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At the time that wages are paid, an advance payment of EIC would be recorded as:
At the time that wages are paid, an advance payment of EIC would be recorded as:A . Debit FIT payable, credit cash B. Debit cash, credit EIC payable C. Debit EIC payable, credit FICA payable D. Debit EIC payable, credit cashView AnswerAnswer: D
Under the claim-of-right rule, a salary overpayment that is discovered by the employer in the tax year following the year of overpayment:
Under the claim-of-right rule, a salary overpayment that is discovered by the employer in the tax year following the year of overpayment:A . Can be deducted on a pretax basis from regular wages B. Cannot be deducted from the employee's wages because employee has a right to the payment C....
The rate of withholding in 2009 on qualified pension distributions made directly to
The rate of withholding in 2009 on qualified pension distributions made directly to employees is:A . 15% B. 20% C. 27% D. 30%View AnswerAnswer: B
The penalty for failure to withhold wages under a federal tax levy notice is:
The penalty for failure to withhold wages under a federal tax levy notice is:A . 75% of the amount not withheld B. 100% of the amount not withheld C. 150% of the amount not withheld D. 50% of the amount not withheldView AnswerAnswer: D
For 2009, the mandatory rate of federal income tax withholding on supplemental wages in excess of $1 million is:
For 2009, the mandatory rate of federal income tax withholding on supplemental wages in excess of $1 million is:A . 25% B. 35% C. 20% D. 28%View AnswerAnswer: B
If an employee working abroad with a tax home in a foreign country passes the "physical presence test," to what may the employee be eligible?
If an employee working abroad with a tax home in a foreign country passes the "physical presence test," to what may the employee be eligible?A . Foreign service premium B. Employer-paid housing expenses C. Hardship allowance D. Income exclusionsView AnswerAnswer: D
Which of the following best represents compliance under Section 404 of Sarbanes Oxley?
Which of the following best represents compliance under Section 404 of Sarbanes Oxley?A . Payroll transactions are reviewed by internal audit B. Service provider initiates all pay transactions C. Accruals entries are made by the payroll staff D. Benefits enrollment data is maintained by authorized personnelView AnswerAnswer: A
Which of the following benefits is allowable in an 125 plan?
Which of the following benefits is allowable in an 125 plan?A . Disability insurance B. Educational assistance C. 403(b) D. Transportation fringe benefitsView AnswerAnswer: A
Which of the following general ledger accounts is integral to a quarterly deposit reconciliation?
Which of the following general ledger accounts is integral to a quarterly deposit reconciliation?A . Accrued wages payable B. Salary cash C. Tax liabilities D. Payroll cashView AnswerAnswer: C
Which of the following management styles is Sally demonstrating?
Sally's department was scheduled to work from 8:00 a.m. until 5:00 p.m. It was announced to all employees that a severe winter storm was expected to reach the city between 4:00 p.m. and 5:00 p.m. Employees of Sally's department asked if they, like most other departments, would be allowed to...
