Fpc Exam

Front 1

FICA

Back 1

Federal Insurance Contributions Act

Front 2

TIN

Back 2

Taxpayer Identification Number

Front 3

1099-MISC - How much does the contractor have to make before a 1099-Misc is necessary

Back 3

$600

Front 4

SS-8

Back 4

Determination of worker status for determination of federal employment taxes and income withholding

Front 5

Backup Withholding % for a Independent contractor with no TIN or Bad TIN

Back 5

28%

Front 6

W-9

Back 6

Request for TIN and Certification

Front 7

How much is it when you fail to report a new hire?

Back 7

$25

Front 8

FLSA

Back 8

Fair Labor Standards Act

Front 9

Federal Minimum Wage

Back 9

$7.25 per hour

Front 10

How many $ of tips do you have to make per month to receive tip wage

Back 10

$30

Front 11

What is the Tip pay hourly rate

Back 11

$2.13

Front 12

How many hours can employers take tip credit?

Back 12

all hours worked, but do not get overtime premium

Front 13

What is the tip credit dollar amount for the employer?

Back 13

$5.12

Front 14

Regular rate of pay equasion

Front 15

shift differential

Back 15

an amount added to an hourly rate to compensate an employee for working an evening, a late night, or other undesirable shift. The FLSA does not require that shift differentials be paid

Front 16

Nondiscretionary bonuses

Back 16

are contractual or agreed-upon bonuses or incentives related to production, efficiency, attendance, quality, or some other measure of performance. If a bonus cannot be tied to specific work done, it must be allocated evenly to each workweek or to each hour worked during the period for which the bonus was paid, whichever method better fits the work situation

Front 17

Retroactive pay

Back 17

pay for time worked in a previous workweek. Retroactive pay must be applied to both regular and overtime hours. This is true when the retroactive pay is in the form of an hourly increase, or in the form of a lump-sum payment that must be allocated to weeks or hours worked in the same way as a nondiscretionary bonus.

Front 18

Is a gift added to regular pay

Back 18

No

Front 19

Is PTO part of regular pay

Back 19

NO

Front 20

Definition of the Workweek

Back 20

The workweek does not have to be the same as a calendar week or begin at the start of a day. However, the workweek must include seven consecutive 24-hour periods.

Front 21

Requirements for a Changing Workweek

Back 21

1. Add overlapping days to the old workweek, then calculate overtime hours and pay for both the old and new workweeks.
2. Add overlapping days to the new workweek, then calculate overtime hours and pay for both the old and new workweeks.
3. Pay the employee the greater amount from Step 1 or Step 2.

Front 22

8/80 Rule

Back 22

Hospitals and Nursing Homes

Front 23

8/80 rule allows

Back 23

The law allows such employers to use a 14-day period, rather than a workweek, for determining overtime compensation. Additionally, this extended period can be used for different groups of employees as the employer sees fit.

Front 24

Conditions to 8/80 rule

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1. There must be an agreement or understanding between the employer and the employees that the 14-day period will be used before work is performed, and there must be a record of the agreement.

Front 25

Conditions to 8/80 rule

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The employer must pay employees covered by the agreement or understanding at least 1½ times their regular rate of pay for all hours worked over eight in a day or 80 in the 14-day period, whichever would result in higher pay for the employee.

Front 26

employee's portion of Medicare taxes

Back 26

1.45% from all wages

Front 27

How much until the excess medicare kicks in

Back 27

$200,000.00

Front 28

What is the additional medicare percentage for over 200,000?

Back 28

0.9%

Front 29

Gross Up formula

Back 29

Desired net payment/ 100%- Total % all taxes paid

Front 30

What is the gross up percentage for Federal & FICA? NET/?

Back 30

67.35%

Front 31

Limit per month for passes, commuter highway vehicle and farecards.

Back 31

The excluded benefit is limited to a value of $130 per month in 2014 for transportation in a commuter highway vehicle and employer-provided passes, tokens, or fare cards.

Front 32

Vanpool Requirements

Back 32

1. at least 80% of the vehicle's mileage can be expected to be for commuting; and
2. at least one-half of the vehicle's seating capacity (excluding the driver) is used by employees;

Front 33

Distance test

Back 33

The new workplace must be at least 50 miles farther from the employee's old residence than the previous workplace was. If there was no previous workplace, the new workplace must be at least 50 miles from the employee's old residence. The distance measured by this test is the shortest of the most commonly used routes between the two points.

Front 34

Time test.

Back 34

During the 12-month period immediately following the move, the employer must reasonably expect that the employee must work full-time for at least 39 weeks in the general location of the new workplace

Front 35

2 types of deductible moving expenses

Back 35

Transportation of household goods

Expenses of traveling from old home to new home.

Front 36

The mileage rate for moving expenses for 2014 is

Back 36

$0.235 per mile.

Front 37

Total tax free employer paid parking

Back 37

greater than $250/month

Front 38

Total employee paid commuter fees taxable

Back 38

excess of $130/month

Front 39

Bike monthly non tax amount

Back 39

$20

Front 40

What portion of GTL is taxable

Back 40

over $50,000

Front 41

Educational assistance taxed?

Back 41

no

Front 42

Qualified Discounts on Employer goods Taxed?

Back 42

No

Front 43

Total non job related educational assistance allowed under qualified plan?

