Fundamental Payroll Certification Trivia 3

Question 1

Which tax deposit schedule applies to employers whose total tax liability during the lookback period was $50,000 or less?

Accepted Answer

Monthly

Answer

Employers with $50,000 or less in lookback period tax liability are monthly depositors.

Question 2

What is the Social Security wage base for 2024?

Accepted Answer

$168,600

Answer

For 2024, Social Security tax applies only to wages up to $168,600; there is no wage base cap for Medicare.

Question 3

Which form is used to report an employer's quarterly federal tax obligations for income, Social Security, and Medicare taxes?

Accepted Answer

Form 941

Answer

Form 941, the Employer's Quarterly Federal Tax Return, reports withheld income taxes and FICA taxes each quarter.

Question 4

Under the FLSA, which type of employee is NOT entitled to overtime pay?

Accepted Answer

Exempt salaried executive

Answer

Exempt employees—such as bona fide executives, administrators, and professionals meeting salary and duties tests—are not entitled to overtime under FLSA.

Question 5

What does the acronym 'EIN' stand for in payroll?

Accepted Answer

Employer Identification Number

Answer

An EIN (Employer Identification Number) is issued by the IRS and used to identify a business entity for tax purposes.

Fundamental Payroll Certification Practice Test

Fundamental Payroll Certification Practice Test

Fundamental Payroll Certification Trivia 3