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FPC - Study Guide – CB| 200+ Questions | With Complete Solutions
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FPC - Study Guide – CB| 200+ Questions | With Complete Solutions
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FPC - Study Guide – CB1. Overview of the Payroll Certification Process
Importance of the FPC certification
Exam format, duration, and scoring
Tips for preparing and passing the FPC exam
2. Core Payroll Concepts
Definitions: Payroll, compensation, and other key terms
Employee classification (exempt vs. non-exempt)
Employee vs. independent contractor distinctions
3. Compliance with Federal Laws and Regulations
Fair Labor Standards Act (FLSA) basics
Federal Insurance Contributions Act (FICA) and Medicare tax regulations
,The Affordable Care Act (ACA) and payroll compliance
Worker’s compensation and unemployment insurance
Family and Medical Leave Act (FMLA) payroll requirements
Equal Pay Act, Davis-Bacon Act, and other federal regulations
4. Payroll Calculations
Gross-to-net calculations
Tax withholding: Federal income tax, state income tax, and local taxes
Overtime calculations and special pay situations
Taxable vs. non-taxable wages
Benefits deductions (healthcare, retirement, etc.)
Wage garnishments, levies, and child support deductions
5. Payroll Systems and Technology
Types of payroll systems (manual, outsourced, in-house software)
Understanding payroll software functionality
Data security and confidentiality in payroll
6. Payroll Accounting
Basics of payroll accounting and journal entries
Employer payroll taxes and expense tracking
Reconciliation of payroll accounts
Financial statements related to payroll (P&L, Balance Sheet)
7. Federal Forms and Reporting
W-2 and W-4 forms
Form 941: Employer’s Quarterly Federal Tax Return
Form 944: Employer’s Annual Federal Tax Return
Form 940: Employer’s Annual Federal Unemployment (FUTA) Tax Return
Other IRS and Department of Labor forms
8. Record Keeping and Retention
Guidelines for payroll record retention (IRS, DOL, etc.)
Timekeeping systems and regulations
Best practices for maintaining accurate payroll records
9. Tax Deposits and Compliance
Tax deposit schedule (monthly, semi-weekly, etc.)
, Electronic Federal Tax Payment System (EFTPS)
Penalties for late deposits and non-compliance
10. International Payroll
Overview of expatriate payroll
Foreign tax compliance and considerations
Managing payroll for non-US employees
11. Best Practices in Payroll Management
Payroll audit and internal controls
Common payroll errors and how to avoid them
Importance of accurate payroll policies and procedures
12. Ethics in Payroll
Code of conduct and ethical behavior in payroll
Confidentiality of employee information
Dealing with payroll fraud and theftOperational Risk Management
- a decision making process that helps to assess hazard within the work center.
-3500.39C
- 5 steps
*identify hazards
*assess the situation
*make risk decisions
*implement controls
*supervise
4 principles (ORM)
1. anticipate and manage risk by planning.
2. accept no unnessesarry risk.
3. accept risk only when benefits outweigh the costs.
4. make risk decisions at the appropriate level.
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