Chap 8 Quiz Flashcards
A company is not required to withhold payroll taxes for:
Multiple Choice
- Employees paid by the hour
- Salaried employees
- Out-of-state employees
- Independent contractors
Independent contractors
A payment to a stockholder is recorded as a(n):
Multiple Choice
- Employee paycheck
- Vendor payment
- Distribution
- None of these choices are correct.
Distribution
In the Weekly Timesheet window you can record:
Multiple Choice
- Time billable to a specific vendor
- Time billable to a specific customer
- How many shipments of inventory items were received
- Number of purchase orders from each supplier
Time billable to a specific customer
A company completes Form _____ to summarize for the IRS the amount of federal income tax, Social Security, and Medicare withheld from employee paychecks for the year.
Multiple Choice
- W-3
- 940
- 944
- None of these choices are correct.
944
Which one of the following is not a payroll liability?
Multiple Choice
- Property taxes
- Unemployment taxes
- State income taxes withheld
- Federal income taxes withheld from employee paychecks
Property taxes
QuickBooks permits you to track employee time using which of the following two: (Check all that apply)
Check All That Apply
- Weekly Timesheet
- Paycheck
- Single Time Activity
- Monthly Timesheet
- Weekly Timesheet
-
- Single Time Activity
-
The employer must match which one of the following taxes paid by an employee?
Multiple Choice
- State Income
- Medicare
- Federal Income
- Federal Unemployment
Medicare
All of the following are payroll liabilities owed to outside agencies except:
Multiple Choice
- Net Pay
- Federal Income taxes
- State Income taxes
- Unemployment taxes
Net Pay
The following taxes are reported on Form 941 except:
Multiple Choice
- FICA-Medicare (employer and employee)
- State income taxes withheld from the employee paychecks
- Federal income taxes withheld from the employee paychecks
- FICA-Social Security (employer and employee)
State income taxes withheld from the employee paychecks
Net Pay is equal to:
Multiple Choice
- Gross pay minus deductions for federal and state income taxes and unemployment taxes
- Gross pay minus federal and state income taxes, but not FICA taxes
- Gross pay plus deductions for FICA taxes and federal and state income taxes
- Gross pay minus deductions for FICA taxes and federal and state income taxes
Gross pay minus deductions for FICA taxes and federal and state income taxes
QBO Payroll Service can:
Multiple Choice
- E-file payroll tax forms
- E-pay payroll taxes from your company checking account
- Direct deposit employee paychecks
- All of these choices are correct
All of these choices are correct
Payroll liabilities include the following two types of amounts: (Check all that apply)
Check All That Apply
- Amounts withheld from employees paychecks that must be paid to third parties, such as federal income tax withheld
- Payroll tax expenses owed by the business, such as unemployment tax
- Net paycheck amount paid to employees
- Contractor payments
- Amounts withheld from employees paychecks that must be paid to third parties, such as federal income tax withheld
- Payroll tax expenses owed by the business, such as unemployment tax
-
To turn on QBO payroll:
Multiple Choice
- From the Gear icon, select Employees > Turn on Payroll
- From the Navigation Bar, select Transactions > Expenses > Turn on Payroll
- From the Gear icon, select Transactions > Payroll
- From the Navigation Bar, select Workers > Employees tab > Get Started
From the Navigation Bar, select Workers > Employees tab > Get Started
After turning on QBO payroll, to run QBO payroll:
Multiple Choice
- From the Navigation Bar, select Workers > Employees tab > Run Payroll
- From the Gear icon, select Employees > Run Payroll
- From the Navigation Bar, select Transactions > Expenses
- From the Gear icon, select Transactions > Run Payroll
From the Navigation Bar, select Workers > Employees tab > Run Payroll
