Question 1

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

Accepted Answer

A) True 
 B)False

Question 2

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

Accepted Answer

A)  $1,600. 
B)  $1,700. 
C)  $1,800. 
D)  $1,900. 
A)  $1,600. 
B)  $1,700. 
C)  $1,800. 
D)  $1,900.

Question 3

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

Accepted Answer

A) True 
 B)False

Question 4

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

Accepted Answer

A) True 
 B)False

Question 5

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?

Accepted Answer

A)  $246.50. 
B)  $247.75. 
C)  $269.50. 
D)  $284.50. 
A)  $246.50. 
B)  $247.75. 
C)  $269.50. 
D)  $284.50.

Question 6

Supplemental wage payments include all of the following except:

Accepted Answer

A)  Commissions. 
B)  Bonuses. 
C)  Expenses paid under an accountable plan. 
D)  Taxable fringe benefits. 
A)  Commissions. 
B)  Bonuses. 
C)  Expenses paid under an accountable plan. 
D)  Taxable fringe benefits.

Question 7

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

Accepted Answer

A) True 
 B)False

Question 8

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:

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.

Question 9

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

Accepted Answer

A)  $15 per return. 
B)  $30 per return. 
C)  $50 per form. 
D)  $100 per return. 
A)  $15 per return. 
B)  $30 per return. 
C)  $50 per form. 
D)  $100 per return.

Question 10

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?

Accepted Answer

A)  $17,901.00. 
B)  $17,948.86. 
C)  $18,105.60. 
D)  $18,153.45. 
A)  $17,901.00. 
B)  $17,948.86. 
C)  $18,105.60. 
D)  $18,153.45.

Question 11

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

Accepted Answer

A)  Before the close of the business day on which the liability occurs. 
B)  By the last day of the month if the employer is a monthly schedule depositor. 
C)  By either the following Wednesday or Friday if the employer is a semiweekly schedule depositor. 
D)  By the next banking day. 
A)  Before the close of the business day on which the liability occurs. 
B)  By the last day of the month if the employer is a monthly schedule depositor. 
C)  By either the following Wednesday or Friday if the employer is a semiweekly schedule depositor. 
D)  By the next banking day.

Question 12

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.

Accepted Answer

A) True 
 B)False

Question 13

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

Accepted Answer

A)  FUTA. 
B)  Social security tax. 
C)  Medicare tax. 
D)  Federal withholding tax. 
A)  FUTA. 
B)  Social security tax. 
C)  Medicare tax. 
D)  Federal withholding tax.

Question 14

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:

Accepted Answer

A)  The last day of the month. 
B)  The following Friday. 
C)  The following Wednesday. 
D)  The following Monday. 
A)  The last day of the month. 
B)  The following Friday. 
C)  The following Wednesday. 
D)  The following Monday.

Question 15

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

Accepted Answer

A) True 
 B)False

Question 16

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

Accepted Answer

A) True 
 B)False

Question 17

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?

Accepted Answer

A)  $7,254.00. 
B)  $7,356.30. 
C)  $8,950.50. 
D)  $9,076.73. 
A)  $7,254.00. 
B)  $7,356.30. 
C)  $8,950.50. 
D)  $9,076.73.

Question 18

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

Accepted Answer

A)  $100. 
B)  $500. 
C)  $1,000. 
D)  $2,500. 
A)  $100. 
B)  $500. 
C)  $1,000. 
D)  $2,500.

Question 19

Only wages paid in cash are subject to federal withholding.

Accepted Answer

A) True 
 B)False

Question 20

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

Accepted Answer

A)  Form 8109-B. 
B)  Form 4419. 
C)  Form 4070. 
D)  Form 1040-ES. 
A)  Form 8109-B. 
B)  Form 4419. 
C)  Form 4070. 
D)  Form 1040-ES.

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

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

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

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

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 wage payments include all of the following except:

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

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:

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?

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

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.

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

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

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

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?

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

Only wages paid in cash are subject to federal withholding.

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

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

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

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

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

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

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 wage payments include all of the following except:

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

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:

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?

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

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.

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

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

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

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?

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

Only wages paid in cash are subject to federal withholding.

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

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