100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
FPC EXAM TEST BANK 200+ QUESTIONS WITH 100% CORRECT ANSWERS UPDATED CA$19.57   Add to cart
Quickly navigate to
Preview
  2.  
  3. FPC
  4.  
  5. FPC

Exam (elaborations)

FPC EXAM TEST BANK 200+ QUESTIONS WITH 100% CORRECT ANSWERS UPDATED

 6 views  0 purchase
  • Course
  • FPC
  • Institution
  • FPC

FPC EXAM TEST BANK 200+ QUESTIONS WITH 100% CORRECT ANSWERS UPDATED When you get paid for the last week of December it counts in the next year bc that is when the check was received Employer social security max - Answer-Must pay SS tax up to employees wages of $132,900 Employer Social Secu...

[Show more]

Preview 3 out of 28  pages

Document information

  • September 28, 2024
  • 28
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • fpc
  • fpc exam test bank 200 questions
  • employer social security max

Written for

  • FPC
  • FPC

Seller

avatar-seller
Perfectscorer

Reviews received

Content preview

FPC EXAM TEST BANK 200+
QUESTIONS WITH 100% CORRECT
ANSWERS UPDATED 2024-2025

When you get paid for the last week of December it counts in the next year bc that is
when the check was received

Employer social security max - Answer-Must pay SS tax up to employees wages of
$132,900

Employer Social Security Rate - Answer-6.2%

Voluntary Deducations - Answer-Require EE authorization

Ex.
- contributions to charity
- retirement contributions
- purchases from employer sponsored store
- health insurance premiums
- purchase of employer stock
- loan repayment
- union dues/fees
- wage assignment

wage assignment - Answer-An assignment by an employee by which an amount of his
or her wages is transferred to a creditor before the wages are paid to the employee

Gives creditor the opportunity to recover unpaid debt

Involuntary Deductions - Answer-Also called wage attachments

Payroll deductions such as tax levies and court-ordered child support that an employee
must pay

Ex.
- child support
- bankruptcy orders
- federal administrative garnishments
- federal tax levies
- student loan garnishments
- state tax levies

,- local tax levies
- creditor garnishments

Tax Levies - Answer-Unpaid federal or state taxes

Form 668-W - Answer-Notice of Levy on Wages, Salary, and Other Income

Form 668-D - Answer-Release of Levy/Release of Property from Levy

Child Support - Answer-court-ordered payments, typically made by a noncustodial
divorced parent, to support one's minor child or children

If employee supports a second family, amount withheld for child support cannot exceed
50%

If the employee does not support a second family withholding cannot exceed 60%

IWO - Answer-Income withholding orders

federal minimum wage - Answer-$7.25/hour

Student loan garnishments - Answer-The higher education act allows garnishments of
employees' wages for unpaid/delinquent student loans

no more than 15% of employee's disposable income

Cannot be discriminated against for having garnishments on wages

Employee must receive 30 days notice before garnishment withholding begins

Creditor Garnishment - Answer-lesser 25% or 30 x min wage

IRS Tax Levy - Answer-Employer uses employee taxable wages

Deceased employee - Answer-If an employee dies, accrued wages, vacation pay, and
other compensation paid after their death are taxable

Wages paid after death are not subject to federal income tax, however they are subject
to medicare and social security tax within 1 year of death -- if it is after 1 year of death,
no taxes are withheld.

Negative net pay - Answer-If an EE's total deductions when added up are more than
their gross wages

Their deduction will need to be reduced in order for their next payroll to net zero

, Net Pay - Answer-the total earnings paid to an employee after payroll taxes and other
deductions

Gross-up - Answer-An IRS-approved formula that employers can use to determine the
taxable gross payment when the employer wishes to pay the employee's share of tax

To calculate:
1) 100%-tax%= net %
2) Payment/net%= gross earnings
3) Check by calculating gross to net

Wages Subject to Taxation - Answer-Compensation and employee receives for services
performed by that employee for the employer

Includes payments made in cash or any other form for salaries, vacation time, bonuses.
commission, and fringe benefits.

Imputed Income - Answer-Reimbursements or expenses paid by an employer that are
treated as taxable income to the employee, such as excessive moving expenses.

Ex. Group term life

De Minimus Fringe Benefit - Answer-Any property or service the value of which is so
small as to make accounting for it unreasonable or administratively impracticable.

(personal copies, occasional small gifts like donuts or lunch (excluding cash), personal
calls on a company phone, etc.)

No additional cost services - Answer-Services the employer may provide the employee
at no additional cost to the employer.

Allowing an employee to utilize the services that the company provides to the public for
no additional cost - free airline tickets for airline employees or free phone services for
the phone company workers

Working Condition Fringes - Answer-A type of fringe benefit received by the employee
that is exclude from the employee's gross income. It consists of property or services
provided (paid or reimbursed) by the employer for which the employee could take a tax
deduction if the employee had paid for them.

- use of company car
- subscriptions to business periodicals
- professional development/job related seminars

Qualified Transportation Fringes - Answer-Transportation benefits provided by the
employer to the employee. Such benefits include

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller Perfectscorer. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for CA$19.57. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

75632 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling

Recently viewed by you

Exam (elaborations) ·

(1)

ATI RN COMPREHENSIVE EXIT EXAM

CA$19.57
  • (0)
  Add to cart