Questions from Payroll Accounting

Q: Marty Burgess works for Hyrolated Sports. His compensation is based on

Marty Burgess works for Hyrolated Sports. His compensation is based on sales of store products to customers. Which type of pay basis represents Marty’s pay?

Q: What are two types of insurance that may be deducted pre-

What are two types of insurance that may be deducted pre-tax under a cafeteria plan?

Q: What are the four categories of cafeteria plans?

What are the four categories of cafeteria plans?

Q: How does an FSA affect an employee’s taxable wages?

How does an FSA affect an employee’s taxable wages?

Q: What is the purpose of a payroll system?

What is the purpose of a payroll system?

Q: Why should more than one person prepare/verify payroll processing?

Why should more than one person prepare/verify payroll processing?

Q: What is certified payroll? Which companies must use it?

What is certified payroll? Which companies must use it?

Q: Why are new hires required to be reported to the state’s employment

Why are new hires required to be reported to the state’s employment department?