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Taxes and Penalties
100
Whatis Form I-9 used for?
Answer: Form I-9 is used to verify that an individual has the legal right to work in the US.
100
Barbara is an hourly paid employee making $7.48 per hour. She is scheduled to work 35 hours a week. For th epast week, Barbara worked 43 hours. Under the FLSA, what is the minimum she must receive as gross pay?
Answer: $332.86
100
Which section of the Internal Revenue Code regulates cafeteria plans?
Answer: Section 125
100
What is the Social Security Wage base foe 2014?
Answer: $117,000
100
When must a semiwekly depositor with a Friday payday deposit its employment tax liability?
Answer: The following Wednesday
200
If the employer has the right to control what work will be done and how that work will be done, an employer - employee relationship exists
Answer: Yes
200
What is the minimum wage that hourly paid computer professionals must be paid to be exempt from the overtime requirements of the FLSA?
Answer: $27.63 per hour
200
Under a dependent care assistance flexible spending arrangement, employes may be reimbursed up to what amount of dependent care expenses for each plan year?
Answer: $5,000
200
An employee claims single and one withholding allowance and is paid $550 every Friday in 2014. Using the wage-bracket tables, how much federal tax must be withheld?
Answer: $57
200
What is the penalty for depositing your federal taxes 7 days late?
Answer: 5%
300
What form may be completed and submitted to the IRS to determine the employment status of an individual for federal income and employment tax purposes?
Answer: Form SS-8
300
Joe, a nonexempt employee, receives an hour wage os $9 for a 40-hour workweek. During one workweek he worked 47 hours. Calculate his total earnings for the workweek.
$454.50
300
For 2014, the maximum amount of salary that an employee may elect to defer to a 401(k) plan that does not allow catch-up contributions is
Answer: $17,500
300
In 2014, an employee claims married with 5 allowances on Form W-4, and is paid $2,356 every othe rWednesday. Using the wage-bracket tables, how much federal income tax must be withheld from each wage payment?
Answer: $155
300
How frequently are new employers that anticipate having an annual tax liability of more than $1,000 required to make withheld federal income and employment tax deposits?
Answer: Monthly
400
If an employer fails to withhold social security and Medicare taxes from a worker it isclassifies as an independent contractor and does not file a Form W-2 or a Form 1099 for that worker, what penalty may the IRS impose?
Answer: 40% of the employee's share of social security and Medicare taxes
400
Bob, a nonexempt employee, receives an hourly wage of $12 for a 35-hour workweek. In one weekm in addition to his regular hours he worked 7 hours on Saturday. Calcylate hs total earnings for the workweek.
Answer: $516.00
400
The Family and Medical Leave Act applies to private sector employers with: 50 or more employees, 75 or more employees, 150 or more employees, or 50 or fewer employees
Answer: 50 or more employees
400
An employee worked for three employers by August 20, 2014. The employee earned $36,000, $39,000, and $50,000 respectively from each employer. What is the total amount of social security and Medicare taxes that shold have been withheld from the employees wages?
Answer: $9,562.50
400
XYZ Corporation, a semiweekly depositor, has a payroll tax liability of $65,000 on the first Thursday in December 2014. When must the liability be deposited?
Answer: The Following Wednesday
500
What are the four categories of statutory employees?
Answer: Agent-drivers or commission-drivers Full-time life insurance salespersons Homeworkers Traveling or city salespersons
500
Mark works under the piece-rate system and receives $2 for each component he peoduxes. He also receives a bonus of $0.50 for each component over 300 in a workweek, Mark produces 325 components in 43 hours. Calculate his total earnings for the workweek.
Answer: $688.22
500
All pay recieved from overtime hours is excluded from an employers totla payroll when calculating workers' compensation premiums. True or False
Answer: False only the premium portion of overtime is excluded. The straight time potion is included.
500
What is the Medicare wage base for 2014?
Answer: There is no limit on taxable Medicare wages.
500
XYZ Corporation, a semiweekly depositor, has a payroll tax liability of $65,000 on the first Thursday, and then a bonus payroll with a payroll tax liability of $72,000 on the first Friday in December 2014. When must the liability be deposited?
Answer: The Following Monday
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