Choose the response that accurately completes the following sentence. Paid family leave provided by the state of California is: OOOO Reported on Form 1099-G on Table A. Similar to unemployment, but will not report any federal tax withholding. Reported on Form 1099-G on Table B and is not taxable on the California return. Treated the same as disability income and will not be taxable on either the federal or the California tax return.

Choose the response that accurately completes the following sentence. Paid family leave provided by the state of California is: OOOO Reported on Form 1099-G on Table A. Similar to unemployment, but will not report any federal tax withholding. Reported on Form 1099-G on Table B and is not taxable on the California return. Treated the same as disability income and will not be taxable on either the federal or the California tax return.

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter10: Deduct Ions And Losses: Certain Itemized Deduct Ions

Section: Chapter Questions

Problem 6BCRQ

See similar textbooks

Similar questions

Which of the following taxes are not withheld from an employee? a. FICA Social Security b. Federal Unemployment (FUTA) c. FICA Medicare d. Federal Income Tax e. All of the above are withheld
1. What tax is used by the federal government to provide unemployment compensation to individuals who are out of work? Answer: A. FUTA B. SUTA C. Medicare D. Social Security 2. When completing Form 1096, the maximum number of types of Form 1099 that may be selected is _____. Answer: A. 1 B. 2 C. 3 D. 4 3. What is the FUTA tax rate in a state that has a 1.5% credit reduction? Answer: A. 1.2% B. 1.5% C. 2.1% D. 2.7%
which of the following is not a covid-19 tax relief provision available to a self-employed taxpayer? A. payroll tax deferral B. sick leave credit C. family leave credit D. self-employed tax rate reduction E. all the above
Which of the following statements about the FICA tax is not true? a. The income amount subject to the Social Security portion of FICA tax has increased significantly over the years. b. No FICA taxes are required to be paid by employees or employers in 2020 due to COVID c. The FICA tax is composed of two parts, Social Security and Medicare. xd. Self-employed individuals pay self-employment taxes. Oe. Wages subject to FICA tax that are received by a self-employed individual reduce the individual's maximum Social Security tax base.
Which of the following is NOT a valid use of Form 990-T? Request credit for certain excise taxes paid. Apply for reinstatement after an exempt organization has their status revoked. Claim the Small Employer Health Insurance Premium Tax Credit. Determine tax liability from UBI.
Employee business expenses are no longer deductible on Schedule A for federal purposes. Why are they still relevant? A. They are deductible on another form B. If your income is less than certain thresholds you still get a benefit C. They are deductible for California purposes D. None of the above
For 2018, the Social Security portion of the FICA tax is imposed at a rate of (not including any additional tax for high-income earners): a.6.2 percent for the employee and 7.65 percent for the employer. b.6.2 percent for only the employer. c.6.2 percent for the employee and 6.2 percent for the employer. d.6.2 percent for only the employee. e.None of these choices are correct.
Which of the following is true regarding Social Security benefits? a. Tax-exempt interest income must be included in the formula used to determine if Social Security is included in taxable income. b. Up to 100 percent of Social Security benefits received may be included in taxable income. c. The Social Security inclusion formula is the same amount for each filing status. d. Social Security benefits are always excluded because wages are subject to Social Security tax when earned.
Which of the following is not an item deducted from salary expense to arrive at net pay? Multiple Choice O O FICA tax for Social Security FICA tax for Medicare These answer choices are all deducted from salary expense to arrive at net pay Federal unemployment tax
Which of the following does NOT apply to both a W−2 and a W−3? A. Reports the total amount of wages, tips and compensation paid to the employee B. Employees use both forms to prepare their personal tax returns. C. Sent to the Social Security Administration D. Reports the total OASDI and Medicare taxes withheld
Theme: AGI Examine the case below and do the following:1.Indicates the income items that are part of the gross income.2.Indicates the salary exclusions.3.Identify the deductions to which the taxpayer is entitled to calculate the adjusted gross income.4.Calculate adjusted gross income.5.Indicates the status that the taxpayer must file. Case 3 Carmelo Báez is a veteran, retired and receives a pension of $40,000 a year. In addition, he hit the lotto and received a prize of $15,000. He is married to Josefa Martinez, who is also retired and receives a pension of $25,000 a year. They both own a clothing business from which they earn $50,000 a year. They also receive interest from the bank on $3,000 and dividends on a $10,000 investment in a business.
In the garnishment process, federal tax levies if delivered after child support orders take secondary priority to wages withheld for child support order: O True False