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FPC CERTIFICATION EVALUATION 2026
SOLVED QUESTION COLLECTION
โ Nontaxable awards. Answer: Certain conditions, length of service and safety awards are not taxable. โ working condition benefit. Answer: Nontaxable benefits which relates to the employees trade or business. โ For taxes, who is a tipped employee. Answer: IRS requires employees who receive tips of $20 or more to report the tips to ER. โ Taxes on commissions. Answer: Income, FICA, FUTA โ Monthly transportation benefit. Answer: $260 excluded from income a month for qualified transportation.
โ Taxes withheld from GTL. Answer: Social security and medicare taxes (FICA) โ 401K annual contribution limit. Answer: $54,000 or 100% EE annual compensation โ Taxes on qualified retirement plans. Answer: Subject to social security and medicare. ER contributions are not taxable. โ 2 types of retirement plans. Answer: Qualified or non-qualified plans โ Roth 401K. Answer: Subject to FIT, FICA. Reported on form W-2 in box 12 with code AA. โ Deferred Compensation.
Answer: Defined benefit plans (based on a formula) or defined contribution plans (based on ER or EE contributions) โ 401K Compensations limit. Answer: $275, โ Use- it - or - lose - it. Answer: contributions that are not substantiated are lost โ FSA's uniform coverage. Answer: ER must reimburse EE for eligible expenses up to the EE's election even though the EE's contributions have yet to be made. โ Section 125 plan. Answer: Flexible benefit plan. Does not allow the deferral of compensation from one plan year to another plan year, unless a 401K plan is part of the S125 plan. Can only be changed by EE's before the beginning of the plan year, when there is an IRS approved status change or a cost or coverage change.
โ cafeteria plan. Answer: Allows Employers to select a menu of generally nontaxable benefits offered to employees. โ How are S125 benefits taxed. Answer: Not taxable unless taken in cash. โ How are S125 benefit plans reported. Answer: Not reported on Form W-2 or Form 941 โ Dependent care FSA special rules. Answer: Is not subject to uniform coverage rule. ER will only reimburse expenses up to the amount of the EE's contribution to date. โ Medical FSA contribution limits. Answer: Cannot exceed $2,650 in a plan year. โ From W-2 Box 1:. Answer: Wages, tips, other compensation used to report all taxes.
Max amount reported in box 3 is $128,400. Does not include tips. โ Depositor Status. Answer: ER is a monthly or semiweekly depositor of employment taxes. โ Monthly depositor liability. Answer: $50,000 or less โ Semiweekly depositor liability. Answer: More than $50, Pays on: Sat, Sun, Mon, Tues; Due next Friday otherwise next Wednesday. If tax liability reaches $1000,000, taxes must be deposited next business day. โ FUTA (Federal Unemployment Tax Act).
Answer: ERs pay FUTA tax on the first $7,000 of an EE's wages. โขDue the last day of the first month following the end of the quarter. Paid to the IRS via EFTPS using the EIN Form 940 โ FUTA tax rate. Answer: 6.0%
- 5.4%assumed FUTA credit for paying into a state unemployment fund .6% FUTA payment rate .6% of the first $7000.00 FUTA taxable wages each employee earns in a year โ Form 941. Answer: Employer's Quarterly Federal Tax Return
total federal unemployment tax, and other information. Also called the Employer's Annual Federal Unemployment (FUTA) Tax Return. โ FUTA wage base. Answer: $7, โ Form 944:. Answer: Employer's Annual Federal Tax Return. Used by ERs with an annual tax liability of $1,000 or less to report taxes. โ ODFI. Answer: Originating Depository Financial Institution. Financial institution a company provides its ACH files โ Pay frequency governed. Answer: State governs the frequency ERs pay EEs. โ Master file. Answer: Collection of data describing the EEs pf a company.
