What is the effect on an employees income when the employer pays that employees share of social security and medicare taxes on a fringe benefit?

• A.there is no change
• B.the amount of the fringe benefit is included in the employees income
• C.there are no ss or medicare taxes on fringe benefits
• D.the taxes paid by the employer are considered income to the employee

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Internal control procedures include all of the following except:

• A.segregating jobs
• B.rotation of duties
• C.system interfaces
• D.account reconciliation

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An employee who files an exempt form W4 is exempt from the withholding of:

• A.medicare tax only
• B.social security tax only
• C.federal income tax only
• D.all taxes

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All of the following types of compensation are included in calculating an employees regular rate of pay for overtime purposes except:

• A.4 hours paid but not worked
• B.shift premiums
• C.production bonus of $15
• D.4% cost of living adjustment

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The statue of limitation for correcting a form 941 is:

• A.april 15 following the year error was discovered
• B.due date of 941 form for quarter in which error was discovered
• C.whenever discovered, up to 7 years
• D.april 15 3 years after the close of tax year error was made

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