FPC /
Exam
/ /
Fundamental Payroll Questions With Correct Answers
/ // // // // //
668-W //- //CORRECT //ANSWERS(S)✔✔Notice //of //Levy //on //Wages, //Salary, //and //Other //Income
1096 //- /
/CORRECT //ANSWERS(S)✔✔Annual //Summary //and //Transmittal //of //U.S. //Information //Returns
Under /
/the //FLSA //how //old //must //a //minor //be //to //be //employed? //- //CORRECT //ANSWERS(S)✔✔14
What //is //the //FUTA //tax //rate? //- //CORRECT //ANSWERS(S)✔✔6.0%
On //form //941, //the //employer //reports //- //CORRECT //ANSWERS(S)✔✔Social //Security //Wages
What /
/is /
/the /
/formula //for //calculating //an //employees //net //pay? //- //CORRECT //ANSWERS(S)✔✔Gross //pay-
deductions //for //taxes- //other //deductions
Which /
/plan /
/discriminates /
/in /
/favor /
/of /
/highly /
,/compensated /
/employees? //- //CORRECT //ANSWERS(S)✔✔Nonqualified //deferred //compensation //plans
What /
/is /
/the /
/federal //minimum //wage //per //hour //on //January //1, //2018? //- //CORRECT //ANSWERS(S)✔✔$7.25
What /
/law /
/determines /
/time /
/limits /
/with /
/which /
/employees /
/must //be //paid //after //wages //are //earned? //- //CORRECT //ANSWERS(S)✔✔State //Laws
Cafeteria /
/plans /
/are //authorized //by //what //internal //revenue //code //section? //- //CORRECT //ANSWERS(S)✔✔125
The /
/direct /
/deposit /
/data /
/sent /
/to /
/the //bank //after //payroll //processing //is //an //example //of //- //CORRECT //ANSWERS(S)✔✔Interface
What /
/taxes, /
/if /
,/any, /
/must /
/be /
/withheld /
/from /
/payments /
/to /
/an /
/independent /
/contractor //who //provided //a //tin? //- //CORRECT //ANSWERS(S)✔✔No //taxes //are //withheld
An /
/external /
/audit: //- /
/CORRECT //ANSWERS(S)✔✔Allows //an //objective //assessment //of //the //financial //statements.
Employees' /
/privacy /
/rights /
/are /
/governed //by //all //of //the //following //except: //- //CORRECT //ANSWERS(S)✔✔Local //Legislation
Under //the //FLSA, //what //basis //is //used //to //determine //whether //a //non-
exempt /
/employee /
/is //to //be //paid //overtime? //- //CORRECT //ANSWERS(S)✔✔Hours //worked //in //a //work //week
Overtime /
/payments /
/are /
/included /
/in /
/the /
/calculation /
, /of /
/what //tax, //if //any? //- //CORRECT //ANSWERS(S)✔✔They //are //included //in //all //tax //calculations
What /
/is //the //2018 //wage //base //for //social //security //tax? //- //CORRECT //ANSWERS(S)✔✔$128,400.00
If /
/an /
/employee /
/does /
/not /
/have /
/federal /
/tax /
/withheld /
/and /
/has /
/not /
/claimed /
/exempt, /
/what /
/must /
/the /
/employer //do? //- //CORRECT //ANSWERS(S)✔✔Provide //the //employee //with //the //EITC //notice
A/
/computerized /
/payroll /
/system /
/can /
/help //
a/
/payroll /
/dept. //accomplish //all //of //the //following //tasks //except: //- //CORRECT //ANSWERS(S)✔✔Recognize
//changes //in //laws //and //regulations
Exam
/ /
Fundamental Payroll Questions With Correct Answers
/ // // // // //
668-W //- //CORRECT //ANSWERS(S)✔✔Notice //of //Levy //on //Wages, //Salary, //and //Other //Income
1096 //- /
/CORRECT //ANSWERS(S)✔✔Annual //Summary //and //Transmittal //of //U.S. //Information //Returns
Under /
/the //FLSA //how //old //must //a //minor //be //to //be //employed? //- //CORRECT //ANSWERS(S)✔✔14
What //is //the //FUTA //tax //rate? //- //CORRECT //ANSWERS(S)✔✔6.0%
On //form //941, //the //employer //reports //- //CORRECT //ANSWERS(S)✔✔Social //Security //Wages
What /
/is /
/the /
/formula //for //calculating //an //employees //net //pay? //- //CORRECT //ANSWERS(S)✔✔Gross //pay-
deductions //for //taxes- //other //deductions
Which /
/plan /
/discriminates /
/in /
/favor /
/of /
/highly /
,/compensated /
/employees? //- //CORRECT //ANSWERS(S)✔✔Nonqualified //deferred //compensation //plans
What /
/is /
/the /
/federal //minimum //wage //per //hour //on //January //1, //2018? //- //CORRECT //ANSWERS(S)✔✔$7.25
What /
/law /
/determines /
/time /
/limits /
/with /
/which /
/employees /
/must //be //paid //after //wages //are //earned? //- //CORRECT //ANSWERS(S)✔✔State //Laws
Cafeteria /
/plans /
/are //authorized //by //what //internal //revenue //code //section? //- //CORRECT //ANSWERS(S)✔✔125
The /
/direct /
/deposit /
/data /
/sent /
/to /
/the //bank //after //payroll //processing //is //an //example //of //- //CORRECT //ANSWERS(S)✔✔Interface
What /
/taxes, /
/if /
,/any, /
/must /
/be /
/withheld /
/from /
/payments /
/to /
/an /
/independent /
/contractor //who //provided //a //tin? //- //CORRECT //ANSWERS(S)✔✔No //taxes //are //withheld
An /
/external /
/audit: //- /
/CORRECT //ANSWERS(S)✔✔Allows //an //objective //assessment //of //the //financial //statements.
Employees' /
/privacy /
/rights /
/are /
/governed //by //all //of //the //following //except: //- //CORRECT //ANSWERS(S)✔✔Local //Legislation
Under //the //FLSA, //what //basis //is //used //to //determine //whether //a //non-
exempt /
/employee /
/is //to //be //paid //overtime? //- //CORRECT //ANSWERS(S)✔✔Hours //worked //in //a //work //week
Overtime /
/payments /
/are /
/included /
/in /
/the /
/calculation /
, /of /
/what //tax, //if //any? //- //CORRECT //ANSWERS(S)✔✔They //are //included //in //all //tax //calculations
What /
/is //the //2018 //wage //base //for //social //security //tax? //- //CORRECT //ANSWERS(S)✔✔$128,400.00
If /
/an /
/employee /
/does /
/not /
/have /
/federal /
/tax /
/withheld /
/and /
/has /
/not /
/claimed /
/exempt, /
/what /
/must /
/the /
/employer //do? //- //CORRECT //ANSWERS(S)✔✔Provide //the //employee //with //the //EITC //notice
A/
/computerized /
/payroll /
/system /
/can /
/help //
a/
/payroll /
/dept. //accomplish //all //of //the //following //tasks //except: //- //CORRECT //ANSWERS(S)✔✔Recognize
//changes //in //laws //and //regulations
