The following Payroll MCQs have been compiled by our experts through research, in order to test your knowledge of the subject of Payroll. We encourage you to answer these 100 multiple-choice questions to assess your proficiency.
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A. Sick days.
B. Slack days.
C. Fake days.
D. Random office supplies.
A. Payroll Distribution Form
B. Funds Transfer Form
C. ACH Direct Transfer Form
D. Direct Deposit Form
A. Payment tax.
B. Income tax.
C. Sales tax.
D. Inheritance tax.
A. Contractor
B. Employees with poor performance.
C. Managers.
D. Employees.
A. Wage
B. Salary
A. Margin
B. Net
C. Gross
A. Benefits.
B. Shrinkage.
C. Rent.
D. Depreciation.
A. The total amount earned, after taxes
B. Neither of these
C. The total amount earned, before taxes
A. Unilateral delivery of checks and mail.
B. Successful delivery of checks to management.
C. Accurate and timely payment to employees including deductions and withholdings.
D. Casual payment of employees at random intervals.
A. Accounting.
B. Records keeping.
C. The recording of salaries, wages, bonuses, and deductions.
D. To hand out paychecks.
A. The state of which the employee lives in is responsible for taxes deducted from an employee's check.
B. The IRS is responsible for the taxes deducted from an employee's check.
C. The employee is responsible for taxes deducted from their check.
D. The employer is responsible for paying taxes deducted from an employee's check to the appropriate agency.
A. A person who gives an invoice to their client.
B. A person who is trained and hired.
C. A person using a 1099 for for tax reasons.
D. A person who is not employed.
A. True
B. False
A. A person who uses a W-2 for tax reasons.
B. Someone trained in-house.
C. A person receiving payment for a task in its entirety.
D. Someone receiving cash payments.
A. Never.
B. When the government requests it.
C. Only when the employee has agreed to them.
D. Any time.
A. Payroll is important because it allocates funds to those deemed worthy.
B. Payroll is not important.
C. Payroll and the taxes therein significantly impact the success of the company.
D. Payroll is entrusted with donating money.
A. garnishment
B. austerity
C. taxation
A. Commission
B. Seasonal
C. Full Time
D. None of the answers are correct
E. Part Time
A. Preferred taxes.
B. Private taxes.
C. There are no required deductions.
D. State taxes
A. The time when employees pay their taxes.
B. The period in time when businesses have to pay their taxes.
C. The one time per year that employees are paid.
D. A recurring period of time that time is recorded and paid.
A. It is the healthcare code.
B. It identifies transactions in a business.
C. It identifies a businesses entity.
D. It does nothing.
A. Employers are only half responsible.
B. Employers are responsible for paying both the employer and employee's portion of the Medicare tax.
C. Nobody is responsible.
D. Employers are not responsible.
A. 1099
B. 1077
C. 2055
D. 4531
A. W-5
B. W-1
C. W-8
D. W-2
A. Investment plan.
B. Employee stock purchase plan.
C. It is completely ignored.
D. Investing strategy.
A. Annually.
B. Bi-weekly.
C. Semi-annually.
D. Bi-monthly.
A. FICA taxes.
B. FISA taxes.
C. FINRA taxes.
D. NAFTA taxes.
A. Income tax.
B. 401(k)
C. Sales tax.
D. Luxury tax.
A. $600
B. $480
C. $500
D. $700
A. The true, legal owner of the business.
B. The agreements that a business is in.
C. The products that the business sells.
D. The amount of money the business makes.
A. No taxes.
B. Disability insurance tax.
C. Extraordinarily low taxes.
D. Tea tax.
A. Earned Income Credit
B. Earned Interest Credit
C. Earned Income Check
