1- Which of the following requires employers to deduct federal income tax from employee earnings?

• FUTA

• SUTA

• Fair Labor Standards Act

• Current Tax Payment Act

2- Which of the following is a form prepared by the employer listing the wages paid and the federal income and FICA taxes owed for that quarter?

• Form 940

• Form 941

• Form 1099

• Form 8109

3- The Fair Labor Standards Act overtime pay requirement covers all employees.

• True

• False

4- To establish a payroll system in Sage 50 Accounting, which would you choose from the Maintain, Default Information drop-down list?

• Payroll Setup Wizard

• Employees

• Default Information

• None of the above

5- Which of the following terms refers to a pay period whereby employees are paid on the 15th and the last day of the month?

• biweekly

• split monthly

• semimonthly

• tri-monthly

6- Which of the following reports lists each employee's earnings and deductions?

• Current Earnings Report

• Payroll Journal

• Payroll Tax Report

• Tax Liability Report

• None of the above

7- Matching

• A payroll time period whereby employees are paid every other week

• Requires employers to deduct Social Security and Medicare taxes from employee earnings and to periodically remit this amount plus pay a matching amount

• The amount remaining after deductions have been subtracted from an employees earnings

• The total amount earned by an employee before deductions are subtracted

• A Sage 50 Accounting function to help an employer more accurately compute payroll taxes

• A state tax used to pay benefits to employees who are temporarily disabled

A. biweekly

B. FICA

C. gross pay

D. net pay

E. Payroll Tax Update Service

F. SDI