Which of the following forms is used by an employer to report quarterly wages and federal payroll tax withholdings and deposits?
a. |
Form 941 |
|
b. |
Form 940 |
|
c. |
Form W-2 |
|
d. |
None of these |
|
e. |
Form 1099 |
Form 941 is used by an employer to report quarterly wages and federal payroll tax withholdings and deposits. |
Form 941 reports information regarding federal income tax, Social Security tax, medicare tax and it must be filed by last day of the month following the end of the quarter. |
Option A Form 941 is correct |
Which of the following forms is used by an employer to report quarterly wages and federal...
Which of the following forms should be used by a company to report a 2019 payment of $1,500 to a computer consultant who is not an employee of the company? a. Form 1099-MISC b. Form 1099-DIV c. Form W-4 d. Form W-2 e. Form 1099-INT
Which of the following statements is true? Form 941 is filed quarterly; Form 940 is filed annually Both Forms 940 and 941 are filed quarterly Form 941 is filed annually; Form 940 is filed quarterly Both Forms 940 and 941 are filed annually Both Forms 940 and 941 are filed monthly
Single Taxpayer: Employee Employer Gross Wages 250,000 Federal income tax (W-4) State income tax (M-4) Social Security tax Medicare tax Additional medicare tax Other EE deductions Health insurance for example (50% EE/50% ER) Net pay FUTA @ .6% SUTA @ 5.4% Total payroll tax expense It is very important for all individuals and especially, accounting professionals/CPAs to understand how payroll works. Use the attached Excel file to complete these payroll tax calculations - proper Excel utilization is required. Assume the...
Which of the following taxes would not be included in payroll tax expense of an employer? A. Federal unemployment taxes B. Employer FICA-Social Security taxes C. Income tax withholdings D. State unemployment taxes E. Employer FICA-Medicare taxes
The Form W–2 Jenni receives from her employer reflects wages of $32,000. Appropriate amounts for Social Security and Medicare taxes were deducted. Income tax withholdings were $1,320 for Federal and $1,056 for state. The Danes made quarterly tax payments of $1,900 for Federal and $600 for state on each of the following dates: April 10, 2018; June 11, 2018; September 10, 2018; and December 28, 2018. None of the Danes hold any foreign financial accounts. How would this be presented...
Which of the following forms is an applicable large employer required to file with the IRS to show that it offered coverage to an employee? Form 1095-A. Form 1095-C. Form 1099-MISC. Both A and B.
TRUE/FALSE 1. Social Security taxes are levied equally on the employee and the employer. 2. Employee benefits costs represent expenses to the employer in addition to the direct costs of salaries and wages. .3. Unearned revenues are classified as current liabilities 4. Each time a payroll is recorded, a separate journal entry usually is made to record the employer's FICA and state and federal unemployment taxes. 5. Since Jon Company has very little employee turnover, the company has received a...
The Federal Unemployment Tax Act (or FUTA, I.R.C. ch. 23) is a United States federal law that imposes a federal employer tax used to help fund state workforce agencies. Employers report this tax by filing an annual Form 940 with the Internal Revenue Service. Complete the following steps: Net FUTA tax: Since this is the first pay period of the year, none of the employees are near the $7,000 ceiling; therefore, each employee’s gross earnings is subject to the FUTA...
The Federal Unemployment Tax Act (or FUTA, I.R.C. ch. 23) is a United States federal law that imposes a federal employer tax used to help fund state workforce agencies. Employers report this tax by filing an annual Form 940 with the Internal Revenue Service. Complete the following steps: Net FUTA tax: Since this is the first pay period of the year, none of the employees are near the $7,000 ceiling; therefore, each employee’s gross earnings is subject to the FUTA...
R ACC 203 - 204 Exa... ... 0. The payroll taxes the employer is responsible for are: a) FICA, SUTA, and FUTA b) FICA, FIT, and Sir. c) FICA, workers compensation, and FIT. d) None of these answers are correct. "1. The FICA rate for an employer is: a) twice the individual rate. b) equal to the employee rate. c) 7.25% d) 6.2% 2. The Federal Unemployment Tax is: a) pald by the cmployer. b) paid by employees c) paid...