An employer files which of the following forms with the IRS quarterly to report federal wages paid and federal income taxes withheld? Select one: a. W-4 b. 941 c. 940 d. 1099-MISC
Q: Issue: Under the Federal Insurance Contributions Act (FICA) every person is an employer if the…
A: 1) a) Federal Insurance commitments act is a US law that orders charge demand on the pay rates Wages…
Q: The Request for Taxpayer Identification Number and Certification is also known as Form _____.…
A: Since the questions asked are different,As per our guidelines ,we are allowed to answer only first…
Q: Regarding the federal income tax withholding tables, the amount of each employee's earnings withheld…
A: The amount you withhold for each of your employees is likely to vary since the total federal income…
Q: 1. Form 1096 is completed by the employer and submitted to the IRS for what purpose? Answer: A.…
A: Various taxes and forms are introduced by the Internal Revenue Services (IRS) in relation to the…
Q: Tax Drill - Interest Applicable to Federal Tax Underpayments Complete the following statements…
A: IRS stands for Internal Revenue Services that implies the revenue service in the United States…
Q: Section 9-OTHER REPORTING RULES For all of the following questions, assume it is tax year 2020.…
A: "Since you have posted a question with multiple sub-parts, we will provide the solution only to the…
Q: The payroll of Buffalo Company for September 2019 is as follows. Total payroll was $468,000, of…
A: Debit the salary, salary and company payroll taxes you paid. This will increase your expenses for…
Q: Answer: А. Electronic Federal Tax Payment System В. lookback period C. monthly depositor status D.…
A: During the deposit period, if the accumulated tax liability exceeds $100,000 or more, then after…
Q: An employer who is subject to FUTA must file form 940 with the federal government. Normally, the…
A: Form 940 is an annual form that some employers need to file with IRS. It reports Federal…
Q: Using the percentage method for manual payroll with W-4s from 2020 or later in Appendix C calculate…
A: Particulars S. Calder P. Singh B. Nelson Total Income 129000(10750*12) 87750(3375*26)…
Q: Part 2: Determine your FUTA tax before adjustments. If any line does NOT apply, leave it blank. 3…
A: Answer: Determine your FUTA tax before adjustments 3. Total payments to all employees $913,590…
Q: Which of the following employers are exempt from the FUTA (Federal Unemployment Tax Act) tax? Group…
A: The Federal Unemployment Tax Act (FUTA) is a legal law that puts a payroll tax on every business…
Q: Required information [The following information applies to the questions displayed below.) BMX…
A: SOLUTION A JOURNAL IS A COMPANY'S OFFICIAL BOOK IN WHICH ALL BUSINESS TRANSACTION ARE RECORDED IN…
Q: Which of the following does NOT apply to both a W−2 and a W−3? A. Reports the total amount of…
A: IRS forms W-2 and W-3 both are submitted by the employer to Social Security Administration and both…
Q: Federal withholding taxes and social security taxes are normally paid quarterly by the employee.…
A: The objective of the question is to determine the frequency of payment for federal withholding taxes…
Q: A. State Income Tax Withholding B. Social Security
A: Payroll refers to the form of compensation provided by a company to its employees for the work done…
Q: Required information [The following information applies to the questions displayed below.] BMX…
A: Answer:- Federal income taxes:- The internal revenue service imposes a tax known as the federal…
Q: Assuming situation a. prepare the employer's September 30 journal entries to record salary expense…
A: FICA (Federal Insurance Contributions Act) consists of two components: the medical tax (Medicare)…
Q: 1. What loan from the federal government given to individual states is used to provide unemployment…
A:
Q: A. Find the employer's FICA deductions for each of the following employ B. Find the amounts of the…
A: This question is based on the real time interest rate for social security, Medicare and FUTA. Total…
Q: Find the employer’s FICA deduction for each of the following employees. Find the amounts of the FUTA…
A: Federal Unemployment Taxes (FUTA) The threshold limit for the Federal Unemployment taxes (FUTA) is $…
Q: In a payroll journal entry, a credit to Federal Withholding Tax Payable indicates a.Federal taxes…
A: Solution: In payroll journal entry, Payroll expense are debited, amount paid to employee is credited…
Q: Employers are required to keep records of all of the following except: Select one: Personal data…
A: Employer should maintain all the data related to there business activities which helps during the…
Q: a. Social security taxes are 4.2% of monthly gross pay up to a cumulative total pay of $106,800 for…
A: Case 1: Cumulative Gross Pay at October 31 = $15,570Social Security Tax:The Social Security tax rate…
