2. What is the FUTA tax rate in 2014? a. 6.2% b..8% c. 6.0% d. 5.4%
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1 HOW MUCH DO YOU KNOW TODAY? 1. The IRS approved rate for employer provided fuel for 2014 is: a. 5.5 cents per mile b..56 cents per mile c. 9 cents per mile d.,56.5 cents per mile 2. What is the FUTA tax rate in 2014? a. 6.2% b..8% c. 6.0% d. 5.4% 3. What financial statement shows the net income or net loss of a business? a. Balance sheet b. Income statement c. Statement of cash flow d. Statement of owner's equity 4. Which of the following benefits is not a qualified benefit for a cafeteria plan? a. Coverage under accident and health insurance plans (medical, dental, vision, etc) b. Group-term life insurance in excess of $50,0000 c. Working condition fringes d. Participating in a 401(k) plan cash or deferred arrangement 5. All of the following workers are statutory employees except: a. Homeworkers b. Full-time life insurance salespersons c. Qualified real restate agents d. Traveling or city salespersons 6. Which form is used to request a credit for overpaid taxes? a. Form 843 b. Form 941 c. Form 940 d. Form 941-X 7. For 2014, how much can employees receive in advance EIC payments? a. $1,826 b. Employees cannot receive advance EIC payments c. $1,830 d. $1,750 Page 1 of 8
2 HOW MUCH DO YOU KNOW TODAY? 8. An employee has been absent from work for 9 months because of a non job-related illness and is not expected to return to work for another 3 months. Which taxes must be withheld at this point from disability payments made to the employee? a. Social security and Medicare taxes b. Social security, Medicare taxes and FUTA taxes c. Federal income tax d. No withholding required 9. On May 31, a monthly depositor's payroll tax liability is $15,000. When is the deposit due? a. June 7 b. June 1 c. June 15 d. June If all the following withholding orders are received at the same time, which must the employer deduct first? a. Creditor garnishment b. Student loan garnishment c. Federal tax levy d. State tax levy 11. Which of the following is NOT an employer benefit of using pay cards to pay employee wages? a. Increased escheat issues b. All employees are eligible for electronic pay c. Reduced costs for off-cycle checks d. Increased employee productivity because of less time spent cashing paychecks 12. All of the following items are needed for web-enablement except: a. PCs with extensive memory b. HRMS application expertise c. Web-enabling tools d. Sufficient internet infrastructure 13. Which of the following items incurred while on business travel are travel expenses except? a. Cost of entertaining clients b. The cost of lodging c. Transportation costs d. Cost of meals 14. What percentage of the maximum foreign earning income exclusion is used to determine the base housing amount? a. 14% b. 16% c. 18% d. 30% Page 2 of 8
3 HOW MUCH DO YOU KNOW TODAY? 15. Which of the following forms must be completed to obtain a social security number? a. SS-8 b. SS-5 c. SS-4 d. Form W In what account is the payment of salaries and wages recorded? a. Asset b. Liability c. Expense d. Revenue 17. What is an IRS decision on how the tax laws apply to a set of facts involving a single taxpayer called? a. News Release b. Private Letter Ruling c. Revenue Ruling d. Revenue Procedure 18. In 2014, what is the maximum amount of contributions that can be made by an employee and an employer to the employee's account in a defined contribution plan? a. $17,500 b. $23,000 c. $260,000 d. $52, FUTA and SUTA taxes payable are what types of accounts? a. Owner's equity b. Assets c. Liabilities d. Net worth 20. All of the following benefits are nontaxable fringe benefits except? a. No-additional-cost services b. Qualified employee discounts c. Employer-paid membership fees to an athletic club d. De minimis fringes Page 3 of 8
4 HOW MUCH DO YOU KNOW TODAY? TRUE or FALSE 21. Employers that have a great deal of turnover generally have a lower experience rate 22. The final state of team development is norming. 23. The payroll expense journal will debit salaries/wages payable and credit an expense account for the labor cost. 24. Gifts provided to an employee by his or her employer are excluded from income. 25. Foreign earned income is considered to be income in the year it was earned, not in the year in which it is paid. Use the following information for Questions Sarah Simmons has an annual income of $78,000. She is paid semi-monthly and she contributes $125 per month to her employer's cafeteria plan and 5% of her salary to a 401(k) plan. She has submitted a W-4 claiming: Single - 2 exemptions Calculate the following for the pay period: 26. What are her Federal income taxable wages for the pay period? 27. What are her Social Security taxable wages for the pay period? 28. What are her Medicare taxable wages for the pay period? 29. What are her FUTA taxable wages for the pay period? 30. Calculate her net pay for the current period (using the Percentage Method Tax Tables) Page 4 of 8
