FPC EXAM FUNDAMENTAL PAYROLL / NEWEST
ACTUAL EXAM COMPLETE 140+ QUESTIONS AND
CORRECT DETAILED ANSWERS
Terms in this set (143)
668-W Notice of Levy on Wages, Salary, and Other Income
1096 Annual Summary and Transmittal of U.S. Information
Returns
Under the FLSA how old 14
must a minor be to be
employed?
What is the FUTA tax rate? 6.0%
On form 941, the employer Social Security Wages
reports
What is the formula for Gross pay-deductions for taxes- other deductions
calculating an employees
net pay?
Which plan discriminates in Nonqualified deferred compensation plans
favor of highly compensated
employees?
What is the federal $7.25
minimum wage per hour
on January 1, 2018?
State Laws
What law determines time
limits with which employees
must be paid after wages
are earned?
,Cafeteria plans are 125
authorized by what
internal revenue code
section?
The direct deposit data Interface
sent to the bank after
payroll processing is an
example of
What taxes, if any, must be No taxes are withheld
withheld from payments to
an independent contractor
who provided a tin?
An external audit: Allows an objective assessment of the financial statements.
Employees' privacy rights are Local Legislation
governed by all of the
following except:
Under the FLSA, what basis Hours worked in a work week
is used to determine
whether a non-exempt
employee is to be paid
overtime?
Overtime payments are They are included in all tax calculations
included in the calculation of
what tax, if any?
$128,400.00
What is the 2018 wage
base for social security
tax?
, If an employee does not Provide the employee with the EITC notice
have federal tax withheld
and has not claimed
exempt, what must the
employer do?
A computerized payroll Recognize changes in laws and regulations
system can help a payroll
dept. accomplish all of the
following tasks except:
An employee's profit sharing Withhold no taxes and report the bonus on for 1099misc.
bonus is payable in the year
following his death. How
should the bonus be taxed
and reported?
In what ways can a By reducing human error
computerized system
increase the accuracy of
employees paychecks?
What federal taxes must Federal income, social security and medicare tax
an employer withhold
from an employees
reported tips?
The main purpose of batch Validate data entry accuracy
controls is to
Which of the following types Backpay awards
of compensation is taxable?
Net set
What is used when
calculating an employee's
gross up?
ACTUAL EXAM COMPLETE 140+ QUESTIONS AND
CORRECT DETAILED ANSWERS
Terms in this set (143)
668-W Notice of Levy on Wages, Salary, and Other Income
1096 Annual Summary and Transmittal of U.S. Information
Returns
Under the FLSA how old 14
must a minor be to be
employed?
What is the FUTA tax rate? 6.0%
On form 941, the employer Social Security Wages
reports
What is the formula for Gross pay-deductions for taxes- other deductions
calculating an employees
net pay?
Which plan discriminates in Nonqualified deferred compensation plans
favor of highly compensated
employees?
What is the federal $7.25
minimum wage per hour
on January 1, 2018?
State Laws
What law determines time
limits with which employees
must be paid after wages
are earned?
,Cafeteria plans are 125
authorized by what
internal revenue code
section?
The direct deposit data Interface
sent to the bank after
payroll processing is an
example of
What taxes, if any, must be No taxes are withheld
withheld from payments to
an independent contractor
who provided a tin?
An external audit: Allows an objective assessment of the financial statements.
Employees' privacy rights are Local Legislation
governed by all of the
following except:
Under the FLSA, what basis Hours worked in a work week
is used to determine
whether a non-exempt
employee is to be paid
overtime?
Overtime payments are They are included in all tax calculations
included in the calculation of
what tax, if any?
$128,400.00
What is the 2018 wage
base for social security
tax?
, If an employee does not Provide the employee with the EITC notice
have federal tax withheld
and has not claimed
exempt, what must the
employer do?
A computerized payroll Recognize changes in laws and regulations
system can help a payroll
dept. accomplish all of the
following tasks except:
An employee's profit sharing Withhold no taxes and report the bonus on for 1099misc.
bonus is payable in the year
following his death. How
should the bonus be taxed
and reported?
In what ways can a By reducing human error
computerized system
increase the accuracy of
employees paychecks?
What federal taxes must Federal income, social security and medicare tax
an employer withhold
from an employees
reported tips?
The main purpose of batch Validate data entry accuracy
controls is to
Which of the following types Backpay awards
of compensation is taxable?
Net set
What is used when
calculating an employee's
gross up?
