Question 1

Angie earned $120,000 during 2014.She is single,claims two withholding allowances,and is paid monthly.How much federal withholding tax will Angie's employer withhold for 2014?

Accepted Answer

A)  $23,932.32. 
B)  $23,933.75. 
C)  $23,961.75. 
D)  $24,101.64. 
A)  $23,932.32. 
B)  $23,933.75. 
C)  $23,961.75. 
D)  $24,101.64. A

Question 2

For wages paid in 2014,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 31,2015. 
B)  February 1,2015. 
C)  February 28,2015. 
D)  March 1,2015. 
A)  January 31,2015. 
B)  February 1,2015. 
C)  February 28,2015. 
D)  March 1,2015. C

Question 3

Maeda Company has the following employees on the payroll:
   Using the above information calculate the FICA taxes and federal income tax for the second quarter of 2014.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

$38,664.96

Question 4

Teko earned $109,500 during 2014.Teko is paid on a monthly basis,is married,and claims three allowances.
a.What is Teko's federal tax withholding for the month?
b.What is Teko's FICA withholding for the month?
c.How much will Teko's employer remit in payroll tax deposits for the month?
d.How much FUTA tax is Teko's employer required to remit in her name for the year 2014? Assume that all state contributions have been paid as required.

Accepted Answer

a.$1,167.7

Question 5

Irene earned wages of $118,200 during 2014.How much will Irene's employer withhold in social security taxes for the year?

Accepted Answer

A)  $7,020.00. 
B)  $7,092.00. 
C)  $7,254.00. 
D)  $7,328.40. 
A)  $7,020.00. 
B)  $7,092.00. 
C)  $7,254.00. 
D)  $7,328.40.

Question 6

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 answers two decimal places)
a.Bonita is paid semimonthly and her gross pay is $6,500 per paycheck.
b.Bonita is paid monthly and her gross pay is $16,000 per paycheck.
c.Bonita is paid biweekly and her gross pay is $4,500 per paycheck.

Accepted Answer

a.$1,027.1

Question 7

Angie earned $120,000 during 2014.She is single,claims two withholding allowances,and is paid monthly.How much will Angie's employer withhold in social security taxes for 2014?

Accepted Answer

A)  $7,254.00. 
B)  $7,440.00. 
C)  $8,950.50. 
D)  $9,180.00. 
A)  $7,254.00. 
B)  $7,440.00. 
C)  $8,950.50. 
D)  $9,180.00.

Question 8

Which of the following conditions requires an employer to use the electronic deposit requirement?

Accepted Answer

A)  Employer made more than $100,000 in total tax deposits in 2013. 
B)  Employer made more than $100,000 in total tax deposits in 2014. 
C)  All employers are required to use the electronic funds transfer. 
D)  Employer made more than $200,000 in total tax deposits in 2013. 
A)  Employer made more than $100,000 in total tax deposits in 2013. 
B)  Employer made more than $100,000 in total tax deposits in 2014. 
C)  All employers are required to use the electronic funds transfer. 
D)  Employer made more than $200,000 in total tax deposits in 2013.

Question 9

Marci has two jobs and both employers withheld FICA tax.From her first job,she earned $99,600 and from her second job she earned $18,300.How much can Marci claim on her Form 1040 as excess social security tax paid in 2014?

Accepted Answer

A)  $0. 
B)  $55.80. 
C)  $58.80. 
D)  $64.80. 
A)  $0. 
B)  $55.80. 
C)  $58.80. 
D)  $64.80.

Question 10

Eva earned $89 in tips in March.When must she inform her employer of her tips on Form 4070 for federal income tax and FICA withholding purposes?

Accepted Answer

A)  April 10. 
B)  April 30. 
C)  March 31. 
D)  Tips are not subject to payroll taxes if less than $90 in any one month. 
A)  April 10. 
B)  April 30. 
C)  March 31. 
D)  Tips are not subject to payroll taxes if less than $90 in any one month.

Question 11

Maeda Company has the following employees on the payroll:
   Using the information above:
a.Calculate the FUTA tax liability for 2014.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 2014?

Accepted Answer

a.$7,000 × .6% = $42

Question 12

Sharon is single and is paid $3,782 biweekly and claims one withholding allowance.What amount of federal income tax will be withheld from Sharon's gross wages for each payroll period?

