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NEW QUESTION # 80
when does an employer stop deducting a federal tax levy from an employee's wages?
- A. the employee asks that the levy deduction be stopped
- B. The IRS issues a form 668-D
- C. the amount on the levy is reached
Answer: B
NEW QUESTION # 81
A semiweekly depositor has a liability of $79,000 from Weds payday and a liability of $50,000 from Friday's payday. The deposit is due by the:
- A. next monday
- B. next friday
- C. next weds
- D. 15th of the month
Answer: A
NEW QUESTION # 82
All of the following are payroll control procedures EXCEPT:
- A. system selection
- B. external audits
- C. security
- D. edits
Answer: A
NEW QUESTION # 83
The statue of limitation for correcting a form 941 is:
- A. due date of 941 form for quarter in which error was discovered
- B. whenever discovered, up to 7 years
- C. april 15 following the year error was discovered
- D. april 15 3 years after the close of tax year error was made
Answer: D
NEW QUESTION # 84
One of the options in an employee's cafeteria benefit plan is a dependent care flexible spending account. He earmarked $100 per month to the account to pay for child care but spend only $1000 by the end of the plans grace period. at the end of the grace period, what happens to the $200 left in the account?
- A. the amount is forfeited
- B. it ill carry over to the next year
- C. he can use it to "buy" ab additional benefit
- D. it will be added to his taxable income
Answer: A
NEW QUESTION # 85
When an employee lives and works in the same state, the employer withholds income tax for that state.
- A. TRUE
- B. False
Answer: A
NEW QUESTION # 86
The owners of a company want to set up a retirement program for themselves, but do not want to make contributions on behalf of their employees. all of their employees are under age 30. What can they do?
- A. establish a 403b plan for all employees
- B. set up nonqualified deferred compensation plan only
- C. establish only a 401k plan that restricts eligibility to employees over age 30, and set up a nonqualified deferred compensation plan.
- D. establish only a 401k plan that restricts eligibility to employees over age 30.
Answer: B
NEW QUESTION # 87
Which of the following plans can discriminate in favor of highly compensation employees?
- A. defined contribution plans
- B. 401k plans
- C. nonqualified deferred compensation plans
- D. section 125 plans
Answer: C
NEW QUESTION # 88
How long should employers keep payroll records beyond legal requirements
- A. 4 years
- B. as long as the company needs the records
- C. 3 years
- D. 2 years
Answer: B
NEW QUESTION # 89
All of the following deferred compensation plans limit the employee to making a deferral contribution of
$19,500 in 2020 except:
- A. 457b
- B. 403b
- C. nonqualified
- D. 401k
Answer: C
NEW QUESTION # 90
When system generated tools do not agree to batch control totals, what must occur?
- A. continue processing
- B. document the difference and continue processing
- C. delay finding the error until more time is available
- D. finding the cause and correcting the error
Answer: D
NEW QUESTION # 91
You receive a penalty notice from a government agency. the info is not readily available. what should you do first?
- A. send a short letter to the agency stating that the issues is being reviewed.
- B. call the agency and tell them you plan to location the info and send it in a few months.
- C. ignore the letter because it will take time to location the information.
- D. conduct a thorough investigation and send the report to the agency.
Answer: A
NEW QUESTION # 92
Payroll documentation accomplishes all of the following goals EXCEPT:
- A. ensuring uniformity
- B. simplifying training
- C. ensuring that procedures are followed
- D. providing a reference tool
Answer: C
NEW QUESTION # 93
An employee was recently married. the employer pays on the 15th and last day of every month. on June 10, the employee submitted a revised W4. When must you change the amount of his withholding?
- A. on his june 15th paycheck
- B. on his june 30th paycheck
- C. on his july 31 paychecl
- D. on his july 15th paycheck
Answer: D
NEW QUESTION # 94
A receptionist has agreed to work afternoons at the company until the company can find a full time replacement. what is the receptionists status?
- A. independent contractor under reasonable basis
- B. independent contractor under common law
- C. employee
Answer: C
NEW QUESTION # 95
Accounting data beings with a transaction. this information is first posted:
- A. in the chart of accounts
- B. on the income statement
- C. in the general ledger
- D. in the journal
Answer: D
NEW QUESTION # 96
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 reasonable basis test
- B. independent contractor under common law
- C. employee
Answer: C
NEW QUESTION # 97
All of the following are tax implications of a cafeteria plan except:
- A. must withhold income, social security, and medicare taxes
- B. no form W2 reporting
- C. no income tax withholding
- D. no social security and medicare tax withholding
Answer: A
NEW QUESTION # 98
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 # 99
An employer contributes $200 per month to an employee cafeteria plan. the pretax medical/dental package that she has chosen costs $250 per month. she contributes the extra $50 for this benefit plan. payroll must withhold:
- A. social security tax, medicare tax, and federal income tax from only the employee contribution
- B. no tax from either the employee or employer contribution
- C. social security tax and medicare tax from only the employee contribution
- D. social security tax and medicare tax from only the employer contribution
Answer: B
NEW QUESTION # 100
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. $1,779
- B. $459
- C. $0
- D. $918
Answer: B
NEW QUESTION # 101
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 # 102
Which type of report does not originate from the employees earning record?
- A. calc of the appropriate tax rates
- B. payroll analysis report
- C. taxable wages for each ee
- D. a report of form 1099 earnings
Answer: D
NEW QUESTION # 103
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To sit for the APA FPC-Remote Certification Exam, candidates must have at least two years of payroll work experience, a high school diploma, and a desire to improve their career in the payroll department. Fundamental Payroll Certification certification exam covers various areas of payroll management, including compliance with federal laws, payroll calculations, and record-keeping. By passing the exam, candidates can become more knowledgeable about the latest payroll industry trends and practices, setting themselves apart from their peers.
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