©SIRJOEL EXAM SOLUTIONS
12/3/2024 11:27AM
FPC Exam Questions With Correct Answers
SS8 - answer✔Determination of worker status for purposes of federal employment taxes and
income tax withholding; requests clarification on worker status
Acceptable work time rounding practices - answer✔Can round to the nearest quarter hour or 15
minutes; 1 to 7 minutes can be rounded down, 8 to 14 minutes must be rounded up
Exempt employee classification - answer✔Not entitled to the benefits and protections of the
FLSA. May not have to be paid minimum-wage
White collar exemption classifications - answer✔Executive, administrative, and professional
14 and 15-year-olds child labor restrictions - answer✔Nonschool days less than eight hours;
during the school week no more than 18 hours; no more than 40 hours when school is out
FUTA Rate - answer✔Rate is set at 6% of the first 7000$ and employer in a year
FUTA Credit - answer✔The credit claimed cannot exceed 5.4% whenever the maximum credit is
applied against the federal rate, the effective rate will fall to 0.6%
2023 social security wage base - answer✔$160,200
Medicare tax withholding rate - answer✔1.45% over $200,000 add extra 0.9%
, ©SIRJOEL EXAM SOLUTIONS
12/3/2024 11:27AM
Back up withholding - answer✔Withholding on taxes on certain type of income if the employee
does not provide his or her Social Security number rate of 28%
Form 940 - answer✔Employers annual federal unemployment tax return; to report the annual
federal unemployment tax liabilities for employers subject to FUTA
Form 941 - answer✔Employers quarterly federal tax return; it's to report by employers to the IRS
the total amount of wages paid, income taxes withheld, and Social Security and Medicare taxes
due (both portions).
Form 941 - answer✔Due date is the end of the month which follows the end of each quarter.
However, if all amounts due are timely deposited in the quarter, an automatic extension of 10
days is added.
Schedule B - answer✔Of form 941 is intended to reconcile the tax liability amount for so called
semi weekly depositors.
Form 943 - answer✔Employers annual federal tax return for agricultural employees
Form 944 - answer✔Employers annual federal tax return those with A combined annual liability
for income, Social Security and Medicare taxes of no more than $1000; IRS does not notify
eligible employers
, ©SIRJOEL EXAM SOLUTIONS
12/3/2024 11:27AM
Form 945 - answer✔Annual return of withheld federal income tax, is for payers to report to the
IRS the amount of federal income tax withheld on non payroll payments ex: pensions, military
retirement, Indian gaming profits, voluntary withholding, back up withholding
Form W3 - answer✔Transmittal of wage and tax statements; to summarize the transmittal of
paper copies of form W-2; only required when submitting via paper forms
Decrease of allowances - answer✔Must file new W4 within 10 days
Form SS5 - answer✔Application for a Social Security card
NACHA - answer✔Nonprofit organization that acts as the self regulatory body for the ACH
process
$20 - answer✔Minimum tipped dollar amount reportable; Minimum amount to withhold federal
taxes from Tips
USCIS Retention - answer✔Three years from date of hire or one year from date of termination; I
-9
IRS Retention - answer✔Four years; tax forms, employer/employee info
FLSA Retention - answer✔Three years; workweek, additions/deductions to payroll; two years
for basic information
12/3/2024 11:27AM
FPC Exam Questions With Correct Answers
SS8 - answer✔Determination of worker status for purposes of federal employment taxes and
income tax withholding; requests clarification on worker status
Acceptable work time rounding practices - answer✔Can round to the nearest quarter hour or 15
minutes; 1 to 7 minutes can be rounded down, 8 to 14 minutes must be rounded up
Exempt employee classification - answer✔Not entitled to the benefits and protections of the
FLSA. May not have to be paid minimum-wage
White collar exemption classifications - answer✔Executive, administrative, and professional
14 and 15-year-olds child labor restrictions - answer✔Nonschool days less than eight hours;
during the school week no more than 18 hours; no more than 40 hours when school is out
FUTA Rate - answer✔Rate is set at 6% of the first 7000$ and employer in a year
FUTA Credit - answer✔The credit claimed cannot exceed 5.4% whenever the maximum credit is
applied against the federal rate, the effective rate will fall to 0.6%
2023 social security wage base - answer✔$160,200
Medicare tax withholding rate - answer✔1.45% over $200,000 add extra 0.9%
, ©SIRJOEL EXAM SOLUTIONS
12/3/2024 11:27AM
Back up withholding - answer✔Withholding on taxes on certain type of income if the employee
does not provide his or her Social Security number rate of 28%
Form 940 - answer✔Employers annual federal unemployment tax return; to report the annual
federal unemployment tax liabilities for employers subject to FUTA
Form 941 - answer✔Employers quarterly federal tax return; it's to report by employers to the IRS
the total amount of wages paid, income taxes withheld, and Social Security and Medicare taxes
due (both portions).
Form 941 - answer✔Due date is the end of the month which follows the end of each quarter.
However, if all amounts due are timely deposited in the quarter, an automatic extension of 10
days is added.
Schedule B - answer✔Of form 941 is intended to reconcile the tax liability amount for so called
semi weekly depositors.
Form 943 - answer✔Employers annual federal tax return for agricultural employees
Form 944 - answer✔Employers annual federal tax return those with A combined annual liability
for income, Social Security and Medicare taxes of no more than $1000; IRS does not notify
eligible employers
, ©SIRJOEL EXAM SOLUTIONS
12/3/2024 11:27AM
Form 945 - answer✔Annual return of withheld federal income tax, is for payers to report to the
IRS the amount of federal income tax withheld on non payroll payments ex: pensions, military
retirement, Indian gaming profits, voluntary withholding, back up withholding
Form W3 - answer✔Transmittal of wage and tax statements; to summarize the transmittal of
paper copies of form W-2; only required when submitting via paper forms
Decrease of allowances - answer✔Must file new W4 within 10 days
Form SS5 - answer✔Application for a Social Security card
NACHA - answer✔Nonprofit organization that acts as the self regulatory body for the ACH
process
$20 - answer✔Minimum tipped dollar amount reportable; Minimum amount to withhold federal
taxes from Tips
USCIS Retention - answer✔Three years from date of hire or one year from date of termination; I
-9
IRS Retention - answer✔Four years; tax forms, employer/employee info
FLSA Retention - answer✔Three years; workweek, additions/deductions to payroll; two years
for basic information
