Fundamental Payroll Certification Fundamental Payroll Year-End Processing and Reporting 3

Question 1

Which form is furnished to each full-time employee to report health coverage offers under the Affordable Care Act?

Accepted Answer

Form 1095-C

Answer

Form 1094-C

Answer

Form W-2 Box 12

Answer

Form 5500

Question 2

Under the ACA, how many full-time equivalent employees must an employer average to be classified as an Applicable Large Employer (ALE)?

Accepted Answer

50 or more

Answer

25 or more

Answer

100 or more

Answer

200 or more

Question 3

What is the purpose of Form 1094-C in ACA year-end reporting?

Accepted Answer

To serve as a transmittal and employer-level summary of Forms 1095-C filed with the IRS

Answer

To report individual health coverage details directly to each employee

Answer

To notify employees of COBRA continuation rights upon separation

Answer

To calculate and remit any employer shared responsibility payment owed

Question 4

What does Code DD in Box 12 of Form W-2 report?

Accepted Answer

The aggregate cost of employer-sponsored health coverage

Answer

Designated Roth contributions under a governmental 457(b) plan

Answer

Employer contributions to an employee's Health Savings Account

Answer

Elective deferrals to a SIMPLE 401(k) plan

Question 5

What does Code W in Box 12 of Form W-2 report?

Accepted Answer

Employer and employee contributions to a Health Savings Account (HSA)

Answer

Wages subject to workers' compensation insurance

Answer

W-4 withholding exemption claim amounts

Answer

Wages subject to Additional Medicare Tax surcharge

Question 6

Which IRS form is used to request an extension of time to file information returns such as W-2s with the SSA?

Accepted Answer

Form 8809

Answer

Form 4868

Answer

Form 7004

Answer

Form 2688

Question 7

What IRS table is used to calculate the taxable imputed income for employer-provided group term life insurance coverage exceeding $50,000?

Accepted Answer

IRS Table I — Uniform Premiums for $1,000 of Group Term Life Insurance Protection

Answer

IRS Table A — Uniform Lifetime Table

Answer

IRS Table II — Actuarial Tables for Annuities

Answer

IRS Table III — Federal Long-Term Rates