Accepted Answer

A)  $504.40. 
B)  $507.58. 
C)  $726.08. 
D)  $729.64. 
A)  $504.40. 
B)  $507.58. 
C)  $726.08. 
D)  $729.64.

Question 13

Bubba earned a total of $221,100 for 2014.How much FICA tax is his employer required to withhold from Bubba's paychecks for the year?

Accepted Answer

A)  $9,140.40. 
B)  $10,459.95. 
C)  $10,647.50. 
D)  $10,649.85. 
A)  $9,140.40. 
B)  $10,459.95. 
C)  $10,647.50. 
D)  $10,649.85.

Question 14

New employers are always considered to be monthly schedule depositors regardless of the amount of their federal tax liability during their first year.

Accepted Answer

A) True 
 B)False

Question 15

Sandy is a self-employed health information coder.She has net earnings (profit)from her business of $71,200.Her self-employment taxes for the year are:

Accepted Answer

A)  $10,060.24. 
B)  $10,066.24. 
C)  $10,680.00. 
D)  $10,893.60. 
A)  $10,060.24. 
B)  $10,066.24. 
C)  $10,680.00. 
D)  $10,893.60.

Question 16

What is the maximum state unemployment credit allowed for FUTA purposes?

Accepted Answer

A)  None. 
B)  5.4% if all state unemployment taxes have been paid. 
C)  6.0% if all state unemployment taxes have been paid. 
D)  90% of the maximum rate allowed for state unemployment. 
A)  None. 
B)  5.4% if all state unemployment taxes have been paid. 
C)  6.0% if all state unemployment taxes have been paid. 
D)  90% of the maximum rate allowed for state unemployment.

Question 17

A taxpayer had AGI of $300,000 in 2014 and AGI of $250,000 in 2013.When filing her 2014 return,she expects her unpaid tax liability to be at least $1,000.She must make estimated payments equal to the smaller of 90% of the tax shown on her 2014 return or

Accepted Answer

A)  110% of the tax on her 2013 return because 2013 AGI was more than $150,000. 
B)  100% of the tax on her 2013 return regardless of 2014 AGI. 
C)  100% of the tax on the 2013 return because 2014 AGI was more than $100,000. 
D)  110% of the tax on the 2013 return because 2013 AGI was greater than 2014 AGI. 
A)  110% of the tax on her 2013 return because 2013 AGI was more than $150,000. 
B)  100% of the tax on her 2013 return regardless of 2014 AGI. 
C)  100% of the tax on the 2013 return because 2014 AGI was more than $100,000. 
D)  110% of the tax on the 2013 return because 2013 AGI was greater than 2014 AGI.

Question 18

If a taxpayer works for two separate employers,how much in FUTA taxes is each employer responsible to remit in the name of the taxpayer?

Accepted Answer

A)  Only the first employer is required to remit FUTA taxes on the wages earned from the first job. 
B)  Both employers must remit FUTA taxes on the first $7,000 in wages they pay to the taxpayer. 
C)  The first employer remits 5.4% on the first $7,000 in wages while the second employer remits only .6% on the first $7,000 in wages to equal the 6.0% rate. 
D)  The first employer remits FUTA tax on the first $7,000 in wages and the second employer remits FUTA tax on the next $7,000 in wages. 
A)  Only the first employer is required to remit FUTA taxes on the wages earned from the first job. 
B)  Both employers must remit FUTA taxes on the first $7,000 in wages they pay to the taxpayer. 
C)  The first employer remits 5.4% on the first $7,000 in wages while the second employer remits only .6% on the first $7,000 in wages to equal the 6.0% rate. 
D)  The first employer remits FUTA tax on the first $7,000 in wages and the second employer remits FUTA tax on the next $7,000 in wages.

Question 19

Griffith & Associates is trying to determine how often it needs to deposit payroll taxes for the calendar year 2014.The company made the following quarterly payroll tax deposits during the last two years:   a.What is the lookback period and amount?

Accepted Answer

b.In 2014,how often must Griffith & Asso

Question 20

The federal income and social security taxes reported on a W-2 form are the amounts used to determine if a taxpayer will receive a refund on a Form 1040.

Accepted Answer

A) True 
 B)False

Angie earned $120,000 during 2014.She is single,claims two withholding allowances,and is paid monthly.How much federal withholding tax will Angie's employer withhold for 2014?

