Mastering payroll

34. Retail businesses that began operation prior to April 1, 1990, must abide by federal wage and hour law if gross annual sales exceed: a. $500,000 b. $250,000 c. $362,500 d. $0 35. The hourly rate for an employee who earns $400 per week for a normal 38-hour workweek is: a. $10.00 b. $10.53 c. $10.50 d. $9.53 36. Employers are required to turn unclaimed wages over to the state under: a. the enterprise coverage b. FLSA c. escheat law d. consumer protection law 37. Wages paid in May are reported on Form 941 that is filed by: a. December 30 b. January 31 c. June 30 d. July 31 38. How many years is an employer required to retain records of wages paid employees under federal wage and hour law? b. 5 c. 1 d. 4 a. 3 39. How many years does the IRS require an employer to retain an Employee Withholding Certificate? a. 3 b. 5 c. 1 d. 4 40. The entry to record the employee's portion of FICA tax is: a. FICA Payable Cash b. FICA Payable Salary Expense C. Cash FICA Payable d. Salary Expense FICA Payable