FPC Exam Fundamental Payroll
1096 - ANS-Annual Summary and Transmittal of U.S. Information Returns
4419 - ANS-Application for Filing Information Returns Electronically (FIRE)
668-W - ANS-Notice of Levy on Wages, Salary, and Other Income
940 - ANS-Employer's Annual Federal Unemployment (FUTA) Tax Return
941 - ANS-Employer's Quarterly Federal Tax Return
944 - ANS-Employer's Annual Federal Tax Return
A fee is covered within the tax calculation of which tax, if any? - ANS-All Federal Taxes
A automated payroll gadget can assist a payroll branch accomplish all of the following tasks
EXCEPT: - ANS-understand the modifications in legal guidelines and policies
A automatic payroll machine can assist a payroll dept. Accomplish all the following
responsibilities besides: - ANS-Recognize changes in laws and policies
A monetary transaction is first published on your organizations: - ANS-The magazine
A plant manager met with the payroll dept. To agenda a special pay run that could
accommodate the shutdown for the vacations. After payroll devoted to this date, they found out
to satisfy the closing date it would require operating the weekend. What customer service
principle may be compromised if the cut-off date isn't met? - ANS-Reliability. This is offering
what has been promised.
A document of daily transactions of a enterprise is - ANS-Journal
A retail sales clerk took benefit of the organization's employee discount application to purchase
garments at 10% off the regular retail rate. This carrier represents: - ANS-This represents a
certified worker cut price. The bargain is 10% less than the cost to clients.
A voluntary deduction need to be - ANS-Authorized by the employee
Aggregate Method - ANS-Add the supplemental wages to the ordinary wages for the maximum
recent payroll period or the present day payroll length. Subtract the tax already withheld from
the everyday wages and withhold the final tax from the supplemental wages.
All of the following problems are concerns of outside auditors EXCEPT: - ANS-Efficiency of
payroll techniques
An employee belongs to a professional enterprise. When his corporation pays his dues, the
charge is: - ANS-A running condition fringe
An employee modified her United Way deduction. For pay periods, the quantity deducted
became accurate. Then, for the subsequent duration the amount doubled. When she referred to
as the payroll dept., the payroll coordinator told her that the situation would be corrected and
gave her the option to have the amount added to her subsequent paycheck or receiving a
special take a look at for the amount. Which customer service principle is being displayed right
here? - ANS-Responsiveness. Correcting the state of affairs promptly and giving the worker
alternatives as to how the problem can be corrected.
An employee is going to the payroll department to ask a query approximately his paycheck.
When he arrives, the desks are unattended, files are open, desk tops are covered with paper,
, and the ground has stacks of reports askew. Which customer support precept will be improved
on this payroll branch? - ANS-Tangibles. These are the physical appearance of the branch.
An employee's profit sharing bonus is payable within the yr following his dying. How should the
bonus be taxed and reported? - ANS-Withhold no taxes and file the bonus on for 1099-misc.
An employees parking garage is blocks far from his downtown workplace. It costs $275.00 in
line with month to hire a stall there, but the employee doesn't thoughts due to the fact its handy
and his business enterprise reimburses him for a hundred% of the fee. How a whole lot of his
month-to-month parking is taxable? - ANS-$15.00 Employer- furnished parking is nontaxable up
to $260.00
An corporation may additionally offer all the following features in a 401(ok) plan besides: -
ANS-Higher benefits for distinctly compensated employees
An organization presents an employee $300.00 a month in bus tokens so she will travel to
paintings. How a good deal of this cost is nontaxable? - ANS-$260.00. Employer supplied
tokens for public transportation are nontaxable as much as $260.00 a month.
An organization have to remind employees to finish an amended W-4 if they have any changes
in popularity by way of - ANS-December 1 of each 12 months
An exempt worker beneath the FLSA is exempt from - ANS-both minimal salary and time
beyond regulation
An outside audit: - ANS-Allows an goal evaluation of the economic statements.
Are agencies required to healthy employee contributions to 401(ok) plans? - ANS-No
Business Continuity Planning - ANS-outlines techniques for retaining an business enterprise
operational in the event of a natural catastrophe or community attack
Cafeteria plans are authorized through what inner revenue code section? - ANS-125
Checking inputs or outputs towards predetermined constraints is - ANS-validity edit
Creditor Garnishment - ANS-Involves a court order to attach the employee's profits so that you
can pay off a debt which the worker incurred.
Currently 3 states have provisions for withholding kingdom unemployment tax from personnel
further to the employer tax - ANS-Alaska, New Jersey and Pennsylvania
Deferred repayment plans can be labeled into two key businesses - ANS-Qualified and Non
Qualified Plans
Describe the simple additives of so-referred to as white-collar exemptions to salary and beyond
regular time laws. - ANS-White collar exemptions (government, administrative, and expert)
under FLSA policies comply with sure underlying suggestions, along with duties and revenue
test: 1. Profits foundation and level check--a minimal revenue is $455/week besides for outside
income and positive professions inclusive of docs and teachers, and certain computer
specialists who are paid $27.Sixty three/hour or greater in straight-time pay for each hour
worked and problem to a exceptionally compensated employee take a look at. 2. Regardless of
how a good deal they're paid, employees who meet the exemption assessments for his or her
categories do now not need to be paid overtime pay. 3. A Salary on my own does now not make
an employee exempt. 4. Generally, exempt employees are the most critical, highest-professional
people inside the enterprise. 5. A identify on my own does not make an employee exempt.
Discuss the motives for the kid labor regulation under the FSLA. - ANS-The Fair Standards
Labor Act are designed to limit kid's employment in jobs which might be adverse to their health
and protection.
