FPC Exam Questions and Answers14
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%
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
, 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 $1000; IRS does not
notify eligible employers
Form 945 - ANSWERS -Annual return of withheld federal income tax, is for payers to report to
the IRS the amount of federal income tax withheld on non payroll payments ex: pensions,
military retirement, Indian gaming profits, voluntary withholding, back up withholding
Form W3 - ANSWERS -Transmittal of wage and tax statements; to summarize the transmittal of
paper copies of form W-2; only required when submitting via paper forms
Decrease of allowances - ANSWERS -Must file new W4 within 10 days
White collar exemption classifications - ANSWERS -Executive, administrative, and professional
14 and 15-year-olds child labor restrictions - ANSWERS -Nonschool days less than eight hours;
during the school week no more than 18 hours; no more than 40 hours when school is out
FUTA Rate - ANSWERS -Rate is set at 6% of the first 7000$ 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%
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
, 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
