Financial Responsibility
Payroll Assessment
Name
First Name
Last Name
1. Labor Burden is:
A. The burden of handling human resource issues
B. The workload of employees who do manual labor as part of their daily work
C. Money paid by the company above gross compensation to meet legal obligations
D. All of the above
2. The employee Federal Withholding taxes must be matched by the employer.
True
False
3. The amount withheld from an employee's paycheck for Federal Income tax is determined by form:
A. W-2
B. W-3
C. W-4
D. W-5
E. I-9
4. Social Security and Medicare taxes are also known as:
A. FIT
B. SIT
C. SUTA
D. FICA
E. FUTA
5. The employee and employer Social Security withholding is the same rate of 6.2%.
True
False
6. The employee and employer Medicare Withholding is the same rate of 1.45%
True
False
7. Which of the following forms must be filed on an ANNUAL basis?
A. 940
B. 941
C. W-4
D. IT-501
E. SS-4
8. In 2015, the percent assigned to employers for the Federal Unemployment rate is:
A. 6.2%
B. 4.2%
C. 0.8%
D. 0.62%
E. 0.6%
9. If an employer pays Federal Unemployment tax, they are exempt from State Unemployment tax.
True
False
10. An employer can keep their Utah Unemployment Tax Rate lower by:
A. Having clearly written statements of policy
B. Keeping accurate attendance records
C. Monitoring new employees closely
D. All of the above
11. Every employee must be given a W-2 postmarked by January 31st of each year.
True
False
12. The amount of an employee's paycheck after taxes and deductions is called the ___________ pay.
A. gross
B. post-tax
C. net
D. statutory
E. final
13. Form 941 is filed quarterly and reports Social Security Tax, Medicare and Withholding.
True
False
14. The form used to verify employee eligibility is the:
A. W-2
B. W-3
C. W-4
D. 1099
E. I-9
15. Employers are required to report newly hired and re-hired employees through the state New Hire Reporting System only if the employee is unable to provide I-9 documentation.
True
False
16. Employers are required to have workers compensation insurance only on employees who work in the field.
True
False
17. Businesses are required to display workplace posters even if they have only one employee.
True
False
18. The federal laws enforced by the U.S. Equal Employment Opportunity Commission make it illegal to discriminate against a job applicant or employee.
True
False
19. The Fair Labor Standards Act establishes:
A. Federal tax rates
B. Minimum wage rates
C. Discrimination laws
D. Employee fringe benefits
20. An employee who is paid overtime for anything worked over 40 hours in a workweek is classified as:
A. Non-exempt
B. Exempt
C. Independent Contractor
21. Exempt job duties for purposes of determining whether an employee is exempt from overtime pay are executive, administrative, professional and outside sales duties.
True
False
22. Independent contractors are defined by which of the following statements?
A. Invoice
B. Do not rely on the employer for continued existence
C. Furnish their own equipment
D. All of the above
23. Independent contractors should be given a form 1099 postmarked by January 31st if they were paid more than $600 during the year, and if they are not a corporation.
True
False
24. Paying an unlicensed employee as an independent contractor could result in:
A. Back taxes
B. Penalties
C. Loss of contractor license
D. All of the above
25. Which of the following groups of months is the second quarter of a payroll year?
A. January, February, March
B. March, April, May
C. April, May, June
D. June, July, August
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