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Payroll > Chapter 2 > Flashcards

Chapter 2 Flashcards

1
Q

Pay period

A

The recurring period during which a firm collects employee labor data and pays employees in accordance with wage or salary agreements.

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2
Q

The recurring period during which a firm collects employee labor data and pays employees in accordance with wage or salary agreements

A

Pay period

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3
Q

New Hire Reporting

A

Process of notifying the government authorities of any new hires shortly after hire date.

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4
Q

Process of notifying the government authorities of any new hires shortly after hire date.

A

New Hire Process

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5
Q

Daily Pay

A

Pay frequency in which the employee gets paid each business day.

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6
Q

Pay frequency in which the employee gets paid each business day.

A

Daily Pay

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7
Q

What type of pay is typically used for daily labor?

A

Daily pay, but could be considered independent contractor and not subject to payroll or payroll taxes and w2s

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8
Q

Weekly Pay

A

Pay frequency in which the employee gets paid 52 weeks per year

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9
Q

Pay frequency in which the employee gets paid 52 weeks per year

A

Weekly pay

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10
Q

What type of pay periods do grocery stores, professional offices and construction companies use?

A

Weekly pay

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11
Q

Bi Weekly

A

Pay frequency in which the employee gets paid 26 times per year

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12
Q

Pay frequency in which the employee gets paid 26 times per year

A

Bi weekly

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13
Q

Semimonthly Pay

A

Pay frequency in which the employee gets paid 24 times per year

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14
Q

Pay frequency in which the employee gets paid 24 times per year

A

Semimonthly pay

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15
Q

What pay cycle uses either the 1st & 15th or 15th and last day of the month as pay days?

A

Semimonthly pay

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16
Q

Monthly payroll

A

Pay frequency in which the employee gets paid 12 times per year

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17
Q

Pay frequency in which the employee gets paid 12 times per year

A

Monthly pay

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18
Q

Pay frequency that can have companies offer employees to draw wages mid month

A

Monthly payroll

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19
Q

Form SS-8

A

Used by the IRS to determine if a worker is an employee or an independent contractor

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20
Q

Form ______ is used by the IRS to determine if a worker is an employee or an independent contractor

A

SS-8

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21
Q

2 criteria’s to determine employee status.

A

Work direction and material contribution

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22
Q

If worker is provided with materials and company benefits. Is this worker an employee or independent contractor?

A

Employee

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23
Q

What 3 common law test does the IRS use to determine employee vs. independent contractor

A

Behavioral control, financial control, relationship of the parties.

24
Q

W-4

A

The employee withholding allowance certificate

25
Q

The employee withholding allowance certificate

A

W-4

26
Q

Foreign account tax compliance Act (FATCA)

A

Federal law that regulates the income tax withholdings of foreign employees

27
Q

Federal law that regulates the income tax withholdings of foreign employees

A

Foreign account tax compliance act (FATCA)

28
Q

Statutory employee

A

A special class of employees who run their own business but must be treated as employees for tax reasons

29
Q

A special class of employees who run their own business but must be treated as employees for tax reasons

A

Statutory employee

30
Q

Exempt employee

A

An employee who is not subject to the overtime provisions of FLSA

31
Q

An employee who is not subject to the overtime provisions of FLSA

A

Exempt employee

32
Q

Non exempt employee

A

An employee who is subject to all overtime provisions of FLSA. Usually hourly employees

33
Q

An employee who is subject to all overtime provisions of FLSA. Usually hourly employees

A

Non exempt employee

34
Q

Leased employees

A

A person who provides services for a company subject to provisions of the IRS code section 414(n)

35
Q

A person who provides services for a company subject to provisions of the IRS code section 414(n)

A

Leased Employee

36
Q

Leased employee is determined but section 414(n) classified under what conditions?

A

Formal agreement between employee and employee leased organization.
Employee works on a FT basis
Employee actions are directed by recipient of company

37
Q

leased employees are considered common law employees? T or F

A

True

38
Q

Up to what percentage can a company employees be leased

A

No more than 20%

39
Q

Temporary employees

A

A worker who is employed by a temp agency & works under the direction of the agency on a temporary basis for different companies.

40
Q

A worker who is employed by a temp agency & works under the direction of the agency on a temporary basis for different companies.

A

Temporary employees

41
Q

Pay records

A

Pay frequency is important as this helps determine the income tax withholding

42
Q

Commission

A

Employee compensation paid upon completion of a task, often pertaining to sales activities

43
Q

Employee compensation paid upon completion of a task, often pertaining to sales activities

A

Commission

44
Q

Piece rate

A

Employee compensation based on production of unit or completion of an action during a specified time period

45
Q

Employee compensation based on production of unit or completion of an action during a specified time period

A

Piece rate

46
Q

Internal controls

A

A firms process of maintaining efficiency and effectiveness work quality accurate and reliable financial reports and legal compliance

47
Q

A firms process of maintaining efficiency and effectiveness work quality accurate and reliable financial reports and legal compliance

A

Internal controls

48
Q

Examination and analysis of accounting records to ensure accuracy and completeness

A

Review process

49
Q

Review process

A

Examination and analysis of accounting records to ensure accuracy and completeness

50
Q

Payroll review

A

Verification of payroll accuracy for a period

51
Q

Verification of payroll accuracy for a period

A

Payroll review

52
Q

File security

A

The protection of sensitive payroll information by restricting access and security storing files

53
Q

The protection of sensitive payroll information by restricting access and security storing files

A

File security

54
Q

File maintenance

A

The application of all transactions including any necessary modifications to an employees file.

55
Q

The application of all transactions including any necessary modifications to an employees file.

A

File maintenance

56
Q

Payroll audit

A

An examination of a firms payroll records to determine legal compliance

57
Q

An examination of a firms payroll records to determine legal compliance

A

Payroll audit

Payroll (3 decks)

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