1. Which of the following is true about document retention requirements per the IRS statute of limitations?

Multiple Choice

A. Federal legislation requires documents to be retained for two years after the employees termination.

B. Payroll records must be maintained for three years after termination.

C. Union employees records must be retained for five years after termination.

D. State legislation requires records to be retained for a minimum of eight years after termination.

2. Which items must be contained in every hiring packet issued by an employer?

Multiple Choice

A. Employment contract with start date and pay agreement

B. Forms W-4 and I-9

C. No items are mandated for issuance in a hiring packet.

D. Descriptions of benefits and enrollment forms

3. All executive compensation must be:

Multiple Choice

A. Available for inspection by any interested party.

B. Maintained in a file and purged annually.

C. Reported with the company's financial statements.

D. Annotated as to derivation and benchmarks from similar companies.