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FPC Payroll Benefit Basics 4.1 - 4.3 Questions & Answers $12.49
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FPC Payroll Benefit Basics 4.1 - 4.3 Questions & Answers
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FPC Payroll Benefit Basics 4.1 - 4.3 Questions & Answers Fringe Benefits are Included in an employee's taxable compensation Fringe benefits withhold Federal income tax Social Security tax Medicare tax Previous Play Next Rewind 10 seconds Move forward 10 seconds Unmute 0:0...

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  • October 20, 2024
  • 10
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • fpc payroll benefit basics 41 43 questions a
  • fringe benefits are included in an employees taxa
  • fringe benefits withhold federal income tax social

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

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FPC Payroll Benefit Basics 4.1 - 4.3
Questions & Answers
Fringe Benefits are - answer Included in an employee's taxable compensation

Fringe benefits withhold - answer Federal income tax
Social Security tax
Medicare tax

Taxable Compensation (federal) - answer back pay
bonuses
commissions
company vehicle (personal use)
dismissal, severance pay and final vacation pay
employer paid transit passes and transportation in a commuter highway vehicle in
excess of $255/month
employer paid parking greater than $255/month
fringe benefits (unless specifically excluded)
gifts, gift certificates, prizes and awards
group legal services
group-term life insurance over $50,000
nonaccountable reimbursed business expenses
noncash fringes, unless excluded by IRS Code
nonqualified moving expenses
overtime pay
regular wages
sick pay and disability benefits (portion attributable to employer contributions
tips

Nontaxable Compensation (federal) - answer dependent child care assistance (up to
$5,000) under a Section 129 plan
company vehicle (business use only)
de minimis fringes
disability benefits (employee contributions)
educational assistance for job-related courses (no limit)
group-term life insurance premiums ($50,000 or less of coverage)
medical/dental/health plans (employer contributions)
no-additional cost fringes
qualified employee discounts on employer goods/services
qualified moving expenses
qualified transportation fringes
reimbursed business expenses (if accounted for in a timely manner)
working condition fringes which would be deductible if paid by the employee

, non-job related education assistance up to $5,250 under a qualified plan
long term care insurance
health savings accounts

Gross Income - answer includes everything received from the employer in payment
for services for the employer

All forms of compensation are - answer included in gross income, including fringe
benefits

IRS defines wages subject to taxation as - answer all compensation an employee
receives for services performed by that employee for the employer. This included both
payments made in cash and payments in any other form, such as salaries, vacation,
bonuses, commissions and fringe benefits. Compensation paid by noncash methods is
used at the fair market value to the employee

Neither the IRC or IRS regulations have specifically defined fringe benefits because -
answer employers may be able to identify a new fringe benefit that would not meet
the definition.

IRS has stated that any - answer accession to wealth provided by the employer to
the employee for services performed is considered wages and subject to taxation

Fair market value of a fringe benefit is - answer the amount the employee would
have paid a third party to buy or lease the fringe benefit

Fair market value of any non-cash item received as compensation for services
performed less any employee after-tax contribution - answer must be included in the
employee's income unless specifically excluded by law

Generally, the fair market value of a fringe benefit is - answer determined on the
basis of facts and circumstances.

Two statements to keep in mind when determining the value of a benefit: - answer
The employee's perceived value of the benefit is not relevant.
The amount the employer paid for the benefit is not a determining factor.

Imputed Income represents - answer the value of the taxable benefits employees
receive from the employer and must be included in the employee's income. In most
cases, employee's do not receive cash as a benefit.

Employers are required to impute income - answer to employees for each taxable
non-cash benefit received by the employee.

Imputing income reduces employees' - answer net pay by increasing taxes.

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