FPC Exam
SS8 - Answers -Determination of worker status for purposes of federal employment
taxes and income tax withholding; requests clarification on worker status
Acceptable work time rounding practices - Answers -Can round to the nearest quarter
hour or 15 minutes; 1 to 7 minutes can be rounded down, 8 to 14 minutes must be
rounded up
Exempt employee classification - Answers -Not entitled to the benefits and protections
of the FLSA. May not have to be paid minimum-wage
White collar exemption classifications - Answers -Executive, administrative, and
professional
14 and 15-year-olds child labor restrictions - Answers -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 - Answers -Rate is set at 6% of the first 7000$ and employer in a year
FUTA Credit - Answers -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 - Answers -$160,200
Medicare tax withholding rate - Answers -1.45% over $200,000 add extra 0.9%
Back up withholding - Answers -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 - Answers -Employers annual federal unemployment tax return; to report the
annual federal unemployment tax liabilities for employers subject to FUTA
Form 941 - Answers -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 - Answers -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 - Answers -Of form 941 is intended to reconcile the tax liability amount for
so called semi weekly depositors.
Form 943 - Answers -Employers annual federal tax return for agricultural employees
Form 944 - Answers -Employers 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 - Answers -Annual return of withheld federal income tax, is for payers to
report to 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 - Answers -Transmittal of wage and tax statements; to summarize the
transmittal of paper copies of form W-2; only required when submitting via paper forms
Decrease of allowances - Answers -Must file new W4 within 10 days
Form SS5 - Answers -Application for a Social Security card
NACHA - Answers -Nonprofit organization that acts as the self regulatory body for the
ACH process
$20 - Answers -Minimum tipped dollar amount reportable; Minimum amount to withhold
federal taxes from Tips
USCIS Retention - Answers -Three years from date of hire or one year from date of
termination; I -9
IRS Retention - Answers -Four years; tax forms, employer/employee info
FLSA Retention - Answers -Three years; workweek, additions/deductions to payroll; two
years for basic information
System security - Answers -Segregation of job duties, rotation of job assignments,
paychecks only deliver to employees, physical payouts, background check of
employees
Batch totals - Answers -Control totals that facilitate input and output controls
Integrated system - Answers -A system that two departments use that has real time
results
Customer service principles - Answers -Reliability, responsiveness, assurance,
empathy, tangibles
SS8 - Answers -Determination of worker status for purposes of federal employment
taxes and income tax withholding; requests clarification on worker status
Acceptable work time rounding practices - Answers -Can round to the nearest quarter
hour or 15 minutes; 1 to 7 minutes can be rounded down, 8 to 14 minutes must be
rounded up
Exempt employee classification - Answers -Not entitled to the benefits and protections
of the FLSA. May not have to be paid minimum-wage
White collar exemption classifications - Answers -Executive, administrative, and
professional
14 and 15-year-olds child labor restrictions - Answers -Nonschool days less than eight
hours; during the school week no more than 18 hours; no more than 40 hours when
school is out
FUTA Rate - Answers -Rate is set at 6% of the first 7000$ and employer in a year
FUTA Credit - Answers -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 - Answers -$160,200
Medicare tax withholding rate - Answers -1.45% over $200,000 add extra 0.9%
Back up withholding - Answers -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 - Answers -Employers annual federal unemployment tax return; to report the
annual federal unemployment tax liabilities for employers subject to FUTA
Form 941 - Answers -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 - Answers -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 - Answers -Of form 941 is intended to reconcile the tax liability amount for
so called semi weekly depositors.
Form 943 - Answers -Employers annual federal tax return for agricultural employees
Form 944 - Answers -Employers 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 - Answers -Annual return of withheld federal income tax, is for payers to
report to 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 - Answers -Transmittal of wage and tax statements; to summarize the
transmittal of paper copies of form W-2; only required when submitting via paper forms
Decrease of allowances - Answers -Must file new W4 within 10 days
Form SS5 - Answers -Application for a Social Security card
NACHA - Answers -Nonprofit organization that acts as the self regulatory body for the
ACH process
$20 - Answers -Minimum tipped dollar amount reportable; Minimum amount to withhold
federal taxes from Tips
USCIS Retention - Answers -Three years from date of hire or one year from date of
termination; I -9
IRS Retention - Answers -Four years; tax forms, employer/employee info
FLSA Retention - Answers -Three years; workweek, additions/deductions to payroll; two
years for basic information
System security - Answers -Segregation of job duties, rotation of job assignments,
paychecks only deliver to employees, physical payouts, background check of
employees
Batch totals - Answers -Control totals that facilitate input and output controls
Integrated system - Answers -A system that two departments use that has real time
results
Customer service principles - Answers -Reliability, responsiveness, assurance,
empathy, tangibles
