Exam (elaborations)
CPP - CERTIFIED PAYROLL PROFESSIONAL EXAM FOR 2024/2025 LIMITS GRADED A+.
CPP - CERTIFIED PAYROLL
PROFESSIONAL EXAM FOR 2024/2025
LIMITS GRADED A+.
Counselinglislappropriatelwhen:
rieslhavelbeenlfrozen.
oducinglalnewlprocedure.
ainingltaxllawlchanges.
ntinglnewlemployees.l-lCORRECTlANSWER-rieslhavelbeenlfrozen.
Inladditionltolthelaccuracyrelatedlpenaltylforlund...
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CPP - CERTIFIED PAYROLL
PROFESSIONAL EXAM FOR 2024/2025
LIMITS GRADED A+.
Counselinglislappropriatelwhen:
a.lsalarieslhavelbeenlfrozen.
b.lintroducinglalnewlprocedure.
c.lexplainingltaxllawlchanges.
d.lorientinglnewlemployees.l-lCORRECTlANSWER-a.lsalarieslhavelbeenlfrozen.
Inladditionltolthelaccuracy-
relatedlpenaltylforlunderpaymentlofltaxes,liflthelunderpaymentlofltaxeslisldueltolfraud,lthelIR
Slmaylasseslanladditionallpenaltylof:l-lCORRECTlANSWER-75%
Iflanlemployer'sltotalltaxlliabilitylforlthellookbacklperiodlisl$75,000.00,laltaxlliabilityllesslthanl
$100,000lmustlbeldepositedlnollaterlthan:l-lCORRECTlANSWER-
WednesdaylorlFridaylunderlthelsemiweeklylrules.
Alcompanylhaslaccruedl$23,665.00loflvacationlpayltolalliabilitylaccount.lWhenlemployeesla
relpaidlthelvacationlamountldue,lthelentriesltolthelvacationlliabilitylaccountlwilllbelrecordedla
sla:l-lCORRECTlANSWER-debitltolthelliabilitylaccount.
UnderlthelFLSA,lwhenlalhighlylcompensatedlexemptlemployeelreceivesllesslthanl$100,00
0.00linlcompensationlduringlthelyear,lthelemployerlmay:l-lCORRECTlANSWER-
withinlonelmonthlafterlthelendloflthelyear,lmakelalfinallpaymentltolthelemployeeltolreachl$10
0,000.00linlannuallcompensation.
Cafeterialplanslandlotherlflexiblelbenefitlplanslarelgenerallylfundedlbyleitherloflthelfollowingl
mechanisms:l-lCORRECTlANSWER-
"flexldollars"lorl"flexlcredits",lsalarylreduction,lorlafterltaxlcontributions.
IRCl§125lCafeterialplanslarelgenerallylfundedlbylallloflthelfollowinglmechanismslEXCEPT:
a.lflexldollars".
b.lCOBRA.
c.lafter-taxlemployeelcontributions.
d.lsalarylreduction.l-lCORRECTlANSWER-b.lCOBRA.
FormlW-4Slallowslthelthird-partylsicklpaylproviderltolwithholdlfederallincomeltaxlbasedlon:l-
lCORRECTlANSWER-alflatlamount.
,AlNationallMedicallSupportlNoticelrequireslanlemployerlto:l-lCORRECTlANSWER-
honorlthelqualifiedlmedicallchildlsupportlorder.
Anlemployeelwithlyear-to-
datelwageslofl$25,000.00lwasldisabledlforlfourlmonthslandlwaslpaidl$6,200.00lbylalthird-
partylinsurer.lTheldisabilitylplanlpremiumslarelpaidlentirelylbylthelemployer.lNolFormlW-
4Slwaslprovidedltolthelinsurer.lCalculatelthelamountloflfederallincome,lsociallsecurity,landl
Medicareltaxeslthelthirdlpartylpayerlmustlwithhold.l-lCORRECTlANSWER-$474.30l-
lSociallsecuritylandlMedicareltaxeslarelwithheldlforlsixlcalendarlmonthslafterlthelemployee's
llastldayloflwork.
Iflanlemployerlsellslorltransferslitslbusiness:l-lCORRECTlANSWER-
Forml941lmustlbelfiledlbylbothlthelpreviouslandlcurrentlownerslforlthelquarterlduringlwhichlt
helsaleltooklplace.lEachlemployerlmustlreportlonlylthelwageslitlpaidlandltaxeslitlwithheld.
Iflanlemployerlgoesloutloflbusiness,lcompletionloflPartl3loflForml941lislrequiredlwithlthelfinall
datelitlpaidlwages.lThislactionlalsolacceleratesltheldatelthelFormslW-2lareldueltolSSAlto:l-
lCORRECTlANSWER-
thelendloflthelsecondlmonthlfollowinglthelquarterlthelbusinesslclosed.
