Exam 5: Employer Payroll Taxes and Labor Planning

FUTA and SUTA tax rates vary from state to state.

Daigneault Designs has the following amounts listed on their Form 941: What amounts belong in Column 2,Lines 5a and 5c?

Jamie earns $232,000 annually.Compute the FICA taxes for both the employee and employer share.The Social Security wage base is $118,500.What is the total annual FICA tax liability for Jamie's pay?

Johnny's Tavern had 16 employees and total annual wages of $376,948 during the previous year.All employees earned more than $7,000 during the year.What is Johnny's Tavern's FUTA tax liability?

If an employer fails to make payroll tax deposits on time,the firm will be penalized if the IRS finds evidence of _____________________________.

Cralic Company has 12 employees and operates in Texas.The Form 940 for the previous year contained the following information: What amount should be entered on line 8?

Which of the following items is always the employer's sole responsibility?

Hodgdon Industries,a semi-weekly schedule depositor,pays its employees semimonthly on the 1^st and 15^th of the month.Per company policy,employees are paid their annual bonuses on December 15,the final payday of the year.On Monday,December 15,the bonuses were paid and the payroll tax liability was $103,850.When are the payroll taxes due for the December 15 pay date?

Jeremiah is a full-time exempt employee who earns an annual salary of $215,000.What is the employer's annual FICA tax responsibility for Jeremiah's salary,based on an annual wage base of $118,500?

Which of the following tasks would not use the information from the Benefit Analysis Report?

Which copy of Form W-2 should be retained by the employee?

Trick's Costumes has 65 employees,who are distributed as follows: Design 12 employees Fabrication 30 employees Purchasing 8 employees Administration 10 employees Sales 5 employees The payroll-related costs for the year are $1,043,050.If Trick's Costumes does use departmental classification,how much is allocated to the Sales department? (Do not round intermediate calculations.Round final answer to 2 decimal places.)

Cordelia is an employee of Snaktyme Foods in Missouri.She earns $24,000 annually.Snaktyme has provided uniforms worth $350 and training worth $850 as part of her employment.She contributes 4% to her 401(k),of which her employer matches half.Cordelia's employer pays the following monthly amounts toward her insurance: health,$125; life,$50; AD&D,$30.Snaktyme Foods pays employer-only taxes and insurance that comprises an additional 14% of Cordelia's annual salary.What is Cordelia's total annual compensation?

Form W-3 is the report of wages issued to independent contractors and is due to the IRS by January 31 of the following year.

PCD Inc.operates as a Nevada business.The employees' annual earnings for the past calendar year are as follows: Annabelle $36,750,Beatrice $24,880,Michael $42,200,Howard $6,500. What is PCD Inc.'s FUTA tax liability for the year?

As of 2014,the IRS mandated that all electronic tax deposits be submitted through:

John works for Heinlein Hillclimbers in Wyoming,where he earns $26,500 annually.He contributes $150 per month to his 401(k),of which his employer matches half of his contribution.Heinlein Hillclimbers contributes $150 per month to his health insurance,$30 per month to his life insurance,and $50 per month to his AD&D policy.He receives a 2% profit-sharing bonus at the end of each year and $5,250 in tuition reimbursement.Heinlein pays employer-only taxes and insurance that comprises an additional 18% of John's annual salary.What is John's total annual compensation?

A firm's frequency of tax deposits is determined by payroll tax liability during the lookback period.

Cralic Company has 12 employees and operates in Texas.The Form 940 for the previous year contained the following information: What amount should be entered on line 7?

Trick's Costumes has 65 employees,who are distributed as follows: Design 12 employees Fabrication 30 employees Purchasing 8 employees Administration 10 employees Sales 5 employees The payroll-related costs for the year are $1,043,050.If Trick's Costumes does use departmental classification,how much is allocated to the Purchasing department? (Do not round intermediate calculations.Round final answer to 2 decimal places.)