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Under the rules of constructive receipt, the employee is considered paid:

A.

On the paycheck date

B.

On the date the paycheck is cashed

C.

When the payroll is processed and the ACH file has been created

D.

When the wages have been made available to the employee without restriction

Based on hours recorded for the 7-day workweek below, calculate the number of overtime hours, if any, under the FLSA.

A.

0

B.

3

C.

5

D.

13

All of the following activities are examples of an internal control EXCEPT:

A.

Storing backup files on-site

B.

Segregating job duties

C.

Rotating job duties

D.

Restricting access to the system

When an employee fails to cash a payroll check and the employer cannot locate the employee, the Payroll Department should:

A.

Void the check and process a Form W-2c for the employee.

B.

Make a journal entry to post to a cash account as forfeited earnings.

C.

Use company policy and federal law to determine the process of submitting the unclaimed wages to the IRS.

D.

Use company policy and state law to determine the process of submitting the unclaimed wages to the state agency.

All of the following plans are deferred compensation plans EXCEPT:

A.

401(k)

B.

403(b)

C.

457(b)

D.

501(c)

Which of the following account types has a normal debit balance?

A.

Asset

B.

Capital

C.

Liability

D.

Revenue

All of the following employee information is required when reporting unclaimed wages EXCEPT:

A.

Last Known Address

B.

Employee’s Full Name

C.

Employee’s Date of Birth

D.

Payment Amount and Date

The types of accounts used by businesses to classify transactions are:

A.

Asset, Expense, Revenue, Inventory, and Equity

B.

Asset, Liability, Expense, Revenue, and Equity

C.

Inventory, Revenue, Equity, and Cash

D.

Revenue, Expense, Cash, and Net Income

Employers who properly repay over-withheld amounts to employees can claim a credit against taxes due by making an adjustment on:

A.

Form 941

B.

Form 941-X

C.

Form W-2

D.

Form W-4

As of December 31, 2024, what is the MAXIMUM amount, if any, a 49-year-old employee can contribute to a 401(k) plan?

A.

$7,500.00

B.

$23,000.00

C.

$30,500.00

D.

No Limit