Exam (elaborations)
FPC - Study Guide – CB| 200+ Questions | With Complete Solutions
- Course
- Institution
FPC - Study Guide – CB| 200+ Questions | With Complete Solutions
[Show more]
Content preview
FPC - Study Guide – CB1. Overview of the Payroll Certification Process
Importance of the FPC certification
Exam format, duration, and scoring
Tips for preparing and passing the FPC exam
2. Core Payroll Concepts
Definitions: Payroll, compensation, and other key terms
Employee classification (exempt vs. non-exempt)
Employee vs. independent contractor distinctions
3. Compliance with Federal Laws and Regulations
Fair Labor Standards Act (FLSA) basics
Federal Insurance Contributions Act (FICA) and Medicare tax regulations
,The Affordable Care Act (ACA) and payroll compliance
Worker’s compensation and unemployment insurance
Family and Medical Leave Act (FMLA) payroll requirements
Equal Pay Act, Davis-Bacon Act, and other federal regulations
4. Payroll Calculations
Gross-to-net calculations
Tax withholding: Federal income tax, state income tax, and local taxes
Overtime calculations and special pay situations
Taxable vs. non-taxable wages
Benefits deductions (healthcare, retirement, etc.)
Wage garnishments, levies, and child support deductions
5. Payroll Systems and Technology
Types of payroll systems (manual, outsourced, in-house software)
Understanding payroll software functionality
Data security and confidentiality in payroll
6. Payroll Accounting
Basics of payroll accounting and journal entries
Employer payroll taxes and expense tracking
Reconciliation of payroll accounts
Financial statements related to payroll (P&L, Balance Sheet)
7. Federal Forms and Reporting
W-2 and W-4 forms
Form 941: Employer’s Quarterly Federal Tax Return
Form 944: Employer’s Annual Federal Tax Return
Form 940: Employer’s Annual Federal Unemployment (FUTA) Tax Return
Other IRS and Department of Labor forms
8. Record Keeping and Retention
Guidelines for payroll record retention (IRS, DOL, etc.)
Timekeeping systems and regulations
Best practices for maintaining accurate payroll records
9. Tax Deposits and Compliance
Tax deposit schedule (monthly, semi-weekly, etc.)
, Electronic Federal Tax Payment System (EFTPS)
Penalties for late deposits and non-compliance
10. International Payroll
Overview of expatriate payroll
Foreign tax compliance and considerations
Managing payroll for non-US employees
11. Best Practices in Payroll Management
Payroll audit and internal controls
Common payroll errors and how to avoid them
Importance of accurate payroll policies and procedures
12. Ethics in Payroll
Code of conduct and ethical behavior in payroll
Confidentiality of employee information
Dealing with payroll fraud and theftOperational Risk Management
- a decision making process that helps to assess hazard within the work center.
-3500.39C
- 5 steps
*identify hazards
*assess the situation
*make risk decisions
*implement controls
*supervise
4 principles (ORM)
1. anticipate and manage risk by planning.
2. accept no unnessesarry risk.
3. accept risk only when benefits outweigh the costs.
4. make risk decisions at the appropriate level.
The benefits of buying summaries with Stuvia:
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
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
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 Alvon. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $11.69. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
79064 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now