Trivia 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 Trivia flashcards as text
Which tax deposit schedule applies to employers whose total tax liability during the lookback period was $50,000 or less?
Answer: Monthly
Employers with $50,000 or less in lookback period tax liability are monthly depositors.
What is the Social Security wage base for 2024?
Answer: $168,600
For 2024, Social Security tax applies only to wages up to $168,600; there is no wage base cap for Medicare.
Which form is used to report an employer's quarterly federal tax obligations for income, Social Security, and Medicare taxes?
Answer: Form 941
Form 941, the Employer's Quarterly Federal Tax Return, reports withheld income taxes and FICA taxes each quarter.
Under the FLSA, which type of employee is NOT entitled to overtime pay?
Answer: Exempt salaried executive
Exempt employees—such as bona fide executives, administrators, and professionals meeting salary and duties tests—are not entitled to overtime under FLSA.
What does the acronym 'EIN' stand for in payroll?
Answer: Employer Identification Number
An EIN (Employer Identification Number) is issued by the IRS and used to identify a business entity for tax purposes.
Which type of deduction reduces an employee's taxable wages for federal income tax purposes?
Answer: Pre-tax deduction
Pre-tax deductions—such as 401(k) contributions and health insurance premiums—reduce gross wages before income tax is calculated.
Which document establishes employment eligibility verification requirements in the U.S.?
Answer: IRCA
The Immigration Reform and Control Act (IRCA) of 1986 requires employers to verify employment eligibility using Form I-9.
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