W-2

64. Which is listed under payroll taxes and costs?

Answers:

• Medicare.

• Debt

• Income

• Rent

65. What tax document is provided at the end of the year to independent contractors and includes all payments paid?

Answers:

• W-2

• W-4

• 1099 Misc Form

• I-9

• W-9

66. A employee garnishment is usually taken out of an employee's check when?

Answers:

• Garnishments are a pre-taxed deduction.

• After taxes. Amount is deducted from the net check.

• Before taxes to assure there is enough to cover the garnishment.

• Garnishments are taken from the gross amount of check

67. If you were recording journal entries for wage expenses, where would they be listed?

Answers:

• Credit.

• Journal.

• Debit.

• Ledger.

68. What type of tax return is used to file  employee deducted and employer matched payroll taxes at the end of a quarter?

Answers:

• 940 Tax Return

• 941 Tax Return

• UCT-6

• 945 Tax Return

69. Which tax return is used to file federal annual employer paid taxes?

Answers:

• 940 Tax Return

• 943 Tax Return

• 915 Tax Return

• 941 Tax Return

• 945 Tax Return

70. What two accounting records are payroll typically recorded to?

Answers:

• Income Statement and Balance Sheet

• General ledger and income statement.

• They are not recorded.

• Front and back.

71. Which tax can you elect to be paid for in advance in your check if you qualify?

Answers:

• EIC

• Medicare

• SS Tax

• FIT

• Fica

72. When accounting for taxes payable, how are they listed?

Answers:

• Journal.

• Debit.

• Credit.

• Ledger.

73. If exempt employee Dr. Banks worked 48 hours in one week and 46 hours in a second week, how much overtime should he be paid?

Answers:

• 28 hours OT

• 6 hours OT

• 8 hours OT

• 14 hours OT

• None

74. What form must a contractor include to not be considered an employee?

Answers:

• Agreement.

• NDA

• Invoice

• Check.

75. Which form is used to correct an employees reported wages to IRS after W-2's have been issued?

Answers:

• Resend W-2 with correct information

• W-2C

• W-4C

• W-2 Misc

• W-2 Revised

76. What is the current employer tax rate for FICA social security and medicare?

Answers:

• 5.2%

• 4.2

• 7.65%

• 1.45

77. How long should a W-4 be kept on file?

Answers:

• Two years.

• Five years.

• Ten years.

• Twelve years.

78. A employee garnishment is usually taken out of an employee's check when?

Answers:

• Garnishments are taken from the gross amount of check

• Garnishments are a pre-taxed deduction.

• After taxes. Amount is deducted from the net check.

• Before taxes to assure there is enough to cover the garnishment.

79. What is the maximum taxable earnings allowed for medicare?

Answers:

• $102,400

• $145,000

• The is no maximum taxable earnings for medicare?

• $110,100

• $106,800

80. Which form is used to correct an employees reported wages to IRS after W-2's have been issued?

Answers:

• W-2 Revised

• W-2C

• W-2 Misc

• Resend W-2 with correct information

• W-4C