Question 1

What is the appropriate status of individual performing work matched with tax form?

Accepted Answer

A) Owner and employee - Paycheck - Form W-2; Contractor - Vendor Payment - Form 1099-MISC. 
B) Employee - Paycheck - Form W-2; Owner - Dividend/Distribution - Owner's tax return; Contractor - Vendor Payment - Form 1099-MISC. 
C) Employee - Paycheck - Form 1099-MISC; Owner - Dividend/Distribution - Owner's tax return; Contractor - Vendor Payment - Form W-2. 
D) Employee - Vendor Payment - Form W-2; Owner - Dividend/Distribution - Owner's tax return; Contractor - Paycheck - Form 1099-MISC. 
A) Owner and employee - Paycheck - Form W-2; Contractor - Vendor Payment - Form 1099-MISC. 
B) Employee - Paycheck - Form W-2; Owner - Dividend/Distribution - Owner's tax return; Contractor - Vendor Payment - Form 1099-MISC. 
C) Employee - Paycheck - Form 1099-MISC; Owner - Dividend/Distribution - Owner's tax return; Contractor - Vendor Payment - Form W-2. 
D) Employee - Vendor Payment - Form W-2; Owner - Dividend/Distribution - Owner's tax return; Contractor - Paycheck - Form 1099-MISC. B

Question 2

What payroll tax form meets the following description: Before the end of January,an employer must provide this form to employees to summarize amounts paid for salaries,wages,and withholdings for the year?

Accepted Answer

A) Form W-2 
B) Form W-3 
C) Form 940 
D) Form 944 
A) Form W-2 
B) Form W-3 
C) Form 940 
D) Form 944 A

Question 3

Which of the following is FALSE regarding payroll tax forms?

Accepted Answer

A) Payroll tax forms are used to summarize the amount of payroll withholdings that have been collected and remitted. 
B) All of the following are payroll tax forms: Form 940,Form 941,Form 944,and Form 1040 
C) Payroll tax forms are filed for withholdings from employee pay and employer income tax expenses. 
D) Form W-2 is provided to the employee and form W-3 is filed with the Social Security Administration. 
A) Payroll tax forms are used to summarize the amount of payroll withholdings that have been collected and remitted. 
B) All of the following are payroll tax forms: Form 940,Form 941,Form 944,and Form 1040 
C) Payroll tax forms are filed for withholdings from employee pay and employer income tax expenses. 
D) Form W-2 is provided to the employee and form W-3 is filed with the Social Security Administration. B

Question 4

In QBO,Single Time Activity is one way to track time.It is used to:

Accepted Answer

A) invoice customers for billable time related to specific projects. 
B) enter time billable to specific customers.Then time is added to the customer's invoice. 
C) enter time worked by each specific employee during a week. 
D) time one activity and enter the time data.The time is then recorded on the employee's weekly timesheet. 
A) invoice customers for billable time related to specific projects. 
B) enter time billable to specific customers.Then time is added to the customer's invoice. 
C) enter time worked by each specific employee during a week. 
D) time one activity and enter the time data.The time is then recorded on the employee's weekly timesheet.

Question 5

How is Federal Tax Form 944 different from Federal Tax Form 941?

Accepted Answer

A) Tax form 944 is used by very small companies to summarize federal income tax,Social Security,and Medicare withheld from employee paychecks for the year vs.quarterly. 
B) Tax form 944 is used by very small companies to summarize federal income tax,Social Security,and Medicare withheld from employee paychecks for the quarter vs.annually. 
C) Tax form 944 summarizes federal unemployment tax owed for the year vs.form 941 summarizes federal income tax,Social Security,and Medicare withheld from employee paychecks for the year. 
D) Tax form 944 is used by very small companies to summarize federal income tax,Social Security,and Medicare withheld from employee paychecks for the year vs.tax form 941 which summarizes all of an employer's W-2 forms. 
A) Tax form 944 is used by very small companies to summarize federal income tax,Social Security,and Medicare withheld from employee paychecks for the year vs.quarterly. 
B) Tax form 944 is used by very small companies to summarize federal income tax,Social Security,and Medicare withheld from employee paychecks for the quarter vs.annually. 
C) Tax form 944 summarizes federal unemployment tax owed for the year vs.form 941 summarizes federal income tax,Social Security,and Medicare withheld from employee paychecks for the year. 
D) Tax form 944 is used by very small companies to summarize federal income tax,Social Security,and Medicare withheld from employee paychecks for the year vs.tax form 941 which summarizes all of an employer's W-2 forms.

