Exam (elaborations)

FPC Exam Fundamental Payroll Questions With Verified Answers

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FPC Exam Fundamental Payroll Questions With Verified Answers 668-W - answerNotice of Levy on Wages, Salary, and Other Income 1096 - answerAnnual Summary and Transmittal of U.S. Information Returns Under the FLSA how old must a minor be to be employed? - answer14 What is the FUTA tax rate? - an...

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fpc exam fundamental payroll questions with verifi

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FPC Exam Fundamental Payroll Questions
With Verified 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

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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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