FPC STUDY GUIDE CB FINAL PAPER 2026
FULL QUESTIONS AND CORRECT
SOLUTIONS GRADED A+
⩥ Noncash fringe benefits. Answer: Benefits paid to employees in a
form other than cash (e.g., health insurance, company-provided vehicles,
group-term life insurance)
⩥ Percentage method of withholding-. Answer: A procedure for
calculating the amount of income tax to withhold from wages using
mathematical formulas rather than simple tables
⩥ Premium pay. Answer: The portion of pay, over and above the regular
hourly rate, paid for overtime hours worked.
⩥ Pretax deduction. Answer: A deduction from pay that reduces taxable
wages
⩥ W-2. Answer: Wage and Tax Statement
⩥ W-4S. Answer: Request for Federal Income Tax Withholding From
Sick Pay
, ⩥ 668-W. Answer: Notice of Levy on Wages, Salary, and Other Income
⩥ 941. Answer: Employer's Quarterly Federal Tax Return
⩥ Wage. Answer: The amount paid to an employee for every hour
worked
⩥ Salary. Answer: A fixed annual(yearly) sum of money divided among
equal pay periods
⩥ Biweekly. Answer: employees are paid every two weeks. 26 times a
year
⩥ Accounting Period. Answer: the period of time covered in an income
statement
⩥ Aggregate method. Answer: method of withholding federal income
tax from supplemental wages in which the supplemental payment is
combined with the regular wages paid during the most recent payroll
period.
⩥ Balance sheet. Answer: a financial statement that presents the
business's financial position in terms of assets, liabilities and owner's
equity as of a certain date
FULL QUESTIONS AND CORRECT
SOLUTIONS GRADED A+
⩥ Noncash fringe benefits. Answer: Benefits paid to employees in a
form other than cash (e.g., health insurance, company-provided vehicles,
group-term life insurance)
⩥ Percentage method of withholding-. Answer: A procedure for
calculating the amount of income tax to withhold from wages using
mathematical formulas rather than simple tables
⩥ Premium pay. Answer: The portion of pay, over and above the regular
hourly rate, paid for overtime hours worked.
⩥ Pretax deduction. Answer: A deduction from pay that reduces taxable
wages
⩥ W-2. Answer: Wage and Tax Statement
⩥ W-4S. Answer: Request for Federal Income Tax Withholding From
Sick Pay
, ⩥ 668-W. Answer: Notice of Levy on Wages, Salary, and Other Income
⩥ 941. Answer: Employer's Quarterly Federal Tax Return
⩥ Wage. Answer: The amount paid to an employee for every hour
worked
⩥ Salary. Answer: A fixed annual(yearly) sum of money divided among
equal pay periods
⩥ Biweekly. Answer: employees are paid every two weeks. 26 times a
year
⩥ Accounting Period. Answer: the period of time covered in an income
statement
⩥ Aggregate method. Answer: method of withholding federal income
tax from supplemental wages in which the supplemental payment is
combined with the regular wages paid during the most recent payroll
period.
⩥ Balance sheet. Answer: a financial statement that presents the
business's financial position in terms of assets, liabilities and owner's
equity as of a certain date
