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CPP and FPC Exams Mary Brumm, CPP [email protected] California Payroll Conference September 11 and 12, 2014

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CPP and FPC Exams Mary Brumm, CPP [email protected] California Payroll Conference September 11 and 12, 2014 Slide 2 Agenda Purpose of the Exams Choosing the correct exam - FPC or CPP Preparing for the Exam Testing Information and Test Taking Tips Resources Summary Slide 3 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 Slide 4 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 Slide 5 CPP or FPC Exam? Payroll Body of Knowledge DomainCPP Exam ContentFPC Exam Content I. Core Payroll Concepts27.5%40% II. Compliance23%22% III. Principles of Paycheck Calculations20% IV. Payroll Process and Systems8.5%12% V. Accounting6.0%6% VI. Management and Administration15% Slide 6 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 Slide 7 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 Slide 8 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 Slide 9 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 Slide 10 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 Slide 11 CPP Audits 7% A. Internal Controls B. Payroll System Controls C. Accounting System Controls D. Third Party Controls E. Audit Policies and Procedures Slide 12 CPP Accounting A. Accounting Principles B. General Ledger Account Classification C. Payroll Journal Entry D. Account Reconciliation Slide 13 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 Slide 14 FPC Compliance/Research and Resources 20% A. Escheatment B. Regulatory - Maintain Compliance and Accuracy of Payroll Processing C. Reporting D. Record Retention E. Penalties Slide 15 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 Slide 16 FPC Payroll Process and Supporting Systems and Administration 2% A. Maintain master file components B. Concepts and Functionalities C. Disaster Recovery Plan Slide 17 FPC Payroll Administration and Management 7% A. Policies and Procedures (e.g., overtime, benefits, leave) B. Management Skills and Practices C. Communication / Customer Service Slide 18 FPC Audits 5% A. Internal Controls B. Payroll System Controls C. Accounting Systems Controls D. Audit Policies and Procedures Slide 19 FPC Accounting 4% A. Accounting Principles B. General Ledger Account Classification C. Payroll Journal Entry D. Account Reconciliation Slide 20 Steps to Certification 1. Read and review CPP or FPC Candidate Handbook (determine exam) http://www.americanpayroll.org/certification/ http://www.americanpayroll.org/certification/ 2. Set Your goal Written commitment to yourself 3. Gather study material and set up a plan of action 4. Make sure you have allowed enough time at least 3 -6 months 5. Register for the exam http://www.pearsonvue.com/apa/http://www.pearsonvue.com/apa/ Slide 21 Exciting NEW APA Training CPC and FPC Training Slide 22 Use a variety of Education Material The Payroll Source or Resource Ready CD Pay Train Payroll Practice Fundamentals (FPC) IRS Employer Tax Guides Slide 23 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 Slide 24 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 Dont spend excessive time on one answer Verify Gross Up questions Slide 25 CPP and FPC Questions Slide 26 The maximum GTL coverage amount that is excluded from an employees income is: A. $2000.00 B. $15000.00 C. $50000.00 D. $94200.00 Slide 27 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 Slide 28 Copy A of Form W-2 must be file with the : A. IRS B. SSA C. FLSA D. State Department of Revenue Slide 29 Testing Information and Testing Tips Slide 30 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 Slide 31 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 Slide 32 Not allowed in Testing Center Books or notes Food or drink Smoking Personal belonging - purse, back pack, phone, tablet Pets or Children Slide 33 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 dont know the answer mark the question to go back to. Dont spend too much time on a difficult question No penalty for incorrect answer. Be sure to guess if you dont know the answer Double check you have used the appropriate table Slide 34 CPP and FPC Questions Slide 35 The IRS provides wage-bracket withholding tables for all of the following pay frequencies EXCEPT: A. Weekly B. Biweekly C. Monthly D. Annual Slide 36 Payroll records are required to be: A. In paper form B. On microfiche and paper C. Hand written D. In and readable, retrievable form Slide 37 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 Slide 38 Thank you for your attention