D. Earnings Income Tax Credit
E. None of these answers are correct
A. Independent Revenue Account
B. Individual Retirement Account
C. None of these
D. Interest Returns Account
A. Logical payment of bills.
B. Child support.
C. Good performance.
D. Sound financial planning.
A. False
B. True
A. I-95
B. I-9
C. W-4
D. W-2
A. None of the answers are correct
B. After taxes but before any other deductions are taken
C. Gross Wages before taxes
D. Net wages after taxes
A. SSMT
B. FICA
A. It must be during work hours.
B. It must be at work.
C. It must be after work hours.
D. The meal must have been job-related.
A. Medicare.
B. Income
C. Debt
D. Rent
A. 53
B. 26
C. 82
D. 36
A. Journal
B. Debit
C. Credit
D. Ledger
A. W-2
B. 1099
C. I-9
D. W-4
E. 1040
A. W-4
B. I-9
C. 1099 Misc Form
D. W-2
E. W-9
A. Single 5
B. Single 0
C. Widowed 0
D. Divorced 2
E. Married 1
A. None beside accurate record keeping.
B. Higher taxes for lower performance.
C. Lower taxes for higher performance.
D. Payment for tenured employees.
A. 1.45%
B. 4.2%
C. 7.65%
D. 5.2%
E. 5.65%
A. Local taxation
B. Direct deposits
C. Financial privacy
D. All of these
A. W-6
B. W-4
C. W-2
D. WD-40
A. 1.23%
B. 1.45%
C. 2%
D. 10%
A. 1099
B. W-2
C. I-9
D. W-4
A. The government will set up their taxes for them.
B. Yes.
C. No.
D. You must mutually agree on taxation.
A. FICA, MUTA, SUNA
B. FICA, FUTA, PUMA
C. FICA, FUTA, SUPA
D. FICA, FUTA, SUTA
A. 1099
B. 1040
C. W-2
D. W-4
A. $106,800
B. $102,400
C. The is no maximum taxable earnings for medicare?
D. $145,000
E. $110,100
A. Delegated parties who are given limited authority to act on behalf of an entity for duties including payroll.
B. The Guarantor.
C. An employee who makes significant political contributions.
D. Delegated parties given complete authoriy to act on behalf of an entity for duties including payroll.
A. W-2
B. W-9
C. 1099
D. W-4
E. I-9
A. State Income Tax
B. Medicare tax.
C. Federal income tax.
D. Inheritance tax.
A. 14 hours OT
B. None
C. 28 hours OT
D. 8 hours OT
E. 6 hours OT
A. Debit.
B. Ledger.
C. Credit.
D. Journal.
A. Medicare Taxes
B. All Federal and State taxes
C. Social Security Taxes
D. None of the above answers are correct
E. Overtime
A. Journal.
B. Ledger.
C. Debit.
D. Credit.
A. 945 Tax Return
B. 941 Tax Return
C. UCT-6
D. 940 Tax Return
A. Front and back.
B. Income Statement and Balance Sheet
C. They are not recorded.
D. General ledger and income statement.
A. After taxes. Amount is deducted from the net check.
B. Before taxes to assure there is enough to cover the garnishment.
C. Garnishments are taken from the gross amount of check
D. Garnishments are a pre-taxed deduction.
A. Fica
B. SS Tax
C. Medicare
D. FIT
E. EIC
A. Invoice
B. Agreement.
C. Check.
D. NDA
A. 915 Tax Return
B. 941 Tax Return
C. 945 Tax Return
D. 943 Tax Return
E. 940 Tax Return
A. W-2 Misc
B. Resend W-2 with correct information
C. W-4C
D. W-2 Revised
E. W-2C
A. W-2
B. W-9
C. W-4
D. 1099
E. I-9
A. 4.2
B. 5.2%
C. 7.65%
D. 1.45
A. Three years.
B. Fifty years.
C. Ten years.
D. Five years.
A. Five years.
B. Two years.
C. Twelve years.
D. Ten years.
A. Only 6 hours OT
B. None of the answers are correct
C. None. The employee is non-exempt
D. 8 hours of OT
E. 14 hours of OT
A. The employee should be paid 78 regular hours and 6 overtime hours.
B. The employee should be paid 80 regular hours.
C. The employee should be paid 86 hours. 78 reg hours, 2 guarantee hours and 6 OT hours.
D. The employee should be paid 78 regular hours. No overtime
E. none of the answers are correct
A. $520.00
B. $145.00
C. $765.00
D. $0.00
E. $565.00
A. $102,400
B. $200,000
C. $106,800
D. There is no maximum taxable wage for SS
E. $110,100
A. EIS
B. ACC
C. SEC
