FPC EXAM FUNDAMENTAL PAYROLL | COMPLETE SOLUTION | GRADED A+
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FPC.
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FPC.
FPC EXAM FUNDAMENTAL PAYROLL | COMPLETE SOLUTION | GRADED A+
668-W - Notice of Levy on Wages, Salary, and Other Income
1096 - Annual Summary and Transmittal of U.S. Information Returns
Under the FLSA how old must a minor be to be employed? - 14
What is the FUTA tax ra...
FPC EXAM FUNDAMENTAL PAYROLL |
COMPLETE SOLUTION | GRADED A+
668-W - Notice of Levy on Wages, Salary, and Other Income
1096 - Annual Summary and Transmittal of U.S. Information Returns
Under the FLSA how old must a minor be to be employed? - 14
What is the FUTA tax rate? - 6.0%
On form 941, the employer reports - Social Security Wages
What is the formula for calculating an employees net pay? - Gross pay-deductions for
taxes- other deductions
Which plan discriminates in favor of highly compensated employees? - Nonqualified
deferred compensation plans
What is the federal minimum wage per hour on January 1, 2018? - $7.25
What law determines time limits with which employees must be paid after wages are
earned? - State Laws
Cafeteria plans are authorized by what internal revenue code section? - 125
The direct deposit data sent to the bank after payroll processing is an example of -
Interface
What taxes, if any, must be withheld from payments to an independent contractor who
provided a tin? - No taxes are withheld
An external audit: - Allows an objective assessment of the financial statements.
Employees' privacy rights are governed by all of the following except: - Local
Legislation
, Under the FLSA, what basis is used to determine whether a non-exempt employee is to
be paid overtime? - Hours worked in a work week
Overtime payments are included in the calculation of what tax, if any? - They are
included in all tax calculations
What is the 2018 wage base for social security tax? - $128,400.00
If an employee does not have federal tax withheld and has not claimed exempt, what
must the employer do? - Provide the employee with the EITC notice
A computerized payroll system can help a payroll dept. accomplish all of the following
tasks except: - 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? - Withhold no taxes and report the bonus on
for 1099-misc.
In what ways can a computerized system increase the accuracy of employees
paychecks? - By reducing human error
What federal taxes must an employer withhold from an employees reported tips? -
Federal income, social security and medicare tax
The main purpose of batch controls is to - Validate data entry accuracy
Which of the following types of compensation is taxable? - Backpay awards
What is used when calculating an employee's gross up? - Net set
Employees can provide their employer with their marital status and allowances for
income tax withholding purposes by: - Completing form W-4
Generally, what is the largest expense for most companies? - Salaries and benefits
What authority controls the frequency with which employees must be paid? - State
Laws
What is the general ledger? - A record of transactions by account
What, if any, is the 2018 wage base for Medicare tax? - There is no limit
An employer should remind employees to complete an amended W-4 if they have any
changes in status by - December 1 of each year
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