CPP Misc 3 Flashcards
An employer must withhold and pay which taxes for a Statutory Employee?
Social Security, Medicare and FUTA only
GAAP Continuity Principle is also known as
Continuing Concern Principle
When implementing a new system:
The training phase precedes the rollout phase
Who is known as the Father of Administrative Management?
Henri Fayol
MBO
Management by Objectives
Covey’s Principle-Centered Leadership
A leader cultivates four interdependent internal sources of strength: security, guidance, wisdom, power
The most crucial stage in a payroll system selection is:
Performing a needs analysis
Three P’s of Management:
People, Process, Proficiency
A Request for Waiver from Filing Information Returns
Form 8508
FIT Taxable portion of Unemployment Benefits
Premiums
Employee paid $16 mth
Employer paid $50 mth
50/66= .757575
Total Benefits paid:2000
2000x.757575= 1515.15
If an employee sells incentive stock options before the end of the required holding period the spread between the FMV of the stock and the exercise price at the time of exercise is taxable for:
FIT only
Accelerated tax liabilities of 100,000 or more was instituted as part of:
Omnibus Budget Reconciliation Act of 1988
Portal to Portal Act
Clarified FLSA law regarding payment of wages for travel time and other activities employees must engage in before beginning or after ending their shift
