Question 1

If a taxpayer works for more than one employer during the year,how much in FUTA taxes is remitted in the name of the taxpayer?

Accepted Answer

A) Only the first employer is required to remit FUTA taxes on the wages earned. 
B) If the employee earns more than $7,000 at the first job,all other employers are exempt from paying FUTA taxes for this employee during the year. 
C) If the employee earns less than $7,000 at the first job,the next employer must remit FUTA taxes until the employee has earned a total of $7,000. 
D) Both employers must remit FUTA taxes they pay to the employee on the first $7,000 of wages earned by the employee at each job. 
A) Only the first employer is required to remit FUTA taxes on the wages earned. 
B) If the employee earns more than $7,000 at the first job,all other employers are exempt from paying FUTA taxes for this employee during the year. 
C) If the employee earns less than $7,000 at the first job,the next employer must remit FUTA taxes until the employee has earned a total of $7,000. 
D) Both employers must remit FUTA taxes they pay to the employee on the first $7,000 of wages earned by the employee at each job.

Question 2

Maeda Company has the following employees on the payroll:
 $\begin{array}{lccc}& \text { Marital } & \text { Semimonthly } & \text { Withholding } \
\text { Employee Name } & \text { Status } & \text { Payroll } & \text { Allowances }\
\text { Amal } & \mathrm{S} & \$ 4,800 & 1 \
\text { Miguel } & \mathrm{M} & \$ 5,60 \mathrm{C} & 2 \
\text { Byron } & \mathrm{S} & \$ 5,00 \mathrm{C} & 3 \
\text { Hiroko } & \mathrm{M} & \$ 6,20 \mathrm{C} & 4
\end{array}$ Using the above information calculate the FICA taxes and federal income tax for the second quarter of 2017.Assume that the payroll is consistent every pay period in January through June and that all tax deposits were made on a timely basis as required for the prior quarter.What is the total tax liability due for the second quarter?

Accepted Answer

$42,165.90
FIT = $3,722.85 × 6

Question 3

For wages paid in 2017,an employer must send Copy A of each Form W-2 along with the W-3 transmittal form to the SSA no later than:

Accepted Answer

A) January 31,2018. 
B) February 1,2018. 
C) February 28,2018. 
D) March 1,2018. 
A) January 31,2018. 
B) February 1,2018. 
C) February 28,2018. 
D) March 1,2018.

Question 4

Griffith & Associates is trying to determine how often it needs to deposit payroll taxes for the calendar year 2017.The company made the following quarterly payroll tax deposits during the last two years:
 $\begin{array}{lr}
\text {Quarter beginning January 1, 2015 }&\$11,000\
\text {Quarter beginning April 1, 2015 }&11,000\
\text { Quarter beginning July 1, 2015}&10,000\
\text {Quarter beginning October 1,2015 }&10,000\
\text {Quarter beginning January 1, 2016 }&15,000\
\text {Quarter beginning April 1, 2016 }&16,000\
\text {Quarter beginning July 1, 2016 }&12,000\
\text {Quarter beginning October 1,2016 }&18,000\
\end{array}$
 a.What is the lookback period and amount?
b.In 2017,how often must Griffith & Associates make payroll deposits?

Accepted Answer

a.The lookback period is for q

Question 5

The penalty per return for intentional disregard of filing requirements is:

Accepted Answer

A) $530 per return. 
B) $260 per return. 
C) $100 per return. 
D) $50 per return. 
A) $530 per return. 
B) $260 per return. 
C) $100 per return. 
D) $50 per return.

Question 6

Maeda Company has the following employees on the payroll:
 $\begin{array}{lccc}& \text { Marital } & \text { Semimonthly } & \text { Withholding } \
\text { Employee Name } & \text { Status } & \text { Payroll } & \text { Allowances }\
\text { Amal } & \mathrm{S} & \$ 4,800 & 1 \
\text { Miguel } & \mathrm{M} & \$ 5,60 \mathrm{C} & 2 \
\text { Byron } & \mathrm{S} & \$ 5,00 \mathrm{C} & 3 \
\text { Hiroko } & \mathrm{M} & \$ 6,20 \mathrm{C} & 4
\end{array}$ Using the information above:
a.Calculate the FUTA tax liability for 2017.Assume that Maeda Company has paid all amounts due during the year.
b.If the payroll is consistent from quarter to quarter,how much would be remitted in FUTA taxes in each of the four quarters in 2017?

Accepted Answer

a.$7,000 × .6% = $42

Question 7

Angie earned $129,200 during 2017.She is single,claims two withholding allowances,and is paid monthly.How much federal withholding tax will Angie's employer withhold for 2017?

