Regulatory Compliance & Standards Flashcards
7 cards from real CPS practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 7 Regulatory Compliance & Standards flashcards as text
Under the FLSA, which of the following employees is correctly classified as EXEMPT from overtime requirements?
Answer: A licensed attorney earning $75,000 who exercises professional judgment
Licensed attorneys who exercise professional judgment and meet the salary threshold qualify for the learned professional exemption under the FLSA.
When an employer provides group-term life insurance exceeding $50,000 to an employee, the cost of excess coverage must be included in the employee's wages based on what IRS table?
Answer: IRC Section 79 Uniform Premium Table
The IRC Section 79 Uniform Premium Table provides the monthly cost per $1,000 of excess group-term life insurance coverage that must be imputed as income.
What is the lookback period used to determine an employer's deposit schedule for federal payroll taxes?
Answer: The 12-month period ending June 30 of the prior year
The lookback period is the 12-month period from July 1 through June 30 of the prior year, used to determine whether an employer is a monthly or semi-weekly depositor.
Under the ACA employer mandate, applicable large employers (ALEs) that fail to offer minimum essential coverage to at least 95% of full-time employees face which penalty?
Answer: Section 4980H(a) penalty — assessed when even one full-time employee receives a premium tax credit
The Section 4980H(a) 'sledgehammer' penalty applies when an ALE fails to offer coverage to 95% of full-time employees and at least one receives a premium tax credit.
Which federal law prohibits discrimination in employment on the basis of age for workers aged 40 and older?
Answer: The Age Discrimination in Employment Act
The Age Discrimination in Employment Act (ADEA) of 1967 protects individuals who are 40 years of age or older from employment discrimination based on age.
Form W-2 Box 12 code 'DD' reports what type of amount?
Answer: Employer-sponsored health coverage cost (for informational purposes only)
Code DD in Box 12 of the W-2 reports the cost of employer-sponsored health coverage, which is for informational purposes only and is not taxable.
Under the Walsh-Healey Public Contracts Act, overtime is required after how many hours in a single day for manufacturing employees on federal contracts?
Answer: 8 hours in a day or 40 hours in a week
The Walsh-Healey Public Contracts Act requires overtime pay for hours worked over 8 in a day or 40 in a week on covered federal contracts for manufactured goods.