โ Time cards. Answer: Supplemental records that must be kept for at least 2 years after last date on entry. โ Form I-9 retained. Answer: Three years after the date of hire or one year after the date of termination. โ Batch processing. Answer: Collecting of items processed into similar groups to allow the items to be input into a payroll system in a group. โ Escheat. Answer: Abandoned wages to the appropriate state agency. โ Privacy right governed:. Answer: By Federal and State laws, as well as company policy. โ Copies of tax returns retained. Answer: Retained for at least 4 years after the returns due date or payment date whichever is later.
โ Accrual record. Answer: Expenses in the accounting period the expenses are incurred, not paid. โ Balance sheet. Answer: A financial statement that reports assets, liabilities, and owner's equity on a specific date. โ Income statement. Answer: A financial statement showing the revenue and expenses for a accounting period.. โ internal controls. Answer: Designed to safeguard a company's assets and ensure that financial statements are not misstated. โ Revenue. Answer: Amount received for the sale of a product or service. โ Liability. Answer: An amount owed by a business. Debt.
Current (must be paid in a year) or Long-term โ Chart of Accounts. Answer: a list of accounts by name and/or Account number. โ Double entry accounting. Answer: The recording of debit and credit parts of a transaction โ Accounting Flow. Answer: Transaction > Journal > Ledger > Financial Statements โ Asset. Answer: Anything of value that provides a benefit or value over a period of time. Current, property, or intangible. โ Expense. Answer: The cost of goods and services consumed by the organization during the account period. โ Journal Entry. Answer: Record of the daily transaction of a business.
Answer: Degree of caring and individual attention shown to your customers โ Demands of an employee's time:. Answer: Either important or unimportant Important tasks contribute to the mission and urgent or not urgent. Urgent tasks are reactive. โ Tangibles. Answer: the physical evidence of a service, including the physical facilities, tools, and equipment used to provide the service โ Assurance. Answer: Demonstrate knowledge and courtesy shown to customers along with the ability to convey trust, competence and confidence. โ Relability. Answer: Demonstrate the ability to provide what is promised dependably and accurately. โ Responsiveness. Answer: Demonstrate the willingness to help customers promptly.
โ Barries to Listening. Answer: Distractions, tuning the person out, reacting emotionally, not reading body language, sending false messages, anticipating your response. โ SSA. Answer: Social Security Administration โ Retroactive pay. Answer: Pay for time worked in a previous workweek; retroactive pay must be applied to both regular and overtime hours. โ Medical FSA. Answer: Grace period of up to 2 1/2 months $500 carryover. โ Form 941 - X. Answer: Adjusted Employer's Quarterly Federal Tax Return or Claim for refund โ ACH.
Answer: Employer Appointment of Agent - To Designate authorization for a contracted outside firm to act as an agent to handle the employers payroll processing โ 941 Filing deadlines. Answer: A month after quarter ends unless they have timely deposits then it is extended another 10 days. โ IRS publication 596. Answer: Earned Income Credit. โ Repayment of wages. Answer: It impacts accounting and tax records. โ 5 principles of customer service. Answer: Reliability, Empathy, Responsiveness, Assurance, Tangibles. โ who receives copy D of form w2. Answer: employer โ If an employer requires a reversal of an individual's direct deposit without the employee's authorization, it must be completed:. Answer: within five banking days of the settlement date.
โ Federal unemployment taxes are used to fund. Answer: the administration of the unemployment insurance program. โ Under Section 125 Cafeteria Plan rules. Answer: the use of contributions to purchase eligible benefits is nontaxable โ Monthly depositors incurring a liability of $100,000.00 or more.. Answer: Required to deposit the liability from the deposit period on the next business day. Becomes a semiweekly depositor for the remainder of the year and the next calendar year. โ IFBA = FMV - (EPA + AEL). Answer: IFBA = Includable Fringe Benefit Amount FMV = Fair Market Value EPA = Employee Paid Amount After Taxes AEL = Amount Excluded by Law โ Vehicle cent per mile.
