CPP Exam 2018 Flashcards
What are the two tests to determine if the person is an employee or independent contractor?
- Common Test (control)
2. Reasonable Test
Who are Statutory Employees?
(HALT)
- Homemakers (workers who go to plant to pickup parts and bring back a finished product)
- Agent Commission Drivers
- Life Insurance Sales
- Traveling Sales People
Who are Statutory Non-Employees?
(REDS)
- Qualified Real Estate Agents
- Direct Sellers
(Not True Employees - 1099’s)
What does the FLSA stand for?
Fair Labor Standards Act
FLSA governs?
- Minimum Wage
- Child Labor
- Overtime
- Equal Pay for Equal Work(EPA)
- Record Keeping
- All Hours WORKED in excess of 40 in a workweek
FLSA doesn’t govern?
- Paid Time Off
- How often you get paid
- If you pay cash, check, direct deposit (They don’t care)
- Pay frequency
What is the Federal Minimum wage for 2018?
$7.25
What is not covered by the FLSA?
- Hospitals
- Nursing Homes
- Schools (Higher and Lower Education Levels)
- Public Agencies
- Mom and Pop Stores
- Business owned by one family and only family members work in the business.
What is the tip credit for 2018?
$5.12
Who is allowed to use 14 day cycles with an 8/80 rule?
Hospitals/ Nursing Homes
The FLSA contains an exemption to the workweek standard for hospitals and nursing homes that is designed to give them more flexibility in scheduling. The law allows such employers to use a 14 day period, rather than a workweek, for determining overtime compensation.
How is overtime calculated for hospitals/nursing homes?
Overtime is calculated for hours worked greater than 8 hours in a day or 80 hours in a 14 day cycle.
Police Officers can accrue how many hours of comp time?
240 hours (that is 160 hours of OT worked). After that, they must be paid OT with their regular pay.
What does FIT stand for?
Federal Income Tax
What does FITW stand for?
Federal Income Tax Withholding
What is the parking allowance per month in 2018?
$260 per month
What is the transit pass allowance per month in 2018?
$260 per month.
How much is the adoption assistance limit for 2018?
$13,810.00
What does ISO stand for?
Incentive Stock Options (taxable when sold)
What does NSO stand for?
Non Qualified Stock Options
What Form do you report tips on?
Form 4070
What does MSA stand for?
Medical Savings Accounts
For small companies - No more than 50 employees
What does HRA stand for?
Health Reimbursement Agreement
(The employer reimbursed the employee directly for qualified medical expenses.). Funded solely by employer.
What does HSA stand for?
Health Savings Account
Employee and employer make contributions.
What does FMLA stand for?
Family Medical Leave Act
(You must have worked for the company for 12 months to be eligible. You must have worked at least 1250 hours in the proceeding calendar year.)