D. PAWS
A. Dept of Revenue Services
B. Circular E for that year
C. Your state's Dept of Labor Tax Rate Schedule
D. IRS Tax Table
A. 4.2%
B. 7.65%
C. 1.45%
D. 6.2%
E. Not enough information
A. $1
B. $100
C. $0
D. $10
E. Not enough information
A. January 31
B. February 28
C. June 30
D. September 30
A. regular per-hour wages
B. overtime pay beyond 60 hours per week
C. a payroll deduction
D. an agreement to pay an employee a set amount, regardless of hours worked
E. A law that states employees can be given raises only once per year
A. a law that states employees must be paid twice per month
B. a law that requires employers to hold un-cashed payroll checks for a certain amount of time
C. A law that states employees cannot be over the age of 65
D. A law that states employees can be given raises only once per year
A. Dr: Salary Payable, Cr: Salary Expense
B. Dr: Salary Expense, Cr: Cash
C. Dr: Cash, Cr: Salary Payable
D. Dr: Cash, Cr: Salary Expense
A. A detailed version of Form W2
B. An annual tax filing form for private corporations
C. A form filed with the Social Security Administration summarizing all employee W2s
D. The same as Form 941
A. established equal employment laws for women and children
B. abolished slave labor
C. Set standard wages for hours worked
D. Set the minimum wage at $8 per hour
A. ADP
B. IRS
C. FASB
D. SEC
A. regular wage payments
B. a compensation plan based on company performance
C. another name for termination pay
D. a compensation plan in which employees earn more when they reach certain goals
A. the calculation of minimum wage rates
B. a federal income tax withholding method that applies a formula with both fixed and variable components to the wage amounts
C. a federal income tax withholding method that takes into account gross earnings, payroll period, marital status, and number of withholding allowances
D. A federal income tax withholding method in which the current withholding amount is determined by cumulative wages and the amount that has already been withheld
A. January 31
B. September 30
C. February 28
D. December 31
A. another name for an independent contractor
B. a regular, full-time employee subject to tax withholdings
C. a part-time employee
D. the president of a company
A. a calendar year
B. one month
C. the frequency of employee compensation
D. two weeks
A. Statement of Retained Earnings
B. Income Statement
C. Balance Sheet
D. Cash Flow Statement
A. Employee Identification Name
B. Employer Identification Number
C. Every Independent Numerator
D. Employer Identification Name
A. To track employee hours worked per payroll period
B. To calculate employee tax withholding
C. To calculate bonuses
D. To determine employee tax exemptions
A. To report annual wages to employees
B. To report annual wages to the IRS
C. To reconcile taxes paid with tax liability for unemployment taxes
D. To reconcile taxes paid with tax liability for federal taxes
A. the extra amount held for the employee in a savings account
B. the additional tax obligation of the employee
C. the additional tax obligation of the employer
D. an allowance that reduces taxable income by a fixed amount
A. Eliminates the need for the employee to reconcile bank accounts
B. Allows employee to commit fraud more easily
C. No direct benefit to employee
D. Eliminates the need for the employee to go to the bank to deposit a check, since pay is deposited directly in the bank, often the day before payday
A. Builds goodwill with employees
B. Immediately reduces available cash because everyone is paid on payday without having to wait for checks to clear
C. Increases employee opportunity for fraud
D. Saves the company time and money