Which of the following are "pay as you go" taxes? (multiple answers with incorrect answers cancelling correct answers, so be careful) O a Medicaid taxes O b. Medicare taxes Oc social security taxes O d. withholding taxes (federal and state) O e worker compensation premiums Of life insurance premiums Og federal unemployment taxes Oh state unemployment taxes

Which of the following are "pay as you go" taxes? (multiple answers with incorrect answers cancelling correct answers, so be careful) O a Medicaid taxes O b. Medicare taxes Oc social security taxes O d. withholding taxes (federal and state) O e worker compensation premiums Of life insurance premiums Og federal unemployment taxes Oh state unemployment taxes

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter8: Current And Contingent Liabilities

Section: Chapter Questions

Problem 8MCQ

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1. What loan from the federal government given to individual states is used to provide unemployment benefits to state residents? Answer: A. SUTA Advances B. FUTA Advances C. Title XII Advances D. Title 15 Advances 2. The SUTA tax rate is determined by an employer’s _____. Answer: A. credit reduction B. FUTA tax rate C. experience rating D. Medicare tax rate 3. Identify each item as associated with Form 1099-NEC, Form 1096, or both. A. Displays earnings for one individual Form 1099-NEC Form 1096 Both B. Displays earnings for multiple individuals Form 1099-NEC Form 1096 Both C. Requires a signature Form 1099-NEC Form 1096…
The W-2 form is a form that tells you how much taxes you've paid in the last year based on how much you've earned. how much taxes you owe to the federal government. O how much taxes to withhold from your paycheck. O how often you will be paid.
Which taxes are major taxes on income? That is, which taxes are normally paid in the form of deductions from a worker's paycheck? Major Tax Sc property tax Medicare tax income tax 1 Not a Major Tax Q A 2 ZI option WS # 3 X H command c E D S4 JAR 19 CRF +++ % 5 sales tax Search or type URL Social Security tax VT 6 GY B tv 7 H SHIVA UN* CO 8 J1 M 9 K(+ OH com
1) The effect on the FICA Taxes Payable Account when a payment is made is called: a. Increase with a, CRb. Increase with a, DRc. Decrease with a DRd. Decrease with a, CR 2) From the options below, which of the following statements is true? a. Payroll Tax Expense increases on the credit side of the accountb. FICA Medicare Payable increases with a creditc. Federal Income Tax Withholding Payable decreases with a creditd. Employee Payroll Taxes withheld are recorded in Payroll Tax Expense 3) From the options below, identify the one that is NOT an example of internal control proceduresthat help prevent payroll fraud. a. Require mandatory vacations.b. Outsource Payroll Administration.c. Conduct periodic unannounced audits.d. Make sure only one person handles payroll functions. 4) Sally Carson has cumulative earnings of $89,900 and earns $6,500 during the current payperiod. If the FICA rate is 4.2% for Social Security, with a limit of $106,800, and 1.45% forMedicare, applied to all earnings,…
1. What self-employment tax rate is applied to earnings that exceed $142,800 in a year and also do NOT exceed the additional Medicare tax threshold? Answer: A. 15.3% B. 12.4% C. 2.9% D. 1.45% 2. What is the standard credit applied to the FUTA tax rate in non-credit reduction states? Answer: A. 0.6% B. 0.9% C. 5.4% D. 6% 3. An employer in a non-credit reduction state would pay FUTA taxes of _____ for an employee whose year-to-date earnings prior to the current period are $7,200 and who earns $1,100 during the current period. Answer: A. $0 B. $6.60 C. $43.20 D. $49.80
What to do if you are missing a W-2? • How allowances reported on the w-4 form impact your taxes? • What to do if you owe taxes but cannot pay? • How the failure to file penalty works? • What is a 1040-V?
How are federal, state, and local income taxes collected by the government? Consider the cases of an employee and a self-employed taxpayer.
What are the tax rates for FICA Social Security and FICA Medicare? What are the maximum taxable earnings amounts for each of these taxes?
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Which is true regarding the taxation of social security benefits? Having earned income will reduce the tax on benefits RMD's are not considered when calculating any possible taxes owed Benefits are taxed at a rate of 100% Benefits could be taxed at a rate of either 50% or 85%
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The following case is applicable to 4 consecutive questions: Nueva Ecija Company received a bill for 27,440 from a non-VAT service provider. The payment for the service is subject to 2% creditable withholding tax. What is the deductible expense if Nueva Ecija is a non-VAT taxpayer? * O 26,891 27,440 28,000