OCPS Recordkeeping & Reporting Requirements 2

Question 1

Under FLSA, how long must employers retain payroll records including wage rates and hours worked?

Accepted Answer

2 years

Answer

FLSA requires payroll records showing wages paid and hours worked to be retained for at least 2 years.

Question 2

Which IRS form must employers file annually to reconcile total wages paid with amounts reported on Form W-2s?

Accepted Answer

Form W-3

Answer

Form W-3 is the Transmittal of Wage and Tax Statements used to reconcile all W-2s submitted to the SSA.

Question 3

An employer discovers a payroll reporting error after filing Form 941. Which form is used to correct the error?

Accepted Answer

Form 941-X

Answer

Form 941-X is the Adjusted Employer's Quarterly Federal Tax Return used to correct previously filed Form 941 errors.

Question 4

Under ERISA, how long must summary plan description (SPD) records be kept after the plan year to which they apply?

Accepted Answer

6 years

Answer

ERISA requires plan records, including SPDs, to be retained for at least 6 years.

Question 5

Which agency receives the annual filing of Form W-2 copies submitted along with Form W-3?

Accepted Answer

Social Security Administration

Answer

Copy A of Form W-2 along with Form W-3 transmittal is submitted to the Social Security Administration (SSA).

(OCPS) Online Certified Payroll Systems Certified Professional Practice Test