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FPC Quiz 2 Questions & Answers
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FPC Quiz 2 Questions & Answers When an employee has a single charitable contribution deducted from their pay, in order to take the deduction on their personal income tax return, they must have documentation from the employer and the charitable organization if the contribution is greater than: a...

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  • October 18, 2024
  • 6
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • fpc quiz 2 questions answers
  • when an employee has a single charitable contribut
  • an employees taxable compensation for the pay per

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  • FPC - Fundamental Payroll Certification
  • FPC - Fundamental Payroll Certification

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FPC Quiz 2 Questions & Answers
When an employee has a single charitable contribution deducted from their pay, in
order to take the deduction on their personal income tax return, they must have
documentation from the employer and the charitable organization if the contribution is
greater than:

a) $50
b) $100
c) $250
d) any dollar amt - answer c) $250

i put B

The Internal Revenue Code requires taxpayers who make charitable contributions of
$250 or more through a payroll deduction obtain written acknowledgement of the gift
before they file a personal income tax return for the year of the contribution. The written
acknowledgement consists of a pledge card or other document prepared by the
charitable organization and the employee's pay statement, Form W-2, or other
document provided which shows the amount contributed.

An employee's taxable compensation for the pay period is $2,750.00. The employee's
YTD Medicare wages are $53,000.00. Calculate the Medicare tax withholding. - answer
39.88

it's more straightforward than you think.

Remember:

1.45% x all wages + 0.9% of all wages above 200,000

EZ

Calculate the federal income tax withholding on an employee's supplemental wage
payment of $200,000.00. The employee has received $1,100,000.00 in supplemental
wages during the year. - answer 200,000 x 37% = $74,000

i answered 44,000 bc
200,000 x 22%

Under IRS rules, when an employee's year-to-date supplemental wages are in excess
of $1,000,000.00, the Mandatory Flat Rate Method must be used for calculating FITW.

, IRS regulations define all of the following payments as supplemental payments
EXCEPT:

severance.
tips.
hourly pay.
overtime pay. - answer hourly pay.

i put A

The IRS defines supplemental wages as amounts paid for a pay period at an hourly,
daily, or other periodic rate or predetermined fixed amount that are not regular wages.

How does imputed income impact an employee's net pay?

a) It decreases the net pay by the additional taxes.
b) It increases the pay by the taxes paid by the employer.
c) It increases the pay by the imputed income.
d) It decreases the taxes by the imputed income.
Submit - answer a) It decreases the net pay by the additional taxes.

Imputing income reduces employees' net pay by increasing taxes. The employee does
not receive additional pay in the form of cash.

An employee has year-to-date wages of $152,400.00 and year-to-date supplemental
wages of $25,000.00 with no state or local withholding taxes. What percentage is used
to calculate the net amount of a grossed up bonus? - answer 76.55%

i answered 22%

When an employee receives a net amount, the calculation of taxable wages requires
using the gross-up formula. When grossing-up an employee's net wages, divide the net
by 100% less all of the employee's tax rate percentages.

Which of the following amounts is used when calculating an employee's gross-up?

Disposable income
Gross income
Desired net pay
Taxable income - answer Desired net pay

When an employer agrees to pay the taxes on an employee's payment, the calculation
of taxable wages requires using the gross-up formula. When grossing-up an employee's
net wages, divide the net by 100% less all of the employee's tax percentage rates.

A charitable contribution is substantiated with which two documents?

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