x
x
x
x
x
x
FPC Exam Fundamental Payroll questions
x x x x
and answers well illustrated.
x x x x x
x
x
x
x
x
x
x
x
x
x
x
x
x
668-W x- xcorrect xanswers.Notice xof xLevy xon xWages, xSalary, xand xOther xIncome x
x
1096 x- xcorrect xanswers.Annual xSummary xand xTransmittal xof xU.S. xInformation
xReturns x
x
Under xthe xFLSA xhow xold xmust xa xminor xbe xto xbe xemployed? x- xcorrect xanswers.14 x
x
What xis xthe xFUTA xtax xrate? x- xcorrect xanswers.6.0% x
x
On xform x941, xthe xemployer xreports x- xcorrect xanswers.Social xSecurity xWages x
x
What xis xthe xformula xfor xcalculating xan xemployees xnet xpay? x- xcorrect xanswers.Gross
xpay-
x
deductions xfor xtaxes- xother
xdeductions
x
Which xplan xdiscriminates xin xfavor xof xhighly xcompensated xemployees? x-
xcorrect x
x
answers.Nonqualified xdeferred xcompensation
xplans
x
What xis xthe xfederal xminimum xwage xper xhour xon xJanuary x1, x2018? x-
xcorrect x
x
answers.$7.25
x
What xlaw xdetermines xtime xlimits xwith xwhich xemployees xmust xbe xpaid xafter xwages
xare x
x
earned? x- xcorrect xanswers.State
xLaws
x
Cafeteria xplans xare xauthorized xby xwhat xinternal xrevenue xcode xsection? x-
xcorrect x
x
answers.125
x
, The xdirect xdeposit xdata xsent xto xthe xbank xafter xpayroll xprocessing xis xan xexample
xof x-
x
correct
xanswers.Interface
x
What xtaxes, xif xany, xmust xbe xwithheld xfrom xpayments xto xan xindependent xcontractor
xwho x
x
provided xa xtin? x- xcorrect xanswers.No xtaxes xare
xwithheld
x
An xexternal xaudit: x- xcorrect xanswers.Allows xan xobjective xassessment xof xthe
xfinancial x
x
statements.
x
Employees' xprivacy xrights xare xgoverned xby xall xof xthe xfollowing xexcept: x-
xcorrect x
x
answers.Local
xLegislation
x
Under xthe xFLSA, xwhat xbasis xis xused xto xdetermine xwhether xa xnon-exempt xemployee
xis xto x
x
be xpaid xovertime? x- xcorrect xanswers.Hours xworked xin xa xwork
xweek
x
Overtime xpayments xare xincluded xin xthe xcalculation xof xwhat xtax, xif xany? x-
xcorrect x
x
answers.They xare xincluded xin xall xtax
xcalculations
x
What xis xthe x2018 xwage xbase xfor xsocial xsecurity xtax? x- xcorrect xanswers.$128,400.00 x
x
If xan xemployee xdoes xnot xhave xfederal xtax xwithheld xand xhas xnot xclaimed xexempt,
xwhat x
must xthe xemployer xdo? x- xcorrect xanswers.Provide xthe xemployee xwith xthe xEITC
xnotice
x
A xcomputerized xpayroll xsystem xcan xhelp xa xpayroll xdept. xaccomplish xall xof xthe
xfollowing x
x
tasks xexcept: x- xcorrect xanswers.Recognize xchanges xin xlaws xand
xregulations
x
An xemployee's xprofit xsharing xbonus xis xpayable xin xthe xyear xfollowing xhis xdeath.
xHow x
should xthe xbonus xbe xtaxed xand xreported? x- xcorrect xanswers.Withhold xno xtaxes
xand x
x
report xthe xbonus xon xfor x1099-
misc.
x
x
x
x
x
x
FPC Exam Fundamental Payroll questions
x x x x
and answers well illustrated.
x x x x x
x
x
x
x
x
x
x
x
x
x
x
x
x
668-W x- xcorrect xanswers.Notice xof xLevy xon xWages, xSalary, xand xOther xIncome x
x
1096 x- xcorrect xanswers.Annual xSummary xand xTransmittal xof xU.S. xInformation
xReturns x
x
Under xthe xFLSA xhow xold xmust xa xminor xbe xto xbe xemployed? x- xcorrect xanswers.14 x
x
What xis xthe xFUTA xtax xrate? x- xcorrect xanswers.6.0% x
x
On xform x941, xthe xemployer xreports x- xcorrect xanswers.Social xSecurity xWages x
x
What xis xthe xformula xfor xcalculating xan xemployees xnet xpay? x- xcorrect xanswers.Gross
xpay-
x
deductions xfor xtaxes- xother
xdeductions
x
Which xplan xdiscriminates xin xfavor xof xhighly xcompensated xemployees? x-
xcorrect x
x
answers.Nonqualified xdeferred xcompensation
xplans
x
What xis xthe xfederal xminimum xwage xper xhour xon xJanuary x1, x2018? x-
xcorrect x
x
answers.$7.25
x
What xlaw xdetermines xtime xlimits xwith xwhich xemployees xmust xbe xpaid xafter xwages
xare x
x
earned? x- xcorrect xanswers.State
xLaws
x
Cafeteria xplans xare xauthorized xby xwhat xinternal xrevenue xcode xsection? x-
xcorrect x
x
answers.125
x
, The xdirect xdeposit xdata xsent xto xthe xbank xafter xpayroll xprocessing xis xan xexample
xof x-
x
correct
xanswers.Interface
x
What xtaxes, xif xany, xmust xbe xwithheld xfrom xpayments xto xan xindependent xcontractor
xwho x
x
provided xa xtin? x- xcorrect xanswers.No xtaxes xare
xwithheld
x
An xexternal xaudit: x- xcorrect xanswers.Allows xan xobjective xassessment xof xthe
xfinancial x
x
statements.
x
Employees' xprivacy xrights xare xgoverned xby xall xof xthe xfollowing xexcept: x-
xcorrect x
x
answers.Local
xLegislation
x
Under xthe xFLSA, xwhat xbasis xis xused xto xdetermine xwhether xa xnon-exempt xemployee
xis xto x
x
be xpaid xovertime? x- xcorrect xanswers.Hours xworked xin xa xwork
xweek
x
Overtime xpayments xare xincluded xin xthe xcalculation xof xwhat xtax, xif xany? x-
xcorrect x
x
answers.They xare xincluded xin xall xtax
xcalculations
x
What xis xthe x2018 xwage xbase xfor xsocial xsecurity xtax? x- xcorrect xanswers.$128,400.00 x
x
If xan xemployee xdoes xnot xhave xfederal xtax xwithheld xand xhas xnot xclaimed xexempt,
xwhat x
must xthe xemployer xdo? x- xcorrect xanswers.Provide xthe xemployee xwith xthe xEITC
xnotice
x
A xcomputerized xpayroll xsystem xcan xhelp xa xpayroll xdept. xaccomplish xall xof xthe
xfollowing x
x
tasks xexcept: x- xcorrect xanswers.Recognize xchanges xin xlaws xand
xregulations
x
An xemployee's xprofit xsharing xbonus xis xpayable xin xthe xyear xfollowing xhis xdeath.
xHow x
should xthe xbonus xbe xtaxed xand xreported? x- xcorrect xanswers.Withhold xno xtaxes
xand x
x
report xthe xbonus xon xfor x1099-
misc.
x
