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FPC Exam Fundamental Payroll Questions And Correct Answers
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FPC Exam Fundamental Payroll Questions AndCorrect Answers
668-W - ANSWER Notice of Levy on Wages, Salary, and Other Income
1096 - ANSWER Annual Summary and Transmittal of U.S. Information Returns
Under the FLSA how old must a minor be to be employed? - ANSWER 14
What is the FUTA tax rate? - ANSWER 6.0%
On form 941, the employer reports - ANSWER Social Security Wages
What is the formula for finding an employee's net pay? - ANSWER Gross pay-deductions
for taxes- other deductions
What kind of plan discriminates in favor of the highly compensated employees? -
ANSWER Nonqualified deferred compensation plans
What is the Federal minimum wage per hour on January 1, 2018? - ANSWER $7.25
What kind of laws set time limits with which employees must be paid after wages are
earned? - ANSWER State Laws
Under which internal revenue code section are cafeteria plans authorized? - ANSWER
125
, The data sent directly to the bank due to payroll processing is - ANSWER Interface
From what taxes, if any must be withheld from a payment to an independent contractor
who has provided a tin? - ANSWER No taxes are withheld
The external audit: - ANSWER Provides for an independent view of the financial
statements.
Which of the following does NOT apply to employees' rights to privacy? - ANSWER Local
Legislation
The FLSA uses what as a basis for determining whether a non-exempt employee is
entitled to overtime pay? - ANSWER Hours worked in a work week
Overtime payments are part of which of the following taxes, if any? - ANSWER They are
part of all tax calculations
What is the 2018 wage base for social security tax? - ANSWER $128,400.00
If an employee does not have federal tax withheld and has not claimed exempt, what
must the employer do? - ANSWER Provide the employee with the EITC notice
A computerized payroll system can help a payroll dept. accomplish all of the following
tasks except: - ANSWER 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? - ANSWER Withhold no taxes and report the
bonus on for 1099-misc.
In what ways can a computerized system increase the accuracy of employees
paychecks? - ANSWER By reducing human error
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