Question 25: Which statement regarding Form W-3 is inaccurate? Answer: A. Form W-3 contains earnings information for multiple employees. В. Form W-3 must be signed by the employer to be valid. C. Form W-3 is submitted to the Social Security Administration and provided to each employee. D. Form W-3 includes federal and state tax information.

Question 25: Which statement regarding Form W-3 is inaccurate? Answer: A. Form W-3 contains earnings information for multiple employees. В. Form W-3 must be signed by the employer to be valid. C. Form W-3 is submitted to the Social Security Administration and provided to each employee. D. Form W-3 includes federal and state tax information.

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter9: Payroll, Estimated Payments, And Retirement Plans

Section: Chapter Questions

Problem 5MCQ

See similar textbooks

Similar questions

Which of the following is considered an employer payroll tax? A. FICA Medicare B. FUTA C. SUTA D. A and B only E. B and C only F. A, B, and C
What are examples of involuntary deductions employers are required to collect for employee and employer payroll liabilities?
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
Question 13: Which of the following is a true statement regarding the W-2 Form? Answer: А. Employers must submit the W-2 Form regardless of the amount of compensation paid to employees. Sending a copy of the W-2 Form to the employee is optional. C. The control number on the W-2 Form must be completed by the employer. D. The W-2 Form includes both federal and state tax information. B.
Question 12: Match the payment due dates with the type of depositor. Following Friday Semiweekly (pay date Wed-Fri) DROP HERE Following Wednesday Semiweekly (pay date Sat-Tues) DROP HERE 15th of the next month Monthly DROP HERE
What steps must an employer follow in sequential form to calculate an employee's income tax deduction: a. First calculate CPP & E.I b. First complete the TD1 form then calculate CPP & E.I C. First establish the 'claims code' using TD1 then use the tax tables d. Complete the tax credits form then go straight to tax tables
Question 21: The income threshold for Additional Medicare Tax levied is based on the Answer: A. age of the employee В. O amount in the employee's Social Security account С. Social Security income threshold D. O employee's tax return filing status
Question 5: Which of the following employee taxes is matched by the employer? Answer: А. State unemployment tax Federal income tax C. Medicare tax D. Federal unemployment tax B.
It is mandatory for both the employer and employee to pay ________. A. employee income tax B. FICA C. SUTA D. federal unemployment tax
Question 1: Which of the following statements regarding Social Security tax is false? Answer: А. O Social Security tax is also referred to as OASDI tax because it was initially established to benefit retired employees, survivors of employees, and disabled employees. В. O Social Security tax was first levied on employees in 1937. С. O All earnings of an employee that exceed the taxable wage base in a single year are not subject to Social Security tax. D. O Contributions to cafeteria plans are not taxable for Social Security tax.
Question 3: Which of the following items is not reported on the W-2 Form? Answer: A. Dependent care benefits Union dues C. Hours worked D. State income tax withheld B.
Question 6: Which of the following is not a voluntary deduction from gross earnings? Answer: A. O Union dues B. O State disability insurance C. O Payroll deduction IRA D. Cafeteria plan