100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
FPC EXAM NEWEST 2024 ACTUAL EXAM TEST BANK COMPLETE QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) ALREADY GRADED A+ $13.79
Add to cart
Quickly navigate to
Preview
  2.  
  3. FPC
  4.  
  5. FPC

Exam (elaborations)

FPC EXAM NEWEST 2024 ACTUAL EXAM TEST BANK COMPLETE QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) ALREADY GRADED A+

 0 purchase
  • Course
  • FPC
  • Institution
  • FPC

FPC EXAM NEWEST 2024 ACTUAL EXAM TEST BANK COMPLETE QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) ALREADY GRADED A+ Stop payment procedures for checks - Answer-Wait no more than five business days Review cleared checks Notify the bank to place stop Have employee execute surety bond...

[Show more]

Preview 2 out of 9  pages

Document information

  • September 28, 2024
  • 9
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • fpc
  • fpc exam newest 2024 actual exam test bank
  • stop payment procedures for checks

Written for

  • FPC
  • FPC

Seller

avatar-seller
Perfectscorer

Reviews received

Content preview

FPC EXAM NEWEST 2024 ACTUAL EXAM
TEST BANK COMPLETE QUESTIONS AND
CORRECT DETAILED ANSWERS (VERIFIED
ANSWERS) ALREADY GRADED A+
Stop payment procedures for checks - Answer-Wait no more than five business days
Review cleared checks
Notify the bank to place stop
Have employee execute surety bond or affidavit protecting employer
Reissue check

FMLA - Answer-Allows eligible employees to take up to 12 weeks of unpaid job
protected leave in a 12 month period for specified family and medical reasons

Basic FMLA requirements - Answer-An employee must: work for a covered employer,
have worked for the employer 12 months, have worked at least 1,250 hours over the 12
months, and work at a location in the US or US possession where at least 50
employees are employed by the employer within 75 miles.

Supplemental wages - Answer-Reported tips, overtime pay, bonuses, back pay,
commissions are examples of

Tax deposit methods - Answer-Required to use the IRS' Electronic Federal Tax
Payment System (EFTPS); the only time an employer can pay taxes with a check is
when filing forms, 940, 941, 943, 944, or 945.

Child support withholding - Answer-50% of the employees disposable earnings if the
employee is supporting another spouse and or children; or 60% if the employee is not
supporting another spouse and or children; these amounts increase to 55% and 65% if
the employee is at least 12 weeks in arrears

1099 MISC - Answer-Required to be filled by any individual or entity that he's at least
$10 in royalties or at least $600 in aggregate for various items such as rents, services
and awards. Copies B and 2 must be sent to the non-employee who received the
payments by January 31 of the year after the year during which the payments were
made.

Look back period - Answer-12 month period from July 1 of the second previous year
through June 30th of the previous year.

668W - Answer-Notice of Levy on Wages, Salary, or Other Income; give to employer to
begin a federal tax levy garnishment

, 668D - Answer-Release of Levy; contains total amount due, after paid Levy is released

New hire reporting - Answer-Employees name, address, SSN; Employers name,
address, and EIN; First day of work

SSNVS - Answer-Online social security number verification service

Monthly depositor - Answer-Look back liability is no greater than $50,000; Required to
deposit no later than the 15th day of the following month

Semiweekly Depositor - Answer-Look back liability greater than $50,000; wages paid on
Wednesday, Thursday, and Friday must deposit by the following Wednesday. Wages
paid Saturday, Sunday, Monday, and Tuesday must deposit by the following Friday.

Wage Assignments - Answer-Responsibility of the payroll department of an employer to
send a portion of an employees payroll to a third party on the employees behalf. This
can be voluntary or involuntary.

Consumer Credit Protection Act - Answer-Places restrictions on creditor garnishments;
lesser of 25% of disposable earnings for THE WEEK or Min wage x 30 (divide by weeks
if necessary) -disposable earnings

Bankruptcy regulations - Answer-Require all prior withholding orders to stop with the
exception of child support orders.

$30 - Answer-Minimum dollar amount that can be received during a month for an
employee to receive tipped hourly wage

4 years - Answer-IRS/SSA/FUTA retention rate

3 years - Answer-FLSA/IRCA/ USCIS (I-9) Record retention

3 years - Answer-FMLA record retention

2 years - Answer-FLSA record retention

$50 - Answer-Fee per return if incorrectly filed and corrected by March 2

$260 - Answer-Fee per return if incorrectly files and corrected after August 1

$100 - Answer-Fee per return if incorrectly filed and corrected between March 3 to
August 1

Understatement of taxes - Answer-Penalty is 20% of the underpayment; 75% of the
underpayment if due to fraud

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

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

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

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 Perfectscorer. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $13.79. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

69052 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 15 years now

Start selling
$13.79
  • (0)
Add to cart
Added