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C15: Human Resources Management & Payroll Cyle
Terms in this set (23)
Which of the following statements are true regarding labor law requirements?
OSHA rules govern employee safety rules.
Quincy Quick is sad that his employer, Crawfordsville Condors, makes him continue to work when the temperature in
his office is a miserable 113 degrees. Quincy is paid $40,000 as a payroll clerk for Crawfordsville Condors, which
employs 17 condor pluckers. If Quincy takes a job with the Frosty Ice Company in Fairbanks, Alaska, what is the
estimated cost of replacing Quincy?
annual salary x 1.5
To prevent unauthorized disclosure of the condor pluckers' salaries Crawfordsville Condors should:
require Quincy and other payroll clerks to use both passwords and a fingerprint scanner to access payroll
master data files.
encrypt the payroll master data files.
Crawfordsville Condors has experienced a sharp increase in larcenous employees stealing condors. Which internal
controls would be the most effective in reducing condor theft?
performing background checks before hiring condor pluckers
Wanda Willson, condor plucker, has showed up late at Crawfordsville Condors for 23 consecutive days. Wanda gives
her name badge to Nadine Nair, controller, and she "clocks in" for Wanda by running her employee badge in front of
the scanner at the entrance to the condor processing facility. Which of the following methods which would prevent
Mabel from clocking in for Wanda?
Wanda does not have a checking account. Which of the following would be the best method for paying Wanda if
Crawfordsville Condors uses direct deposit of the company's payroll?
paying Wanda with a prepaid debit card
Which of the following is true regarding if Crawfordsville Condors pays employees using direct deposit?
the use of direct deposit eliminates the need to distribute paychecks.
Court orders may require which of the following to be withheld from condor pluckers' paychecks?
federal income taxes
What controls should Crawfordsville Condors employ to ensure Quincy doesn't raise her salary to $475,000?
Have a report of all changes to the payroll master data reviewed by Kandy Kron, CFO, each month.
Which of the following indicates Wilbur Walker should be considered a self-employed circus clown rather than an employee?
Wilbur schedules his own performances
Wilbur owns his clown car
In 2021, Larry Lindsey earned $50,000 as CEO of the Testing While I Am At Work Security. It's a non profit based in Speedway, Indiana. what is the total amount of Social Security and Medicare taxes paid by Mr. Lindsey and his employer in 2021?
((50K x 6.2%) + (50k x 1.45%)) x 2
Mr. Lindsey, age 44, is injured when he is left thumb falls off while texting at work. He was sending a message to a customer on his company phone at the time his phone fell off. The replacement of Mr. Lindsey's thumb will be covered by:
Ms. Miley's annual salary is $50,000. She elects to have $4,000 of her salary contributed to the 401k plan. Assuming Ms Miley's income is her salary, what is the amount of taxable income she will report on her federal income tax return for the year?
$46,000 (annual salary - 401k plan)
Which of the following individuals would be most likely to have their 401k plan invested in the Fidelity 2025 fun if they are auto enrolled in the 401k plan of Bainbridge Books?
Gladys Gemtessa, age 61
Wilma Wondergem fell in love with Sam, CPA last week. They were married on December 31, 2019. Unfortunately, the following day Sam accidentally runs over Wilma with a forklift during their honeymoon in Muncie and Wilma is fatally injured. Then Sam discovers while cleaning out Wilma's sock drawer a $50,000 life insurance policy that Wilma's employer had purchased for Wilma. Sam is happy. When same contacts her job, he is told the beneficiary of the life insurance policy is Mabel Miley, Wilma's best friend at Manchester University. Sam is now:
Sad because Mabel will receive the life insurance proceeds because she is the beneficiary
Majorie Miley has a salary of $100,000 at Waffles. She is the only employee of Waffles. Which of the following statements are true?
Miley will have 6,200 of social security taxes withheld from her salary.
Waffles will also pay 6,200 of social security taxes.
Which of the following statements are true?
Form W2 is completed by employees to verify they are eligible to work in the US
Wanda Wondergem has a salary of $60,000 at Eggs. Wanda contributed 5% of her salary to the company's 401k plan. Eggs matches her contributions dollar for dollar. The beneficiary of the 401k plan is Wanda's cousin, Wilbur. Which of the following statements are true? Wanda also contributed $4,000 to an HSA.
Wanda will pay income taxes on $53,000 of income. (annual salary x % - HSA)
Wanda will pay income taxes on the funds she withdraws from her 401k in the future.
Which of the following would indicate Quincy Quick is considered a self-employed circus clown?
he brings his own rabbits to work.
he controls the hours he works.
Employees in Indiana are subject to:
state income and county income tax
Which of the following individuals is most likely to be invested in a Vanguard 2065 fund?
Mabel Miley age 22
Ed Edna is enrolled in a Health Savings Account (HSA). Which of the following statements are true?
Ed isn't required to pay federal income taxes on funds he contributes to the HSA.
Ed isn't required to pay federal income taxes on funds he takes out of the HSA to pay medical expenses.
Hillsboro Hambones award Wally Walker, regional manager, a raise for next year which will increase his salary to $76,360. Wally's currently salary is $66,400. Larry Lindsey was given a 14% pay cut for the next year. Larry had spend most of the current year texting while receiving a $56,400 salary. Which of the following statements are true?
Wally will pay more social security taxes next year.
parr's new salary will be $48,504. (salary x %)- (salary)
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