An Employment Identification Number a) is issued to businesses by the IRS b) is issued by the state in which the business operates c) is like a social security number for the business d) Both answer choices a) and c) are correct
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- 1. SECA stands for _____. Answer: A. Self-Employment Contributions Act B. Self-Employment Control Act C. Self-Employment and Charities Act D. Self-Employment Care Act 2. When completing Form 1096 as a summary of all Form 1099-NECs that have been completed, the total number of Forms 1099-NEC is _____. Answer: A. entered within a box on the form B. entered within the form beside the type of 1099-NECs filed C. not entered within the form D. calculated within the form 3. Form _____ is provided to an independent contractor to advise them of their total annual earnings. Answer: A. W-9 B. 1099-NEC C. W-2-NEC D. 1040Employee benefits are all forms of monetary consideration given by an entity in exchange for services rendered by employees or for the termination of employment. a. TRUE b. FALSEemployee’s employment as a result of either: I. An entity’s decision to terminate an employee’s employment before the normal retirement date. II. An employee’s decision to accept an offer of benefits in exchange for the termination of employment. III. An employee’s decision to terminate an employee’s employment before the normal retirement date. IV. An entity’s decision to accept an offer of benefits in exchange for the termination of employment. III and IV I and III II and IV I and II
- 3 - Which of the following is not a self-employment voucher?A) ACCOUNTANTB) HAIRDRESSERC) DOCTORD) ARCHITECTE) ATTORNEYWhy must pay rate information be a part of an employee’s payroll file? A. As a means of tracking time worked for overtime compensation purposesB. To ensure that the employee receives all compensation earnedC. As a means of ensuring pay equality among employeesD. To document satisfaction of court-ordered obligationsPayroll Accounting What information appears on the payroll register? What records are needed for an employer to prepare an employee's W-2? When should postings be made to employee's earnings record?
- Optional standard deduction is allowed to, except a. Non-resident alien engaged in business b. Non-resident aliens not engaged in business c. Resident alien d. General Professional PartnershipWhich of the following professional services is an attestation engagement?(1) A consulting service engagement to provide computer-processing advice to a client.(2) An engagement to report on compliance with statutory requirements.(3) An income tax engagement to prepare federal and state tax returns.(4) The preparation of financial statements from a client’s financial records.What is the impact of being registered with the Public Company Accounting Oversight Board?
- Which of the following people must be registered in the states where they do business? A Representatives who work for a broker-dealer B C Representatives who work for an investment adviser Representatives who work for a broker-dealer and representatives who work for an investment adviser D Neither representatives who work for a broker-dealer nor those who work for an investment adviserUnder enterprise coverage, all employees of a business are covered by the FLSA if the organization is: a.a public agency. b.a hospital. c.a nursing home. d.All of these choices are correct. e.None of these choices are correct.The following is a "perquisites" Select one. O a. Medical allowance O b. Club membership O c. Employee Insurance O d. Gratuity