Exam 6: Employer Payroll Taxes and Labor Planning

Which of the following documents could contain annual compensation report data? (You may select more than one answer. )

Which of the following best describes the function of a benefit analysis report?

Form 940 is the report of tax liability for monthly schedule depositors.

How might a business improve its operations by generating and reviewing a benefit analysis report? (You may select more than one answer. )

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

The time period that the IRS uses to determine a firm's payroll tax deposit schedule is called the:

Francesca earns $2,400 per pay period.Compute the FICA taxes for both employee and employer share.What is the total FICA tax liability for Francesca's pay per pay period? (Assume that Francesca has not met the FICA wage base. )

Annabelle is employed as an administrator for GRM Industries.She noticed that her Box 1 and Box 3 amounts on her W-2 were different. What is a reason why the amounts in boxes 1 and 3 would be different?

Hodgdon Industries,a semiweekly schedule depositor,pays its employees semimonthly on the 1st and 15th of the month.Per company policy,employees are paid their annual bonuses on December 14,the final payday of the year for 2017.On Thursday,December 14,the bonuses were paid and the payroll tax liability was $103,850.When are the payroll tax deposits due for the December 14 pay date?

Electronic tax deposits are usually processed through the:

Trick's Costumes has 65 employees,who are distributed as follows: 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. )

Collin's Pool Service files a Form 944 to report its payroll tax liability.Line 5 had a total of $2,648.96.Line 13m in Part 2 reported wages of $2,649.00.What needs to be done to reconcile the two amounts?

Andreosatos Enterprises has received a letter from the IRS that due to their tax liability of $1,950 during the lookback period,they are an annual depositor.Which tax form should they file to report their payroll taxes?

McBean Farms has the following information on their Form 941: What amount should be entered in Column 2,Lines 5a and 5c? (Assume no Section 125 health insurance and that none of the employees had exceeded the Social Security wage base. )

The IRS uses the ________ to determine how often a company must deposit payroll taxes.

Dena's Decorations is a South Carolina business that has a SUTA rate of 3.6% and an annual SUTA wage base of $14,000.The employee earnings for the past calendar year are: B.Gilfilan $22,180,P.Laubach $37,690,S.Loftin $15,320,M.Moravec $9,840. What are the FUTA and SUTA tax liabilities for Dena's Decorations?

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?

Kohlmeier Industries had $87,950 of annual payroll taxes during the lookback period.The firm pays its employees biweekly on Wednesdays.Assuming that no payday has a tax liability in excess of $100,000,when are the payroll tax deposits due?

Leah works for Toffolon Technicians in New Hampshire,where she earns $30,000 annually.She contributes 3% to her 401(k),of which her employer matches 1.5%.Her employer contributes $200 per month for her health insurance,$50 per month for her life insurance,and $25 per month for her AD&D insurance.Toffolon Technicians pays employer-only taxes and insurance that comprises an additional 15% of Leah's annual salary.What is Leah's total annual compensation?

Mandatory employer-paid payroll taxes are known as statutory deductions.