The number assigned to employers by the IRS for use in submitting and reporting tax payments is: O a. FUTA O b. iPay Oc. EIN O d. TIPN
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- Eaton enterprises uses the wage-bracket method to determine federal income tax withholding on its employees. Find the amount to withhold from wages paid each employees.How are the electronic tax deposits transferred from the employer’s account to the IRS?Question 1: Which of the following appears on the W-3 Form but does not appear on the W-2 Form? Answer: A. O Federal income tax withheld В. O Kind of payer С. Social Security wages D. Dependent care benefits
- FICA, a tax that every employer must pay has two parts. What are they? List them:Tax withheld from an independent contractor is known as: a. Social Security Tax b. Federal income tax c. Federal unemployment tax d. Backup withholding taxThe 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.
- What is the source of data used to: a. Record the distribution of the payroll. b. Record the employer's payroll taxes.For each individual, calculate the self-employment tax. Assume that each individual files tax returns under single status. Remember, the additional Medicare Tax threshold that applies to sel-employment income is based on the employee's filing status, but to simplify the process for employers, the IRS requires that Additional Medicare Tax be withheld from all employees who earn more than $200,000 in a single year, regardless of filing status. 1: Allison Wilson earns net self-employment income of $62,700. She does not work a second job.Self-Employment tax = $ 2: Martin Hughes earns net self-employment income of $149,900. He works a second job from which he receives FICA taxable earnings of $129,200.Self-Employment tax = $ 3: Elisa Grant earns net self-employment income of $198,000. She works a second job from which she receives FICA taxable earnings of $100,400.Self-Employment tax = $Question 2: Which of the following is an accurate statement about SUTA tax? Answer: A. O Every state designates a taxable earnings threshold below which SUTA tax is not levied. O SUTA tax paid by an employer is typically less than FUTA tax paid for the same period. В. C. SUTA tax rates differ from one employer to another but do not change from year to year. D. The SUTA tax rate is based on the number of layoffs that an employer has experienced.
- An employer is allowed to use Form 944 when: (a) Their annual payroll tax liability is $1,500 or less. (b) They are a new employer, in which case Form 944 is required. (c) They make a request to use Form 944 and the request is pending. (d) They receive notification from the IRS that use of Form 944 is approved.11.A taxpayer is claiming tax preparation expense as a legal and professional fee. They paid $430 at your office last year. The forms breakdown by cost is as follows: Form 1040- $100 Form Sch. C- $125 Form SE- $55 Form 8867- $75 Form 8863- $75 What is the correct amount that can be deducted on their Schedule C for the current year? Choose one answer. a. $280 b. $180 c. $355 d. $430Which 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 taxes