Fundamental Payroll Core Payroll Concepts Flashcards
7 cards from real Fundamental Payroll Certification practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 7 Fundamental Payroll Core Payroll Concepts flashcards as text
Which IRS form do employees complete to tell their employer how much federal income tax to withhold from their paychecks?
Answer: Form W-4
Form W-4 (Employee's Withholding Certificate) is completed by employees to indicate their withholding allowances and filing status for federal income tax purposes.
The Social Security tax rate for employees under FICA is:
Answer: 6.2%
Employees pay 6.2% of wages for Social Security (OASDI), up to the annual wage base limit, while employers match that same 6.2%.
An employee earns $52,000 annually. If paid biweekly, what is the gross pay per pay period?
Answer: $2,000.00
Biweekly means 26 pay periods per year; $52,000 ÷ 26 = $2,000.00 per pay period.
Which of the following is considered a pre-tax deduction that reduces an employee's taxable wages?
Answer: Traditional 401(k) contributions
Traditional 401(k) contributions are pre-tax, reducing the employee's federal taxable income, unlike Roth 401(k) contributions which are made after-tax.
Medicare tax is levied at what rate on all covered wages with no wage base limit?
Answer: 1.45%
Employees pay 1.45% for Medicare on all covered wages, with no cap, and employers match that 1.45%.
Under the Additional Medicare Tax rules, a single filer employee must pay an extra 0.9% Medicare surtax on wages exceeding:
Answer: $200,000
Employers must withhold the additional 0.9% Medicare tax on wages paid to an individual that exceed $200,000 in a calendar year, regardless of filing status.
A semi-monthly pay schedule results in how many pay periods per year?
Answer: 24
Semi-monthly means twice per month (e.g., the 1st and 15th), totaling 24 pay periods per year.
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