Question 6

What are the 2 main aspects of using QBO Employee and Payroll?

Accepted Answer

A) Setting up payroll and Processing payroll 
B) Payroll taxes and Payroll Reporting 
C) Payroll payment and Payroll reporting 
D) Employee hiring and Employee dismissal 
A) Setting up payroll and Processing payroll 
B) Payroll taxes and Payroll Reporting 
C) Payroll payment and Payroll reporting 
D) Employee hiring and Employee dismissal

Question 7

To turn on QBO Time Tracking preferences a user must complete the following steps?

Accepted Answer

A) Select the Create(+)icon and under Account and Settings select Advanced.In the Time Tracking section check both the Add Service field to timesheets and Make Single-Time Activity Billable to Customer to display On.Lastly,select the first day of the work week. 
B) Select the Gear icon and under Account and Settings select Advanced.In the Time Tracking section use the Edit Pencil and check both the Add Service field to timesheets and Make Single-Time Activity Billable to Customer to display On.Lastly,select the first day of the work week. 
C) Select the Create(+)icon and under Account and Settings select Advanced.In the Time Tracking section check both the Add Service field to timesheets and Make Single-Time Activity Billable to Customer to display On.Lastly,QBO will assume the first day of the work week is Monday.Edit it if the week starts on a different day. 
D) Select the Gear icon and under Manage Users select Company.In the Time Tracking section use the Edit Pencil and check both the Add Service field to timesheets and Make Single-Time Activity Billable to Customer to display On.Lastly,select the first day of the work week. 
A) Select the Create(+)icon and under Account and Settings select Advanced.In the Time Tracking section check both the Add Service field to timesheets and Make Single-Time Activity Billable to Customer to display On.Lastly,select the first day of the work week. 
B) Select the Gear icon and under Account and Settings select Advanced.In the Time Tracking section use the Edit Pencil and check both the Add Service field to timesheets and Make Single-Time Activity Billable to Customer to display On.Lastly,select the first day of the work week. 
C) Select the Create(+)icon and under Account and Settings select Advanced.In the Time Tracking section check both the Add Service field to timesheets and Make Single-Time Activity Billable to Customer to display On.Lastly,QBO will assume the first day of the work week is Monday.Edit it if the week starts on a different day. 
D) Select the Gear icon and under Manage Users select Company.In the Time Tracking section use the Edit Pencil and check both the Add Service field to timesheets and Make Single-Time Activity Billable to Customer to display On.Lastly,select the first day of the work week.

Question 8

What is NOT true regarding QBO time tracking?

Accepted Answer

A) A user must turn on QBO time tracking preferences before entering time. 
B) QBO provides two different ways to track time: Single Time Activity and Weekly Timesheet. 
C) Single Time Activity is not automatically added to an employee's Weekly Timesheet.Usually,Single Time Activity is used by subcontractors vs.employees. 
D) A Weekly Timesheet is used to enter time worked by each employee during the week and includes time billable to customers. 
A) A user must turn on QBO time tracking preferences before entering time. 
B) QBO provides two different ways to track time: Single Time Activity and Weekly Timesheet. 
C) Single Time Activity is not automatically added to an employee's Weekly Timesheet.Usually,Single Time Activity is used by subcontractors vs.employees. 
D) A Weekly Timesheet is used to enter time worked by each employee during the week and includes time billable to customers.

Question 9

Which of the following is NOT true regarding QBO Payroll?

