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FPC Practice questions And Answers (latest Update 2024) 190 Questions
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FPC Practice questions And Answers (latest Update 2024) 190 Questions
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FPC Practice questions And Answers(latest Update 2024) 190 Questions
cafeteria plan are authorized by what Internal Revenue Code
Section?
A. 125
B. 401k
C. 403b
D. 457b - Correct Answer ✅ a. 125
all of the following are tax implications of a cafeteria plan
except:
a. no income tax withholding
b. no social security and medicare tax withholding
c. must withhold income, social security, and medicare taxes
d. no form W2 reporting - Correct Answer ✅ C. must
withhold income, social security, and medicare taxes
One of the options in an employee's cafeteria benefit plan is
a dependent care flexible spending account. He earmarked
$100 per month to the account to pay for child care but
spend only $1000 by the end of the plans grace period. at the
end of the grace period, what happens to the $200 left in the
account?
,FPC Practice questions And Answers
(latest Update 2024) 190 Questions
a. the amount is forfeited
b. it will be added to his taxable income
c. he can use it to "buy" ab additional benefit
d. it ill carry over to the next year - Correct Answer ✅ A.
the amount is forfeited
Prior to beginning work for a company, a chemical engineer
signed a contract stating that she agreed to work as an
independent contractor. she performs all her duties in the
companys laboratories, works under the companys direction,
and maintains regular office hours. what is her status?
a. independent contractor under common law
b. independent contractor under reasonable basis test
c. employee - Correct Answer ✅ C. employee
do not assume that the employer has fulfilled its
responsibilities and is free from penalty simply by having a
worker sign a contract stating he is a 1099. individuals do not
have a right to waive their ee status in a contract.
,FPC Practice questions And Answers
(latest Update 2024) 190 Questions
A retired safety inspector for the company was rehired as a
consultant when the company expanded its plant operations.
the retired employee was a natural choice. the tasks he
undertook as a consultant were the same as the ones he
performed before retirement. paid monthly, he has agreed to
work under the direction of his old boss until the new plant
facilitates are fully operational? What is his status?
a. independent contractor under common law
b. independent contractor under reasonable basis test
c. employee - Correct Answer ✅ C. employee
consultants are generally treated as independent contractors.
however, when an ex ee is performing the same or similar job
as before retirement, it is unlikely that he qualified as a 1099
after termination
a receptionist has agreed to work afternoons at the company
until the company can find a full time replacement. what is
the receptionists status?
a. independent contractor under common law
b. independent contractor under reasonable basis
, FPC Practice questions And Answers
(latest Update 2024) 190 Questions
c. employee - Correct Answer ✅ C. employee
whether or not an ee is full time or part time or works a few
weeks or a lifetime for the company is not relevant her. she is
an employee.
All of the following types of employees are classified as
exempt from the FLSAs min wage and OT requirements
except:
a. professional
b. outside salesperson
c. administrative
d. computer repairman - Correct Answer ✅ D. computer
repairman
a computer repairman does not perform the duties required
to qualify as an exempt computer professional
a waitress is paid $2.25 per hour and she receives $225 in
tips during the week. She works 4o hours per week. Which of
the following is true?
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