Accepted Answer

A) $19,589.64. 
B) $24,914.52. 
C) $26,245.44. 
D) $28,513.44. 
A) $19,589.64. 
B) $24,914.52. 
C) $26,245.44. 
D) $28,513.44.

Question 8

Mahmet earned wages of $128,700 during 2017.He is single and claims two withholding allowances.How much will Mahmet's employer withhold in Medicare taxes for the year?

Accepted Answer

A) $1,721.15. 
B) $1,844.40. 
C) $1,866.15. 
D) $1,981.98. 
A) $1,721.15. 
B) $1,844.40. 
C) $1,866.15. 
D) $1,981.98.

Question 9

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

Accepted Answer

A) True 
 B)False

Question 10

Only wages paid in cash are subject to federal withholding.

Accepted Answer

A) True 
 B)False

Question 11

Supplemental wages are subject to the following taxes:

Accepted Answer

A) FICA taxes. 
B) Federal withholding taxes. 
C) Unemployment taxes. 
D) All of these. 
A) FICA taxes. 
B) Federal withholding taxes. 
C) Unemployment taxes. 
D) All of these.

Question 12

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

Accepted Answer

A) True 
 B)False

Question 13

A payer must request from any U.S.person (or resident alien)that he or she complete Form W-9 to certify that all the following are true except:

Accepted Answer

A) The taxpayer identification number is correct. 
B) The taxpayer is subject to backup withholding. 
C) The taxpayer is exempt from backup withholding if a U.S.exempt payee. 
D) The taxpayer is not subject to backup withholding. 
A) The taxpayer identification number is correct. 
B) The taxpayer is subject to backup withholding. 
C) The taxpayer is exempt from backup withholding if a U.S.exempt payee. 
D) The taxpayer is not subject to backup withholding.

Question 14

Nikki's salary is $209,950 in 2017.How much social security and Medicare taxes will be withheld from Nikki's salary for the year? (Round your answer to 2 decimal places. )

Accepted Answer

The answer of Nikki's salary is $209,950 in 2017.How much...

Question 15

Carolyne earns $173,472 per year.She is married and claims two withholding allowances.Use the percentage method for your calculations.(Round your answer to 2 decimal places. )
a.What is her withholding per pay period if she is paid on a weekly basis (assume 52 weeks)?
b.What is her withholding per pay period if she is paid on a semimonthly basis?
c.What is her withholding per pay period if she is paid on a monthly basis?
d.In each of the above circumstances,should the annual withholding amount differ? Explain.

Accepted Answer

a.$591.68
b.$1,281.91
c.$2,563

Question 16

Ebony earned $86,760 during 2017.She is single,paid semimonthly,and claims one withholding allowance.How much will Ebony's employer withhold from her,in total for each pay period for FICA and federal withholding taxes? (Round your answer to 2 decimal places. )

Accepted Answer

A) $938.40. 
B) $936.60. 
C) $939.95. 
D) $978.80. 
A) $938.40. 
B) $936.60. 
C) $939.95. 
D) $978.80.

Question 17

Jan hired Mike to dog sit for her beloved but lonely pooch,Barney (while she worked)starting on January 4,2017 at $350 per month.Jan does not withhold any federal taxes.
a.How much payroll tax should Jan pay for the year?
b.If Mike came to Jan's house to walk Barney once a day and also walked other dogs in the neighborhood,is Jan required to complete Schedule H? Explain.

Accepted Answer

a.$350 × 12 = $2,200 × .153 =

Question 18

Bonita is married and claims four exemptions on her W-4.Using the percentage method,what is Bonita's federal income tax withholding under the following independent conditions? (Round your answer to 2 decimal places. )
a.Bonita is paid semimonthly and her gross pay is $5,135 per paycheck.
b.Bonita is paid monthly and her gross pay is $13,840 per paycheck.
c.Bonita is paid biweekly and her gross pay is $11,125 per paycheck.

Accepted Answer

a.$669.75

Question 19

A taxpayer who has overpaid the social security portion of the FICA tax because his or her combined taxable income from multiple jobs exceeds the annual wage base is entitled to receive the excess as a refund even if there is federal tax owed on the 1040 return.

Accepted Answer

A) True 
 B)False

Question 20

Daniel is a computer technical support representative earning $95,000 per year and also has a sole proprietor consulting business where he earned $28,000 for 2017.How much of his total earnings are subject to self-employment tax for 2017?

Accepted Answer

A) $17,269.45. 
B) $18,700.00. 
C) $25,858.00. 
D) $28,000.00. 
A) $17,269.45. 
B) $18,700.00. 
C) $25,858.00. 
D) $28,000.00.

If a taxpayer works for more than one employer during the year,how much in FUTA taxes is remitted in the name of the taxpayer?