Accepted Answer

A) To use QBO Payroll requires a subscription to QBO Payroll service. 
B) If a user subscribes to QBO Payroll service,QBO will send email reminders when payroll should be run. 
C) QBO Payroll offers the option of printing checks or using direct deposit to an employees' bank account. 
D) QBO Mobile Payroll app for Android or Apple devices allows a user to run payroll from their device,and QBO is considering adding the capability to sync with QBO. 
A) To use QBO Payroll requires a subscription to QBO Payroll service. 
B) If a user subscribes to QBO Payroll service,QBO will send email reminders when payroll should be run. 
C) QBO Payroll offers the option of printing checks or using direct deposit to an employees' bank account. 
D) QBO Mobile Payroll app for Android or Apple devices allows a user to run payroll from their device,and QBO is considering adding the capability to sync with QBO.

Question 10

Why is the status of an individual performing work very important to QBO Time Tracking?

Accepted Answer

A) QBO tracks time for employees and does not track time for work performed by subcontractors or owners. 
B) The status of an employee refers to full-time or part-time employees.Part-time employees receive a MISC form for their work vs.full-time employees receive a paycheck. 
C) The status of an employee determines whether an individual receives a paycheck,a vendor payment or an owner withdrawal for the work they performed. 
D) QBO will transfer employee time to sales invoices,however,subcontractors and owners will have to be added to sales invoices manually. 
A) QBO tracks time for employees and does not track time for work performed by subcontractors or owners. 
B) The status of an employee refers to full-time or part-time employees.Part-time employees receive a MISC form for their work vs.full-time employees receive a paycheck. 
C) The status of an employee determines whether an individual receives a paycheck,a vendor payment or an owner withdrawal for the work they performed. 
D) QBO will transfer employee time to sales invoices,however,subcontractors and owners will have to be added to sales invoices manually.

Question 11

In QBO Payroll Processing,what are the four main types of tasks?

Accepted Answer

A) Enter Time,Pay Employees,Pay Payroll Liabilities and Set Up Employees List 
B) Enter Time,Pay Employees,Pay Payroll Liabilities and Turn on Payroll 
C) Enter Time,Pay Employees,Pay Payroll Liabilities and Turn on Time Tracking 
D) Enter Time,Pay Employees,Pay Payroll Liabilities and Process Payroll Forms 
A) Enter Time,Pay Employees,Pay Payroll Liabilities and Set Up Employees List 
B) Enter Time,Pay Employees,Pay Payroll Liabilities and Turn on Payroll 
C) Enter Time,Pay Employees,Pay Payroll Liabilities and Turn on Time Tracking 
D) Enter Time,Pay Employees,Pay Payroll Liabilities and Process Payroll Forms

Question 12

What two payroll taxes are the responsibility of the employer?

Accepted Answer

A) Employer share of FICA and Employer share of unemployment taxes 
B) Employer share of FICA and Employee share of FICA 
C) Employer share of FUTA and Employee share unemployment taxes 
D) Employer share of FICA and Employee income taxes 
A) Employer share of FICA and Employer share of unemployment taxes 
B) Employer share of FICA and Employee share of FICA 
C) Employer share of FUTA and Employee share unemployment taxes 
D) Employer share of FICA and Employee income taxes

Question 13

What is true regarding FUTA?

Accepted Answer

A) It is a payroll tax owed by the business and reported annually on a tax form 940. 
B) It is a payroll tax owed by the business and reported quarterly on form 941 and annually on tax form 944. 
C) It is a payroll tax owed by the business and reported quarterly on form 940. 
D) It is a payroll tax shared by the employer and employee and reported quarterly on form 941 and annually on tax form 944. 
A) It is a payroll tax owed by the business and reported annually on a tax form 940. 
B) It is a payroll tax owed by the business and reported quarterly on form 941 and annually on tax form 944. 
C) It is a payroll tax owed by the business and reported quarterly on form 940. 
D) It is a payroll tax shared by the employer and employee and reported quarterly on form 941 and annually on tax form 944.

