PAYROLL FUNDAMENTALS CERTIFICATION EXAM 2024 NEWEST COM
PLETE 120 QUESTIONS WITH DETAILED VERIFIED ANSWERS (100% CO
RECT ANSWERS) / ALREADY GRADED A+
Study online at https://quizlet.com/_g5bzdz
1. What's the with- The lesser of 15% of disposable earnings OR the
holding limit on amount by which weekly disposable earnings exceed
federal agency 30x federal minimum wage (unless employee consents
garnishments? to a higher % in writing)
2. When a bankrupt- All garnishments except child support orders. This is
cy is received, because the trustee will pay out the debts
what should ER
stop withholding?
3. What is the with- The lesser of 25% of disposable earnings OR the
holding limit for amount by which weekly disposable earnings exceed
creditor garnish- 30x federal minimum wage (unless employee consents
ment? to a higher % in writing)
4. What's the with- The lesser of 15% of disposable earnings OR the
holding limit for amount by which weekly disposable earnings exceed
federal student 30x federal minimum wage (unless employee consents
loan garnish- to a higher % in writing)
ments?
5. What is form 4070? Employees report of tips to employer
6. How is group term Included in box 1, 3, 5 wages, and in box 12 code C
life reported on a
W-2
7. How to determine The value of coverage, less than $50,000 excludable
the cost of group by law, is taxable. Use IRS table by uniform premiums
term life insurance to determine value. Remember to use their age as of
that is taxable in- December 31 of the year to determine age bracket. Once
come? you find the value from the table and multiply it by the cov-
erage, remember to deduct any after tax contributions by
the employee
8. What is the vehicle Multiply the IRS mileage rate of $.56 per mile by the
cents per mile val- number of personal miles driven. If the employee buys
uation method?
, PAYROLL FUNDAMENTALS CERTIFICATION EXAM 2024 NEWEST COM
PLETE 120 QUESTIONS WITH DETAILED VERIFIED ANSWERS (100% CO
RECT ANSWERS) / ALREADY GRADED A+
Study online at https://quizlet.com/_g5bzdz
the fuel, the mileage rate is reduced by .55 cents per
mile, so the effective rate is $.505 per mile
9. What is the fair Vehicles valued at greater than $59,999 have an annual
market value limi- lease value of 25% of fair market value, plus $500
tation on the annu-
al lease valuation
method?
10. What is the annu- Personal use is found by multiplying the annual lease
al lease valuation value of the vehicle by the percentage of total personal
method? miles driven. The fair market value is determined the first
day the car is available to the employee. Then, use the
fair market value using the IRS's ALV table. Then multiply
the percent of personal miles driven by the ALV to find
the fair market value of personal used to be included in
income
11. What is the Fair market value minus (the amount the employee paid
amount that an for the benefit after taxes, plus any amount excludable
employer must in- by law)
clude as taxable
income?
12. When must em- The 10th of the next month if they receive at least $20 in
ployees report tips
their tips to the
employer by?
13. What is FSA expe- The amount of the employer contribution plus any em-
rienced gain ployee salary reduction contribution and after-tax contri-
bution minus the FSA total claims
14. For 941 taxes, 12 month look back period of tax liability. Determines
what is depos- how often you must make payments and if additional
itor classification documentation is required
based on, and
PLETE 120 QUESTIONS WITH DETAILED VERIFIED ANSWERS (100% CO
RECT ANSWERS) / ALREADY GRADED A+
Study online at https://quizlet.com/_g5bzdz
1. What's the with- The lesser of 15% of disposable earnings OR the
holding limit on amount by which weekly disposable earnings exceed
federal agency 30x federal minimum wage (unless employee consents
garnishments? to a higher % in writing)
2. When a bankrupt- All garnishments except child support orders. This is
cy is received, because the trustee will pay out the debts
what should ER
stop withholding?
3. What is the with- The lesser of 25% of disposable earnings OR the
holding limit for amount by which weekly disposable earnings exceed
creditor garnish- 30x federal minimum wage (unless employee consents
ment? to a higher % in writing)
4. What's the with- The lesser of 15% of disposable earnings OR the
holding limit for amount by which weekly disposable earnings exceed
federal student 30x federal minimum wage (unless employee consents
loan garnish- to a higher % in writing)
ments?
5. What is form 4070? Employees report of tips to employer
6. How is group term Included in box 1, 3, 5 wages, and in box 12 code C
life reported on a
W-2
7. How to determine The value of coverage, less than $50,000 excludable
the cost of group by law, is taxable. Use IRS table by uniform premiums
term life insurance to determine value. Remember to use their age as of
that is taxable in- December 31 of the year to determine age bracket. Once
come? you find the value from the table and multiply it by the cov-
erage, remember to deduct any after tax contributions by
the employee
8. What is the vehicle Multiply the IRS mileage rate of $.56 per mile by the
cents per mile val- number of personal miles driven. If the employee buys
uation method?
, PAYROLL FUNDAMENTALS CERTIFICATION EXAM 2024 NEWEST COM
PLETE 120 QUESTIONS WITH DETAILED VERIFIED ANSWERS (100% CO
RECT ANSWERS) / ALREADY GRADED A+
Study online at https://quizlet.com/_g5bzdz
the fuel, the mileage rate is reduced by .55 cents per
mile, so the effective rate is $.505 per mile
9. What is the fair Vehicles valued at greater than $59,999 have an annual
market value limi- lease value of 25% of fair market value, plus $500
tation on the annu-
al lease valuation
method?
10. What is the annu- Personal use is found by multiplying the annual lease
al lease valuation value of the vehicle by the percentage of total personal
method? miles driven. The fair market value is determined the first
day the car is available to the employee. Then, use the
fair market value using the IRS's ALV table. Then multiply
the percent of personal miles driven by the ALV to find
the fair market value of personal used to be included in
income
11. What is the Fair market value minus (the amount the employee paid
amount that an for the benefit after taxes, plus any amount excludable
employer must in- by law)
clude as taxable
income?
12. When must em- The 10th of the next month if they receive at least $20 in
ployees report tips
their tips to the
employer by?
13. What is FSA expe- The amount of the employer contribution plus any em-
rienced gain ployee salary reduction contribution and after-tax contri-
bution minus the FSA total claims
14. For 941 taxes, 12 month look back period of tax liability. Determines
what is depos- how often you must make payments and if additional
itor classification documentation is required
based on, and
