Payroll Acct
Leah earns $2,600 this pay period. Her total pay before this pay was $23,500. Leah has the following withholdings. Medical Insurance Prem. = $300 401K = $150 YMCA Dues = $50 Flexible Spending Plan = $150 What is Leah's Social Security taxable wage amount for this pay period? (Not the amount of actual Social Security Withheld)
2,150 (Cannot deduct 401K or YMCA dues for Social Security or Medicare)
Each of the following items is accurately defined under FICA as taxable wages except: A value of meals furnished employees for the employer's convenience B value of meals furnished employees for the employees' convenience C commissions D dismissal pay E $500 award for productivity improvement suggestion
A
Form 944 can be used by which employers instead of Form 941? A employers who owe less than $1,000 in employment taxes during the year B all new employers until the two year trial period is complete C large employers who collect over $100,000 in employment taxes over the year D any employer who has offices in multiple states
A
To be designated a biweekly depositor, how much in employment taxes would an employer have reported for the four quarters in the lookback period? 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
Which of the following is considered taxable wages under FICA. Dismissal pay Vacation pay Cash Tips All of the above
ALL OF THE ABOVE
All employers of at least 1 employee must have one of these A Employer social security number B Employer identification number C Employer disability training seminar D Employer FLSA seal of approval
B
The FICA tax rates for those self-employed are? A 6.2% social security and 1.45% medicare B 12.4% social security and 2.9% medicare C 6.2% social security and 2.9% medicare D 10.0% social security and 1.0% medicare E none of the above.
B
Which of the following deposit requirements pertains to an employer with FICA taxes and income taxes totaling $125,000 at the end of payday on Friday, August 15? A No deposit is required until Tuesday, August 19 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.
B
FICA taxes consist of: A two taxes on employers B two taxes on employees C social security and medicare on both the employee and employer D social security and medicare taxes on the net earnings of the self-employed E all of the above.
C
Monthly depositors are required to deposit their taxes by what date the following month? A 1st B 10th C 15th D last day of the month
C
Which of the following deposit requirements pertains to a monthly depositor who has accumulated employment taxes of $2,900 at the end of October? A No deposit is required. B The undeposited taxes should be carried over to the end of November. C The taxes must be deposited on or before November 15. D The taxes must be deposited on or before the next banking day. E None of the above.
C
Which of the following payroll taxes do the employee and employer pay the exact same amount? A Social Security B Medicare C Both Social Security and Medicare S Rarely, do employees and employers do not pay the same amount in payroll taxes
C
All of the following employees would be excluded from FICA tax except: A A work-study student employed by the college working 20 hours per week B service performed by a minor child in the employ of a parent C 17 year old newspaper deliverer D federal government secretaries hired in 1990 E services performed by a railroad worker for an employer covered by the Railroad Retirement Tax Act
D
An employer has made timely deposits of FICA taxes and withheld income taxes during the third quarter. The last day of October is Sunday. The latest date on which this employer may file Form 941 is: A October 10 B October 31 C November 1 D November 10 E November 15
D
Which of the following payroll deductions would Not be treated as taxable wages for FICA income? A Child support withholdingS B 401K withholdings C garnishment repayment plan withholdings D Medical insurance premium withholdings
D
Which of the following taxes are paid by independent contractors as part of their quarterly self employment tax payments? A Social Security B Medicare C Federal Income Tax D All of the above
D
Which of the following taxes do employers withhold on payments made to independent contractors? A Social Security B Medicare C Both Social Security and Medicare D Employers do not withhold taxes to independent contractors
D
During 2020, Mike's current FICA taxable is $2,700 and will not change for the remainder of the year. As of the 48th pay, he had earned $134,400 as FICA taxable income (he had a bonus earlier in the year). Determine the amount of FICA taxes to be withheld from the next three payroll periods. * ASSUME 2020 TAX CAPS
Social Security W/H WEEK 49 167.40 WEEK 50 37.20 WEEK 51 0 Medicare W/H WEEK 49 39.15 WEEK 50 39.15 WEEK 51 39.15