Question 14

The most time-consuming task involved in payroll set up is preparing the QBO Employee List.The Employee List contains information such as:

Accepted Answer

A) Basic employee information such as: name,address,phone number,salary or wage rate,and social security number. 
B) Employee basic information and their status as a full-time or part-time. 
C) Employee basic information and their status as an employee,owner,or subcontractor. 
D) Employee name,address,wage rate,and employee status.Social security and other information is legally private and is not obtained. 
A) Basic employee information such as: name,address,phone number,salary or wage rate,and social security number. 
B) Employee basic information and their status as a full-time or part-time. 
C) Employee basic information and their status as an employee,owner,or subcontractor. 
D) Employee name,address,wage rate,and employee status.Social security and other information is legally private and is not obtained.

Question 15

The status of an individual performing work is very important and determines what tax form and how payments are recorded.Which of the following is TRUE?

Accepted Answer

A) An employee receives a paycheck and a form W-2; a contractor receives a vendor payment and also a form W-2. 
B) An employee receives a paycheck and a form W-2; a contractor receives a vendor payment and a form 1099-MISC. 
C) An employee receives a paycheck and a form W-2; a contractor receives a vendor payment and files an owner tax return. 
D) An employee receives a paycheck and a form W-2; an owner receives a dividend or distribution payment and a form 1099-MISC. 
A) An employee receives a paycheck and a form W-2; a contractor receives a vendor payment and also a form W-2. 
B) An employee receives a paycheck and a form W-2; a contractor receives a vendor payment and a form 1099-MISC. 
C) An employee receives a paycheck and a form W-2; a contractor receives a vendor payment and files an owner tax return. 
D) An employee receives a paycheck and a form W-2; an owner receives a dividend or distribution payment and a form 1099-MISC.

Question 16

What payroll tax form meets the following description: Filed with the IRS,this form summarizes the amount of federal income tax,Social Security,and Medicare withheld from employee paychecks for the quarter?

Accepted Answer

A) Form 940 
B) Form 941 
C) Form 944 
D) Form 990 
A) Form 940 
B) Form 941 
C) Form 944 
D) Form 990

Question 17

Which selection below is FALSE regarding payroll?

Accepted Answer

A) Payroll involves preparing employee paychecks. 
B) Payroll involves paying independent contractors as well as employees. 
C) Payroll involves withholding the appropriate amount in taxes. 
D) Payroll is paying the company's share of payroll taxes. 
A) Payroll involves preparing employee paychecks. 
B) Payroll involves paying independent contractors as well as employees. 
C) Payroll involves withholding the appropriate amount in taxes. 
D) Payroll is paying the company's share of payroll taxes.

Question 18

Which of the following describes the QBO Mobile Payroll app?

Accepted Answer

A) It offers employers the convenience of running payroll from their device (Apple or Android)and is synced with QBO. 
B) It is a reference tool for employers to answer complicated employee payroll tax questions from their device. 
C) It allows employees the opportunity to review their payroll and contest any issues from their mobile device. 
D) It provides the opportunity for employees to receive their tax forms on their device to automatically upload to the IRS. 
A) It offers employers the convenience of running payroll from their device (Apple or Android)and is synced with QBO. 
B) It is a reference tool for employers to answer complicated employee payroll tax questions from their device. 
C) It allows employees the opportunity to review their payroll and contest any issues from their mobile device. 
D) It provides the opportunity for employees to receive their tax forms on their device to automatically upload to the IRS.

Question 19

All of the following are payroll liabilities except:

Accepted Answer

A) Federal income taxes withheld from employee paychecks 
B) State income taxes withheld from employee paychecks 
C) FICO Employer's annual credit assessment 
D) FICA Social Security and Medicare including both the employee and employer portion 
A) Federal income taxes withheld from employee paychecks 
B) State income taxes withheld from employee paychecks 
C) FICO Employer's annual credit assessment 
D) FICA Social Security and Medicare including both the employee and employer portion

Question 20

In QBO,the weekly timesheet can be used to bill time to a specific customer.The time can then be transferred to a specific customer's invoice by completing the following steps:

