FiltersDone

Question type

Essay

Multiple Choice

Short Answer

True False

Matching

Exam 10: Payroll Taxes

Show Answer

Share

---

All types

Filters

Study FlashcardsPractice ExamLearn

Question 1

Multiple Choice

Review LaterAdd Note

Review Later

If a taxpayer works for two separate employers, how much in FUTA taxes is each employer responsible to remit in the name of the taxpayer?

A) Only the first employer is required to remit FUTA taxes on the wages earned from the first job.
B) Both employers must remit FUTA taxes on the first $7,000 in wages they pay to the taxpayer.
C) The first employer remits 5.4% on the first $7,000 in wages while the second employer remits only .6% on the first $7,000 in wages to equal the 6.0% rate.
D) The first employer remits FUTA tax on the first $7,000 in wages and the second employer remits FUTA tax on the next $7,000 in wages.

E) A) and B)
F) None of the above

Correct Answer

verified

Show Answer

Question 2

Short Answer

Review LaterAdd Note

Review Later

Nikki's salary is $209,950 in 2015. How much social security and Medicare taxes will be withheld from Nikki's salary for the year?

Correct Answer

verified

Show Answer

Question 3

Multiple Choice

Review LaterAdd Note

If, on any day during the month, an employer who is a monthly schedule depositor accumulates a $100,000 tax liability, which of the following statements is true:

Shanita is a self-employed event planner. She has net earnings (profit) from her business of $63,220. Her self-employment taxes for the year are: (Round your answer two decimal places)

The payroll tax withholding system was established to help fund governmental operations.

Bonita is married and claims four exemptions on her W-4. Using the percentage method, what is Bonita's federal income tax withholding under the following independent conditions? (Round your answers two decimal places) a. Bonita is paid semimonthly and her gross pay is $6,500 per paycheck. b. Bonita is paid monthly and her gross pay is $16,000 per paycheck. c. Bonita is paid biweekly and her gross pay is $4,500 per paycheck.

For semiweekly schedule depositors, taxes withheld from payrolls paid during the week are due to be remitted within three banking days after the date wages are paid.

Self-employed taxpayers who also receive wages from an employer are not subject to FICA or federal withholding taxes.

Jack is married, is paid $5,000 biweekly, and claims four allowances. What amount of federal income tax is withheld from his gross wages each pay period?

If on any day during the month, an employer accumulates $100,000 or more in tax liability, the taxes must be deposited:

Eva earned $89 in tips in March. When must she inform her employer of her tips on Form 4070 for federal income tax and FICA withholding purposes?

Joe is paid $975 per week. Using the percentage method, what is the amount of federal income tax withheld from Joe's paycheck under the following situations? (Round your answers two decimal places) a. Joe is single and claims zero (0) withholding allowances. b. Joe is married and claims two withholding allowances. c. Joe is single and claims two withholding allowances.

Irene earned wages of $119,200 during 2015. How much will Irene's employer withhold in social security taxes for the year?

The penalty for filing W-2s containing mismatched names and social security numbers is:

A taxpayer pays 6.2% of taxable wages for both social security and Medicare taxes.

Maeda Company has the following employees on the payroll: Using the information above, what are the annual amounts that would be used to complete a Form W-2 for Hiroko. a. Gross Wages: b. Federal Withholding: c. Social Security Tax: d. Medicare Tax:

Sergio is single, is paid $2,400 per week, and claims one withholding allowance. What is the amount of federal income tax withheld from Sergio's gross wages for the week using the percentage method? (Round your answer two decimal places)

Bubba earned a total of $221,100 for 2015. How much FICA tax is his employer required to withhold from Bubba's paychecks for the year?

Irene earned wages of $119,200 during 2015. What share of FICA tax is Irene's employer responsible for in 2015?

Employers withhold income tax only on tips claimed by employees who are tipped.