©SIRJOEL EXAM SOLUTIONS
12/3/2024 11:27AM
FPC Exam Questions With Correct Answers
Social Security Limit 2024 - answer✔168600
Earnings over 1,000,000 are taxed at - answer✔37%
Parking and Transportation benefit limit for 2024 - answer✔315 per month per benefit
Medicare EE Contribution Rate for earnings over 200,000 - answer✔2.35%. (this is only for the
employee), the employer rate remains 1.45%
401(k) Contribution Limits 2024 - answer✔23,000 over 50 7,500 Catch-Up
(Total 30,500)
457 Limits
457 Combines multiple deferred compensation plans - answer✔Total Contribution Limit 69,000
Wage Limit 345,000
FSA 2024 Limits - answer✔Dependent Care 3200 (can only be reimbursed for contributions to
date)
, ©SIRJOEL EXAM SOLUTIONS
12/3/2024 11:27AM
Healhcare 4150 Can be reimbursed for entire election and use it or lose it. Example: if employee
elected to defer 2000 to HC FSA, they can request reimbursement for full 2000 at beginning of
the year. If they leave, they are not required to pay back any unfunded reimbursements.
Mileage rate for Personal use of Company Car - answer✔.67 per mile as taxable wages
If car exceeds 62,000 in value it is considered a Luxury vehicle, so you have to calculate taxes
using table.
Supplemental Federal Tax Rate - answer✔22%
Special Valuation Carpool - answer✔$3 per day is taxable for a company provided carpool
1.50 each way
FUTA Limit - answer✔7,000
calculated at 6%
IRS Penalties (2023) - answer✔W-2s
$60 per return between 2/1-3/2
$120 per return between 3/3-8/1
$310 per return after 8/1
Child Support Guidelines - answer✔50% of disposable income IF supporting a current
spouse/child and NOT in arrears
, ©SIRJOEL EXAM SOLUTIONS
12/3/2024 11:27AM
55% if supporting current spouse/child and IN arrears
60% when not supporting additional family and NOT in arrears
65% when not supporting additional family and IN arrears
Creditor garnishments - answer✔Max of 25% Disposable income OR Disposable income-30
hours x minimum wage per week.
Student Loans - answer✔Paused due to COVID and I believe those restrictions still exist. If in
effect: 15% of disposable income
Fed Agency - answer✔15%
A federal garnishment can be enacted without a court order, all others require a court order
Bankruptcy Orders - answer✔Supercedes all orders EXCEPT for pre-existing child-support
Gross Up calculation - answer✔Desired Net/100%-% of taxes withheld
Example:
Net 500
Supplemental Rate 22%
SS/Med 7.65%
500/70.35 (100-22-7.65)
12/3/2024 11:27AM
FPC Exam Questions With Correct Answers
Social Security Limit 2024 - answer✔168600
Earnings over 1,000,000 are taxed at - answer✔37%
Parking and Transportation benefit limit for 2024 - answer✔315 per month per benefit
Medicare EE Contribution Rate for earnings over 200,000 - answer✔2.35%. (this is only for the
employee), the employer rate remains 1.45%
401(k) Contribution Limits 2024 - answer✔23,000 over 50 7,500 Catch-Up
(Total 30,500)
457 Limits
457 Combines multiple deferred compensation plans - answer✔Total Contribution Limit 69,000
Wage Limit 345,000
FSA 2024 Limits - answer✔Dependent Care 3200 (can only be reimbursed for contributions to
date)
, ©SIRJOEL EXAM SOLUTIONS
12/3/2024 11:27AM
Healhcare 4150 Can be reimbursed for entire election and use it or lose it. Example: if employee
elected to defer 2000 to HC FSA, they can request reimbursement for full 2000 at beginning of
the year. If they leave, they are not required to pay back any unfunded reimbursements.
Mileage rate for Personal use of Company Car - answer✔.67 per mile as taxable wages
If car exceeds 62,000 in value it is considered a Luxury vehicle, so you have to calculate taxes
using table.
Supplemental Federal Tax Rate - answer✔22%
Special Valuation Carpool - answer✔$3 per day is taxable for a company provided carpool
1.50 each way
FUTA Limit - answer✔7,000
calculated at 6%
IRS Penalties (2023) - answer✔W-2s
$60 per return between 2/1-3/2
$120 per return between 3/3-8/1
$310 per return after 8/1
Child Support Guidelines - answer✔50% of disposable income IF supporting a current
spouse/child and NOT in arrears
, ©SIRJOEL EXAM SOLUTIONS
12/3/2024 11:27AM
55% if supporting current spouse/child and IN arrears
60% when not supporting additional family and NOT in arrears
65% when not supporting additional family and IN arrears
Creditor garnishments - answer✔Max of 25% Disposable income OR Disposable income-30
hours x minimum wage per week.
Student Loans - answer✔Paused due to COVID and I believe those restrictions still exist. If in
effect: 15% of disposable income
Fed Agency - answer✔15%
A federal garnishment can be enacted without a court order, all others require a court order
Bankruptcy Orders - answer✔Supercedes all orders EXCEPT for pre-existing child-support
Gross Up calculation - answer✔Desired Net/100%-% of taxes withheld
Example:
Net 500
Supplemental Rate 22%
SS/Med 7.65%
500/70.35 (100-22-7.65)
