1
What does “pay period” mean?
The pay cycle (weekly, biweekly, etc.)
what is the difference between FUTA and SUTA?
FUTA is the federal unemployment tax; SUTA is the state unemployment tax.
Where do we enable a timesheet to import in HCM?
Within your client go to payroll settings, then payroll processing and check the option "Allow timesheet import in payroll"
What does “gross pay” mean?
Pay before taxes
Where can we see and set up SUTA state tax rates in HCM?
Within your client, go to Client Billing Setup>Invoicing & Billing Set up> SUTA
TRUE OR FALSE
Net pay means the salary before taxes.
False — It is the salary after taxes and deductions.
FICA combines what taxes?
Social security and Medicare
What are the steps to set up a Ee that works from home?
Which tax is used to fund state unemployment?
SUTA
TRUE OR FALSE
Social Security tax is paid only by the employer
False — It is deducted from the employee and matched by the employer.
what is the limit for SUTA?
A SUTA Limit varies by each state and it is the threshold that employers have to hit before they are eligible to stop paying SUTA for that employee
What is the difference between traditional 401(k) and Roth 401(k)?
Traditional is pre‑tax; Roth is post‑tax
TRUE OR FALSE
Employees are required by law to participate in a 401(k) plan if their employer offers one.
False — participation is optional.
If an employee has HSA-DD, the deduction type for that deduction must be?
Why do you think is it important to import companies with shared FEINs together?
For tax purposes, the IRS considers them to be a single employer. if they don't import together the system may duplicate taxes and miscalculate FUTA, FICA, and YTD.