FPC-REMOTE Online Practice Questions and Answers

A record of the daily transaction of a business is:

A. balance sheet

B. journal

C. ledger

D. chart of accounts

For a payment after the employees death in the year AFTER the death, what taxes, if any, will be withheld?

A. federal income tax only

B. social security and medicare taxes only

C. federal income and social security and medicare taxes

D. no taxes will be withheld

What benefits can be provided in a section 125 cafeteria plan?

A. scholarships

B. discounts

C. medical insurance

D. commuter vans

If a state wage and hour law requires that a nonexempt employee be paid an overtime premium when the employee works more than 8 hours in a day and the employee works the following schedule, how many overtime hours must the employee be paid?

sun-5 mon-7 tues-6 weds-8 thurs-10 fri-8 sat-6

A. 0

B. 2

C. 10

D. 14

In 2020, an employer must pay social security tax on an employees wages up to:

A. 127,200

B. $128,400

C. 132,900

D. 137,700

Every month, all of the following records are reconciled EXCEPT:

A. payroll liability accounts

B. master record of payments

C. payroll bank checking account

D. validity edits

Whichcafeteria plan are authorized by what Internal Revenue Code Section?

A. 125

B. 401k

C. 403b

D. 457b

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 15th paycheck

D. on his july 31 paychecl

The statue of limitation for correcting a form 941 is:

A. due date of 941 form for quarter in which error was discovered

B. april 15 following the year error was discovered

C. whenever discovered, up to 7 years

D. april 15 3 years after the close of tax year error was made

Salaries earned but not yet paid in the current month must be recorded as:

A. debit to salary payable

B. credit to salary expense

C. debit to cash

D. debit to salary expense