5 HOW MUCH DO YOU KNOW TODAY? ANSWERS - CPP The IRS approved rate for employer provided fuel for 2014 is: a. 5.5 cents per mile b..56 cents per mile CH 3-6 c. 9 cents per mile d.,56.5 cents per mile 2. What is the FUTA tax rate in 2014? a. 6.2% b..8% Ch 7-2 c. 6.0% d. 5.4% 3. What financial statement shows the net income or net loss of a business? a. Balance sheet Ch b. Income statement c. Statement of cash flow d. Statement of owner's equity 4. Which of the following benefits is not a qualified benefit for a cafeteria plan? a. Coverage under accident and health insurance plans (medical, dental, vision, etc) b. Group-term life insurance in excess of $50,0000 Ch 4-13 c. Working condition fringes d. Participating in a 401(k) plan cash or deferred arrangement 5. All of the following workers are statutory employees except: a. Homeworkers b. Full-time life insurance salespersons Ch 1-6 c. Qualified real restate agents d. Traveling or city salespersons 6. Which form is used to request a credit for overpaid taxes? a. Form 843 Ch 8-18 b. Form 941 c. Form 940 d. Form 941-X 7. For 2014, how much can employees receive in advance EIC payments? a. $1,826 b. Employees cannot receive advance EIC payments Ch 6-15 c. $1,830 d. $1, An employee has been absent from work for 9 months because of a non job-related illness and is not expected to return to work for another 3 months. Which taxes must be withheld at this point from disability payments made to the employee? a. Social security and Medicare taxes Ch 4-6 b. Social security, Medicare taxes and FUTA taxes c. Federal income tax d. No withholding required Page 5 of 8
6 HOW MUCH DO YOU KNOW TODAY? ANSWERS - CPP On May 31, a monthly depositor's payroll tax liability is $15,000. When is the deposit due? a. June 7 b. June 1 Ch 8-12 c. June 15 d. June If all the following withholding orders are received at the same time, which must the employer deduct first? a. Creditor garnishment b. Student loan garnishment Ch 9-5 c. Federal tax levy d. State tax levy 11. Which of the following is NOT an employer benefit of using pay cards to pay employee wages? a. Increased escheat issues Ch 5-13 b. All employees are eligible for electronic pay c. Reduced costs for off-cycle checks d. Increased employee productivity because of less time spent cashing paychecks 12. All of the following items are needed for web-enablement except: a. PCs with extensive memory b. HRMS application expertise Ch 12-9 c. Web-enabling tools d. Sufficient internet infrastructure 13. Which of the following items incurred while on business travel are travel expenses except? a. Cost of entertaining clients Ch 3-14 b. The cost of lodging c. Transportation costs d. Cost of meals 14. What percentage of the maximum foreign earning income exclusion is used to determine the base housing amount? a. 14% Ch b. 16% c. 18% d. 30% 15. Which of the following forms must be completed to obtain a social security number? a. SS-8 b. SS-5 Ch 6-6 c. SS-4 d. Form W In what account is the payment of salaries and wages recorded? a. Asset b. Liability Ch c. Expense d. Revenue Page 6 of 8
7 HOW MUCH DO YOU KNOW TODAY? ANSWERS - CPP What is an IRS decision on how the tax laws apply to a set of facts involving a single taxpayer called? a. News Release b. Private Letter Ruling Ch c. Revenue Ruling d. Revenue Procedure 18. In 2014, what is the maximum amount of contributions that can be made by an employee and an employer to the employee's account in a defined contribution plan? a. $17,500 b. $23,000 Ch 4-25 c. $260,000 d. $52, FUTA and SUTA taxes payable are what types of accounts? a. Owner's equity Ch 11-9 b. Assets c. Liabilities d. Net worth 20. All of the following benefits are nontaxable fringe benefits except? a. No-additional-cost services Ch 3-1 b. Qualified employee discounts c. Employer-paid membership fees to an athletic club d. De minimis fringes TRUE or FALSE 21. Employers that have a great deal of turnover generally have a lower experience rate Ch 7-19 FALSE 22. The final state of team development is norming. Ch FALSE 23. The payroll expense journal will debit salaries/wages payable and credit an expense Ch account for the labor cost. FALSE 24. Gifts provided to an employee by his or her employer are excluded from income. Ch 3-23 FALSE 25. Foreign earned income is considered to be income in the year it was earned, not in Ch 14-9 the year in which it is paid. TRUE Page 7 of 8
8 HOW MUCH DO YOU KNOW TODAY? ANSWERS - CPP 2014 Use the following information for Questions Sarah Simmons has an annual income of $78,000. She is paid semi-monthly and she contributes $125 per month to her employer's cafeteria plan and 5% of her salary to a 401(k) plan. She has submitted a W-4 claiming: Single - 2 exemptions 26. What are her Federal income taxable wages for the pay period? Gross Wages ($78,000 / 24) = $3, Cafeteria plan ($125 / 2) = (62.50) 401(k) ($3, x.05) = (162.50) $3, What are her Social Security taxable wages for the pay period? Gross Wages ($78,000 / 24) = $3, Cafeteria plan ($125 / 2) = (62.50) $3, What are her Medicare taxable wages for the pay period? Gross Wages ($78,000 / 24) = $3, Cafeteria plan ($125 / 2) = (62.50) $3, What are her FUTA taxable wages for the pay period? Gross Wages ($78,000 / 24) = $3, Cafeteria plan ($125 / 2) = (62.50) $3, Calculate her net pay for the current period (using the Percentage Method Tax Tables) Percentage Method Tax Tables for FITW Semi-monthly exemptions = 2 x = Federal Taxable: 3, = 2, , , = 1, x 25% = = = Federal Income Tax Social Security taxable wages 3, x 6.2% = Medicare taxable wages 3, x 1.45% = Gross Wages: 3, Fed WH Tax ( ) SS Tax (197.63) Medicare Tax (46.22) Cafeteria Ded (62.50) 401k Ded (162.50) Net Pay: $2, Page 8 of 8
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