This is where federal income taxes are withheld from.
What are wages and most other forms of compensation?
100
Where to report the federal income tax withheld from employees and the FICA taxes from chapter 3.
What is Form 941, Employer's Quarterly Federal Tax Return?
100
No taxes are withheld when payments are made to these types of workers and/or professionals.
What is an independent contractor?
100
The method commonly used when using a manual payroll processing system.
What is the Wage-bracket Method?
100
This is where to find the calculation formula for the amount of federal income tax to withhold from an employee's paycheck if they are paid on a bi-weekly basis and you are using the Percentage Method.
What is page T-3?
200
These affect the amount withheld from your paycheck.
What are withholding allowances?
200
This also affects the amount withheld from your paycheck.
What is marital status?
200
Employees may claim this if they had no income tax liability last year and expect none in the current year.
What is exemption from income tax withholding?
200
This Individual Retirement Account (IRA) requires participants to pay income tax on distributions from the fund at retirement.
What is a "Traditional Individual Retirement Account (IRA)?
200
The withholding allowance value for each allowance for a monthly payroll period using the Percentage Method.
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What is $325.00?
300
These accounts allow employees to have money deducted from their paychecks to cover their out-of- pocket medical expenses and the deductions are made with pretax dollars.
What is a flexible spending account?
300
Allows individuals under certain conditions to put aside for retirement the lesser of $5,500 or 100 percent of their compensation without paying federal income tax on their contributions.
What is an Individual Retirement Account (IRA)?
300
The rule rgarding allocating tips for large food and beverage establishments that have customary tipping and normally more than 10 employees on a typical business day.
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What is "Tips must be allocated to the employees if the total tips reported by the employees during any payroll period are less than 8 percent of the establishment's gross receipts for that period?
300
Payments to these people are exempt from withholdings as long as they are performing services for the order agency of the supervising church or associated institution.
What are Ministers of Churches and Members of Religious Orders?
300
The date that Form W-2 is required to be provided to employees.
What is on or before January 31st following the close of the calendar year?
400
An individual retirement account (IRA) that generally allows non deductible contributions up to $5,500 (subject to phase-out) per year and allows tax free distributions at retirement.
What is a Roth IRA?
400
Any property or service the value of which is so small that accounting for it would be unreasonable or impractical.
What is a De Minimis Fringe Benefit?
400
Certain withholdings that may be deducted from the amount of gross pay before calculating the amount of federal income tax to withhold from an employee's check.
What are Pretax Salary Reductions?
400
These payments under worker's compensation law or contract of insurance are exempt from federal income tax withholding.
What are Sickness or Injury Payments?
400
Companies must withhold this on anticipated payments to independent contractors that have not provided a taxpayer identification number (TIN).
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What is backup withholding (28%)?
500
The amount of an employee's contribution to a SIMPLE retirement plan that an employer must match.
What is up to 3% of pay?
500
Defined as a $1,250 premium for self-only coverage with $6,350 maximum out-of-pocket medical expenses or $2,500 premium for family coverage with $12,700 maximum out-of-pocket medical expenses.
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What is high-deductible health insurance?
500
A formula that calculates the amount of gross pay required in order to achieve a desired net pay amount (after taxes).
What is the "Gross Up Formula" for supplemental payments?
500
The number of states that do not have a state income tax.
What is 9? (Alaska,Florida,Nevada,New Hampshire,South Dakota,Tennessee,Texas,Washington,Wyoming)
500
The number of W-2 forms or other information returns (for each type of information return) that require an employer to file electronically instead of using paper forms.