Anlemployeelearnsl$1,000.00lsemimonthly.lDeductionslincludel$235.00lforlfederallincome
,lsociallsecurity,lMedicare,landlstateltaxeslandl$300.00linlchildlsupport.lCalculatelthelamou
ntlthatlcanlbeldeductedlforlalcreditorlgarnishment.l-lCORRECTlANSWER-
UnderlthelCCPAlforlalcreditorlgarnishment,lanlemployerlmustlwithholdlthellesserlofl25%loflt
helemployee'sldisposablelearningslorltheldifferencelbetweenlthelemployee'sldisposablelea
rningslandl30ltimeslthelminimumlwageltolsatisfylthelcreditorlgarnishment.lIflanlemployeelha
slanlinvoluntaryldeductionlwithlalhigherlpriorityldeductionlthanlthelCCPAllimitlforlcreditorlgar
nishments,lnothinglwilllbelwithheld.
WhatlislalLock-Inlletter?l-lCORRECTlANSWER-
AlletterlfromlthelIRSlthatlrequireslthelemployerltolchangelthelwithlholdingslforlfederalltax.
HowllongldolIRSlPayrolllrecordslneedltolbelsaved?l-lCORRECTlANSWER-
4lyearslafterltheltaxlreturnsldueldate.l(iel940,l941,lW-2landlW-3)
Whatlislthelallowableltiplcredit?l-lCORRECTlANSWER-Nolmorelthanl$5.12lperlhour
Minimumlwagelforltippedlemployeesl-lCORRECTlANSWER-
$2.13lperlhourl(combinedlwithltipslmustlequall$7.25)
SociallSecuritylWagelTaxlLimitl-lCORRECTlANSWER-$132,900
WhatlislthelMandatorylFlatlRatelforlsupplementallpay?l-lCORRECTlANSWER-
Exceedingl$1lMillionlisl37%
, WhatlislthelOptionallFlatlRatelforlSupplementallPay?l-lCORRECTlANSWER-
NotlExceedingl$1lMillionlisl22%
IflformlW-4lislincomplete,lthelemployerlmust:l-lCORRECTlANSWER-Rejectlthelform
UnderlthelFLSA,lanlemployeelwortltimelendslwhenlthelemployee:l-lCORRECTlANSWER-
ceaseslperforminglprincipallactivities
Whenlanlemployeelwantsltolcontinuelherlexemptlstatuslthelnextlyear,lshelmustlfilelalnewlW-
4lformlby:l-lCORRECTlANSWER-Februaryl15.
Counselinglislappropriatelwhen:l-lCORRECTlANSWER-
anlemployeelfeelslinsecurelaboutlworklperformance.
WhatlisltheldefinitionloflImputedlIncome?l-lCORRECTlANSWER-
Taxablelvalueloflnoncashlbenefitslthelemployeelrecieves.
Whatlmustlbelspecifiedlatltheltimeloflthelemployeeslelectionltoldeferlintolalnon-
qualifiedlplan?l-lCORRECTlANSWER-theltimelandlformlofldistributions
SchedulelRl(Forml941)lislusedlto:l-lCORRECTlANSWER-
allocatelthelaggregatelinformationlreportedlonlForml941lbylanlagentltoleachlclient.
ThelPrimarylpurposeloflbatchlcontrolslislto:l-lCORRECTlANSWER-validatelentrylaccuracy
Whenlislforml1042-SlrequiredltolbelprovidedltolthelIRS?l-lCORRECTlANSWER-Marchl15th
457bl-lCORRECTlANSWER-Employeelpre-
taxldollarsldivertedlintolinvestmentlaccountlforlgovernmentallemployees
UnderlthelIRSlRules,lanlemployer'sl401(k)lplanlmaylmeetlthelADPlnondiscriminationltesting
lrequirementslbylmatching:l-lCORRECTlANSWER-
100%loflelectiveldeferralsltol3%loflcompensationland
50%lofldeferralsloverl3%ltol5%loflcompensation
ThelFLSA'slminimumlsalarylforlexemptlemployeesldoeslnotlapplylto:l-
lCORRECTlANSWER-attorneys,lphysicianslandlteachers.
Alnonresidentlalienlwishingltolclaimlanlexemptionlfromlincomeltaxlonlwageslpaidlbylthelemp
loyerlbasedlonlalhomelcountrylincomeltaxltreatylmustlprovidelthelemployerlwithlForm:l-
lCORRECTlANSWER-8233
Anlemployee'slprimaryljobldutieslincludelmanaginglaldepartmentlwithlthreelfull-
timelemployees.lUnderlthelFLSA,lthelemployeelislanlexempt:l-lCORRECTlANSWER-
executivelemployee.