Fundamental Payroll Certification (FPC) Exam Questions and Answers, Exams of Nursing

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Answers (Latest update 2025) Which form is completed by the employee to establish federal income tax withholding? - Correct Answer ✅ Form W- A nonexempt employee works 37½ hours per week at a regular monthly salary of $3,932.50. Under the FLSA, calculate the employee's regular rate of pay. - Correct Answer ✅ $24. A nonexempt employee works 40 hours per week at a regular annual salary of $45,240. Under the FLSA, calculate the employee's regular rate of pay. - Correct Answer ✅ $21. Which amount is the basis for the calcuation of federal income tax withholding? - Correct Answer ✅ Taxable wages An employee has total YTD wages of $68,000. Calculate the gross-up on a bonus payment of $2,000. Assume state income tax withholding is 3%. - Correct Answer ✅ $2,969. Which form is used by employers to report quarterly wages and federal payroll tax withholdings and deposits? - Correct Answer ✅ Form 941

Answers (Latest update 2025) Which entry would be posted as a debit? - Correct Answer ✅ Increase to an expense account The primary purpose of written departmental procedures is to: - Correct Answer ✅ document processes for the uniform application of policies. Which is a common type of employee bonus? - Correct Answer ✅ All of these What is the primary purpose of a gross-up payment? - Correct Answer ✅ To cover an employee's tax liability on additional pay Which formula is used to calculate the grossed-up bonus amount? - Correct Answer ✅ Net Bonus Amount ÷ (1 - Tax Rate) When are gross-up payments most commonly used? - Correct Answer ✅ For annual performance bonuses

Answers (Latest update 2025) What does FLSA stand for? - Correct Answer ✅ Fair Labor Standards Act Which is not covered by the FLSA? - Correct Answer ✅ Workplace safety standards Who enforces the FLSA? - Correct Answer ✅ U.S. Department of Labor What is the current federal minimum wage stipulated by the FLSA? - Correct Answer ✅ $7.25 per hour Under FLSA, after how many hours of work in a week is an employee eligible for overtime pay? - Correct Answer ✅ 40 Who is typically not covered by the FLSA? - Correct Answer ✅ All of these

Answers (Latest update 2025) What type of damages can be recovered for violations of the FLSA's wage and hour provisions? - Correct Answer ✅ Back pay and liquidated damages Can states set their own minimum wage rates under the FLSA? - Correct Answer ✅ Yes, they can set any rate they choose