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1 | |
FUTA (Federal Unemployment Tax Act) requires that the employer pay matching amount for Social Security tax. |
| | A) | True |
| | B) | False |
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2 | |
A taxable wage base, under FICA, is: |
| | A) | the maximum amount of taxable earnings for Social Security (OASDI) tax |
| | B) | the maximum amount of wages during a calendar year that is subject to the FICA tax |
| | C) | Both A and B |
| | D) | None of the above |
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3 | |
Del Sol Human resources service has a taxable wages of $50,000.
The amount of the employer’s Social Security (OASDI) tax expense is: |
| | A) | $3250 |
| | B) | $6200 |
| | C) | $3100 |
| | D) | $765 |
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4 | |
Lookback period is: |
| | A) | a block of time consiting of four quarters beginning July 1 of the second preceding year and ending June 30 of the prior year |
| | B) | a number of employees |
| | C) | a period that over looks the four previous quarters |
| | D) | A and C |
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5 | |
If a business reported more than $50,000 of FICA and Federal Income Tax withheld liability, and the payroll payday is on Friday you are required to deposit: |
| | A) | By the next Friday |
| | B) | By the next thursday |
| | C) | By the 15th of the next month |
| | D) | By the next Wednesday |
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6 | |
Firms that are semiweekly depositors of federal income tax withheld and FICA
must make their their deposits by means of the Electronic Federal Tax Payment systems
(EFTPS). |
| | A) | True |
| | B) | False |
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7 | |
The form used to deposit federal taxes is called: |
| | A) | Form 2441 |
| | B) | Form 8109 |
| | C) | Form 1040 |
| | D) | Form 8880 |
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8 | |
An “Employer’s Quarterly Federal Tax Return” or Form 941, for the quarter ending in June 30, must be filed by: |
| | A) | June 30th 0f the current year |
| | B) | June 15th of the current year |
| | C) | July 31st of the current year |
| | D) | July 15th of the current year |
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9 | |
A “Wage and Tax Statement, or form W-2, is: |
| | A) | a form used by the employer to report the amount of wages paid each worker in the course of the trade or business of the employer. |
| | B) | a form that summarizes the annual wages and deductions for each employee |
| | C) | A and B |
| | D) | None of the above |
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10 | |
The rate for FUTA( Federal Uneymployment Tax Act) taxes is 6.2% of the first $10,000 paid to each employee during the calendar year. |
| | A) | True |
| | B) | False |
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