#1
Which of the following is considered a mandatory deduction from an employee's paycheck in the United States?
Overtime pay
Health insurance premiums
401(k) contributions
Federal income tax
#2
What is the purpose of a W-4 form in the context of payroll?
To authorize direct deposit
To declare withholding allowances
To request time off
To report overtime hours
#3
What is the purpose of gross pay in the context of payroll?
The total amount of money earned before deductions
The amount of money received after all deductions
The net amount after taxes and deductions
The amount paid to employees for overtime work
#4
Which of the following is typically considered a variable cost in employee compensation?
Salary
Health insurance premiums
Retirement contributions
Employee training expenses
#5
Which of the following payroll taxes is typically solely the responsibility of the employer to pay?
Federal income tax
Social Security tax
Medicare tax
State income tax
#6
What is the purpose of a Form W-4 in the United States?
To report wages and taxes withheld for an employee
To authorize direct deposit
To declare withholding allowances
To request time off
#7
Under the Fair Labor Standards Act (FLSA) in the United States, what is the federal minimum wage as of 2022?
$7.25 per hour
$8.25 per hour
$9.00 per hour
$10.00 per hour
#8
What is the purpose of the FICA tax in the United States?
To fund Social Security and Medicare programs
To provide unemployment benefits
To support education initiatives
To finance federal infrastructure projects
#9
What does the term 'payroll tax' refer to?
Taxes paid by employers based on employee wages
Taxes deducted from employee wages
State taxes only
Federal taxes only
#10
What is the purpose of a Form W-2 in the United States?
To report self-employment income
To report wages and taxes withheld for an employee
To file for unemployment benefits
To request tax deductions
#11
Under the Fair Labor Standards Act (FLSA) in the United States, what is the maximum number of hours an employee can work in a standard workweek before overtime pay is required?
35 hours
40 hours
45 hours
50 hours
#12
What is the purpose of the Form 1099-MISC in the United States?
To report self-employment income
To report wages and taxes withheld for an employee
To file for unemployment benefits
To request tax deductions
#13
Which of the following is an example of a fringe benefit provided by employers?
Paid time off (PTO)
Performance bonus
401(k) matching contributions
Stock options
#14
What is the primary difference between exempt and non-exempt employees under the Fair Labor Standards Act (FLSA) in the United States?
Exempt employees are paid hourly, while non-exempt employees are salaried.
Exempt employees are not entitled to overtime pay, while non-exempt employees are.
Exempt employees cannot receive bonuses, while non-exempt employees can.
Exempt employees have fewer benefits than non-exempt employees.
#15
Which of the following compensation components is typically exempt from federal income tax withholding?
Salary
Bonuses
Employee contributions to a retirement plan
Commissions
#16
Which of the following laws requires employers to provide a safe workplace for employees?
Fair Labor Standards Act (FLSA)
Occupational Safety and Health Act (OSHA)
Equal Pay Act
Americans with Disabilities Act (ADA)
#17
What is the purpose of the Federal Unemployment Tax Act (FUTA) in the United States?
To fund Social Security and Medicare programs
To provide unemployment benefits
To support education initiatives
To finance federal infrastructure projects