Accepted Answer

A) Select Customer Name in drop-down Customer List,and select Service from the drop-down Services List.Check Billable and enter in a Description,and Time. 
B) Select Item in drop-down Service List,and select Billable from the drop-down Services List.Enter in a Description,and Time. 
C) Select Customer Name in drop-down Customer List,and select Billable from the drop-down Services List.Enter in a Description,and Time. 
D) Select Customer Name in drop-down Customer List,and select Item from the drop-down Items List.Check Billable and enter in a Description,and Time. 
A) Select Customer Name in drop-down Customer List,and select Service from the drop-down Services List.Check Billable and enter in a Description,and Time. 
B) Select Item in drop-down Service List,and select Billable from the drop-down Services List.Enter in a Description,and Time. 
C) Select Customer Name in drop-down Customer List,and select Billable from the drop-down Services List.Enter in a Description,and Time. 
D) Select Customer Name in drop-down Customer List,and select Item from the drop-down Items List.Check Billable and enter in a Description,and Time.

What is the appropriate status of individual performing work matched with tax form?

What payroll tax form meets the following description: Before the end of January,an employer must provide this form to employees to summarize amounts paid for salaries,wages,and withholdings for the year?

Which of the following is FALSE regarding payroll tax forms?

In QBO,Single Time Activity is one way to track time.It is used to:

How is Federal Tax Form 944 different from Federal Tax Form 941?

What are the 2 main aspects of using QBO Employee and Payroll?

To turn on QBO Time Tracking preferences a user must complete the following steps?

What is NOT true regarding QBO time tracking?

Which of the following is NOT true regarding QBO Payroll?

Why is the status of an individual performing work very important to QBO Time Tracking?

In QBO Payroll Processing,what are the four main types of tasks?

What two payroll taxes are the responsibility of the employer?

What is true regarding FUTA?

The most time-consuming task involved in payroll set up is preparing the QBO Employee List.The Employee List contains information such as:

The status of an individual performing work is very important and determines what tax form and how payments are recorded.Which of the following is TRUE?

What payroll tax form meets the following description: Filed with the IRS,this form summarizes the amount of federal income tax,Social Security,and Medicare withheld from employee paychecks for the quarter?

Which selection below is FALSE regarding payroll?

Which of the following describes the QBO Mobile Payroll app?

All of the following are payroll liabilities except:

In QBO,the weekly timesheet can be used to bill time to a specific customer.The time can then be transferred to a specific customer's invoice by completing the following steps:

Quickbooks Online Navigation and Settings

QBO Chart of Accounts

QBO Transactions

Banking

Customers and Sales

Vendors and Expenses

Inventory

QBO Adjustments

QBO Reports

Filters

Exam 8: Employees and Payroll

What is the appropriate status of individual performing work matched with tax form?

What payroll tax form meets the following description: Before the end of January,an employer must provide this form to employees to summarize amounts paid for salaries,wages,and withholdings for the year?

Which of the following is FALSE regarding payroll tax forms?

In QBO,Single Time Activity is one way to track time.It is used to:

How is Federal Tax Form 944 different from Federal Tax Form 941?

What are the 2 main aspects of using QBO Employee and Payroll?

To turn on QBO Time Tracking preferences a user must complete the following steps?

What is NOT true regarding QBO time tracking?

Which of the following is NOT true regarding QBO Payroll?

Why is the status of an individual performing work very important to QBO Time Tracking?

In QBO Payroll Processing,what are the four main types of tasks?

What two payroll taxes are the responsibility of the employer?

What is true regarding FUTA?

The most time-consuming task involved in payroll set up is preparing the QBO Employee List.The Employee List contains information such as:

The status of an individual performing work is very important and determines what tax form and how payments are recorded.Which of the following is TRUE?

What payroll tax form meets the following description: Filed with the IRS,this form summarizes the amount of federal income tax,Social Security,and Medicare withheld from employee paychecks for the quarter?

Which selection below is FALSE regarding payroll?

Which of the following describes the QBO Mobile Payroll app?

All of the following are payroll liabilities except:

In QBO,the weekly timesheet can be used to bill time to a specific customer.The time can then be transferred to a specific customer's invoice by completing the following steps:

Quickbooks Online Navigation and Settings

QBO Chart of Accounts

QBO Transactions

Banking

Customers and Sales

Vendors and Expenses

Inventory

QBO Adjustments

QBO Reports

Filters