FPC-REMOTE Online Practice Questions and Answers

All of the following regulate payments made by DD EXCEPT:

A. consumer financial protection bureau

B. NACHA

C. State laws

D. local laws

Last month, an employee emailed her mother on the company's email, photocopied fliers for her church picnic at work and used her work computer to update her resume. These services represent:

A. taxable compensation

B. de minimis fringes

C. working condition fringes

D. no-additional cost services

All of the following deferred compensation plans limit the employee to making a deferral contribution of $19,500 in 2020 except:

A. 401k

B. 403b

C. 457b

D. nonqualified

An employer may provide all of the following features in a 401k plan except:

A. matching contributions

B. lower ceilings on contributions

C. higher benefits for highly compensated employees

D. catch up contribution

An employee claims exempt from withholding on his form W4. to continue the exempt status for the next year, a new form W4:

A. must be filed by dec 31

B. must be filed by feb 15 of the following year

C. is not necessary

D. is invalid if the employee claims more than 10 dependents

A retired safety inspector for the company was rehired as a consultant when the company expanded its plant operations. the retired employee was a natural choice. the tasks he undertook as a consultant were the same as the ones he performed before retirement. paid monthly, he has agreed to work under the direction of his old boss until the new plantfacilitates are fully operational? What is his status?

A. independent contractor under common law

B. independent contractor under reasonable basis test

C. employee

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. there is no change

B. the taxes paid by the employer are considered income to the employee

C. the amount of the fringe benefit is included in the employees income

D. there are no ss or medicare taxes on fringe benefits

What federal taxes, if any, must the salesperson's employer withhold for his personal use of the company vehicle?

A. social security and medicare tax only

B. federal income tax only

C. federal income tax, social security tax, and medicare tax

D. no taxes are required to be withheld

During thanksgiving week, a nonexempt employee was paid for the following hours:

sun- none

mon- 10 hours worked

tues- 10 hrs work

weds- 8 hr sicks day

thurs- 8 hr holiday

fri-8 hr vacation

sat- 8 hr work

How many overtime hours, if any, did the ee work?

A. 0 hours

B. 4 hours C. 12 hours

What does an employer use to calculate the amount to withhold for a child support withholding order?

A. disposable pay

B. net pay

C. take home pay

D. taxable wages