Can You Describe Typical IRS Forms Such as Form W-2 and W-4?
Correct Answer
Payroll administrators process payroll tax information IRS forms W-2 and W-4 provide employers with the information needed to withhold income taxes from employees' wages Familiarity with these forms ensure the candidate understands how to properly prepare these documents
Accounting and Finance problems
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1. What Is Your Experience with Computerized Payroll Systems or Software?
Correct Answer: Payroll systems accurately maintain data related to payroll processing Familiarity with formal payroll systems and computerized software ensure the candidate has experience with current payroll technology
2. How Would You Handle an Employee Who Fails to Report Time Records Before the Payroll Deadline?
Correct Answer: Employees who do not complete their required payroll forms make the payroll administrator's job more challenging Asking this question allows the applicant to explain how she would handle this to ensure the worker still gets paid
Correct Answer: Payroll administrators must understand the function and proper usage of various payroll forms Forms related to payroll include personal data forms, overtime or absence approval forms, expense reimbursement forms and time sheets
4. Loan and Advances of a bank come under the category of______________.
Correct Answer: With the computerised payroll systems - =>You saved a lot of your time, =>Your accuracy and efficiency is increased by many times =>Your are free from small and small human mistakes in calculation and linking etc =>Once master data is updated(CTC,Reimbursement), rest is taken care by the systems once input is given as and when salary is processed =>Better control is exercised
Correct Answer: Contingent or temporary workers have little or no job security as their employment is based on a temporary Contingent workers are not committed to the organization for a long run, as they know that they will be out of there in very short period of time
9. What report are provided to accounting dept. from payroll every month? What reports are generate at end month, qtr & year end in payroll dept?
Correct Answer: For making accounting entries the accounting dept will need the total transactions of the particular payroll run grouped into various expenditure/liability/Income items like salary,loans,ees pension,ers pension,tax, PF/NI etc This information should be employee wise & relevant cost center of the employee(in a large organisation) Mostly payroll will have expenses/liabilities only Few payrolls might have Income also To be specific to the reports bit of your question following reports are produced 1) Net pay reconciliations report 2) Deductions report comprising all voluntary and non voluntary deductions 3) Payments report 4) Costing report 5) Exceptions report 6) High pay salary report 7) No pay salary report
Correct Answer: The Payroll source documents are the employee Time Sheets (or equivalent) that record when the employee worked and generally what they did These records are subject to audit by the Labor Department, EEOC and probably others that I haven't encountered These should be bound into a Payroll Source Document folder However, there are other employee documents that need to be retained, eg, their original employment application, employee reviews (if you do them),that record their federal/state tax exemption choices,reporting their annual wages and withholdings, etc These can be filed in separate Employee files (by employee name or number) -- or simply integrated into the Payroll Source Document folders (in the week in which they occur) I very much favor the latter -- especially if you're doing computer accounting -- in keeping with my "always file chronological" bias