The Needs of Management and the Requirements of Various Federal

question 46

Multiple Choice

The needs of management and the requirements of various federal and state laws make it necessary for employers to keep records that will provide all of the following information for each employee EXCEPT

• A) name,address,and Social Security number.
• B) gross amount of earnings,date of payment,and period of employment covered by each payroll.
• C) gross amount of earnings accumulated since the first of the year.
• D) number of hours the employee works as a volunteer for the community.

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Definitions:

Sole Proprietorship

A business structure in which a single individual owns the company and is responsible for its debts and liabilities.

Double Taxation

A taxation principle referring to income taxes paid twice on the same source of earned income.

Legal Documents

Formal written instruments that are officially recognized and enforceable by law, such as contracts, deeds, wills, and policies.

Sole Proprietorship

A business owned and operated by a single individual, with no distinction between the business and the owner.