Question 1

When calculating self-employment taxes from a taxpayer who also receives wages from a salaried job,the earnings from self-employment are considered first in calculating the ceiling amount for social security and Medicare.

Accepted Answer

A) True 
 B)False

Question 2

Kim works part-time for Medical Assistants,Inc.and earned $6,385 for 2014.What amount of FUTA tax must her employer remit to the IRS? Assume her employer receives the maximum credit for state unemployment taxes.

Accepted Answer

A)   $38.31.
B)   $39.58.
C)   $44.70.
D)   $51.08.E) A) and D)
F) B) and C)

Question 3

Unless specifically excluded,what is the penalty for sending a required tax payment directly to the Internal Revenue Service?

Accepted Answer

A)   2%.
B)   5%.
C)   10%.
D)   15%.E) B) and C)
F) B) and D)

Question 4

Form 4070 is used by employers to record employees' tips subject to tax withholding and FICA taxes.

Accepted Answer

A) True 
 B)False

Question 5

The more exemptions claimed,the more tax that is withheld and the smaller the net check.

Accepted Answer

A) True 
 B)False

Exam 10: Payroll Taxes

Kim works part-time for Medical Assistants,Inc.and earned $6,385 for 2014.What amount of FUTA tax must her employer remit to the IRS? Assume her employer receives the maximum credit for state unemployment taxes.

Correct Answer
verified

When calculating self-employment taxes from a taxpayer who also receives wages from a salaried job,the earnings from self-employment are considered first in calculating the ceiling amount for social security and Medicare.

Correct Answer
verified

Form 4070 is used by employers to record employees' tips subject to tax withholding and FICA taxes.

Correct Answer
verified

The more exemptions claimed,the more tax that is withheld and the smaller the net check.

Correct Answer
verified

Unless specifically excluded,what is the penalty for sending a required tax payment directly to the Internal Revenue Service?

Correct Answer
verified

Exam 10: Payroll Taxes

Kim works part-time for Medical Assistants,Inc.and earned $6,385 for 2014.What amount of FUTA tax must her employer remit to the IRS? Assume her employer receives the maximum credit for state unemployment taxes.

Correct AnswerverifiedShow Answer

When calculating self-employment taxes from a taxpayer who also receives wages from a salaried job,the earnings from self-employment are considered first in calculating the ceiling amount for social security and Medicare.

Correct AnswerverifiedShow Answer

Form 4070 is used by employers to record employees' tips subject to tax withholding and FICA taxes.

Correct AnswerverifiedShow Answer

The more exemptions claimed,the more tax that is withheld and the smaller the net check.

Correct AnswerverifiedShow Answer

Unless specifically excluded,what is the penalty for sending a required tax payment directly to the Internal Revenue Service?

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified