Compensation and Benefits Practice Questions
Course Introduction
This course provides an in-depth understanding of compensation and benefits as key components of human resource management. Students will explore the principles, strategies, and practices used by organizations to design effective compensation structures and benefits programs that attract, retain, and motivate employees. Topics include job evaluation, pay structures, incentive plans, legal compliance, equity and fairness, healthcare and retirement plans, and current trends in total rewards. Emphasis is placed on both theoretical foundations and practical applications, including case analyses and the use of technological tools in designing and managing compensation systems.
Recommended Textbook
Payroll Accounting 2017 27th Edition by
Bernard J. Bieg
6
396 Flashcards
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Chapter 1: The Need for Payroll and Personal Records
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70 Flashcards
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Sample Questions
Q1) Workers' compensation insurance premiums for employers vary according to the different degrees of danger in various classes of jobs and the employers' accident experience rate.
A)True
B)False Answer: True
Q2) Employers not subject to Title VII coverage may come within the scope of the Civil Rights Act by reason of a contract or subcontract involving federal funds.
A)True
B)False Answer: True
Q3) FUTA was designed to ensure that workers who are covered by pension plans receive benefits from those plans.
A)True
B)False
Answer: False
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Chapter 2: Computing Wages and Salaries
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79 Verified Questions
79 Flashcards
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Sample Questions
Q1) The FLSA defines a tipped employee as one who regularly receives tips of more than $20 a month.
A)True
B)False
Answer: False
Q2) Those tasks that employees must perform and which include any work of consequence performed for the employer are known as:
A) preliminary activities.
B) postliminary activities.
C) work activities.
D) principal activities.
E) none of the above.
Answer: D
Q3) Refer to Instruction 2-1.Kevin Kurtz is a newly hired exempt employee who earns an annual salary of $67,600.Since he started work on Thursday (five-day week ends on Friday),his pay for the first week would be __________.
Answer: 11ea7e83_1197_fbad_ba34_c9fa9a2547f2_TB2268_00
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Chapter 3: Social Security Taxes
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70 Flashcards
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Sample Questions
Q1) An employer's social security and withheld income taxes for the quarter are less than $2,500.The employer must deposit the taxes at its bank at the time of filing the fourth quarter Form 941.
A)True
B)False
Answer: False
Q2) FICA defines all of the following as wages except:
A) year-end bonuses.
B) standby payments.
C) total cash tips of $15 received by a tipped employee in May.
D) employees' social security taxes paid for by the employer.
E) first six months of sick pay.
Answer: C
Q3) The Federal Insurance Contributions Act levies a tax upon the gross earnings of self-employed persons.
A)True
B)False
Answer: False
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5
Chapter 4: Income Tax Withholding
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Sample Questions
Q1) An employee submits an invalid Form W-4 to the employer and does not replace it with a valid form.The employer should withhold federal income taxes at the rate for a single person claiming no exemptions.
A)True
B)False
Q2) Refer to Exhibit 4-1.Carson Smart is paid $1,200 every two weeks plus a taxable lodging allowance of $100.He is a participant in the company 401(k)plan and has $150 deducted from his pay for his contribution to the plan.He is married with two allowances.How much would be deducted from his pay for federal income tax (using the wage-bracket table)?
Q3) All of the following are properly defined as wages subject to the withholding of federal income taxes except:
A) year-end bonus.
B) kitchen appliances given by manufacturer in lieu of cash wages.
C) dismissal payment.
D) vacation pay.
E) payments made under worker's compensation law.
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Chapter 5: Unemployment Compensation Taxes
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Sample Questions
Q1) Schedule A of Form 940 only has to be completed by employers who are subject to the Title XII credit reduction.
A)True
B)False
Q2) Refer to Instruction 5-1.Ted Carman worked for Rivertide Country Club and earned $28,500 during the year.He also worked part time for Harrison Furniture Company and earned $12,400 during the year.The SUTA tax rate for Rivertide Country Club is 4.2% on the first $8,000,and the rate for Harrison Furniture Company is 5.1% on the first $8,000.Calculate the FUTA and SUTA taxes paid by the employers on Carman's earnings. FUTA SUTA a.Riverside
b.Harrison Furniture Company
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Chapter 6: Analyzing and Journalizing Payroll
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Sample Questions
Q1) If employees must contribute to the state unemployment fund,this deduction should be shown in the payroll tax entry.
A)True
B)False
Q2) Refer to Exhibit 6-1.Journalize the entry to record the employer's payroll taxes (assume a SUTA rate of 3.7%).
Q3) In order to prepare Forms W-2,an employer would utilize the employee's earnings record.
A)True
B)False
Q4) Amounts withheld from employees' wages for health insurance are credited to a liability account.
A)True
B)False
Q5) FIT Payable is a liability account used to record employees' withheld federal income tax and also the employer's match of that tax.
A)True B)False
Q6) Refer to Exhibit 6-1.Journalize the entry to record the payroll.
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