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