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An employee has $240,000.00 in YTD taxable wages and receives a taxable fringe benefit of $2,500.00. Calculate the Medicare and FITW using the optional flat rate method for the taxable fringe benefit.
Answer : B
Step 1: Calculate Medicare Tax
Medicare rate: 1.45% up to $200,000; 2.35% for amounts above $200,000
Medicare tax: ($2,500 2.35%) = $58.75
Step 2: Calculate FITW using the Optional Flat Rate (22%)
$2,500 22% = $550.00
Total tax liability = $550.00 + $58.75 = $606.75
IRS Publication 15-B (Fringe Benefits Taxation)
The FLSA requires employers to retain employee work time schedules for at least:
Answer : B
FLSA requires that work time schedules, payroll records, and related documents be kept for a minimum of 3 years.
Fair Labor Standards Act (FLSA) Recordkeeping Requirements (DOL)
Which of the following items is NOT found on an employee's master file?
Answer : A
The employee master file contains essential payroll data, including DOB, SSN, and address.
Marital status is typically recorded on tax withholding forms (e.g., Form W-4) but is not a standard master file entry.
Payroll Data Management Standards (Payroll.org)
To stop payment on an employee's check, the employer must work with the:
Answer : C
Only the employer's bank (C) can place a stop payment request.
Payroll providers (B) may facilitate, but do not issue bank stops.
Payroll Banking & Direct Deposit Standards (Payroll.org)
The FINAL phase of the accounting process involves the:
Answer : D
The final phase of the accounting process is generating financial statements (D), which summarize all accounting activities.
Transactions (A), journal entries (B), and general ledger (C) occur earlier in the process.
Payroll Accounting Standards (Payroll.org)
