Fpc practice questions - Study guides, Class notes & Summaries

APA FPC Exam Questions With Correct Answers (1) Challenges in payroll - answercomplexity, communication, technology, accuracy (1) Payroll Process - answeremployee (new hire, W4, I9), payroll (reports, reconciles), gov. (tax, reporting), employee (W2, pay statements) (1) Tax withholding for employees - answerFIT, SS, Medicare, state, local and pay employer share (1) TIN - answerTaxpayer Identification Number (1099s) (1) Worker status - answerworkers, either W2 or 1099, W2 either exempt or...

FPC PRACTICE FINAL PART 1 Exam With Correct Questions And Answers 2024

©SIRJOEL EXAM SOLUTIONS 12/3/2024 11:27AM FPC Exam Questions With Correct Answers Payroll - answerThe process used to pay employees accurately and on time Employee Federal Withholding Taxes - answerFederal income tax, social security tax, medicare Independent Contractor - answerany person who agrees to perform a service for a fee and who is not subject to the control of those for whom the service is performed Independent Contractors - answerhired on temporary contracts and are not part ...

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...

FPC Certification Exam 62 Questions with Verified Answers FLSA - CORRECT ANSWER Fair Labor Standards Act Journal - CORRECT ANSWER Debits and credits to a specific ledger accout Is batch processing interactive? - CORRECT ANSWER No By when must employers inform employees to submit a new W-4 if marital status or # of allowances have changed? - CORRECT ANSWER December 1st Are non qualified deferred compensations plans subject to contribution limits? - CORRECT ANSWER No What plans a...

FPC Practice Test #2 Questions and Answers An employee works from midnight to 8:00 a.m. on a company paid holiday but does not work more than 40 hours during the work- week. Under the FLSA, the employee must be paid: at least the federal minimum wage. Which of the following statements about the FLSA overtime requirements is correct? An employer may establish one workweek for clerical employees and another for assembly workers. Previous Play Next Rewind 10 seconds Move f...

FPC PRACTICE FINAL PART 1 Exam 39 Questions with Verified Answers Company deadlines for payroll data input documents are essential for: - CORRECT ANSWER Timely processing of payroll Which of the following practices is strong internal control? - CORRECT ANSWER Have a person, other than the person who requested and authorized payments to prepare the payroll checks Generally, what is the largest expense for most companies? - CORRECT ANSWER Salaries and benefits The process of balancing...

FPC Chapter 1 Questions & Answers An independent contractor invoiced a company $1,401.00 for services performed. The contractor did not provide a TIN before the payment was made. Calculate the federal income tax that must be withheld from the contractor's payment. $392.28 (1401 * 0.28) **A 28% backup withholding tax on nonwage payments is withheld if the payee has failed to provide a Taxpayer Identification Number (TIN) or the IRS has notified the payer that the TIN is incorrect.** ...

FPC Certification Exam 62 Questions with Verified Answers FLSA - CORRECT ANSWER Fair Labor Standards Act Journal - CORRECT ANSWER Debits and credits to a specific ledger accout Is batch processing interactive? - CORRECT ANSWER No By when must employers inform employees to submit a new W-4 if marital status or # of allowances have changed? - CORRECT ANSWER December 1st Are non qualified deferred compensations plans subject to contribution limits? - CORRECT ANSWER No What plans a...

FPC Exam Chapter 1 Questions & Answers Challenges to payroll 1. Complexity = Federal, state and local laws change frequently and must be incorporated into company policies 2. Communication = clear, consise payroll information 3. Technology = software, equipment and web-based applications can enhance payroll process (automatic time keeping, record storage and retrieval) 4. Accuracy = employee's pay, tax filing, management of reports, etc. Employees vs. Independent Contractors...