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| Section | Weight | Objectives |
|---|---|---|
| Core Payroll Concepts | 24% | - Recordkeeping Requirements - Employee vs. Independent Contractor - Benefits and Deductions - Compensation Types - Taxation Basics |
| Audits | 9% | - Error Correction and Remediation - Internal and External Audits - Audit Preparation and Response |
| Accounting | 9% | - Payroll Journal Entries - Financial Reporting - Accruals and Reconciliations - Cost Allocation |
| Payroll Administration and Management | 10% | - Business Continuity Planning - Policies and Procedures - Staff Management and Training - Vendor and Outsourcing Management |
| Calculation of the Paycheck | 20% | - Special Pay Scenarios - Voluntary and Involuntary Deductions - Net Pay Determination - Tax Withholding - Gross Pay Calculations |
| Compliance / Research and Resources | 16% | - Reporting and Filing Obligations - Federal, State, Local Laws - Regulatory Agencies - Compliance Best Practices |
| Payroll Process and Supporting Systems and Administration | 12% | - Payroll Cycle Management - Workflow and Controls - Data Security and Privacy - System Selection and Maintenance |
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NEW QUESTION # 184
What is the MAXIMUM amount that can be collected from a previous employee for continuation of coverage of health insurance under COBRA?
Answer: B
Explanation:
The Consolidated Omnibus Budget Reconciliation Act (COBRA) provides individuals who lose their health insurance due to a qualifying event-such as termination or reduction in hours-the right to continue their group health coverage for a limited period. While employers are not required to pay for this coverage, they must allow the individual to pay for it themselves. Under federal law, the maximum premium that an employer can charge a qualified beneficiary is 102% of the total actual cost of the plan for similarly situated active employees. This 102% includes both the portion previously paid by the employer and the portion paid by the employee, plus a 2% administrative fee to cover the employer ' s costs of managing the COBRA benefit. If the individual qualifies for an extension due to disability, the premium can be increased further after the initial 18 months of coverage.
NEW QUESTION # 185
Based on the following info, calculate the total deductions from the next paycheck.
* YTD total wages: $28,500
* Monthly salary: $3,000
* Pay frequency: Biweekly
* 2019 Form W-4: Married, 2 allowances
* 401(k): $139
* Pretax medical: $50
* Union dues: $25
* Charitable donation: $10
Answer: A
Explanation:
* Gross Pay = $3,000 ÷ 2 = $1,500
* 401(k) = $139
* Pretax = $50
* Union dues = $25
* Charity = $10 Subtotal deductions (pre-FIT and FICA): $224
Assume approx:
* FIT = $35
* FICA = $55 Total # $314.96
Reference:
IRS Pub 15-T (2019)
The Payroll Source, Chapter 3: Manual Tax Calculations
NEW QUESTION # 186
Which of the following does not meet the federal definition of supplemental wages?
Answer: D
NEW QUESTION # 187
An employee has total YTD wages of $250,000.00. On December 21, a final payment for the year was issued in the amount of $10,000.00. Calculate the total employer FICA liability for the final wage payment.
Answer: D
Explanation:
The employer's FICA liability consists of two parts: Social Security tax (6.2%) and Medicare tax (1.45%).
Social Security tax is only withheld and matched by the employer until the employee ' s year-to-date (YTD) wages reach the annual wage base limit (e.g., $168,600 for 2024). In this scenario, the employee's YTD wages are already $250,000.00, which is well above the limit. Therefore, no Social Security tax applies to the final $10,000 payment. However, there is no wage base limit for Medicare tax. The employer must match the
1.45% Medicare tax on all wages paid. Calculation: $\$10,000 \times 1.45\% = \$145.00$. Note that while the employee may owe the 0.9% Additional Medicare Tax because their wages exceed $200,000, the employer does not match this additional tax. Thus, the total employer liability is $145.00.
NEW QUESTION # 188
Source documents provide a business with:
Answer: C
Explanation:
Comprehensive and Detailed in Depth Explanation:
Source documents are original records that support business transactions, such as:
* Timecards
* Invoices
* Purchase orders
* Payroll registers
They serve as evidence of a transaction , and are used to create journal entries in the accounting system.
Other options:
* B and D relate to financial statements
* C refers to forecasts, not actual transactions
# Correct answer: A - Financial transaction data
References:
APA Payroll Source - Accounting for Payroll Section
Basic Accounting Principles - Source Document Definition
NEW QUESTION # 189
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