FPC Exam Question And Answers 2024
SS8 - correct answers✅Determination of worker status
for purposes of federal employment taxes and income tax
withholding; requests clarification on worker status
Acceptable work time rounding practices - correct
answers✅Can round to the nearest quarter hour or 15
minutes; 1 to 7 minutes can be rounded down, 8 to 14
minutes must be rounded up
Exempt employee classification - correct answers✅Not
entitled to the benefits and protections of the FLSA. May
not have to be paid minimum-wage
White collar exemption classifications - correct
answers✅Executive, administrative, and professional
14 and 15-year-olds child labor restrictions - correct
answers✅Nonschool days less than eight hours; during
the school week no more than 18 hours; no more than 40
hours when school is out
FUTA Rate - correct answers✅Rate is set at 6% of the
first 7000$ and employer in a year
FUTA Credit - correct answers✅The credit claimed
cannot exceed 5.4% whenever the maximum credit is
,FPC Exam Question And Answers 2024
applied against the federal rate, the effective rate will fall
to 0.6%
2023 social security wage base - correct
answers✅$160,200
Medicare tax withholding rate - correct
answers✅1.45% over $200,000 add extra 0.9%
Back up withholding - correct answers✅Withholding on
taxes on certain type of income if the employee does not
provide his or her Social Security number rate of 28%
Form 940 - correct answers✅Employers annual federal
unemployment tax return; to report the annual federal
unemployment tax liabilities for employers subject to
FUTA
Form 941 - correct answers✅Employers quarterly
federal tax return; it's to report by employers to the IRS
the total amount of wages paid, income taxes withheld,
and Social Security and Medicare taxes due (both
portions).
Form 941 - correct answers✅Due date is the end of the
month which follows the end of each quarter. However, if
, FPC Exam Question And Answers 2024
all amounts due are timely deposited in the quarter, an
automatic extension of 10 days is added.
Schedule B - correct answers✅Of form 941 is intended
to reconcile the tax liability amount for so called semi
weekly depositors.
Form 943 - correct answers✅Employers annual federal
tax return for agricultural employees
Form 944 - correct answers✅Employers annual federal
tax return those with A combined annual liability for
income, Social Security and Medicare taxes of no more
than $1000; IRS does not notify eligible employers
Form 945 - correct answers✅Annual return of withheld
federal income tax, is for payers to report to the IRS the
amount of federal income tax withheld on non payroll
payments ex: pensions, military retirement, Indian
gaming profits, voluntary withholding, back up
withholding
Form W3 - correct answers✅Transmittal of wage and
tax statements; to summarize the transmittal of paper
copies of form W-2; only required when submitting via
paper forms
SS8 - correct answers✅Determination of worker status
for purposes of federal employment taxes and income tax
withholding; requests clarification on worker status
Acceptable work time rounding practices - correct
answers✅Can round to the nearest quarter hour or 15
minutes; 1 to 7 minutes can be rounded down, 8 to 14
minutes must be rounded up
Exempt employee classification - correct answers✅Not
entitled to the benefits and protections of the FLSA. May
not have to be paid minimum-wage
White collar exemption classifications - correct
answers✅Executive, administrative, and professional
14 and 15-year-olds child labor restrictions - correct
answers✅Nonschool days less than eight hours; during
the school week no more than 18 hours; no more than 40
hours when school is out
FUTA Rate - correct answers✅Rate is set at 6% of the
first 7000$ and employer in a year
FUTA Credit - correct answers✅The credit claimed
cannot exceed 5.4% whenever the maximum credit is
,FPC Exam Question And Answers 2024
applied against the federal rate, the effective rate will fall
to 0.6%
2023 social security wage base - correct
answers✅$160,200
Medicare tax withholding rate - correct
answers✅1.45% over $200,000 add extra 0.9%
Back up withholding - correct answers✅Withholding on
taxes on certain type of income if the employee does not
provide his or her Social Security number rate of 28%
Form 940 - correct answers✅Employers annual federal
unemployment tax return; to report the annual federal
unemployment tax liabilities for employers subject to
FUTA
Form 941 - correct answers✅Employers quarterly
federal tax return; it's to report by employers to the IRS
the total amount of wages paid, income taxes withheld,
and Social Security and Medicare taxes due (both
portions).
Form 941 - correct answers✅Due date is the end of the
month which follows the end of each quarter. However, if
, FPC Exam Question And Answers 2024
all amounts due are timely deposited in the quarter, an
automatic extension of 10 days is added.
Schedule B - correct answers✅Of form 941 is intended
to reconcile the tax liability amount for so called semi
weekly depositors.
Form 943 - correct answers✅Employers annual federal
tax return for agricultural employees
Form 944 - correct answers✅Employers annual federal
tax return those with A combined annual liability for
income, Social Security and Medicare taxes of no more
than $1000; IRS does not notify eligible employers
Form 945 - correct answers✅Annual return of withheld
federal income tax, is for payers to report to the IRS the
amount of federal income tax withheld on non payroll
payments ex: pensions, military retirement, Indian
gaming profits, voluntary withholding, back up
withholding
Form W3 - correct answers✅Transmittal of wage and
tax statements; to summarize the transmittal of paper
copies of form W-2; only required when submitting via
paper forms