For wages paid in 2014,an employer must send Copy A of each Form W-2 along with the W-3 transmittal form to the SSA no later than:

Irene earned wages of $118,200 during 2014.How much will Irene's employer withhold in social security taxes for the year?

Angie earned $120,000 during 2014.She is single,claims two withholding allowances,and is paid monthly.How much will Angie's employer withhold in social security taxes for 2014?

Which of the following conditions requires an employer to use the electronic deposit requirement?

Marci has two jobs and both employers withheld FICA tax.From her first job,she earned $99,600 and from her second job she earned $18,300.How much can Marci claim on her Form 1040 as excess social security tax paid in 2014?

Eva earned $89 in tips in March.When must she inform her employer of her tips on Form 4070 for federal income tax and FICA withholding purposes?

Sharon is single and is paid $3,782 biweekly and claims one withholding allowance.What amount of federal income tax will be withheld from Sharon's gross wages for each payroll period?

Bubba earned a total of $221,100 for 2014.How much FICA tax is his employer required to withhold from Bubba's paychecks for the year?

New employers are always considered to be monthly schedule depositors regardless of the amount of their federal tax liability during their first year.

Sandy is a self-employed health information coder.She has net earnings (profit)from her business of $71,200.Her self-employment taxes for the year are:

What is the maximum state unemployment credit allowed for FUTA purposes?

A taxpayer had AGI of $300,000 in 2014 and AGI of $250,000 in 2013.When filing her 2014 return,she expects her unpaid tax liability to be at least $1,000.She must make estimated payments equal to the smaller of 90% of the tax shown on her 2014 return or

If a taxpayer works for two separate employers,how much in FUTA taxes is each employer responsible to remit in the name of the taxpayer?

Griffith & Associates is trying to determine how often it needs to deposit payroll taxes for the calendar year 2014.The company made the following quarterly payroll tax deposits during the last two years: a.What is the lookback period and amount?

The federal income and social security taxes reported on a W-2 form are the amounts used to determine if a taxpayer will receive a refund on a Form 1040.

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

Capital Gains and Other Sales of Property

Rental Property, Royalties, and Income From Flow-Through Entities

Tax Credits

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

Angie earned $120,000 during 2014.She is single,claims two withholding allowances,and is paid monthly.How much federal withholding tax will Angie's employer withhold for 2014?

For wages paid in 2014,an employer must send Copy A of each Form W-2 along with the W-3 transmittal form to the SSA no later than:

Irene earned wages of $118,200 during 2014.How much will Irene's employer withhold in social security taxes for the year?

Angie earned $120,000 during 2014.She is single,claims two withholding allowances,and is paid monthly.How much will Angie's employer withhold in social security taxes for 2014?

Which of the following conditions requires an employer to use the electronic deposit requirement?

Marci has two jobs and both employers withheld FICA tax.From her first job,she earned $99,600 and from her second job she earned $18,300.How much can Marci claim on her Form 1040 as excess social security tax paid in 2014?

Eva earned $89 in tips in March.When must she inform her employer of her tips on Form 4070 for federal income tax and FICA withholding purposes?

Sharon is single and is paid $3,782 biweekly and claims one withholding allowance.What amount of federal income tax will be withheld from Sharon's gross wages for each payroll period?

Bubba earned a total of $221,100 for 2014.How much FICA tax is his employer required to withhold from Bubba's paychecks for the year?

New employers are always considered to be monthly schedule depositors regardless of the amount of their federal tax liability during their first year.

Sandy is a self-employed health information coder.She has net earnings (profit)from her business of $71,200.Her self-employment taxes for the year are:

What is the maximum state unemployment credit allowed for FUTA purposes?

A taxpayer had AGI of $300,000 in 2014 and AGI of $250,000 in 2013.When filing her 2014 return,she expects her unpaid tax liability to be at least $1,000.She must make estimated payments equal to the smaller of 90% of the tax shown on her 2014 return or

If a taxpayer works for two separate employers,how much in FUTA taxes is each employer responsible to remit in the name of the taxpayer?

Griffith & Associates is trying to determine how often it needs to deposit payroll taxes for the calendar year 2014.The company made the following quarterly payroll tax deposits during the last two years: a.What is the lookback period and amount?

The federal income and social security taxes reported on a W-2 form are the amounts used to determine if a taxpayer will receive a refund on a Form 1040.

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

Capital Gains and Other Sales of Property

Rental Property, Royalties, and Income From Flow-Through Entities

Tax Credits

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