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FPC Exam Study Guide UPDATED ACTUAL Exam Questions and CORRECT Answers

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Institution FPC - Fundamental Payroll Certification
Course FPC - Fundamental Payroll Certification
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FPC Exam Study Guide UPDATED ACTUAL Exam Questions and CORRECT Answers Adoption Assistance - CORRECT ANSWER - $15,950 annual limit ALE - Applicable Large Employer - CORRECT ANSWER equivalent (30 hrs) Computer Professional Wage - CORRECT ANSWER exempt from overtime Davis - Bacon Act - CORRECT ANSWER - 50 or more full time - make at least $27.63 per hour to be - $2,000 (Hint "Wow, bacon $2 per pound)

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FPC Exam Study Guide UPDATED
ACTUAL Exam Questions and CORRECT
Answers
Adoption Assistance - CORRECT ANSWER - $15,950 annual limit



ALE - Applicable Large Employer - CORRECT ANSWER - 50 or more full time
equivalent (30 hrs)


Computer Professional Wage - CORRECT ANSWER - make at least $27.63 per hour to be
exempt from overtime


Davis - Bacon Act - CORRECT ANSWER - $2,000 (Hint "Wow, bacon $2 per pound)



Dependent Care Contribution Limit - CORRECT ANSWER - $5,000 annual



Educational Assistance Limit - CORRECT ANSWER - $5,250 annual



Foreign Earned Income Exclusion - CORRECT ANSWER - $120,000 annual



FSA Contribution Limit - CORRECT ANSWER - $3,050 annual



Group Term Life Limit - CORRECT ANSWER - $50,000 annual



HSA Contribution Limit - CORRECT ANSWER - $3,850 (Individual) annual; $ 7,750
(Family) annual


Medicare Tax Rate - CORRECT ANSWER - 1.45% (0.9% > $200,000)

, Mileage Rate (cents per mile) - CORRECT ANSWER - $0.655 or 65.5 cents per mile



Minimum Wage (Federal) - CORRECT ANSWER - $7.25 per hour



Opportunity Wage (EE under 20, 1st 90 days) - CORRECT ANSWER - $4.25 per hour



Parking - CORRECT ANSWER - $300 per month



Social Security Tax Rate - CORRECT ANSWER - 6.2%



Social Security Wage Base - CORRECT ANSWER - $160,200 annual



Supplemental Tax Withholding Rate for Wages <$1million - CORRECT ANSWER - 22%



Supplemental Tax Withholding Rate for Wages >$1million - CORRECT ANSWER - 37%



Tip Wage / Tip Credit - CORRECT ANSWER - $2.13 / $5.12 per hour



Tip Allocation - CORRECT ANSWER - 8% of gross receipts



Transportation / Vanpool - CORRECT ANSWER - $300 per month



Walsh - Healey Act - CORRECT ANSWER - $15,000 contracts



1099-Misc Minimum Amount - CORRECT ANSWER - $600 annual income

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