CPP Payroll Exam Questions and Answers All Correct

CPP Payroll Exam Questions and Answers All Correct retention records: How long for IRS? - ANSWER 4 years (3 is 4) reduceing taxable income: 401k come out of fed. cafe comes out of all FIT, SS and MED - ANSWER note What does Fair Labor Standards Act regulate? - ANSWER 1. Overtime 2. Minimum rate of pay 3. Child Labor Laws 4. Equal pay retention records: How long for FLSA? - ANSWER 3 years (4 is 3) 3 yeas after the last date of entry or 3 years from the last date they were effective What records for FLSA must be kept for 3 years after the last date of entry? - ANSWER Beginning of workweek Housre worked each workday Regular rate of pay Overtime premium earnings Additions and deductions from wages What records for FLSA must be kept for 3 years after the last date they were effective? - ANSWER Collective Bargaining agreements Records showing total sales volume and goods purchased What are the five areas regulated by the Fair Labor Standards Act? - ANSWER Minimum Wage Overtime Child Labor Equal pay Recordkeeping Under FLSA, what are the differences between enterprise coverage and individual employee coverage? - ANSWER Under enterprise coverage, all the employees of a business are covered y the FLSA so long as a least two employees of the business are engaged in interstate commerce or involved in the production of goods or services for interstate commerce, and the business had annual gross sales of at least $500,000. Individual employees can e covered even if the business is not a covered enterprise if the employee is engaged in interstate commerce or the production of goods for interstate commerce. What is the basic difference between exempt and nonexempt employees? - ANSWER Exempt employees do not have to be paid the required minimum wage or overtime pay, and the employer does not have to keep certain records detailing their work - while nonexempt employees must be paid the required minimum wage and overtime pay and the employer must keep detailed records of their work hours and wage payments. What is the limit for filing an FLSA complaint with the Wage and Hours Division - ANSWER The time limit is two years after the alleged violations or three years if the violation was willful. A plan similar to the fluctuating workweek plan was approved by the U.S. Supreme Court and later made part of the FLSA and its regulations. What is this plan called, and what does it provide? - ANSWER The plan is called the "Belo" plan, named after the company involved in the Supreme Court's decision, and the plan guarantees a fixed salary for irregular hours that includes a set amount of overtime pay.