Question 1

A monthly depositor is one who reported employment taxes of $50,000 or more for the four quarters in the lookback period.

Accepted Answer

A) True 
 B)False

Question 2

Refer to Instruction 3-1.Crow earned $585.15 during the week ended March 1,20--.Prior to payday,Crow had cumulative gross earnings of $4,733.20. a) The amount of OASDI taxes to withhold from Crow's pay is________
b) The amount of HI taxes to withhold from Crow's pay is_________

Accepted Answer

The answer of Refer to Instruction 3-1.Crow earned $585.15 during...

Question 3

Noncash items given to household employees by their employers are subject to FICA tax.

Accepted Answer

A) True 
 B)False

Question 4

Nonagricultural employers who withhold income taxes and are liable for social security taxes must file a monthly tax and information return.

Accepted Answer

A) True 
 B)False

Question 5

Refer to Instruction 3-1.On August 1,Huff (part-time waitress)reported on Form 4070 the cash tips of $158.50 that she received in July.During August,Huff was paid wages of $550 by her employer.Determine:                                                                       
 
b)

Accepted Answer

The answer of Refer to Instruction 3-1.On August 1,Huff (part-time...

Question 6

All employers of one or more persons must file an application for an identification number.

Accepted Answer

A) True 
 B)False

Question 7

Payments made to a worker's spouse for hospital expenses in connection with an accident disability are not considered wages under FICA.

Accepted Answer

A) True 
 B)False

Question 8

The requirements for depositing FICA taxes and income taxes withheld from nonagricultural employees' wages vary according to the amount of such taxes reported during a "lookback period."

Accepted Answer

A) True 
 B)False

Question 9

State and local government employers must make their tax deposits according to a different schedule than private employers.

Accepted Answer

A) True 
 B)False

Question 10

Refer to Instruction 3-1.In this pay,Moss Company deducted OASDI taxes of $5,276.24 and HI taxes of $1,233.95 from the $85,100.90 of taxable wages paid.What is Moss Company's portion of the social security taxes for: a) OASDI
b) $\mathrm { HI }$

Accepted Answer

The answer of Refer to Instruction 3-1.In this pay,Moss Company...

Question 11

OASDI taxes are levied when the wages are earned by,rather than when paid to,employees.

Accepted Answer

A) True 
 B)False

Question 12

Which of the following deposit requirements pertains to a nonagricultural employer who has employer FICA taxes and withheld employee FICA taxes and income taxes of $125,000 at the end of payday on Friday,August 14,20--?

Accepted Answer

A)  No deposit is required until Tuesday,August 18. 
B)  The taxes must be deposited by the close of the next banking day. 
C)  The taxes must be deposited on or before August 31. 
D)  The undeposited taxes should be carried over to the end of September. 
E)  None of the above. 
A)  No deposit is required until Tuesday,August 18. 
B)  The taxes must be deposited by the close of the next banking day. 
C)  The taxes must be deposited on or before August 31. 
D)  The undeposited taxes should be carried over to the end of September. 
E)  None of the above.

Question 13

Under FICA only,cash tips of more than $100 in a month are defined as taxable wages.

Accepted Answer

A) True 
 B)False

Question 14

The employees of a semiweekly depositor are paid every Tuesday.The accumulated payroll taxes must be deposited on or before the following Friday.

Accepted Answer

A) True 
 B)False

Question 15

To be designated a semiweekly depositor,how much in employment taxes would an employer have reported for the four quarters in the lookback period?

Accepted Answer

A)  More than $50,000. 
B)  More than $100,000. 
C)  Less than $50,000. 
D)  More than $2,500. 
E)  None of the above. 
A)  More than $50,000. 
B)  More than $100,000. 
C)  Less than $50,000. 
D)  More than $2,500. 
E)  None of the above.

Question 16

The Social Security Act requires workers to obtain a new account number each time they change jobs.

Accepted Answer

A) True 
 B)False

Question 17

Form 941 is used by employers to make their quarterly return of FICA taxes and withheld income taxes.

Accepted Answer

A) True 
 B)False

Question 18

In its definition of employee,FICA clearly distinguishes between classes or grades of employees.

Accepted Answer

A) True 
 B)False

Question 19

Which of the following statements does not describe an employee's FICA taxes and withholdings?

Accepted Answer

A)  The employee's taxes are collected by the employer and paid to the IRS along with the employer's taxes. 
B)  The employee's taxes are deducted from the employee's wages at the time of payment. 
C)  The employee's liability for the FICA taxes continues even after the employer has withheld them. 
D)  The amount of tax to be withheld is computed by multiplying the employee's taxable wages by the current tax rate. 
E)  The employee is entitled to a refund for overpayment of FICA taxes resulting from having worked for more than one employer. 
A)  The employee's taxes are collected by the employer and paid to the IRS along with the employer's taxes. 
B)  The employee's taxes are deducted from the employee's wages at the time of payment. 
C)  The employee's liability for the FICA taxes continues even after the employer has withheld them. 
D)  The amount of tax to be withheld is computed by multiplying the employee's taxable wages by the current tax rate. 
E)  The employee is entitled to a refund for overpayment of FICA taxes resulting from having worked for more than one employer.

Question 20

Employees may use Form 4070 to report the amount of their tips to their employers.

Accepted Answer

A) True 
 B)False

A monthly depositor is one who reported employment taxes of $50,000 or more for the four quarters in the lookback period.