Back 43

up to $5,250 under a qualified plan

Front 44

How many years for service award

Back 44

5

Front 45

General Valuation Method

Back 45

Under the general valuation method, the fair market value of a company-provided vehicle is the amount an individual would pay to lease the same or a comparable vehicle in an arm's length transaction in the same geographic area for the same length of time.

Front 46

Commuting valuation method.

Back 46

allows an employer to value an employee's personal commuting use of an employer-provided vehicle at $1.50 per one-way commute and $3.00 per round trip

Front 47

conditions of commuting valuation method

Back 47

1. The vehicle is owned or leased by the employer and is provided to the employee for use in connection with the employer's business.
2. The employer, for noncompensatory business reasons, requires the employee to commute to and/or from work in the vehicle.

Front 48

conditions of commuting valuation method

Back 48

1. The employer has a written policy prohibiting the employee from using the vehicle for personal use other than commuting or de minimis personal errands, and the policy is enforced.
2. The employee is not a control employee.

Front 49

Vehicle cents-per-mile method.

What is the rate

Back 49

The business standard mileage rate is $0.56 per mile in 2014.

Front 50

Lookback Period

Back 50

12-month period

Front 51

12-month period the lookback period is

Back 51

July 1, 2012–June 30, 2013

Front 52

Monthly Depositor lookback period

Back 52

monthly depositors if the amount of nonpayroll withheld income tax liability accumulated in the lookback period is $50,000 or less;

Front 53

Semiweekly lookback period

Back 53

* semiweekly depositors if the amount of accumulated nonpayroll withheld taxes exceeds $50,000.

Front 54

Monthly depositors (i.e., employers with $50,000 or less in employment tax liability during the lookback period) must deposit their accumulated tax liability for each calendar month by

Back 54

the 15th of the following month

Front 55

Semi-Weekly depositors pay date on Wed, Thurs, and Fri. Deposit when?

Back 55

The next Wednesday

Front 56

Semi-Weekly deposit pay date on Sat, Sun, Mon, and Tues deposit when?

Back 56

By the next Wednesday

Front 57

Impact of One-Day-Rule on Monthly Depositors

Back 57

becomes a semiweekly depositor for the remainder of the current calendar year and the entire next calendar year

Front 58

Components of a tax deposit

Back 58

* federal income tax withheld from the employees' wages or paid by the employer,
* social security tax withheld from the employees' wages or paid by the employer,
* Medicare tax withheld from the employees' wages or paid by the employer,
* the employer's share of social security tax, and
* the employer's share of Medicare tax.

Front 59

EFTPS

Back 59

Electronic Federal Tax Payment System

Front 60

Form 944,

Back 60

Employer's Annual Tax Return

Front 61

form 944 filers have a history of annual tax liabilities of

Back 61

of $1,000 or less.

Front 62

Form 941

Back 62

Employer's Quarterly Federal Tax Return

Front 63

Payments with the employer's Form 941 should be made by including Form

Back 63

Form 941-V

Front 64

Form 941-V

Back 64

Form 941 Payment Voucher

Front 65

Form 940

Back 65

Employer’s ANNUAL Federal Unemployment (FUTA) Tax Return.

Front 66

Schedule A (Form 940

Back 66

Multi-State Employer and Credit Reduction Information

Front 67

Schedule B (Form 941)

Back 67

Record of Federal Tax Liability,

Front 68

Schedule D (Form 941)

Back 68

, Report of Discrepancies Caused by Acquisitions, Statutory Mergers, or Consolidations,

Front 69

Schedule R (Form 940)

Back 69

Allocation Schedule for Aggregate Form 940 Filers

Front 70

Schedule R (Form 941)

Back 70

Allocation Schedule for Aggregate Form 941 Filers

Front 71

Form W-3

Back 71

ransmittal of Wage and Tax Statements, is filed along with paper Forms W-2 with the SSA. Employers can file paper Forms W-2 and Form W-3 with the SSA only if the total number ofForms W-2 is less than 250. If 250 or more paper Forms W-2 are filed with the SSA, the IRS will penalize the employer up to $100 for each form filed on paper in excess of 249.

Front 72

Employers pay the FUTA tax on their employees' wages at the rate of

Back 72

6.0%

Front 73

The rate is applied to the first ? of an employees covered wages in a year

Back 73

$7,000

Front 74

Employers can receive a credit against their FUTA tax rate of up to

Back 74

5.4%

Front 75

Employers receiving the full credit have an effective FUTA tax rate of

Back 75

0.6%

Front 76

each employee receiving at least $7,000 of covered wages employers with full credit pay how many dollars yearly?

Back 76

$7,000 x 0.006 = $42

Front 77

"90%" or "normal" credit.

Back 77

he normal credit against FUTA tax liability equals the amount of an employer's required contributions paid in a timely manner into a certified state unemployment insurance fund. It is also called the 90% credit because the amount of the credit is limited to 90% of the basic 6.0% FUTA tax rate or 5.4%

Front 78

Calculate FUTA Tax Liability Rate:

Back 78

6.0%

Front 79

FUTA base

Back 79

7000

Front 80

Credit?

Back 80

5.4% reduction

Front 81

Effective rate of with full credit

Back 81

.06%

Front 82

Form 940

Back 82

Employer's Annual Federal Unemployment (FUTA) Tax Return.

Front 83

Form 945

Back 83

Annual Return of Withheld Federal Income Tax