Exam (elaborations)
FPC Exam Fundamental Payroll Questions And Correct Answers
- Course
- Institution
FPC Exam Fundamental Payroll Questions And Correct Answers...
[Show more]
Content preview
FPC Exam Fundamental Payroll Questions AndCorrect Answers
668-W - ANSWER Notice of Levy on Wages, Salary, and Other Income
1096 - ANSWER Annual Summary and Transmittal of U.S. Information Returns
Under the FLSA how old must a minor be to be employed? - ANSWER 14
What is the FUTA tax rate? - ANSWER 6.0%
On form 941, the employer reports - ANSWER Social Security Wages
What is the formula for finding an employee's net pay? - ANSWER Gross pay-deductions
for taxes- other deductions
What kind of plan discriminates in favor of the highly compensated employees? -
ANSWER Nonqualified deferred compensation plans
What is the Federal minimum wage per hour on January 1, 2018? - ANSWER $7.25
What kind of laws set time limits with which employees must be paid after wages are
earned? - ANSWER State Laws
Under which internal revenue code section are cafeteria plans authorized? - ANSWER
125
, The data sent directly to the bank due to payroll processing is - ANSWER Interface
From what taxes, if any must be withheld from a payment to an independent contractor
who has provided a tin? - ANSWER No taxes are withheld
The external audit: - ANSWER Provides for an independent view of the financial
statements.
Which of the following does NOT apply to employees' rights to privacy? - ANSWER Local
Legislation
The FLSA uses what as a basis for determining whether a non-exempt employee is
entitled to overtime pay? - ANSWER Hours worked in a work week
Overtime payments are part of which of the following taxes, if any? - ANSWER They are
part of all tax calculations
What is the 2018 wage base for social security tax? - ANSWER $128,400.00
If an employee does not have federal tax withheld and has not claimed exempt, what
must the employer do? - ANSWER Provide the employee with the EITC notice
A computerized payroll system can help a payroll dept. accomplish all of the following
tasks except: - ANSWER Recognize changes in laws and regulations
An employee's profit sharing bonus is payable in the year following his death. How
should the bonus be taxed and reported? - ANSWER Withhold no taxes and report the
bonus on for 1099-misc.
In what ways can a computerized system increase the accuracy of employees
paychecks? - ANSWER By reducing human error
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Easton. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
79373 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now