FPC Exam Questions And 100% Correct Answers
SS8 - ANSWER Determination of worker status for purposes of federal employment
taxes and income tax withholding; written requests for clarification as to worker status
Acceptable work time rounding practices - ANSWER Rounding to nearest quarter hour
or 15 minutes is acceptable; 1 to 7 minutes must be rounded down, 8 to 14 minutes must
be rounded up
Exempt employee classification - ANSWER Excluded from 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 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%
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 Employer's annual federal tax return those with A combined annual
liability for income, Social Security and Medicare taxes of no more than $1000; IRS does
not notify eligible employers
Form 945 - ANSWER Annual return of withheld federal income tax, is for payers to report
the IRS the amount of federal income tax withheld on non payroll payments ex: pensions,
military retirement, Indian gaming profits, voluntary withholding, back up withholding
Form W3 - ANSWER Transmittal of wage and tax statements; to summarize the
transmittal of paper copies of form W-2; only required when submitting via paper forms
Allowances Decrease - ANSWER Must file new W4 within 10 days
SS8 - ANSWER Determination of worker status for purposes of federal employment
taxes and income tax withholding; written requests for clarification as to worker status
Acceptable work time rounding practices - ANSWER Rounding to nearest quarter hour
or 15 minutes is acceptable; 1 to 7 minutes must be rounded down, 8 to 14 minutes must
be rounded up
Exempt employee classification - ANSWER Excluded from the benefits and protections
of the FLSA. May not have to be paid minimum-wage
White collar exemption classifications - ANSWER Executive, administrative, and
professional
14 and 15-year-olds child labor restrictions - ANSWER Nonschool days less than eight
hours; during the school week no more than 18 hours; no more than 40 hours when
school is out
FUTA Rate - ANSWER Rate is at 6% of the first 7000$ 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%
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 Employer's 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
Form 945 - ANSWER Annual return of withheld federal income tax, is for payers to report
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
Allowances Decrease - ANSWER Must file new W4 within 10 days
