FPC Exam Fundamental Payroll Questions & Answers
668-W
Notice of Levy on Wages, Salary, and Other Income
1096
Annual Summary and Transmittal of U.S. Information Returns
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FPC Exam Fundamental Payroll
Questions & 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 calculating an employees net pay? - answer Gross pay-
deductions for taxes- other deductions
Which plan discriminates in favor of highly compensated employees? - answer
Nonqualified deferred compensation plans
What is the federal minimum wage per hour on January 1, 2018? - answer $7.25
What law determines time limits with which employees must be paid after wages are
earned? - answer State Laws
Cafeteria plans are authorized by what internal revenue code section? - answer 125
The direct deposit data sent to the bank after payroll processing is an example of -
answer Interface
What taxes, if any, must be withheld from payments to an independent contractor who
provided a tin? - answer No taxes are withheld
An external audit: - answer Allows an objective assessment of the financial
statements.
Employees' privacy rights are governed by all of the following except: - answer Local
Legislation
Under the FLSA, what basis is used to determine whether a non-exempt employee is to
be paid overtime? - answer Hours worked in a work week
Overtime payments are included in the calculation of what tax, if any? - answer They
are included in 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
What federal taxes must an employer withhold from an employees reported tips? -
answer Federal income, social security and medicare tax
The main purpose of batch controls is to - answer Validate data entry accuracy
Which of the following types of compensation is taxable? - answer Backpay awards
What is used when calculating an employee's gross up? - answer Net set
Employees can provide their employer with their marital status and allowances for
income tax withholding purposes by: - answer Completing form W-4
Generally, what is the largest expense for most companies? - answer Salaries and
benefits
What authority controls the frequency with which employees must be paid? - answer
State Laws
What is the general ledger? - answer A record of transactions by account
What, if any, is the 2018 wage base for Medicare tax? - answer There is no limit
An employer should remind employees to complete an amended W-4 if they have any
changes in status by - answer December 1 of each year
If an employee provides an invalid W-4, the employer must: - answer Refuse to
accept the form
Under the FLSA, an employees workday is defined as the: - answer time the
employee is performing principle activities
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