Q: The form below shows the amounts that appear in the Earnings to Date column of the employees'…
A: Payroll refers to the payment to be made by the employer to the employees for the services rendered…
Q: Required information [The following information applies to the questions displayed below.] BMX…
A: Given that: Social security tax rate = 6.2% Medicare tax rate = 1.45% Federal Income tax withheld =…
Q: Question 13: Which of the following payroll register columns can contain a combination of multiple…
A: A payroll register is measure to maintain wage records/ information about gross pay, deductions, tax…
Q: An employee has total gross wages of $7,000, Federal Unemployment Expense, and State Unemployment…
A: Unemployment taxes: It is one of the payroll taxes that is withheld from the employee’s wages. It is…
Q: 2. Use (a) the percentage method and (b) the wage-bracket method to compute the federal income taxes…
A: Federal tax refers to the tax that is paid to the government. Every individual and corporation is…
Q: Using the percentage method for manual payroll with W 4s from 2020 or later in Appendix C calculate…
A: Withholding amount is the amount of tax hold from the part of the income. The amount is calculated…
Q: If Form 941-V is utilized, the amount shown on line 2 of the form must agree with the amount…
A: 1. Answer: Option (c) 2. Answer: Option (a); if there is an annual liability for Social Security,…
Q: Which amounts on the payroll register reduce Federal withholding tax but are not deducted for FICA…
A: A tax is a mandatory fee or financial charge that a government imposes on a person or a business in…
Q: Which one of these lists contain ALL items that are used when computing net employment income…
A: According to the Net Taxable Income, these steps needed to be followed: 1) Find Gross Annual Income…
Q: This problem continues the process of preparing the Kipley Company's Employee Payroll Register for…
A: Employee payroll register is a book in which all the records of all the employees for the particular…
Q: Question 21: For an employee who is paid monthly, completed the pre-2020 Form W-4, and claims 3…
A: Employee denotes the worker who works for the benefit of the organisation along with self career…
Q: Amount to Be Withheld Percentage Wage-Bracket Method Method
A: Wage-Bracket Method:EmployeeGross Wageor SalaryAmount to BeWithheldRuiz S. (Single)$1040…
Q: Use (a) the percentage method and (b) the wage-bracket method to compute the federal income taxes to…
A: Withholding Taxes - Percentage method Taxes that are withheld from an employee's pay or compensation…
Q: 1. Who assigns the SUTA tax rate to an employer? Answer: A. The Internal Revenue Service…
A: SUTA Tax: Employers are obliged to pay a payroll tax known as SUTA. It is also referred to as "state…
Q: Which of the following forms is typically given to employees at the end of the calendar year so that…
A: Given: The form provided for the employees to file the form for income tax.
Q: Which of the following would appear on payroll tax Form 941? State unemployment tax State Income…
A: Form 941 of payroll taxes is used by employers to report income taxes, Social Security tax, or…
Q: This problem continues the computing and recording employee payroll for the Olney Company for the…
A: Federal Unemployment Taxes (FUTA) Implementation of Federal Unemployment Taxes (FUTA) at the time of…
Q: Using the percentage method for manual payroll systems with Forms W-4 from 2020 or later in Appendix…
A: For better control and protection over sensitive payroll data, some companies use manual payroll…
Q: Complete the following step: Compute and record the employee's SUTA contributions (employees pay…
A: SUTA stands for State Unemployment Tax Act . It is a payroll tax which is required to pay by…
Q: ) Employers must match FICA and Medicare withheld and submit these values together with the employee…
A: The company deduct the FICA and medicare and FT from the employees and that are to be paid to the…
Q: An employee earns a gross
A: Payroll taxes are taxes imposed on employers or employees, and are usually calculated as a…
Q: An Employer’s Quarterly Federal Tax Return, Form 941, must be filed by the physician-employer on…
A: The Employer's Quarterly Federal Tax Return, Form 941, is used to report employment taxes withheld…
Q: Which of the following does not describe a purpose of the employee's earnings records? a. They are…
A: Employee earnings record is the record maintained by the employee that contains information about…
Q: Employer payroll taxes: Top of Form Multiple Choice Represent the social security taxes withheld…
A: Employer payroll taxes include the employer's portion of FICA taxes and unemployment taxes. It is…
An employer files which of the following forms with the IRS quarterly to report federal wages paid and federal income taxes withheld?
