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| Section | Weight | Objectives |
|---|---|---|
| Calculation of the Paycheck | 20% | - Gross Pay
|
| Payroll Process and Supporting Systems and Administration | 12% | - Operations
|
| Payroll Administration and Management | 10% | - Management Functions
|
| Compliance/Research and Resources | 16% | - Research Tools
|
| Audits | 9% | - Audit Procedures
|
| Accounting | 9% | - Accounting Principles
|
| Core Payroll Concepts | 24% | - Payroll Process Workflow
|
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NEW QUESTION # 157
What term describes the normal balance of a liability account?
Answer: A
Explanation:
Comprehensive and Detailed in Depth Explanation:
In basic accounting , accounts have "normal" balances:
* Assets = Debit balance
* Liabilities = Credit balance
* Equity = Credit balance
* Expenses = Debit balance
* Revenue = Credit balance
Liability accounts , such as taxes payable , wages payable, and accrued expenses, naturally carry a credit balance .
* Option A is a type of account, not a balance.
* Option B is incorrect for liabilities.
* Option D is a classification, not a balance type.
# Therefore, the correct answer is C - Credit
References:
APA Payroll Source - Payroll Accounting Basics
FPC Study Guide - Chart of Accounts and Accounting Fundamentals
NEW QUESTION # 158
What steps should be followed to reconcile the payroll cash account?
Answer: A
Explanation:
Reconciling the payroll cash account is an essential internal control that ensures the company ' s ledger matches the bank ' s records. The correct mathematical formula starts with the beginning bank balance, to which the employer must add all deposits and any interest earned during the period (Option C). From this subtotal, the employer subtracts all bank charges and the total of all cleared checks and electronic disbursements. The resulting " adjusted bank balance " should then be compared to the general ledger ' s ending cash balance. Any remaining difference typically consists of " outstanding checks " (checks issued but not yet cleared). This process identifies bank errors, unauthorized transactions, or internal clerical mistakes.
Frequent cash account reconciliation protects the organization from fraud and ensures that financial statements accurately reflect the amount of cash available to meet future payroll and tax obligations.
NEW QUESTION # 159
Using the table below calculate the employer ' s federal tax liability for an employee that is paid on June 15th.
YTD wages: $27,687.50
Salary: $5,537.50
Pay frequency: Semimonthly
FSA medical: $324.80
Section 125 cafeteria plan deduction: $295.83
Imputed GTL: $94.99
Answer: C
Explanation:
The employer ' s FICA tax liability consists of 6.2% for Social Security and 1.45% for Medicare. First, determine the FICA taxable wages by adding the gross salary and imputed group-term life (GTL) insurance, then subtracting Section 125 deductions (FSA and cafeteria plan): $\$5,537.50 + \$94.99 - \ $324.80 -
\$295.83 = \$5,011.86$. Since the employee ' s YTD wages are below the Social Security limit, the full amount is taxable. Social Security liability: $\$5,011.86 \times 6.2\% = \$310.74$. Medicare liability:
$\$5,011.86 \times 1.45\% = \$72.67$. Total FICA liability: $\$310.74 + \$72.67 = \$383.41$. Note that FUTA tax is not included here because the employee has already exceeded the $\$7,000$ annual FUTA wage base earlier in the year.
NEW QUESTION # 160
An employer has been charged by one of its employees with age discrimination under the ADEA. How long MUST the employer retain the pertinent records?
Answer: A
Explanation:
The Age Discrimination in Employment Act (ADEA) requires employers to maintain specific personnel and payroll records. Generally, payroll records must be kept for three years, and personnel records (such as applications and job descriptions) for one year. However, if an employer is notified that a charge of discrimination has been filed or that an action has been brought by the Equal Employment Opportunity Commission (EEOC) or the employee, the record-keeping requirements change. In such cases, the employer is legally obligated to retain all " pertinent records " relating to the charge or action-such as performance evaluations, time records, and correspondence-until the final disposition of the alleged action (Option D).
This ensures that all relevant evidence is preserved for the legal process. Failing to maintain these records during an active investigation or lawsuit can result in severe legal penalties and negative inferences in court.
NEW QUESTION # 161
When submitting a stop payment to the bank, an employer provides the:
Answer: C
Explanation:
Comprehensive and Detailed In-Depth Explanation:
To initiate a stop payment, banks require identification of theexact payment, including:
* Net amount(amount paid)
* Check number
* Payee (employee name)
This ensures that the correct item is halted and prevents errors.
NEW QUESTION # 162
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