Taxes
Taxes imposed under the Social Security Act
What are OASDI and HI?
The OASDI rate for self-employed individuals
What is 12.4%
Not furnishing payee statements to employees and contractors on a timely basis
What can result in a penalty, fine, and imprisonment?
It is used to correct errors on previously filed Form 941s
What is the 941-X?
It is unlawful to discharge or discriminate against these employees
Who are individuals who have filed a wage-hour complaint
Under SECA, all of an individual's self-employment income is counted in determining this tax.
What is HI?
Employers always deposit these taxes together
What are FICA and FIT?
Illegally employing 12–13-year-olds results in a penalty
What is a Child-Labor Provisions Violation?
Once an employer files a 941
What must the employer continue to file?
Entities who are not private employers file their employment returns on the same schedule
What are Government and Local entities?
OASDI is automatically adjusted based on this event
What is the annual Social Security cost of living adjustment?
12.4% (OASDI) and 2.9% (HI) = 15.3%
What are the SECA rates?
The deposit type that reported employment taxes of $50,000 or more for the four quarters in the lookback period
What is a semi-monthly depositor?
Agricultural Employers use a different form to file their annual taxes
What is a 943?
The annual return of withheld Federal Income Tax required of employers who report income tax withheld from nonpayroll payments
What is the 945?
Wages over $200,000 trigger an additional tax
What is the 0.9% HI premium?
When FICA taxes have been overpaid due to FICA withdrawals by 2 or more separate jobs
When is an individual due a FICA tax refund?
The 15th of the following month and the 30th of the month following the quarter
What are monthly depositor deposit and filing requirements?
The employer or other person who is required to withhold and pay the tax
Who signs a 941?
The difference between an employee's regular wages and the amount received while on active duty
What is make-up pay?
Tips that are assessed via a formula based on the employer’s credit card sales
What is the Attributed Tip Income Program (ATIP)?
The point in time when FICA taxes are levied
What is the date paid?
When filing dates fall on a weekend or legal holiday, employers can file later
What is the next business day?
You must request permission from the IRS to use this filling form
What is a 944?
Corporations can receive this maximum criminal [monetary] penalties for wilful intention
What is $500,000?