1096 - ANS-Annual Summary and Transmittal of U.S. Information Returns
4419 - ANS-Application for Filing Information Returns Electronically (FIRE)
668-W - ANS-Notice of Levy on Wages, Salary, and Other Income
940 - ANS-Employer's Annual Federal Unemployment (FUTA) Tax Return
941 - ANS-Employer's Quarterly Federal Tax Return
944 - ANS-Employer's Annual Federal Tax Return
A fee is covered within the tax calculation of which tax, if any? - ANS-All Federal Taxes
A automated payroll gadget can assist a payroll branch accomplish all of the following tasks
EXCEPT: - ANS-understand the modifications in legal guidelines and policies
A automatic payroll machine can assist a payroll dept. Accomplish all the following
responsibilities besides: - ANS-Recognize changes in laws and policies
A monetary transaction is first published on your organizations: - ANS-The magazine
A plant manager met with the payroll dept. To agenda a special pay run that could
accommodate the shutdown for the vacations. After payroll devoted to this date, they found out
to satisfy the closing date it would require operating the weekend. What customer service
principle may be compromised if the cut-off date isn't met? - ANS-Reliability. This is offering
what has been promised.
A document of daily transactions of a enterprise is - ANS-Journal
A retail sales clerk took benefit of the organization's employee discount application to purchase
garments at 10% off the regular retail rate. This carrier represents: - ANS-This represents a
certified worker cut price. The bargain is 10% less than the cost to clients.
A voluntary deduction need to be - ANS-Authorized by the employee
Aggregate Method - ANS-Add the supplemental wages to the ordinary wages for the maximum
recent payroll period or the present day payroll length. Subtract the tax already withheld from
the everyday wages and withhold the final tax from the supplemental wages.
All of the following problems are concerns of outside auditors EXCEPT: - ANS-Efficiency of
payroll techniques
An employee belongs to a professional enterprise. When his corporation pays his dues, the
charge is: - ANS-A running condition fringe
An employee modified her United Way deduction. For pay periods, the quantity deducted
became accurate. Then, for the subsequent duration the amount doubled. When she referred to
as the payroll dept., the payroll coordinator told her that the situation would be corrected and
gave her the option to have the amount added to her subsequent paycheck or receiving a
special take a look at for the amount. Which customer service principle is being displayed right
here? - ANS-Responsiveness. Correcting the state of affairs promptly and giving the worker
alternatives as to how the problem can be corrected.
An employee is going to the payroll department to ask a query approximately his paycheck.
When he arrives, the desks are unattended, files are open, desk tops are covered with paper,
, and the ground has stacks of reports askew. Which customer support precept will be improved
on this payroll branch? - ANS-Tangibles. These are the physical appearance of the branch.
An employee's profit sharing bonus is payable within the yr following his dying. How should the
bonus be taxed and reported? - ANS-Withhold no taxes and file the bonus on for 1099-misc.
An employees parking garage is blocks far from his downtown workplace. It costs $275.00 in
line with month to hire a stall there, but the employee doesn't thoughts due to the fact its handy
and his business enterprise reimburses him for a hundred% of the fee. How a whole lot of his
month-to-month parking is taxable? - ANS-$15.00 Employer- furnished parking is nontaxable up
to $260.00
An corporation may additionally offer all the following features in a 401(ok) plan besides: -
ANS-Higher benefits for distinctly compensated employees
An organization presents an employee $300.00 a month in bus tokens so she will travel to
paintings. How a good deal of this cost is nontaxable? - ANS-$260.00. Employer supplied
tokens for public transportation are nontaxable as much as $260.00 a month.
An organization have to remind employees to finish an amended W-4 if they have any changes
in popularity by way of - ANS-December 1 of each 12 months
An exempt worker beneath the FLSA is exempt from - ANS-both minimal salary and time
beyond regulation
An outside audit: - ANS-Allows an goal evaluation of the economic statements.
Are agencies required to healthy employee contributions to 401(ok) plans? - ANS-No
Business Continuity Planning - ANS-outlines techniques for retaining an business enterprise
operational in the event of a natural catastrophe or community attack
Cafeteria plans are authorized through what inner revenue code section? - ANS-125
Checking inputs or outputs towards predetermined constraints is - ANS-validity edit
Creditor Garnishment - ANS-Involves a court order to attach the employee's profits so that you
can pay off a debt which the worker incurred.
Currently 3 states have provisions for withholding kingdom unemployment tax from personnel
further to the employer tax - ANS-Alaska, New Jersey and Pennsylvania
Deferred repayment plans can be labeled into two key businesses - ANS-Qualified and Non
Qualified Plans
Describe the simple additives of so-referred to as white-collar exemptions to salary and beyond
regular time laws. - ANS-White collar exemptions (government, administrative, and expert)
under FLSA policies comply with sure underlying suggestions, along with duties and revenue
test: 1. Profits foundation and level check--a minimal revenue is $455/week besides for outside
income and positive professions inclusive of docs and teachers, and certain computer
specialists who are paid $27.Sixty three/hour or greater in straight-time pay for each hour
worked and problem to a exceptionally compensated employee take a look at. 2. Regardless of
how a good deal they're paid, employees who meet the exemption assessments for his or her
categories do now not need to be paid overtime pay. 3. A Salary on my own does now not make
an employee exempt. 4. Generally, exempt employees are the most critical, highest-professional
people inside the enterprise. 5. A identify on my own does not make an employee exempt.
Discuss the motives for the kid labor regulation under the FSLA. - ANS-The Fair Standards
Labor Act are designed to limit kid's employment in jobs which might be adverse to their health
and protection.
