FPC Exam Fundamental Payroll questions and answers well illustrated.

FPC Exam Fundamental Payroll questions and answers well illustrated. 668-W - correct answers.Notice of Levy on Wages, Salary, and Other Income 1096 - correct answers.Annual Summary and Transmittal of U.S. Information Returns Under the FLSA how old must a minor be to be employed? - correct answers.14 What is the FUTA tax rate? - correct answers.6.0% On form 941, the employer reports - correct answers.Social Security Wages What is the formula for calculating an employees net pay? - correct answers.Gross pay-deductions for taxes- other deductions Which plan discriminates in favor of highly compensated employees? - correct answers.Nonqualified deferred compensation plans What is the federal minimum wage per hour on January 1, 2018? - correct answers.$7.25 What law determines time limits with which employees must be paid after wages are earned? - correct answers.State Laws Cafeteria plans are authorized by what internal revenue code section? - correct answers.125 The direct deposit data sent to the bank after payroll processing is an example of - correct answers.Interface What taxes, if any, must be withheld from payments to an independent contractor who provided a tin? - correct answers.No taxes are withheld An external audit: - correct answers.Allows an objective assessment of the financial statements. Employees' privacy rights are governed by all of the following except: - correct answers.Local Legislation Under the FLSA, what basis is used to determine whether a non-exempt employee is to be paid overtime? - correct answers.Hours worked in a work week Overtime payments are included in the calculation of what tax, if any? - correct answers.They are included in all tax calculations What is the 2018 wage base for social security tax? - correct answers.$128,400.00 If an employee does not have federal tax withheld and has not claimed exempt, what must the employer do? - correct answers.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.Recognize changes in laws and regulations An employee's profit sharing bonus is payable in the year following his death. How should the bonus be taxed and reported? - correct answers.Withhold no taxes and report the bonus on for 1099-misc. In what ways can a computerized system increase the accuracy of employees paychecks? - correct answers.By reducing human error What federal taxes must an employer withhold from an employees reported tips? - correct answers.Federal income, social security and medicare tax The main purpose of batch controls is to - correct answers.Validate data entry accuracy Which of the following types of compensation is taxable? - correct answers.Backpay awards What is used when calculating an employee's gross up? - correct answers.Net set