Deposits
General
Reporting
Taxes
Penalties
1

Businesses that deposit taxes on Wednesdays or Fridays

What are semi-monthly depositers

1

The highest-paid executives of a firm are covered under this act

What is the Federal Insurance Contributions Act (FICA)?

1

Seasonal employers do not have to file a 941

What happens when no wages are paid?

1

The OASDI threshold for 2023

What is $160,200?

1

Additions to taxes owed, tax Levies, and criminal proceedings

What are the types of Employment Tax Penalties?

2

These employers are always monthly depositors

What are new employers?

2

Employers with one of more employees must have an identification number

What is the EIN?

2

Some employment forms must be filed by the end of the month following the end of the quarter

What is the filling requirement for a 941?

2

Independent Contractors pay OASDI and HI according to a different act

What is SECA?

2

The interest rate that is set quarterly, based on the short-term Treasury bill rate

What is the penalty interest rate?

3

EFTPS (direct) and EFTPS (through financial institution)

What are the 2 electronic deposit methods?

3

The application for a Social Security Card

What is the SS-5?

3

Semiweekly and next-day depositors must complete and additional page of Form 941

What is Schedule B?

3

Employment taxes owners of partnerships, LLCs, S-Corps, Co-Ops, and Sole Proprietors are subject to

What are FIT and SECA?

3

Statutory employees who were originally classed as independent contractors

What are misclassified employees?

4

$100,000 or more in taxes owed during one pay period

What must be deposited by close of the next business day?

4

Under the Social Security Act, every employee and every self-employed person must one

What is  a social security number (SSN)?

4

These employers must check line 18 for every quarter that they do file

What are seasonal employers?

4

The 0.9% FICA Tax wages in excess of $200,000 is not paid by this entity

What is an employer?

4

Failure to make a reasonable attempt to comply or intentional disregard (careless, reckless, or intentional disregard of the law)

What is negligence?

5

Employer deposit requirements are determined by this period

What is the look-back period

5

Employers can verify up to 10 names and SSNs at a time

What is the Social Security Number Verification Service?

5

The tax deposit can be adjusted when the employees’ share differs slightly from the amounts actually withheld (due to rounding)

What is the fractions of cents adjustment?

5

Tipped employees use a special form to report tips their employers

What is the 4070

5

An action by employers who retain tips earned by employees

What is a Tip Retention Violation?

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