Paying The Employee
Withholding Taxes
Unemployment Insurance
Depositing & Reporting Withheld Taxes
All Mixed Up
100
Once an employee has given authorization for EFT and the employer creates electronic pay transactions for deposit, where does the employer send them? a) ACH b) RDFI c) ODFI d) NACHA
What is ODFI
100
Which of the following forms must be completed to obtain a social security number? a) Form SS-4 b) Form SS-5 c) Form SS-8 d) Form W-9
What is Form SS-5
100
Who pays FUTA tax? a) Employees only b) Employers only c) Both employees and employers d) Statutory nonemployees only
What is Employers only
100
What is the Form 941 tax deposit lookback period for calendar year 2016? a) July 1, 2013 - June 30, 2014 b) January 1, 2013 - December 31, 2013 c) July 1, 2014 - December 31, 2015 d) January 1, 2015 - December 31, 2015
What is July 1, 2014 - June 30, 2015
100
Who, if anyone, is liable if an employer fails to respond to an IRS tax levy against an employee's wages? a) Employer only b) Employee only c) Both employee and employer d) No one is liable
What is Employer only
200
Under the EFT system, what participating party receives the individual transactions and posts them to the customers' / employees' accounts? a) ODFI b) ACH c) RDFI d) NACHA
What is RDFI
200
Employees' paychecks are mailed from their corporate office on Monday for a Thursday payday. Because of a disaster in the area no mail will be delivered until Saturday, when the employees are not at work. So the employees can get paid during this week, the employer wires cash wages to the employees on Friday. The checks arrive at the office on Monday. When are the wages considered paid? a) Thursday b) Friday c) Saturday d) Monday
What is Friday
200
What is the FUTA wage base foe 2016? a) $7,000 b) $10,000 c) $102,000 d) $106,800
What is $7,000
200
When must a semiweekly depositor with a Friday payday deposit its employment tax liability? a) The following Tuesday b) The following Wednesday c) The following Thursday d) The following Friday
What is The following Wednesday
200
In which of the following situations may an employee claim to be exempt from federal income tax withholding on Form W-4? a) Employee is not a United States citizen b) Employee pays estimated quarterly taxes c) Employee claims numerous exemptions and consequently will not incur a tax liability d) Employee did not incur tax liability in the preceding year and does not expect to incur tax liability in the current year
What is Employee did not incur tax liability in the preceding year and does not expect to incur tax liability in the current year
300
Which of the following las and regulations does not regulate EFT? a) Regulation E b) Title IX of the Consumer Credit Protection Act c) Fair Labor Standards Act d) Electronic Fund Transfer Act
What is Fair Labor Standards Act
300
Which form is completed by recipients of pension and annuity payments to determine the amount to withhold? a) Form W-4 b) Form W-4S c) Form W-4P d) Form 1099-R
What is Form W-4P
300
What is the due date for depositing FUTA taxes for the third quarter? a) September 30 b) October 31 c) November 30 d) December 31
What is October 31
300
What are the due dates for Form W-2? a) To employees by Jan. 31 and to SSA by the last day of February (March 31 if filed electronically) b) To employees and SSA by Jan. 31 c) To employees and IRS by Feb. 28 d) To employees by Jan. 31 and to IRS by Feb. 28
What is To employees and SSA by Jan. 31
300
What are the three main areas regulated by the Fair Labor Standards Act? a) Minimum wage, overtime garnishments b) Minimum wage, overtime, child labor c) Equal pay, child labor, garnishments d) Minimum wage, child labor, garnishments
What is Minimum wage, overtime, child labor
400
Which of the following agencies made in necessary for NACHA to adopt rules creating special requirements for International ACH Transactions? a) Internal Revenue Service b) Federal Reserve Board c) Department of State d) Office of Foreign Assets Control
What is Office of Foreign Assets Control
400
Which of the following states allows employers to use the federal Form W-4 to calculate state income tax withholding? a) Arizona b) California c) Michigan d) North Carolina
What is California
400
What is the due date for Form 940? a) December 31 b) January 15 c) January 31 d) February 15
What is January 31
400
What form is completed by new employers when requesting an EIN? a) Form SS-4 b) Form SS-5 c) Form SS-8 d) Form W-9
What is Form SS-4
400
What tax withholding, if any, is required when unpaid wages due employee at death are paid to the employee's estate in a calendar year subsequent to the employee's death? a) Social security and Medicare taxes only b) Federal income tax only c) Social security and Medicare taxes and federal income tax d) No tax withholding is required
What is No tax withholding is required
500
Which of the following participants in the direct deposit process distributes EFT payments to the receiving financial institutions? a) ODFI b) ACH c) RDFI d) FRB
What is ACH
500
What must an employer do after learning that a Form W-4 submitted by a current employee is invalid? a) Not implement the Form W-4 b) Withhold as if the employee were single with zero allowances c) Inform the IRS d) Make the necessary corrections
What is Not implement the Form W-4
500
If an employer has made timely deposits of its full FUTA tax liability, what is the Form 940 due date? a) January 10 b) January 15 c) January 31 d) February 10
What is February 10
500
What form is used to report backup withholding? a) Form 941 b) Form 944 c) Form 943 d) Form 945
What is Form 945
500
Which of the following payments is subject to social security tax? a) Workers' compensation benefit b) Wages paid in the year after the worker's death c) Payments to ministers of churches performing duties as such d) A back pay award as part of a settlement of a suit for unpaid overtime pay
What is A back pay award as part of a settlement of a suit for unpaid overtime pay
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