[2024] Pass Key features of FPC-Remote Course with Updated 134 Questions
FPC-Remote Sample Practice Exam Questions 2024 Updated Verified
NEW QUESTION # 36
Salaries earned but not yet paid in the current month must be recorded as:
- A. debit to salary expense
- B. debit to salary payable
- C. debit to cash
- D. credit to salary expense
Answer: A
NEW QUESTION # 37
All of the following issues are concerns of external auditors except:
- A. material misstatements of financial statements
- B. risks to the companys financial well being
- C. safeguarding of the firms financial assets
- D. efficiency of payroll procedures
Answer: D
NEW QUESTION # 38
The federal minimum wage is used when figuring the amount to withhold for a creditor garnishment
- A. False
- B. TRUE
Answer: B
NEW QUESTION # 39
When an employee is overpaid and the repayment occurs in the same year, the repayment requested is the employee's
- A. gross overpayment minus federal income tax
- B. net overpayment
- C. gross overpayment minus social security and medicare tax
- D. gross overpayment
Answer: B
NEW QUESTION # 40
A superintendent of schools who will be 49 years of age on Dec 31 2020 earns $100,000. his school district has a 403b plan. what is the maximum that he can contribute to this plan before taxes in 2020?
- A. $19,000
- B. $19,500
- C. $26,000
- D. $25,000
Answer: B
NEW QUESTION # 41
Which of the following records must be kept for 4 years:
- A. OSHA records
- B. time cards
- C. hours worked
- D. voided payroll checks
Answer: D
NEW QUESTION # 42
When does an exempt W4 expire?
- A. at the end of each quarter
- B. Feb 15 of next year
- C. it continues as long as the ee is subject to ss tax
- D. dec 31 each year
Answer: B
NEW QUESTION # 43
In 2020, an employer must pay social security tax on an employees wages up to:
- A. 127,200
- B. $128,400
- C. 137,700
- D. 132,900
Answer: C
NEW QUESTION # 44
When must overtime be paid?
- A. each week
- B. with the next payroll
- C. as soon as practically possible
Answer: C
NEW QUESTION # 45
An employee belongs to a professional organization. when his company pays his dues, the payment is:
- A. a no-additional cost service
- B. a working condition fringe
- C. taxable compensation
- D. de minimis fringes
Answer: B
NEW QUESTION # 46
When using the Optional Flat Rate Method, which of the following items is considered when making the calculation?
- A. filing status
- B. number of dependents
- C. pay frequency
- D. taxable wages
Answer: D
NEW QUESTION # 47
At the beginning of the year, an employee elected to buy group term life insurance as part of his benefit package through his companys cafeteria benefit plan. in may he took out an individual life insurance policy.
since he no longer needs group coverage, he wants to replace the insurance option with increase contributions to his 401k plans. is this possible?
- A. yes, if both GTL and the 401k plan are part of the same cafeteria benefit program, he can switch
- B. no
- C. yes but he will have to pay taxes on the amount.
Answer: B
NEW QUESTION # 48
How long should employers keep payroll records beyond legal requirements
- A. 3 years
- B. as long as the company needs the records
- C. 4 years
- D. 2 years
Answer: B
NEW QUESTION # 49
A waitress is paid $2.25 per hour and she receives $225 in tips during the week. She works 4o hours per week.
Which of the following is true?
- A. her employer is allowed to reduce her cash wage to no less than $2.13 per hour
- B. her base salary must be raised to $3 per hour to comply with fed min wage requirements.
- C. her base pay must be increase to $4.5 per hour after a 90 day training period.
- D. she must be paid $5.12 per hour by her employer
Answer: A
NEW QUESTION # 50
When supplemental wages are paid at the same time as regular wages, how are withholding taxes computer?
- A. withholding on supplemental wages is taxed separately
- B. supplemental wages are taxed at a different withholding rate
- C. withholding taxes are based on the total of the wages and supplemental wages
- D. supplemental wages are not subject to withholding taxes
Answer: C
NEW QUESTION # 51
What does an employer use to calculate the amount to withhold for a child support withholding order?
- A. take home pay
- B. taxable wages
- C. disposable pay
- D. net pay
Answer: C
NEW QUESTION # 52
What form must a penisioner file to have input into the amount of federal income tax withheld?
- A. w4s
- B. w9
- C. w4P
- D. w4
Answer: C
NEW QUESTION # 53
An employee earns $40,000 annually. claiming single with no entries on lines 2,3, or 4 on her 2020 form W4, she contributes $6,000 annually to her 401k. How much must be withheld for federal income tax, social security, and or medicare tax on contribution?
- A. $0
- B. $918
- C. $459
- D. $1,779
Answer: C
NEW QUESTION # 54
What is the effect on an employees income when the employer pays that employees share of social security and medicare taxes on a fringe benefit?
- A. the amount of the fringe benefit is included in the employees income
- B. there is no change
- C. the taxes paid by the employer are considered income to the employee
- D. there are no ss or medicare taxes on fringe benefits
Answer: A
NEW QUESTION # 55
All of the following regulate payments made by DD EXCEPT:
- A. State laws
- B. local laws
- C. consumer financial protection bureau
- D. NACHA
Answer: B
NEW QUESTION # 56
On thurs, an employee receives news of a family emergency that requires him to take a flight home that evening. payday is not until friday at 3pm, but he needs his paycheck to pay for the flight. when he contacts the payroll dept and explains his situation, he is told that a check will be ready for him when he stops by.
Which principle of the customer service has the payroll dept exhibited?
- A. empathy
- B. responsiveness
- C. tangibles
- D. reliability
- E. assurance.
Answer: A
NEW QUESTION # 57
A voluntary deduction must be:
- A. deducted without the employee's permission
- B. changed to what the employer needs to deduct
- C. authorized by the employee
Answer: C
NEW QUESTION # 58
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