FPC Exam Questions With Correct Answers
Social Security Limit 2024 - answer168600
Earnings over 1,000,000 are taxed at - answer37%
Parking and Transportation benefit limit for 2024 - answer315 per month per benefit
Medicare EE Contribution Rate for earnings over 200,000 - answer2.35%. (this is ...
55% if supporting current spouse/child and IN arrears
60% when not supporting additional family and NOT in arrears
65% when not supporting additional family and IN arrears
Creditor garnishments - answer✔Max of 25% Disposable income OR Disposable income-30
hours x minimum wage per week.
Student Loans - answer✔Paused due to COVID and I believe those restrictions still exist. If in
effect: 15% of disposable income
Fed Agency - answer✔15%
A federal garnishment can be enacted without a court order, all others require a court order
Bankruptcy Orders - answer✔Supercedes all orders EXCEPT for pre-existing child-support
Gross Up calculation - answer✔Desired Net/100%-% of taxes withheld
Example:
Net 500
Supplemental Rate 22%
SS/Med 7.65%
500/70.35 (100-22-7.65)
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