Fpc Exam Fundamental Payroll Questions And Answers 2023

Deferred compensation plans can be classified into two key groups {Ans: Qualified and Non Qualified Plans}An employee's profit sharing bonus is payable in the year following his death. How should the bonus be taxed and reported? {Ans: Withhold no taxes and report the bonus on for 1099-misc.}What should happen with a notice the payroll department receives from the IRS? {Ans: It should be handled quickly}The direct deposit data sent to the bank after payroll processing is an example of {Ans: Interface}What federal taxes must an employer withhold from an employees reported tips? {Ans: Federal income, social security and medicare tax}An exempt employee under the FLSA is exempt from {Ans: both minimum wage and overtime}