Question 4: Schedule A (Form 940) is used in each of the following circumstances except when:Answer:A.The employer pays SUTA tax in two states.В.The employer does not pay FUTA tax until the 4th quarter of the year.С.The employer pays SUTA tax in four states.D.The employer operates in a credit-reduction state. Question 3: Which of the following items is not reported on the W-2 Form?Answer:A.Dependent care benefitsUnion duesC.Hours workedD.State income tax withheldB.

* As per the bartleby guidelines in case of different questions answer first only FORM 940 - if the…

Question 4: Schedule A (Form 940) is used in each of the following circumstances except when: Answer: A. The employer pays SUTA tax in two states. В. The employer does not pay FUTA tax until the 4th quarter of the year. C. The employer pays SUTA tax in four states. D. The employer operates in a credit-reduction state.

Question 4: Schedule A (Form 940) is used in each of the following circumstances except when: Answer: A. The employer pays SUTA tax in two states. В. The employer does not pay FUTA tax until the 4th quarter of the year. C. The employer pays SUTA tax in four states. D. The employer operates in a credit-reduction state.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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This problem continues the process of preparing the Kipley Company's Employee Payroll Register for the pay period ending January 8th, 20--. In previous chapters, gross wages were computed for each employee and using this data, FICA withholding and employer FICA liability was computed. Requirements: Refer to the SIMPLE Plan Contributions and enter each employee's SIMPLE plan deduction. Determine and record the federal income taxes for each employee. Determine and record the state income taxes for each employee. Determine and record the city income taxes for the city of Pittsburgh. Total each input column. Below lists each employee's assigned Time Card No., Filing Status, and Withholding Allowances. This information is necessary when determining the amount of tax to withhold. TimeCard No. EmployeeName FilingStatus No. ofWithholdingAllowances 11 Fran M. Carson S N/A 12 William A. Wilson S N/A 13 Harry T. Utley MFJ N/A 21 Lawrence R. Fife MFJ N/A 22 Lucy K. Smith S N/A…
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If a taxpayer works for more than one employer during the year, how much in FUTA taxes is remitted in the name of the taxpayer? Multiple Choice If the employee earns less than $7,000 at the first job, the next employer must remit FUTA taxes until the employee has earned a total of $7,000. If the employee earns more than $7,000 at the first job, all other employers are exempt from paying FUTA taxes for this employee during the year. Only the first employer is required to remit FUTA taxes on the wages earned. Both employers must remit FUTA taxes they pay to the employee on the first $7,000 of wages earned by the employee at each job.
) For 2021; An employer may provide an employee with a reimbursement of up to _________ of qualified education expense without including any of that payment as income to the employee. A. 3650 B. 4200 C. 10500 D. The entire amount is income to the employee
Question 9: The Internal Revenue Service levies a small service fee for employers who utilize the Electronic Federal Tax Payment System. Answer: A. True В. False
PSb 5-5 Calculate FUTA and SUTA Tax For each of the following independent circumstances calculate both the FUTA and SUTA tax owed by the employer: NO TE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation. 1: An employer in Delaware City, Delaware, employs two individuals, whose taxable earnings to date (prior to the current pay period) are $6,100 and $8,800. During the current pay period, these employees earn $1,450 and $2,000, respectively. The applicable SUTA tax rate is 2.1%, and the Delaware SUTA threshold is $16,500. FUTA tax = $ SUTA tax = $ 2: An employer in Bridgeport, Connecticut, employs three individuals, whose taxable earnings to date (prior to the current pay period) are $5,500, $12,900, and $14,200. During the current pay period, these employees earn $2,200, $1,950, and $2,400, respectively. The applicable SUTA tax rate is 4.9%, and the Connecticut SUTA threshold is $15,000.…
The State Unemployment Tax Act, better known as SUTA, is a form of payroll tax that all states require employers to pay for their employees. SUTA is a counterpart to FUTA, the federal unemployment insurance program. Complete the following step: Compute and record the employee's SUTA contributions (employees pay 0.06% on total gross pay). Note : Round your final answers to nearest cent. KIPLEY COMPANY, INC.Employee Payroll RegisterFor Period Ending January 8, 20-- EARNINGS DEDUCTIONS NET PAY Name Gross OASDI HI FIT SIT SUTA CIT SIMPLE Grp. Ins. Health Ins. Ck. No. Amount Carson, F. $700.00 $43.40 $10.15 $48.00 $21.49 $21.00 $20.00 Wilson, W. 897.04 55.62 13.01 68.00 27.54 26.91 50.00 Utley, H. 678.75 42.08 9.84 14.00 20.84 20.36 40.00 Fife, L. 877.10 54.38 12.72 33.00 26.93 26.31 50.00 Smith, L. 790.00 48.98 11.46 59.00 24.25 23.70 20.00 Fay, G. 539.15 33.43 7.82 0.00 16.55…
The sole purpose of Social Security taxes is to provide retirement benefits to employees. True False The Social Security wage base for 2019 is $132,900. True False Taxable earnings for Social Security tax are always the same as taxable earnings for federal income tax withholding. True False Collectively, Social Security tax and Medicare tax are referred to as FICA taxes. True False The income threshold for Medicare tax indicates the income level above which no Medicare taxes are levied. True False Employees are required to contribute toward the purchase of disability insurance in all 50 states. True False The contribution limit for a SIMPLE IRA is lower than that for a 401(k) or 403(b). True False ERISA is a set of regulations that dictate the manner in which a cafeteria plan may be administered. True False Flexible spending accounts contain a use it or lose it feature that, although…
Under ASC 710-10-25-1, an employer shall accrue a liability for employees' compensation for future absences if all the following conditions are met: I. The employer's obligation relating to employees' rights to receive compensation for future absences is attributable to employees' services already performed. II. The paid absence can be taken in a later year-the benefit vests (will be compensated even if employment is terminated) or the benefit can be accumulated over time. III. Payment of the compensation is probable. IV. The amount can be reasonably estimated. If the amount cannot be reasonably estimated, None of the other answers is correct. O There is no need to disclose it. The employer shall accrue a liability in balance sheet. The employer shall disclose it in the notes to financial statements.
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