Refer to Instruction 3-1.Crow earned $585.15 during the week ended March 1,20--.Prior to payday,Crow had cumulative gross earnings of $4,733.20. a) The amount of OASDI taxes to withhold from Crow's pay is b) The amount of HI taxes to withhold from Crow's pay is_

Noncash items given to household employees by their employers are subject to FICA tax.

Nonagricultural employers who withhold income taxes and are liable for social security taxes must file a monthly tax and information return.

Refer to Instruction 3-1.On August 1,Huff (part-time waitress)reported on Form 4070 the cash tips of $158.50 that she received in July.During August,Huff was paid wages of $550 by her employer.Determine: b)

All employers of one or more persons must file an application for an identification number.

Payments made to a worker's spouse for hospital expenses in connection with an accident disability are not considered wages under FICA.

The requirements for depositing FICA taxes and income taxes withheld from nonagricultural employees' wages vary according to the amount of such taxes reported during a "lookback period."

State and local government employers must make their tax deposits according to a different schedule than private employers.

Refer to Instruction 3-1.In this pay,Moss Company deducted OASDI taxes of $5,276.24 and HI taxes of $1,233.95 from the $85,100.90 of taxable wages paid.What is Moss Company's portion of the social security taxes for: a) OASDI b) $\mathrm { HI }$

OASDI taxes are levied when the wages are earned by,rather than when paid to,employees.

Which of the following deposit requirements pertains to a nonagricultural employer who has employer FICA taxes and withheld employee FICA taxes and income taxes of $125,000 at the end of payday on Friday,August 14,20--?

Under FICA only,cash tips of more than $100 in a month are defined as taxable wages.

The employees of a semiweekly depositor are paid every Tuesday.The accumulated payroll taxes must be deposited on or before the following Friday.

To be designated a semiweekly depositor,how much in employment taxes would an employer have reported for the four quarters in the lookback period?

The Social Security Act requires workers to obtain a new account number each time they change jobs.

Form 941 is used by employers to make their quarterly return of FICA taxes and withheld income taxes.

In its definition of employee,FICA clearly distinguishes between classes or grades of employees.

Which of the following statements does not describe an employee's FICA taxes and withholdings?

Employees may use Form 4070 to report the amount of their tips to their employers.

The Need for Payroll and Personal Records

Computing Wages and Salaries

Income Tax Withholding

Unemployment Compensation Taxes

Analyzing and Journalizing Payroll

Filters

Exam 3: Social Security Taxes

A monthly depositor is one who reported employment taxes of $50,000 or more for the four quarters in the lookback period.

Refer to Instruction 3-1.Crow earned $585.15 during the week ended March 1,20--.Prior to payday,Crow had cumulative gross earnings of $4,733.20. a) The amount of OASDI taxes to withhold from Crow's pay is________ b) The amount of HI taxes to withhold from Crow's pay is_________

Noncash items given to household employees by their employers are subject to FICA tax.

Nonagricultural employers who withhold income taxes and are liable for social security taxes must file a monthly tax and information return.

Refer to Instruction 3-1.On August 1,Huff (part-time waitress)reported on Form 4070 the cash tips of $158.50 that she received in July.During August,Huff was paid wages of $550 by her employer.Determine: b)

All employers of one or more persons must file an application for an identification number.

Payments made to a worker's spouse for hospital expenses in connection with an accident disability are not considered wages under FICA.

The requirements for depositing FICA taxes and income taxes withheld from nonagricultural employees' wages vary according to the amount of such taxes reported during a "lookback period."

State and local government employers must make their tax deposits according to a different schedule than private employers.

Refer to Instruction 3-1.In this pay,Moss Company deducted OASDI taxes of $5,276.24 and HI taxes of $1,233.95 from the $85,100.90 of taxable wages paid.What is Moss Company's portion of the social security taxes for: a) OASDI b) HI\mathrm { HI }HI

OASDI taxes are levied when the wages are earned by,rather than when paid to,employees.

Which of the following deposit requirements pertains to a nonagricultural employer who has employer FICA taxes and withheld employee FICA taxes and income taxes of $125,000 at the end of payday on Friday,August 14,20--?

Under FICA only,cash tips of more than $100 in a month are defined as taxable wages.

The employees of a semiweekly depositor are paid every Tuesday.The accumulated payroll taxes must be deposited on or before the following Friday.

To be designated a semiweekly depositor,how much in employment taxes would an employer have reported for the four quarters in the lookback period?

The Social Security Act requires workers to obtain a new account number each time they change jobs.

Form 941 is used by employers to make their quarterly return of FICA taxes and withheld income taxes.

In its definition of employee,FICA clearly distinguishes between classes or grades of employees.

Which of the following statements does not describe an employee's FICA taxes and withholdings?

Employees may use Form 4070 to report the amount of their tips to their employers.

The Need for Payroll and Personal Records

Computing Wages and Salaries

Income Tax Withholding

Unemployment Compensation Taxes

Analyzing and Journalizing Payroll

Filters

Refer to Instruction 3-1.Crow earned $585.15 during the week ended March 1,20--.Prior to payday,Crow had cumulative gross earnings of $4,733.20. a) The amount of OASDI taxes to withhold from Crow's pay is b) The amount of HI taxes to withhold from Crow's pay is_

Refer to Instruction 3-1.In this pay,Moss Company deducted OASDI taxes of $5,276.24 and HI taxes of $1,233.95 from the $85,100.90 of taxable wages paid.What is Moss Company's portion of the social security taxes for: a) OASDI b) $\mathrm { HI }$