Oliver has two employees who earned the following amounts during 2019: \[\begin{array} { l r } \text { June } & \$ 17,000 \\ \text { Eric } & \$ 5,000 \end{array}\] If Oliver timely pays 5.4 percent for state unemployment tax, what is the amount of his 2019 FUTA after the state tax credit?

A) $0 B) $72 C) $112 D) $176 E) None of these A) $0 B) $72 C) $112 D) $176 E) None of these

Exam 9: Payroll, Estimated Payments and Retirement Plans

Mike is a single taxpayer. For the payroll period of November 2019, he is paid wages of $2,400, monthly. Mike claims three allowances on his Form W-4. a.Use the percentage method to calculate the amount of Mike's withholding for a monthly pay period. b.Use the withholding tables to determine the amount of Mike's withholding for the same period.

(Essay)

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Question 41

Oliver has two employees who earned the following amounts during 2019: June \ 17,000 Eric \ 5,000 If Oliver timely pays 5.4 percent for state unemployment tax, what is the amount of his 2019 FUTA after the state tax credit?

(Multiple Choice)

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(78)

Question 42

In order for a pension plan to be considered a "qualified" retirement plan, the plan must satisfy certain minimum vesting requirements.

(True/False)

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Question 43

Form 1099-DIV is an information return used to show the payment of:

(Multiple Choice)

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Question 44

In 2019, Willow Corporation had three employees. Two of the employees worked full-time and earned salaries of $25,000 each. The third employee worked part-time and earned $4,000. The employer timely paid state unemployment tax equal to 5.4 percent of each employee's wages up to $7,000. How much unemployment tax was paid to the state from Willow Corporation for 2019?

(Multiple Choice)

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Question 45

For 2019, the maximum base for the Social Security portion of the FICA tax is:

(Multiple Choice)

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Question 46

Paul earns $55,000 during the current year. His employer contributes $3,000 during the year to a qualified retirement plan on behalf of Paul. The amount of the contribution for the year is based on Paul's desire to have a monthly retirement benefit of $3,500. What type of retirement plan is this?

(Multiple Choice)

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Question 47

When required, gambling winnings are reported by the gambling establishment on Form 1099-MISC.

(True/False)

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Question 48

The Pear Corporation pays its employees every 2 weeks. During the look-back period, in each pay period the total withholding and FICA tax (employees' and employer's share) amounted to $750. How often must the Pear Corporation deposit payroll taxes?

(Multiple Choice)

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Question 49

Mary is self-employed for 2019. Mary estimates her required annual estimated tax payment for 2019 to be $4,000. Mary had a $500 overpayment of last year's taxes which she will apply against her first quarter estimated payment. a.How much should Mary pay with her first quarter estimated tax voucher? b.When is the payment due?

(Essay)

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Question 50

Employer deposits of withheld taxes may be made to any bank.

(True/False)

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Question 51

Ursula, an employee of Ficus Corporation, is 35 years old and plans to retire in 20 years. The corporation has a qualified retirement plan and contributes $2,000 during 2019 for Ursula. In 2019, how should Ursula treat the $2,000 contribution made on her behalf by the corporation?

(Multiple Choice)

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Question 52

Choose the incorrect answer. In completing a Form W-4, employees may claim extra allowances:

(Multiple Choice)

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Question 53

If a husband and wife both work, they must divide their withholding allowances equally on their W-4 Forms.

(True/False)

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Question 54

Which one of the following forms must an employer provide to his employee by January 31 of the following year?

(Multiple Choice)

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Question 55

Which of the following statements about the FICA tax is not true?

(Multiple Choice)

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Question 56

A nondeductible penalty may be imposed on underpayments of estimated taxes.

(True/False)

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Question 57

Mark the correct answer. FICA taxes are:

(Multiple Choice)

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Question 58

A credit against the FUTA tax is available for state unemployment tax paid by the employer.

(True/False)

4.7/5

(99)

Question 59

When taxpayers overpay Social Security taxes, the excess taxes may be claimed as a credit against their income tax liability.

(True/False)

4.8/5

(83)

Question 60

Showing 41 - 60 of 74

Oliver has two employees who earned the following amounts during 2019: June \ 17,000 Eric \ 5,000 If Oliver timely pays 5.4 percent for state unemployment tax, what is the amount of his 2019 FUTA after the state tax credit?

In order for a pension plan to be considered a "qualified" retirement plan, the plan must satisfy certain minimum vesting requirements.

Form 1099-DIV is an information return used to show the payment of:

For 2019, the maximum base for the Social Security portion of the FICA tax is:

Paul earns $55,000 during the current year. His employer contributes $3,000 during the year to a qualified retirement plan on behalf of Paul. The amount of the contribution for the year is based on Paul's desire to have a monthly retirement benefit of $3,500. What type of retirement plan is this?

When required, gambling winnings are reported by the gambling establishment on Form 1099-MISC.

The Pear Corporation pays its employees every 2 weeks. During the look-back period, in each pay period the total withholding and FICA tax (employees' and employer's share) amounted to $750. How often must the Pear Corporation deposit payroll taxes?

Employer deposits of withheld taxes may be made to any bank.

Ursula, an employee of Ficus Corporation, is 35 years old and plans to retire in 20 years. The corporation has a qualified retirement plan and contributes $2,000 during 2019 for Ursula. In 2019, how should Ursula treat the $2,000 contribution made on her behalf by the corporation?

Choose the incorrect answer. In completing a Form W-4, employees may claim extra allowances:

If a husband and wife both work, they must divide their withholding allowances equally on their W-4 Forms.

Which one of the following forms must an employer provide to his employee by January 31 of the following year?

Which of the following statements about the FICA tax is not true?

A nondeductible penalty may be imposed on underpayments of estimated taxes.

Mark the correct answer. FICA taxes are:

A credit against the FUTA tax is available for state unemployment tax paid by the employer.

When taxpayers overpay Social Security taxes, the excess taxes may be claimed as a credit against their income tax liability.

The Individual Income Tax Return

Gross Income and Exclusions

Business Income and Expenses

Additional Income and the Qualified Business Income Deduction

Deductions for and From AGI

Accounting Periods and Other Taxes

Tax Credits

Depreciation and Sale of Business Property

Partnership Taxation

The Corporate Income Tax

Tax Administration and Tax Planning

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