THE PAYROLL SOURCE CPP FINAL EXAM AND

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THE PAYROLL SOURCE CPP FINAL EXAM AND

PRACTICE EXAM NEWEST 2024 ACTUAL EXAM

COMPLETE 300 QUESTIONS AND CORRECT

DETAILED ANSWERS (VERIFIED ANSWERS)

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THE PAYROLL SOURCE CPP FINAL

What is the payroll department manager responsible for in a company with strong internal controls?

• assuring segregation of duties in the department
• developing company policy
• initiating payroll transactions
• writing the internal audit transaction test plan - ANSWER- A.

assuring segregation of duties in the department

The process of balancing multiple time sheets within a specified

pay period utilizes a procedure known as:

• batch totaling
• exception reporting
• system documentation 1 / 4

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• reconciliation - ANSWER- A. batch totaling

In 2017, an individual worked for three employers during the calendar year, earning $38,000, $47,000, and $50,000 respectively. What is the total amount of social security and Medicare taxes that should be withheld from the employee's wages by the three employers?

A. $9,065.25

B. $9,843.90

C. $9,730.80

D. $10,327.50 - ANSWER- D $10,327.50

($38,000 + $47,000 + $50,000) x 7.65% = $10,327.50

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 - ANSWER- A W-2

A report has been requested that is NOT a standard report from

the system. This type of report is called a(n):

• ad-hoc report 2 / 4

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• integrated report
• batch system report
• edit report - ANSWER- A. ad-hoc report

A procedure to have a time record signed by an employee

indicates:

• authorization for payment
• confirmation of total hours
• hours cannot be challenged
• time spent at the establishement - ANSWER- B confirmation

of total hours

For an employee earning $10.20 per hour and participating in a 401(k) plan with a deferral per pay period of $50, compute the

federal income taxable wages based on the following:

Biweekly pay period Regular 80 hours

• hours overtime
• hours double-time

A. $731.40

B. $888.40

C. $898.60 3 / 4

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D. $938.40 - ANSWER- B. $888.40

(80 x $10.20) + (4 x $10.20 x 1.5) + (3 x $10.20 x 2) - $50 =

$888.40

Which of the following statements is CORRECT regarding a federal tax levy?

• It does not have to be honored if any other garnishments have

been served

• It requires a new order for each pay period
• It is limited only by the amount of the employee's net pay
• It is continued each pay period until a release of levy is

received - ANSWER- D. It is continued each pay period until a release of levy is received

Penalties for failure to make timely deposits are determined by:

• a flat rate of 10% for late deposits
• 5% of the undeposited amount with a maximum of $100,000
• 15% of the undeposited amount with a maximum of $100,000
• a four-tiered penalty structure based on the number of days

the deposit is late - ANSWER- D. a four-tiered penalty structure based on the number of days the deposit is late

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