COVERAGE
A full-time life insurance salesman is explicitly covered by this act
What is FICA?
Wages, Salaries, Bonuses, Commissions, and Self-employment wages
What are taxable wages
The threshold at which tipped employees start paying taxes on their tips
What is $20 or more in tips in a month?
941
What form is used to report quarterly employment taxes owed?
When an employer fails to file an employment tax return on the date prescribed for filing
When is a Failure to File penalty assessed?
What type of Employer does not usually withhold income tax
Who are household [domestic] employers?
The value of meals furnished to employees for the employer's convenience
What is considered taxable FICA wages?
The accumulated employment taxes threshold for the whole quarter below which no deposit is required
What is $2,500?
941-V
What form is used to convey payment of employment taxes owed?
The interest rate is set quarterly, based on the short-term Treasury bill rate
How are FICA interest rate penalties set?
Employees do not pay taxes on these wages after 6 months
What is sick pay
Fringe benefits like the personal use of corporate car or flights on employer-owned plane
What is an example of non-payroll taxable wages
Services performed by railroad workers who are covered by the Railroad Retirement Tax Act
What is an example of a FICA exclusion?
941-X
What form is used to amend a 941 that was in error?
Not more than $10,000, imprisonment of no more than five years, or both
What Criminal Penalties can be assessed for willfully failing to pay employment taxes owed?
Employers who report and pay FICA taxes on their personal income tax return, Form 1040
Who are Household [Domestic] employers?
Employer payments made directly to employees in lieu of health insurance coverage
What are taxable wages?
Government employees who are exempt from FICA must be covered by a different program
What is a government retirement program created by law?
943
What form is used to report annual employment taxes owed by agricultural employers?
100% of the tax due for willfully failing to collect, account for, or pay employment taxes or willfully attempting to evade or defeat the taxes
What is the 100% penalty?
Independent Contractor for whom employers pay FICA Taxes
What is a statutory employee?
The value of Group Term Life Insurance
What nonpayroll item is added to taxable wages
A student not covered by the FICA exception
What is a student employee who regularly works 40 or more hours a week?
944
What form is used to report annual employment taxes owed when the amount owed is not more than $1000?
100% of the worker’s federal income tax and social security taxes
What is the penalty for willfully misclassifying workers?