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FPC Exam Questions and Answers (Latest Update 2024)
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FPC Exam Questions and Answers (Latest Update 2024)
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FPC Exam Questions and Answers(Latest Update 2024)
SS8 - Correct Answer ✅ Determination of worker status for
purposes of federal employment taxes and income tax
withholding; requests clarification on worker status
Acceptable work time rounding practices - Correct Answer
✅ Can round to the nearest quarter hour or 15 minutes; 1 to
7 minutes can be rounded down, 8 to 14 minutes must be
rounded up
Exempt employee classification - Correct Answer ✅ Not
entitled to the benefits and protections of the FLSA. May not
have to be paid minimum-wage
White collar exemption classifications - Correct Answer ✅
Executive, administrative, and professional
14 and 15-year-olds child labor restrictions - Correct Answer
✅ Nonschool days less than eight hours; during the school
week no more than 18 hours; no more than 40 hours when
school is out
,FPC Exam Questions and Answers
(Latest Update 2024)
FUTA Rate - Correct Answer ✅ Rate is set at 6% of the first
7000$ and employer in a year
FUTA Credit - Correct Answer ✅ The credit claimed cannot
exceed 5.4% whenever the maximum credit is applied
against the federal rate, the effective rate will fall to 0.6%
2023 social security wage base - Correct Answer ✅
$160,200
Medicare tax withholding rate - Correct Answer ✅ 1.45%
over $200,000 add extra 0.9%
Back up withholding - Correct Answer ✅ Withholding on
taxes on certain type of income if the employee does not
provide his or her Social Security number rate of 28%
Form 940 - Correct Answer ✅ Employers annual federal
unemployment tax return; to report the annual federal
unemployment tax liabilities for employers subject to FUTA
, FPC Exam Questions and Answers
(Latest Update 2024)
Form 941 - Correct Answer ✅ Employers quarterly federal
tax return; it's to report by employers to the IRS the total
amount of wages paid, income taxes withheld, and Social
Security and Medicare taxes due (both portions).
Form 941 - Correct Answer ✅ Due date is the end of the
month which follows the end of each quarter. However, if all
amounts due are timely deposited in the quarter, an
automatic extension of 10 days is added.
Schedule B - Correct Answer ✅ Of form 941 is intended to
reconcile the tax liability amount for so called semi weekly
depositors.
Form 943 - Correct Answer ✅ Employers annual federal tax
return for agricultural employees
Form 944 - Correct Answer ✅ Employers annual federal tax
return those with A combined annual liability for income,
Social Security and Medicare taxes of no more than $1000;
IRS does not notify eligible employers
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