The Payroll Source Cpp Practice Exam 100 Questions With Verified Answers,100% Correct

Certain company records must be retained for four years to comply with regulations of which of the following agencies? A. U.S. Citizenship and Immigration B. Internal Revenue Service C. Social Security Administration D. Wage and Hour Division, Department of Labor {Ans: B. Internal Revenue Service}On what form must mistakenly paid wages, for which no repayment is made, be reported? A. W-2 B. W-4 C. 1099-R D. 1099-MISC {Ans: A W-2}An employee covered by group health insurance at the time his employment terminates to return to school is entitled to COBRA continuation rights for: A. 12 months B. 18 months C. 24 months D. 30 months {Ans: B. 18 months}What is the effect of failing to record salaries that are earned but not paid at the end of an accounting period? A. understatement of expenses for the period B. overstatement of expenses for the period C. understatement of assets for the period D. overstatement of liabilities for the period {Ans: A. understatement of expenses for the period}Employees who are not eligible for direct deposit and receive paychecks sent through the mail are constructively paid: A. on the check date B. when the checks were postmarked C. when