No taxes are withheld - Study guides, Class notes & Summaries

FPC Exam Fundamental Payroll 1 Latest Review Questions/Verified Answers 668-W - CORRECT ANSWER-Notice of Levy on Wages, Salary, and Other Income 1096 - CORRECT ANSWER-Annual Summary and Transmittal of U.S. Information Returns Under the FLSA how old must a minor be to be employed? - CORRECT ANSWER-14 What is the FUTA tax rate? - CORRECT ANSWER-6.0% On form 941, the employer reports - CORRECT ANSWER-Social Security Wages What is the formula for calculating an employees net pay? - CORRECT...

FPC Practice Exam 188 Questions with Verified Answers Cafeteria plan are authorized by what Internal Revenue Code Section? A. 125 B. 401k C. 403b D. 457b - CORRECT ANSWER a. 125 all of the following are tax implications of a cafeteria plan except: a. no income tax withholding b. no social security and medicare tax withholding c. must withhold income, social security, and medicare taxes d. no form W2 reporting - CORRECT ANSWER C. must withhold income, social security, and medicare t...

Florida life Insurance Prep Questions And Correct Answers Which of the following is an example of nonforfeiture option? - ANSWER reduced paid-up option All of the following statements about major medical benefits are true, EXCEPT: - ANSWER Benefits have no maximum limit What type of annuity has a cash value that is based upon the performance of it's underlying investment funds? - ANSWER variable An individual participant personally received eligible rollover funds from a profit-s...

Payroll Fundamentals Ch. 1 Study Set Exam Q&A Worker Status - CORRECT ANSWER-Employee or Independent Contractor Employee - CORRECT ANSWER--Taxes withheld -Provide W-2 -Unemployment taxes paid -Subject to all federal and state laws Independent Contractor - CORRECT ANSWER--No taxes withheld -Provide 1099-MISC to report payments over $600 for the year -No unemployment taxes are paid Independent Contractor: Reasonable Basis Test - CORRECT ANSWER-An employer may treat a worker as an ind...

FPC Test Random 72 Questions with Verified Answers An employee earns $1,031.00 semimonthly and with this paycheck receives a $300.00 production bonus. Deductions include $126.00 for federal income tax, $101.82 for social security and Medicare tax, $125.00 for court-ordered child support payments, and a $25.00 credit union payment. For this pay period, calculate the employee's semimonthly disposable pay for a creditor garnishment. - CORRECT ANSWER $1,103.18. An individual receiving a taxab...

FHCE 3200 Exam 2 Questions and Answers 100% Pass capital asset - Answer- -almost everything you own or use for personal or investment purposes --your home --your car --investment like stocks, bonds, and mutual funds --ownership interest in small business you started --rental or other real estate you own basis - Answer- the price you pay, when you buy a capital asset capital gain - Answer- if you sell the asset for more than you paid for it capital loss - Answer- if you sell the asset ...

FPC Exam Fundamental Payroll Questions With Verified Answers 668-W - answerNotice of Levy on Wages, Salary, and Other Income 1096 - answerAnnual Summary and Transmittal of U.S. Information Returns Under the FLSA how old must a minor be to be employed? - answer14 What is the FUTA tax rate? - answer6.0% On form 941, the employer reports - answerSocial Security Wages What is the formula for calculating an employees net pay? - answerGross pay-deductions for taxes- other deductions Which pla...

668-W - ANSWERS-Notice of Levy on Wages, Salary, and Other Income 1096 - ANSWERS-Annual Summary and Transmittal of U.S. Information Returns Under the FLSA how old must a minor be to be employed? - ANSWERS-14 What is the FUTA tax rate? - ANSWERS-6.0% On form 941, the employer reports - ANSWERS-Social Security Wages What is the formula for calculating an employees net pay? - ANSWERS-Gross pay-deductions for taxes- other deductions Which plan discriminates in favor of highly compe...

FPC Exam Fundamental Payroll 1 Latest Review Questions/Verified Answers 668-W - CORRECT ANSWER-Notice of Levy on Wages, Salary, and Other Income 1096 - CORRECT ANSWER-Annual Summary and Transmittal of U.S. Information Returns Under the FLSA how old must a minor be to be employed? - CORRECT ANSWER-14 What is the FUTA tax rate? - CORRECT ANSWER-6.0% On form 941, the employer reports - CORRECT ANSWER-Social Security Wages What is the formula for calculating an employees net pay? - CORRECT...

FPC Exam Fundamental Payroll Questions and Answers 2024/2025 668-W - - Notice of Levy on Wages, Salary, and Other Income 1096 - - Annual Summary and Transmittal of U.S. Information Returns Under the FLSA how old must a minor be to be employed? - - 14 What is the FUTA tax rate? - - 6.0% On form 941, the employer reports - - Social Security Wages What is the formula for calculating an employees net pay? - - Gross pay-deductions for taxes- other deductions Which plan discriminates in favor...