W-4
941
940
1099-MISC
![](/static/compass_v2/shared-icons/check-mark.png)
Step by step
Solved in 2 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
- The amount of compensation subject to OASDI tax is correctly defined as Select one: a. all amounts either earned by, or paid to, an employee during a calendar year. b. all amounts paid to an employee during a calendar year up to the limit defined by Congress. c. all amounts paid to an employee during a calendar year. d. all amounts paid to an employee during a calendar year up to the limit defined by the IRS. e. all amounts earned by an employee during a calendar year.For tax year 2020, the due date for filing paper forms with the SSA is: a. December 31 b. January 31 c. February 28 d. January 15Based on the information in problem 2, calculate and record the employers payroll taxes for the period in the general journal below. The state employment tax rate is 5.4 percent, and the federal unemployment tax rate is 0.8 percent.
- Prior to posting the November 30 payroll transaction, FICA Taxes Payable - OASDI, FICA Taxes Payable - HI and employees FIT payable had zero balances. Pandel must pay the FICA taxes and income taxes withheld on the November 30 payroll. Jornalize the electronic transfer of the payroll taxes on December 17.Journal Entries for Payment of Employer Payroll Taxes Jason Chen owns a business called Chen Home Building. He does his banking at Citizens National Bank in Seattle, Washington. The amounts in his general ledger for payroll taxes and the employees' withholding of Social Security, Medicare, and federal income tax payable as of April 15 of the current year are as follows: Social Security tax payable (includes both employer and employee) $11,250 Medicare tax payable (includes both employer and employee) 2,625 FUTA tax payable 580 SUTA tax payable 3,930 Employee income tax payable 6,825 Journalize the quarterly payment of the employee federal income taxes and Social Security and Medicare taxes on April 15, 20--, and the payments of the FUTA and SUTA taxes on April 30, 20--. If an amount box does not require an entry, leave it blank.My other question did not have the completed time card attached. The completed timecard is attached below. Complete the payroll register for Bill Brown for the pay period ending on August 31. Fill in the regular, overtime, and total earnings from the time card. Calculate Bill’s federal income tax using the IRS Employee Income Tax Withholding table for a semimonthly pay period (see https://www.irs.gov/pub/irs-pdf/p15t.pdf). Calculate Social Security tax at 6.2% and Medicare tax at 1.45%. Bill elected to withhold 10% of his earnings for retirement and 5% for health insurance. Calculate Net Pay. Bill will be paid with Check No. 1145.
- Question 14: Based on the wage-bracket method, the federal income tax withholding for an employee who is married, is paid biweekly, completed the pre-2020 Form W-4, claims 2 federal withholding allowances, and earns $1,899 is $Which of the following are not included in an employer’s payroll tax expense? a) state income taxes b) employer portion of FICA taxes c) state unemployment taxes d) federal unemployment taxesWhich of the following statements about extensions of time to file certain business income tax returns is true? a)It is required of mostentities to us e electronic funds transfer to make all federal tax deposits. b) The IRS will send taxpayers a notification if their request for an extension is approved. c) Property filing the form wil not automatically give taxpayers the maximum extension of time to file allowed. d) The maximum extension of the to file allowed from the due date of the taxpayer's business return is generally three months.
- b. Assume that the employees of Purnell, Inc., must also pay state contributions (disability insurance) of 1% on the taxable payroll of Example 6-5 $24,100 and that the employees' contributions are to be deducted by the employer. Journalize the September 15 payment of wages, The journal entry to record the payroll from Figure 6.1, on pages 6-2 and 6-3, would be: assuming that the state contributions of the employees are kept in a separate account. Debit Credit For a compound transaction, if an amount box does not require an entry, leave it blank. Round your answers to the nearest cent. Wages Expense 24,762.70 FICA Taxes Payable-OASDI 1,535.29 Date Account Debit Credit FICA Taxes Payable-HI 359.06 Sept. 15 Wage Expense v 8,500 x FIT Payable 3,714.00 FICA Taxes Payable-OASDI 650.25 x SIT Payable 55.25 FICA Taxes Payable-HI V Group Insurance Payments W/H 54.70 Employees Disability Contributions Payable v Cash 19,044.40 Employees FIT Payable v Employees SIT Payable v Example 6-7 Cash v The…The following taxes are reported on Form 941 except: Multiple Choice FICA-Medicare (employer and employee) State income taxes withheld from the employee paychecks Federal income taxes withheld from the employee paychecks FICA-Social Security (employer and employee)Willa is getting ready to prepare a Form 940 for her payroll department. What information does she need to do this? A. information about state and local wages and taxes B. the total number of employees on payroll OC. the amount of employee salaries and wages from the previous year OD. her company's Employee ID number, name, and address
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)