Exam 1 Payroll And Tax Accounting With Complete Solutions
CH1 ASSIGNMENT
Lupore Fabrics obtained a contract in Watts Mills, South Carolina, that involves the production of materials for military uniforms, a project contracted with the federal government for $2,800,000.What laws govern the wages Lupore Fabrics pays to its workers for this project? ( - Correct Answer Davis-Bacon ActCorrect Walsh-Healey ActCorrect FLSA-Fair Labor Standards Act Martine Piccirillo works as the payroll clerk for Centinix, a security company that hires many part- time and temporary workers who are paid hourly. What law governs the hiring or documenting of these workers? - Correct Answer FLSA IRCA Choose the correct definition for Consolidated Appropriations Act. - Correct Answer Provided funding for the E-Verify program.Choose the correct definition for ADP and Paychex®. - Correct Answer Examples of companies used for outsourcing payroll processing.Choose the correct definition for Davis-Bacon Act. - Correct Answer Governs accounting for firms with federal government contracts in excess of $2,000.MANUAL PAYROLL - Correct Answer Payroll administration using a paper payroll register.AUDITOR - Correct Answer A person or group who examines a company's accounting records for accuracy.TIMECARD - Correct Answer A record of the time worked during a period for an individual employee.Jackson Wyman was dismissed from his employment at Precision Dynamics because of an incident regarding his race. Mr. Wyman sued Precision Dynamics for $150,000 because of the discrimination. 1 / 2
Which of the following laws provides for monetary awards during discrimination lawsuits? - Correct Answer CIVIL RIGHT ACT OF 1991 Ovenet Incorporated is a qualified private-sector company that provides health insurance to its employees. The company is self-insured. Which of the following forms should the company provide its employees to comply with the Affordable Care Act? - Correct Answer 1095-B OUTSOURCED PAYROLL - Correct Answer The use of an external company to track time and benefits and pay employees.TIME COLLECTION - Correct Answer The process of gathering information about hours worked for one or more employees.Kevin Magnus is a payroll accountant for Mama Bear Trading Company. A coworker from the packaging department contacts Kevin via electronic communication and requests to see all employees' payroll records for a specific payroll date. What are options available for Kevin? - Correct Answer -The Privacy Act of 1974 would protect the individual's information from being disclosed.-Email request should be subject to additional scrutiny.Kalea Germain is a warehouse worker for a small grocery market. As she was moving some merchandise, the loading dock door unexpectedly fell and injured her. How does OSHA apply to Kalea for this type of injury? - Correct Answer -Workers compensation insurance will provide for the coverage of wage compensation for the employee and covered medical expenses should the company's work environment, and not employee error, be found at fault.-In this type of situation, there would be an OSHA inspection to ensure that the working environment was not the cause of the injury.-Another legal provision is that she may be protected under FMLA; she may have to take unpaid leave if she does not have leave available, but her employment and medical benefits would be guaranteed.Libbi Alberighi and Flavia van Peij are friends who work for the same company. Libbi manages a manufacturing department, and Flavia supervises the payroll clerks. Which ethical guidelines or rules would these friends need to remember when discussing work? - Correct Answer -Exercising personal integrity to avoid any apparent conflicts of interest would also be appropriate for these individuals.-Non-disclosure of confidential information they have over the employees in their areas of responsibility.
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