FPC-Remote Exam Dumps : Fundamental Payroll Certification

In 2024, the 401(k) contribution limit for employees under 50 is $22,500.

For employees age 50 or older, an additional "catch-up" contribution of $7,500 is allowed.

Total maximum contribution = $22,500 + $7,500 = $30,000.

References:

IRS 401(k) Contribution Limits for 2024

Comprehensive and Detailed Explanation:Non-operating expensesare costsnot directly relatedto the core operations of a business.

Option A (Insurance) is an operating expensebecause it is necessary to protect business assets.

Option C (Legal fees) is an operating expenseif related to business operations.

Option D (Utilities) is an operating expensebecause they are required to keep business operations running.

Option B (Interest paid on income taxes) is a non-operating expensebecause it isnot part of daily business operationsbut rathera financial or tax-related cost.

Workers’ compensation includes commissions (B) as part of employee earnings.

Gratuities (A) and uniform stipends (D) are usually excluded.

References:

State Workers' Compensation Audit Guidelines