This established the funding mechanism for Social Security and Medicare.
What is the Federal Insurance Contribution Act (FICA)?
100
The employer's share of FICA taxes plus the income and FICA taxes that were not withheld from the employee's earnings.
What is the general penalty for misclassifying an employee (as an independent contractor)?
100
The annual wage limit (ceiling) for Social Security (OASDI) taxes.
What is $113,700?
100
Every employer of one or more persons must file an application for this identification number.
What is an employer identification number (EIN)?
100
The annual wage limit (ceiling) for Medicare (HI) taxes.
What is none?
200
We know this as Social Security.
What is the old age, survivors, and disability insurance program (OASDI)?
200
The amount of cash tips FICA considers to be taxable wages.
What is $20 or more in a calendar month?
200
The minimum amount subject to SECA taxes for the self employed.
What is $400?
200
Required of all covered employers, except employers of household and agricultural employees, who withhold income tax and social security taxes.
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What is Form 941, Employer's Quarterly Federal Tax Return ?
200
The form used to calculate and report SECA taxes.
What is Schedule SE (Self Employment Tax)?
300
We know this as Medicare.
What is the Hospital Insurance (HI) program?
300
Employees may be subject to this penalty for failing to report tips to their employers.
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What is 50% of the FICA tax due on the tips?
300
Practically the same as FICA taxes withheld but based on total wages paid to all employees.
What is the employer matching portion of FICA taxes?
300
Where most of the information for preparing the Quarterly 941 Payroll Tax Form comes from.
What is the payroll register?
300
Information from this determines whether an employer deposits payroll taxes monthly or semi-weekly.
What is the lookback period?
400
Established the funding mechanism similar to FICA for the self employed.
What is the Self Employment Contributions Act (SECA)?
400
The sick pay for this period is considered wages and is subject to FICA tax.
What is the first six months?
400
The amount of wages subject to OASDI tax in week 50 for an individual paid $2300 per week.
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What is $1000?
400
In trying to encourage students, this instructor (me) says this is the primary skill necessary to complete a 941 Payroll Tax Form.
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What is can you read and follow directions and, more importantly, will you???
400
When are monthly payroll tax deposits due?
What is the 15th day of the following month?
500
Must be an "employee" performing "employment" services and receiving "taxable wages".
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What are the three basic requirements for "coverage" under FICA?
500
When the education maintains or improves skills required for the individual's employment.
What are payments for job related educational expenses that not subject to FICA taxes?
500
The amount of self-employment income subject to OASDI taxes if an individual also has $90,100 in W-2 income.
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What is $23,600?
500
Can be used by employers who owe $1,000 or less in employment taxes per year and have not been late with any deposits for two years.
What is Form 944 Employer's Annual Federal Tax Return?
500
The due date for Form 941 if an employer has made timely tax deposits for the quarter.
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What is "on or before the 10th day of the second month following the close of the calendar quarter" ?