If you, an employer, are filing 550 Forms W-2, you must use electronic filing rather than paper Forms W-2. True or False?
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- 1. SECA stands for _____. Answer: A. Self-Employment Contributions Act B. Self-Employment Control Act C. Self-Employment and Charities Act D. Self-Employment Care Act 2. When completing Form 1096 as a summary of all Form 1099-NECs that have been completed, the total number of Forms 1099-NEC is _____. Answer: A. entered within a box on the form B. entered within the form beside the type of 1099-NECs filed C. not entered within the form D. calculated within the form 3. Form _____ is provided to an independent contractor to advise them of their total annual earnings. Answer: A. W-9 B. 1099-NEC C. W-2-NEC D. 1040Payroll Accounting What information appears on the payroll register? What records are needed for an employer to prepare an employee's W-2? When should postings be made to employee's earnings record?Why must pay rate information be a part of an employee’s payroll file? A. As a means of tracking time worked for overtime compensation purposesB. To ensure that the employee receives all compensation earnedC. As a means of ensuring pay equality among employeesD. To document satisfaction of court-ordered obligations
- What are examples of involuntary deductions employers are required to collect for employee and employer payroll liabilities?Who are the "accelerated filers," and what criteria are used to determine their eligibility (number of employees, revenue, etc.)?Under Ontario's ESA, an employer must provide all employees with a poster that sets out the most important employee rights found in the Act True False
- Payroll activities involve three functions: hiring employees, preparing the payroll, and paying the payroll.True False FICA taxes are a voluntary deduction from employee earnings.True False FICA taxes are a deduction from employee earnings and are also imposed upon employers as an expense.True Falsehow can you enter data from client documents without printing the documents which client had a job change in 2021How do you find and calculate FICA-Med on a payroll register?
- What accounts are debited and credited when an employer records the electronic transfer of FICA taxes and federal income taxes that have been withheld?What information is necessary to record payroll transactions? Which account is used to record an employee’s net pay? What features does QBO offer for Payroll?Some employers will pay out employees for any unused sick leave entitlements if they leave the organisation, whereas in other organisatons employees forfeit this entitlement when they leave. Needs answer to the following; Explain how these different types of sick leave entitlements are treated for accounting purposes.
