Exam (elaborations)
FPC - Chapter 1 (1
Exam of 4 pages for the course Imse 250 at Imse 250 (FPC - Chapter 1 (1)
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FPC - Chapter 1What taxes, if any, must be withheld from an employee's pay? - ANS-Federal income, social
security and Medicare
What taxes, if any, must be withheld from an independent contractor's pay who provides a TIN?
- ANS-No taxes are withheld
Who has the responsibility to determine if the worker is an employee or independent contractor?
- ANS-Employer
Prior to beginning work for a company, a chemical engineer signed a contract stating she
agreed to work as an independent contractor. She performs all her duties in the company
laboratories, where she has full access to the company's testing equipment. She works under
the company's direction and maintains regular office hours. What is her status? -
ANS-Employee
A retired safety inspector for the company was rehired as a consultant when the company
expanded its plant operations. The retired employee was a natural choice. The tasks he
undertook as a consultant were the same as the ones he performed before retirement. Paid
monthly, he has agreed to work under the direction of his old boss until the new plant facilities
are fully operational. What is his status? - ANS-Employee
A receptionist has agreed to work afternoons at the company until the company can find a
full-time replacement. What is the receptionist's status? - ANS-Employee
What are exempt employees exempt from? - ANS-minimum wage and overtime
All of the following types of employees are classified as exempt from FLSA's minimum wage
and overtime requirements except: Professional, Outside salesperson, Administrative,
Computer repairman. - ANS-Computer repairman
A waitress is paid $2.25 per hour, and she receives $225.00 in tips during the week. She works
40 hours per week. Which of the following is true? - ANS-Her employer is allowed to reduce her
cash wage to no less than $2.13 per hour.
If a state sets the minimum wage at a rate greater than the federal minimum wage the state
minimum wage must be paid to workers in that state. True or False - ANS-True
A nonexempt employee works in a state with a minimum wage of $7.35 per hour, while living in
a state with a minimum wage of $8.05. What is the minimum rate he must be paid? - ANS-$7.35
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