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FPC EXAM ACTUAL QUESTIONS AND ANSWERS 100% CORRECT

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FPC EXAM ACTUAL QUESTIONS AND ANSWERS 100% CORRECT What statement shows the company's net income or loss for an accounting period? - Answer-Income statement An employer contributes $350.00 per month to each employee's Sec. 125 plan for medical benefits. An employee, who has other medical cov...

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  • December 28, 2024
  • 13
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • fpc
  • fpc exam
  • fpc exam actual questions and answers

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FPC EXAM ACTUAL QUESTIONS
AND ANSWERS 100% CORRECT

What statement shows the company's net income or loss for an accounting period? -
Answer-Income statement

An employer contributes $350.00 per month to each employee's Sec. 125 plan for
medical benefits. An employee, who has other medical coverage, chooses to receive
the monthly contribution in cash. What are the implications for the employee receiving
the cash? - Answer-The $350.00 is taxable income when received.

-- Under Section 125 Cafeteria Plan rules, the use of contributions to purchase eligible
benefits is nontaxable. However, benefits provided in cash are taxable.

All of the following practices demonstrate internal controls EXCEPT: - Answer-System
interfacing.

--Interfaces between systems are not internal controls.

All of the following information is required to set up direct deposit for a new employee
EXCEPT the:

account number.
name of the employee's bank.
type of account.
employee's bank routing number. - Answer-name of the employee's bank.

An employer offers to withhold payments for health insurance, union dues, and
charitable contributions as part of the company benefit plan. Which, if any, of these
deductions require an employee authorization to withhold? - Answer-All three require
authorization

Federal unemployment taxes are used to fund: - Answer-the administration of the
unemployment insurance program.

An employee is paid on the 1st and 15th of each month. The employee submits a new
Form W-4 on June 10. The employer must implement the new W-4 no later than the: -
Answer-July 15th payroll.

, -- After an employee files an amended Form W-4, the change must be reflected in
withholding no later than the first payroll period ending on or after the 30th day after
receiving the amended Form W-4.

Under the FLSA, the calculation of a nonexempt employee's regular rate of pay must
include: - Answer-nondiscretionary bonuses.

The FLSA exempts the following types of pay from the regular rate of pay - Answer-
gifts, paid time off, reimbursed expenses, discretionary bonuses, benefit plan
contributions, and others.

Noncash fringe benefits included in gross income are valued at the: - Answer-fair
market value.

The total cost of payroll includes: - Answer-gross wages, employer taxes (ss, med, futa,
sui) and 401k match

Imputed income is used to calculate taxable income and taxes, it is not used to
calculate net pay.

True or false - Answer-True

1095C Penalties - Answer-$50.00/return if corrected by March 2; $110.00/return if
corrected March 3 to August 1; and, $270.00/return if corrected after August 1.

If the FUTA tax liability is more than $500.00, when must the FUTA tax be deposited? -
Answer-Quarterly

Which of the following payroll issues is governed only by state agencies? - Answer-Final
pay to a terminated employee

Which form is used when correcting Form 941, Line 2, Wages, tips, and other
compensation? - Answer-Form 941-X

Under the FLSA, in which of the following situations must a nonexempt employee be
paid an overtime premium for a Sunday to Saturday workweek? - Answer-An employee
worked 8 hours on Monday, 8 hours on Tuesday, 10 hours on Wednesday, 12 hours on
Thursday, and 5 hours on Friday.

If the federal minimum wage is $7.25 per hour and the state minimum wage is $8.00 per
hour, what is the minimum amount an employer, covered by both the FLSA and state
minimum wage law, must pay nonexempt employees? - Answer-$8.00

-- Employers are required to pay the greater of the federal or state minimum wage in the
state the employee works, whichever is greater.

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