FPC EXAM NEWEST 2024 ACTUAL EXAM TEST BANK COMPLETE QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) ALREADY GRADED A+
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Course
FPC
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FPC
FPC EXAM NEWEST 2024 ACTUAL EXAM TEST BANK COMPLETE QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) ALREADY GRADED A+
Stop payment procedures for checks - Answer-Wait no more than five business days
Review cleared checks
Notify the bank to place stop
Have employee execute surety bond...
FPC EXAM NEWEST 2024 ACTUAL EXAM
TEST BANK COMPLETE QUESTIONS AND
CORRECT DETAILED ANSWERS (VERIFIED
ANSWERS) ALREADY GRADED A+
Stop payment procedures for checks - Answer-Wait no more than five business days
Review cleared checks
Notify the bank to place stop
Have employee execute surety bond or affidavit protecting employer
Reissue check
FMLA - Answer-Allows eligible employees to take up to 12 weeks of unpaid job
protected leave in a 12 month period for specified family and medical reasons
Basic FMLA requirements - Answer-An employee must: work for a covered employer,
have worked for the employer 12 months, have worked at least 1,250 hours over the 12
months, and work at a location in the US or US possession where at least 50
employees are employed by the employer within 75 miles.
Supplemental wages - Answer-Reported tips, overtime pay, bonuses, back pay,
commissions are examples of
Tax deposit methods - Answer-Required to use the IRS' Electronic Federal Tax
Payment System (EFTPS); the only time an employer can pay taxes with a check is
when filing forms, 940, 941, 943, 944, or 945.
Child support withholding - Answer-50% of the employees disposable earnings if the
employee is supporting another spouse and or children; or 60% if the employee is not
supporting another spouse and or children; these amounts increase to 55% and 65% if
the employee is at least 12 weeks in arrears
1099 MISC - Answer-Required to be filled by any individual or entity that he's at least
$10 in royalties or at least $600 in aggregate for various items such as rents, services
and awards. Copies B and 2 must be sent to the non-employee who received the
payments by January 31 of the year after the year during which the payments were
made.
Look back period - Answer-12 month period from July 1 of the second previous year
through June 30th of the previous year.
668W - Answer-Notice of Levy on Wages, Salary, or Other Income; give to employer to
begin a federal tax levy garnishment
, 668D - Answer-Release of Levy; contains total amount due, after paid Levy is released
New hire reporting - Answer-Employees name, address, SSN; Employers name,
address, and EIN; First day of work
SSNVS - Answer-Online social security number verification service
Monthly depositor - Answer-Look back liability is no greater than $50,000; Required to
deposit no later than the 15th day of the following month
Semiweekly Depositor - Answer-Look back liability greater than $50,000; wages paid on
Wednesday, Thursday, and Friday must deposit by the following Wednesday. Wages
paid Saturday, Sunday, Monday, and Tuesday must deposit by the following Friday.
Wage Assignments - Answer-Responsibility of the payroll department of an employer to
send a portion of an employees payroll to a third party on the employees behalf. This
can be voluntary or involuntary.
Consumer Credit Protection Act - Answer-Places restrictions on creditor garnishments;
lesser of 25% of disposable earnings for THE WEEK or Min wage x 30 (divide by weeks
if necessary) -disposable earnings
Bankruptcy regulations - Answer-Require all prior withholding orders to stop with the
exception of child support orders.
$30 - Answer-Minimum dollar amount that can be received during a month for an
employee to receive tipped hourly wage
4 years - Answer-IRS/SSA/FUTA retention rate
3 years - Answer-FLSA/IRCA/ USCIS (I-9) Record retention
3 years - Answer-FMLA record retention
2 years - Answer-FLSA record retention
$50 - Answer-Fee per return if incorrectly filed and corrected by March 2
$260 - Answer-Fee per return if incorrectly files and corrected after August 1
$100 - Answer-Fee per return if incorrectly filed and corrected between March 3 to
August 1
Understatement of taxes - Answer-Penalty is 20% of the underpayment; 75% of the
underpayment if due to fraud
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