The employer must withhold FICA and federal income taxes, and pay FUTA tax, when the employee's tips exceed what amount?

A. $50 per month

B. $50 per year

C. $20 per month

D. $20 per year

One of the key concepts in total quality management is:

A. Management by "walking around"

B. Employees are willing to accept responsibility

C. Focus on customer satisfaction

D. Frequent inspection of every phase of a production cycle

Under NACHA rules, employers are advised to retain a copy of the employee's written authorization for direct deposit for at least:

A. 3 years

B. 2 years

C. 1 year

D. 4 years

Which of the following is most likely to be included in expenses on an organization's financial statement?

A. Wages payable in subsequent month

B. Cash

C. Company-matched Social Security tax paid to IRS

D. Wages payable in subsequent year

Nice Guys Inc. has a short-term disability plan, provided by a third-party insurance company, for its factory workers. Employees do not pay for this benefit. Roberta received $400 a month for four months during the six-month coverage period. How did the third- party payer tax Roberta's disability payments?

A. No tax was withheld on any payments

B. Federal Income tax was withheld on $400 in each of the four months

C. Social Security and Medicare taxes were withheld on the value of the premium paid by the employer

D. Social Security and Medicare taxes were withheld on $400 in each of the four months.

Form 5500 reporting would be required for which of the following stock plans?

A. ISO (incentive stock option)

B. ESOP (employee stock ownership plan)

C. Restricted stock

D. NSO (no incentive stock option)

The penalty for failure to withhold wages under a federal tax levy notice is:

A. 75% of the amount not withheld

B. 100% of the amount not withheld

C. 150% of the amount not withheld

D. 50% of the amount not withheld

A manager who embraces the theory of situational leadership is most likely to emphasize:

A. The need for employees to have freedom in getting their work done

B. Quick decision making and prompt reaction to events

C. Versatility in the approach used in dealing with subordinates

D. Strict adherence to all company policies and procedures

The entry to recorded an employee's repayment of a salary advance is (employee repays advance by personal check):

A. Debit accounts receivable, credit cash

B. Debit salary expense, credit accounts receivable

C. Debit accounts receivable, credit cash

D. Debit cash, credit accounts receivable

Which of the following forms is completed by an individual who is eligible for and wishes to receive advance payment of the earned income credit?

A. W-4S

B. W-4

C. W-5

D. W-10