CPP Certified Payroll Professional APA Exam With Questions

And Answers

Form SS-8 - AnswerDetermination of Worker Status for Purposes of Federal Employment

Taxes and Income Tax Withholding

Form W-9 - AnswerFirst, it is used by third parties to collect identifying information to

help file information returns with the IRS.

The form is never actually sent to the IRS, but is maintained by the person who files the

information return for verification purposes.

The information on the Form W-9 and the payment made are reported on a Form 1099.

The second purpose is to help the payee avoid backup withholding. The payer must

collect withholding taxes on certain reportable payments for the IRS. However, if the

payee certifies on the W-9 they are not subject to backup withholding they generally

receive the full payment due them from the payer. This is similar to the withholding

exemptions certifications found on Form W-4 for employees.

Form SS-5 - AnswerApply for an original Social Security card

Apply for a replacement Social Security card

Change or correct information on your Social Security number record

Form SS-4 - AnswerApplication for Employer Identification Number (EIN)

Accounting equation (Balance Sheet) - AnswerAssets = Liabilities + Capital

Assets - Liabilities = (Shareholders' or Owners' Equity)

Asset (Debit or Credit Normal Balance?) - AnswerDebit

Expense (Debit or Credit Normal Balance?) - AnswerDebit

Liability (Debit or Credit Normal Balance?) - AnswerCredit

Capital (Debit or Credit Normal Balance?) - AnswerCredit

Owners Equity (Debit or Credit Normal Balance?) - AnswerCredit

Revenue (Debit or Credit Normal Balance?) - AnswerCredit