FPC Exam Fundamental Payroll Exam
Question And Answers 2024
668-W - correct answers✅Notice of Levy on Wages,
Salary, and Other Income
1096 - correct answers✅Annual Summary and
Transmittal of U.S. Information Returns
Under the FLSA how old must a minor be to be
employed? - correct answers✅14
What is the FUTA tax rate? - correct answers✅6.0%
On form 941, the employer reports - correct
answers✅Social Security Wages
What is the formula for calculating an employees net
pay? - correct answers✅Gross pay-deductions for
taxes- other deductions
Which plan discriminates in favor of highly compensated
employees? - correct answers✅Nonqualified deferred
compensation plans
What is the federal minimum wage per hour on January 1,
2018? - correct answers✅$7.25
,FPC Exam Fundamental Payroll Exam
Question And Answers 2024
What law determines time limits with which employees
must be paid after wages are earned? - correct
answers✅State Laws
Cafeteria plans are authorized by what internal revenue
code section? - correct answers✅125
The direct deposit data sent to the bank after payroll
processing is an example of - correct
answers✅Interface
What taxes, if any, must be withheld from payments to an
independent contractor who provided a tin? - correct
answers✅No taxes are withheld
An external audit: - correct answers✅Allows an
objective assessment of the financial statements.
Employees' privacy rights are governed by all of the
following except: - correct answers✅Local Legislation
Under the FLSA, what basis is used to determine whether
a non-exempt employee is to be paid overtime? - correct
answers✅Hours worked in a work week
, FPC Exam Fundamental Payroll Exam
Question And Answers 2024
Overtime payments are included in the calculation of
what tax, if any? - correct answers✅They are included
in all tax calculations
What is the 2018 wage base for social security tax? -
correct answers✅$128,400.00
If an employee does not have federal tax withheld and
has not claimed exempt, what must the employer do? -
correct answers✅Provide the employee with the EITC
notice
A computerized payroll system can help a payroll dept.
accomplish all of the following tasks except: - correct
answers✅Recognize changes in laws and regulations
An employee's profit sharing bonus is payable in the year
following his death. How should the bonus be taxed and
reported? - correct answers✅Withhold no taxes and
report the bonus on for 1099-misc.
In what ways can a computerized system increase the
accuracy of employees paychecks? - correct
answers✅By reducing human error
Question And Answers 2024
668-W - correct answers✅Notice of Levy on Wages,
Salary, and Other Income
1096 - correct answers✅Annual Summary and
Transmittal of U.S. Information Returns
Under the FLSA how old must a minor be to be
employed? - correct answers✅14
What is the FUTA tax rate? - correct answers✅6.0%
On form 941, the employer reports - correct
answers✅Social Security Wages
What is the formula for calculating an employees net
pay? - correct answers✅Gross pay-deductions for
taxes- other deductions
Which plan discriminates in favor of highly compensated
employees? - correct answers✅Nonqualified deferred
compensation plans
What is the federal minimum wage per hour on January 1,
2018? - correct answers✅$7.25
,FPC Exam Fundamental Payroll Exam
Question And Answers 2024
What law determines time limits with which employees
must be paid after wages are earned? - correct
answers✅State Laws
Cafeteria plans are authorized by what internal revenue
code section? - correct answers✅125
The direct deposit data sent to the bank after payroll
processing is an example of - correct
answers✅Interface
What taxes, if any, must be withheld from payments to an
independent contractor who provided a tin? - correct
answers✅No taxes are withheld
An external audit: - correct answers✅Allows an
objective assessment of the financial statements.
Employees' privacy rights are governed by all of the
following except: - correct answers✅Local Legislation
Under the FLSA, what basis is used to determine whether
a non-exempt employee is to be paid overtime? - correct
answers✅Hours worked in a work week
, FPC Exam Fundamental Payroll Exam
Question And Answers 2024
Overtime payments are included in the calculation of
what tax, if any? - correct answers✅They are included
in all tax calculations
What is the 2018 wage base for social security tax? -
correct answers✅$128,400.00
If an employee does not have federal tax withheld and
has not claimed exempt, what must the employer do? -
correct answers✅Provide the employee with the EITC
notice
A computerized payroll system can help a payroll dept.
accomplish all of the following tasks except: - correct
answers✅Recognize changes in laws and regulations
An employee's profit sharing bonus is payable in the year
following his death. How should the bonus be taxed and
reported? - correct answers✅Withhold no taxes and
report the bonus on for 1099-misc.
In what ways can a computerized system increase the
accuracy of employees paychecks? - correct
answers✅By reducing human error
