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FPC Exam Questions With Correct Answers
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©SIRJOEL EXAM SOLUTIONS 12/3/2024 11:27AM FPC Exam Questions With Correct Answers Payroll - answerThe process used to pay employees accurately and on time Employee Federal Withholding Taxes - answerFederal income tax, social security tax, medicare Independent Contractor - answerany person wh...

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  • October 18, 2024
  • 60
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • fpc exam questions with correct answers

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  • FPC
  • FPC

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©SIRJOEL EXAM SOLUTIONS
12/3/2024 11:27AM



FPC Exam Questions With Correct Answers


Payroll - answer✔The process used to pay employees accurately and on time


Employee Federal Withholding Taxes - answer✔Federal income tax, social security tax,

medicare


Independent Contractor - answer✔any person who agrees to perform a service for a fee and who

is not subject to the control of those for whom the service is performed


Independent Contractors - answer✔hired on temporary contracts and are not part of the

organization's permanent workforce


Common Law Test - answer✔A test to determine employment status that focuses on the hiring

principal's right to control the manner and means by which the worker pursues the work result to

be accomplished


Common Law Test - Employee - answer✔- Required to comply with employer instructions

about when, where, and how to work

- Works exclusively for the employer

- Hired by the employer

, ©SIRJOEL EXAM SOLUTIONS
12/3/2024 11:27AM


- Subject to dismissal and can quit without liability

- Has a continuing relationship with the employer

- Assigned work must be completed by the employee

- Performs services under the company's name

- Paid a salary, reimbursed expenses, participated in company's fringe benefits

- Given tools, equipment, training, and materials to perform job

-If an outside sales person - the company provides leads, sets terms, assigns territory, and

controls the sales process


Common Law Test - Independent Contractor - answer✔- Sets own hours and determines their

own work sequence

- Can work for multiple employers and their services are available to the public

- Is self-employed

- Governs how the contract relationship can be severed

- Works by the job

- Permitted to employ assistants

- Performs services under their own name

- Payment by the job

, ©SIRJOEL EXAM SOLUTIONS
12/3/2024 11:27AM


- Provides their own tools, equipment, and training

- Controls their own sales process and terms


Reasonable Basis Test - answer✔The exception to the Common Law Test




Employers can classify a worker as an independent contractor if the worker meets the following

requirement:

- if the employer files a 1099 on behalf of the worker

- there is a longstanding and recognized practice in a significant segment of the employer's

industry of treating similar workers as independent contractors

- Judicial precedent of treating workers in similar circumstances as independent contractors

- IRS has ruled in a "published ruling" that the workers are independent contractors

- Received a private ruling from the IRS (a letter) stating that the workers are independent

contractors

- Have had a past IRS employment audit that did not disallow the workers treatment as an

independent contractor

- Have received guidance from an attorney or CPA that the worker should be classified as an

independent contractor

, ©SIRJOEL EXAM SOLUTIONS
12/3/2024 11:27AM


Immigration Reform and Control Act of 1986 - answer✔Federal law requiring employers to

verify and maintain records on applicants' legal rights to work in the United States




FINES:

$559-$4,473 first offense for each illegal worker hired

$4,473-$11,181 for second offense

$6,709-$22,363 for more an two offenses


Verification for eligibility to work - answer✔- Burden falls on the employer


- Form I-9 needs to be filled out within 3 days of the employees first day of work

- Must verify the employees eligibility to work through the DHS E-Verify system


Social Security Verification - answer✔- IRS regulations require that employees provide

employers with their social security card when requested

- SSA (social security administration) encourages:

- employers verify employees name and SSN on the W4 form as a part of the hiring process


Form SS-5 - answer✔Application for a SS Card


New Hire Reporting - answer✔- Can be done using form W4

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