FPC Exam Study Questions and Answers Top Graded 2024
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Course
FPC ,
Institution
FPC ,
Social Security Limit 2024 - ANSWER-168600
Earnings over 1,000,000 are taxed at - ANSWER-37%
Parking and Transportation benefit limit for 2024 - ANSWER-315 per month per benefit
Medicare EE Contribution Rate for earnings over 200,000 - ANSWER-2.35%. (this is only for the employee), the emp...
FSA 2024 Limits - ANSWER-Dependent Care 3200 (can only be reimbursed for
contributions to date)
Healhcare 4150 Can be reimbursed for entire election and use it or lose it. Example: if
employee elected to defer 2000 to HC FSA, they can request reimbursement for full
2000 at beginning of the year. If they leave, they are not required to pay back any
unfunded reimbursements.
Mileage rate for Personal use of Company Car - ANSWER-.67 per mile as taxable
wages
If car exceeds 62,000 in value it is considered a Luxury vehicle, so you have to
calculate taxes using table.
Supplemental Federal Tax Rate - ANSWER-22%
Special Valuation Carpool - ANSWER-$3 per day is taxable for a company provided
carpool
1.50 each way
FUTA Limit - ANSWER-7,000
calculated at 6%
IRS Penalties (2023) - ANSWER-W-2s
$60 per return between 2/1-3/2
$120 per return between 3/3-8/1
, $310 per return after 8/1
Child Support Guidelines - ANSWER-50% of disposable income IF supporting a current
spouse/child and NOT in arrears
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)
Test your result
Length of Service Award - ANSWER-Under IRS rules, a length of service award can
exclude up to $400 for an award that is tangible personal property provided in a
nonqualified plan. If the value of the award is greater than $400, the amount in excess
of $400 is taxable.
Back-Up Withholding - ANSWER-Requirement of payer by the IRS to withhold a portion
of certain payments and remit same to the IRS
If an Independent Contractor has not provided a TIN, the rate is 24%
Backup withholding is reported on the Form 945
Form SS8 - ANSWER-Form SS8 is submitted to the IRS to ask for a determination if a
worker is an independent contractor or an employee
Reasonable Basis Test - ANSWER-A test applied to determine if a worker is an IC or
Employee:
Court Decisions, prior IRS Rulings
Guidance from Attorney/CPA
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