California Payroll Conference CPP and FPC Exams Mary Brumm, CPP
[email protected]
September 11 and 12, 2014
Agenda Purpose of the Exams Choosing the correct exam - FPC or CPP Preparing for the Exam Testing Information and Test Taking Tips
Resources Summary
Purpose of the Exams Provide industry standard of knowledge for payroll
professionals Competency measurement for employers Encourage professional growth and development Promote the Payroll Profession Promote Payroll as a strategy partner in the organization
Benefits Career development
Held in high esteem by your company and peers Expand your knowledge base Considered a payroll professional an asset to companies
Demonstrates the payroll expertise and professional
development. More companies are requiring FPP or CPP designation Ability to network with peers and payroll subject matter experts
CPP or FPC Exam? Payroll Body of Knowledge Domain
I. Core Payroll Concepts
CPP Exam Content
FPC Exam Content
27.5%
40%
II. Compliance
23%
22%
III. Principles of Paycheck Calculations
20%
20%
IV. Payroll Process and Systems
8.5%
12%
V. Accounting
6.0%
6%
VI. Management and Administration
15%
CPP – Core Payroll Concepts 27% A. Worker Status B. Fair Labor Standards Act C. Employment Taxes D. Employee Benefits
E. Employee / Employer Forms F. Professional Responsibility G. Methods and Timing of Pay
CPP - Compliance/Research and Resources 21% A. Escheatment B. Regulatory - Maintain Compliance and Accuracy of
Payroll Processing C. Reporting D. Record Retention E. Penalties F. Global
CPP – Calculation of the Paycheck 20% A. Compensation / Benefits B. Involuntary Deductions / Taxes C. Voluntary Deductions (pre and post tax) D. Employer Taxes and Contributions
E. Net Pay
CPP - Payroll Process and Supporting Systems and Administration 9% A. Maintain master file components B. Concepts and Functionalities C. Disaster Recovery Plan D. Selection
E. Implementation / Upgrades F. Maintenance / Updates G. Project Management
CPP - Payroll Administration and Management 10% A. Policies and Procedures (e.g., overtime, benefits,
leave) B. Staffing, Employee Development, and Core Competencies C. Management Skills and Practices D. Communication / Customer Service
CPP – Audits 7% A. Internal Controls B. Payroll System Controls C. Accounting System Controls D. Third Party Controls
E. Audit Policies and Procedures
CPP – Accounting A. Accounting Principles
B. General Ledger Account Classification C. Payroll Journal Entry D. Account Reconciliation
FPC – Core Payroll Concepts – 40% A. Worker Status B. Fair Labor Standards Act C. Employment Taxes D. Employee Benefits
E. Employee / Employer Forms F. Professional Responsibility G. Methods and Timing of Pay
FPC – Compliance/Research and Resources 20% A. Escheatment B. Regulatory - Maintain Compliance and Accuracy of
Payroll Processing C. Reporting D. Record Retention E. Penalties
FPC – Calculation of the Paycheck 22% A. Compensation/Benefits B. Involuntary Deductions / Taxes C. Voluntary Deductions (pre and post tax) D. Employer Taxes and Contributions
E. Net Pay
FPC – Payroll Process and Supporting Systems and Administration 2% A. Maintain master file components B. Concepts and Functionalities C. Disaster Recovery Plan
FPC – Payroll Administration and Management – 7% A. Policies and Procedures (e.g., overtime, benefits,
leave) B. Management Skills and Practices C. Communication / Customer Service
FPC – Audits 5% A. Internal Controls B. Payroll System Controls C. Accounting Systems Controls D. Audit Policies and Procedures
FPC – Accounting – 4% A. Accounting Principles
B. General Ledger Account Classification C. Payroll Journal Entry D. Account Reconciliation
Steps to Certification 1.
Read and review CPP or FPC Candidate Handbook (determine exam) http://www.americanpayroll.org/certification/
2.
Set Your goal –Written commitment to yourself
3.
Gather study material and set up a plan of action
Make sure you have allowed enough time at least 3 -6 months 5. Register for the exam http://www.pearsonvue.com/apa/ 4.
Exciting NEW APA Training – CPC and FPC Training
Certified Payroll Professional Boot Camp
Use a variety of Education Material The Payroll Source or Resource Ready CD Pay Train
Payroll Practice Fundamentals (FPC) IRS Employer Tax Guides
Testing Window Two Testing Windows – Spring and Fall APA Payroll 101 and Payroll 201 week long course provide
an opportunity to take the exam at the end of the week. Register for APA's free Preparing for the CPP and FPC Exams Webinar On Demand to help you develop a plan for success when sitting for the certification exams. The 2014 certification exams will be on Federal laws and regulations as of January 1, 2014 for the period of September 13, 2014 – September 18, 2015
Preparation Tips • • • • • • • •
Set up a Study Plan Reduce Exam Anxiety (Relax) Practice Using your calculator Take Chapter Quizzes in Payroll Source or Payroll Practice Fundamentals (FPC) Take Practice Exam Read question carefully Don’t spend excessive time on one answer Verify Gross Up questions
CPP and FPC Questions
The maximum GTL coverage amount that is excluded from an employee’s income is: A. $2000.00 B. $15000.00
C. $50000.00 D. $94200.00
Which entry is used to record wages earned but not paid? A. Debit accrued wages; credit wages payable B. Debit accrued wages; credit wage expense
C. Debit wages payable; credit accrued wages D. Debit wages expense; credit wages payable
Copy A of Form W-2 must be file with the : A. IRS B. SSA C. FLSA D. State Department of Revenue
Testing Information and Testing Tips
Testing Center Rules Be on time Bring Pearson VUE conformation number Two forms of Identification Dress appropriately to accommodate testing center
temperature (Wear layers) Pearson will provide whiteboard and erasable pen
Testing Rules Continued…. IRS tables and forms are included with the testing
software No questions about the test are allowed Calculator – Only silent, non printing or solar powered calculators are allowed. Battery operated may be preferred given lighting in testing center No rest periods are schedule. Testing proctor may allow examinee to leave but no additional time is given
Not allowed in Testing Center Books or notes Food or drink Smoking Personal belonging - purse, back pack, phone, tablet
Pets or Children
Exam Tips Read each question in its entirely and watch for emphasis
on Must, Except, Best ,Not Answer the questions you know immediately. If you don’t know the answer mark the question to go back to. Don’t spend too much time on a difficult question No penalty for incorrect answer. Be sure to guess if you don’t know the answer Double check you have used the appropriate table
CPP and FPC Questions
The IRS provides wage-bracket withholding tables for all of the following pay frequencies EXCEPT: A. Weekly B. Biweekly
C. Monthly D. Annual
Payroll records are required to be: A. In paper form B. On microfiche and paper C. Hand written D. In and readable, retrievable form
Summary Set your Goal and allow enough time
Create a study plan Find a study partner Sign up for a local chapter CPC class or look at local
colleges Consider APA Bootcamp classes Sign up for a exam date Relax and you can achieve your goal Believe in yourself Celebrate
Thank you for your attention