For wages paid in 2017,an employer must send Copy A of each Form W-2 along with the W-3 transmittal form to the SSA no later than:

The penalty per return for intentional disregard of filing requirements is:

Angie earned $129,200 during 2017.She is single,claims two withholding allowances,and is paid monthly.How much federal withholding tax will Angie's employer withhold for 2017?

Mahmet earned wages of $128,700 during 2017.He is single and claims two withholding allowances.How much will Mahmet's employer withhold in Medicare taxes for the year?

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

Only wages paid in cash are subject to federal withholding.

Supplemental wages are subject to the following taxes:

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

A payer must request from any U.S.person (or resident alien)that he or she complete Form W-9 to certify that all the following are true except:

Nikki's salary is $209,950 in 2017.How much social security and Medicare taxes will be withheld from Nikki's salary for the year? (Round your answer to 2 decimal places. )

Ebony earned $86,760 during 2017.She is single,paid semimonthly,and claims one withholding allowance.How much will Ebony's employer withhold from her,in total for each pay period for FICA and federal withholding taxes? (Round your answer to 2 decimal places. )

A taxpayer who has overpaid the social security portion of the FICA tax because his or her combined taxable income from multiple jobs exceeds the annual wage base is entitled to receive the excess as a refund even if there is federal tax owed on the 1040 return.

Daniel is a computer technical support representative earning $95,000 per year and also has a sole proprietor consulting business where he earned $28,000 for 2017.How much of his total earnings are subject to self-employment tax for 2017?

Introduction to Taxation, the Income Tax Formula, and Form 1040EZ

Expanded Tax Formula, forms 1040A and 1040, and Basic Concepts

Gross Income: Inclusions and Exclusions

Adjustments for Adjusted Gross Income

Itemized Deductions

Self-Employed Business Income Line 12 of Form 1040 and Schedule C

Capital Gains and Other Sales of Property Schedule D and Form 4797

Rental Property, Royalties, and Income From Flow- Through Entities Line 17, form 1040, and Schedule E

Tax Credits Form 1040,lines 48 Through 54 and Lines 66A Through 73

Retirement and Other Tax-Deferred Plans and Annuities

Special Property Transactions

At-Riskpassive Activity Loss Rules and the Individual Alternative Minimum Tax

Partnership Taxation

Corporate Taxation

Filters

Exam 10: Payroll Taxes

If a taxpayer works for more than one employer during the year,how much in FUTA taxes is remitted in the name of the taxpayer?

For wages paid in 2017,an employer must send Copy A of each Form W-2 along with the W-3 transmittal form to the SSA no later than:

The penalty per return for intentional disregard of filing requirements is:

Angie earned $129,200 during 2017.She is single,claims two withholding allowances,and is paid monthly.How much federal withholding tax will Angie's employer withhold for 2017?

Mahmet earned wages of $128,700 during 2017.He is single and claims two withholding allowances.How much will Mahmet's employer withhold in Medicare taxes for the year?

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

Only wages paid in cash are subject to federal withholding.

Supplemental wages are subject to the following taxes:

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

A payer must request from any U.S.person (or resident alien)that he or she complete Form W-9 to certify that all the following are true except:

Nikki's salary is $209,950 in 2017.How much social security and Medicare taxes will be withheld from Nikki's salary for the year? (Round your answer to 2 decimal places. )

Ebony earned $86,760 during 2017.She is single,paid semimonthly,and claims one withholding allowance.How much will Ebony's employer withhold from her,in total for each pay period for FICA and federal withholding taxes? (Round your answer to 2 decimal places. )

A taxpayer who has overpaid the social security portion of the FICA tax because his or her combined taxable income from multiple jobs exceeds the annual wage base is entitled to receive the excess as a refund even if there is federal tax owed on the 1040 return.

Daniel is a computer technical support representative earning $95,000 per year and also has a sole proprietor consulting business where he earned $28,000 for 2017.How much of his total earnings are subject to self-employment tax for 2017?

Introduction to Taxation, the Income Tax Formula, and Form 1040EZ

Expanded Tax Formula, forms 1040A and 1040, and Basic Concepts

Gross Income: Inclusions and Exclusions

Adjustments for Adjusted Gross Income

Itemized Deductions

Self-Employed Business Income Line 12 of Form 1040 and Schedule C

Capital Gains and Other Sales of Property Schedule D and Form 4797

Rental Property, Royalties, and Income From Flow- Through Entities Line 17, form 1040, and Schedule E

Tax Credits Form 1040,lines 48 Through 54 and Lines 66A Through 73

Retirement and Other Tax-Deferred Plans and Annuities

Special Property Transactions

At-Riskpassive Activity Loss Rules and the Individual Alternative Minimum Tax

Partnership Taxation

Corporate Taxation

Filters