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Exam 10: Payroll Taxes

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Question 31

True/False

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Form 941 is a quarterly reconciliation report an employer sends to the IRS showing all federal payroll tax liability and payments for the period.

A) True
B) False

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Question 32

Multiple Choice

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An employer must send Copy A of Form W-2 with the W-3 transmittal form for each employee paid in 2014 to the Social Security Administration no later than:

A) January 31,2015.
B) February 1,2015.
C) February 28,2015.
D) March 1,2015.

E) B) and D)
F) B) and C)

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Question 33

Multiple Choice

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If on any day during the month,an employer accumulates $100,000 or more in tax liability,the taxes must be deposited:

Self-employed taxpayers who also receive wages from an employer are not subject to FICA or federal withholding taxes.

An employer with 250 or more employees uses which form to file W-2s electronically?

An employee who works for multiple employers will likely be under-withheld for federal income tax purposes and can owe additional taxes when filing his/her return.

In the lookback period,if the employer reported total payroll taxes of more than $50,000,the employer is a semiweekly schedule depositor.

Employers are required to deposit FUTA taxes when their liability exceeds:

The payroll tax withholding system was established to help fund governmental operations.

The payroll period for a semiweekly schedule depositor ends and is paid on a Friday.The employer must deposit the federal taxes withheld for this pay period on or before:

Form 941 is prepared by the employer on a quarterly basis to record all of the following payroll taxes except:

Carolyne is single,is paid $1,500 per week,and claims two withholding allowances.What amount of federal income tax is withheld from her gross wages each week using the percentage method?

Supplemental wages are only subject to FICA taxes and federal withholding taxes and are not subject to SUTA or FUTA taxes.

Supplemental wage payments include all of the following except:

Household employees are subject to FICA withholding if they are paid at least what amount during 2014?

Only wages paid in cash are subject to federal withholding.

Employers must prepare and send to employees the multi-part W-3 no later than January 31 of the following year.

The penalty for filing W-2s containing mismatched names and social security numbers is:

Mahmet earned wages of $118,650 during 2014.He is single and claims two withholding allowances.How much FICA tax is Mahmet's employer responsible to remit in 2014?

Mahmet earned wages of $118,650 during 2014.He is single and claims two withholding allowances.How much will Mahmet's employer withhold in social security taxes for the year?