Unit 4 : Unit 4: Social Security Taxes – QuizTime Remaining: Question 1.
\n1. <\/b> Which of the following deposit requirements pertains to a nonagricultural employer who has employer FICA taxes and withheld employee FICA taxes and income taxes of $125,000 at the end of payday on Friday, August 15? (Points : 2) No deposit is required until Tuesday, August 19.<\/p>\n
The taxes must be deposited by the close of the next banking day.<\/p>\n
The taxes must be deposited on or before August 31.<\/p>\n
The undeposited taxes should be carried over to the end of September.<\/p>\n
None of the above.<\/p>\n
Question 2.
\n2. <\/b> Each of the following items is accurately defined under FICA as taxable wages except: (Points : 2) value of meals furnished employees for the employer’s convenience.<\/p>\n
value of meals furnished employees for the employees’ convenience.<\/p>\n
commissions.<\/p>\n
dismissal pay.<\/p>\n
$500 award for productivity improvement suggestion.<\/p>\n
Question 3.
\n3. <\/b> To be designated a semiweekly depositor, how much in employment taxes would an employer have reported for the four quarters in the look back period? (Points : 2) More than $50,000.<\/p>\n
More than $100,000.<\/p>\n
Less than $50,000.<\/p>\n
More than $2,500.<\/p>\n
None of the above.<\/p>\n
Question 4.
\n4. <\/b> Which of the following deposit requirements pertains to a semiweekly depositor who has accumulated employment taxes of $17,500 on payday, Saturday, May 15? (Points : 2) No deposit is required until May 17, the next banking day.<\/p>\n
The undeposited taxes should be carried over to the next payday on May 22.<\/p>\n
The taxes must be deposited on or before Tuesday, May 18.<\/p>\n
The taxes must be deposited on or before Friday, May 21.<\/p>\n
None of the above.<\/p>\n
Question 5.
\n5. <\/b> FICA defines all of the following as employees except: (Points : 2) vice presidents.<\/p>\n
partners.<\/p>\n
superintendents.<\/p>\n
full-time life insurance salespersons.<\/p>\n
payroll managers.<\/p>\n
Question 6.
\n6. <\/b> Which of the following payments are not taxable for FICA? (Points : 2) Back-pay awards.<\/p>\n
Wage supplements to cover difference between employees\u2019 salaries and their military pay.<\/p>\n
Dismissal pay.<\/p>\n
Difference between employees’ regular wages and the amount received for jury duty.<\/p>\n
Retroactive wage increase.<\/p>\n
Question 7.
\n7. <\/b> Which of the following deposit requirements pertains to a monthly depositor who has accumulated employment taxes of $2,900 at the end of October? (Points : 2) No deposit is required.<\/p>\n
The undeposited taxes should be carried over to the end of November.<\/p>\n
The taxes must be deposited on or before November 15.<\/p>\n
The taxes must be deposited on or before the next banking day.<\/p>\n
None of the above.<\/p>\n
Question 8.
\n8. <\/b> The taxes imposed under the Social Security Act consist of: (Points : 2) two taxes on employers.<\/p>\n
two taxes on employees.<\/p>\n
OASDI and HI taxes.<\/p>\n
taxes on the net earnings of the self-employed.<\/p>\n
all of the above.<\/p>\n
Question 9.
\n9. <\/b> Which of the following statements does not describe an employee’s FICA taxes and withholdings? (Points : 2) Employee’s taxes are collected by the employer and paid to the IRS along with the employer’s taxes.<\/p>\n
Employee’s taxes are deducted from the employee’s wages at the time of payment.<\/p>\n
Employee\u2019s liability for the FICA taxes continues even after the employer has withheld them.<\/p>\n
Amount of tax to be withheld is computed by multiplying the employee’s taxable wages by the current tax rate.<\/p>\n
Employee is entitled to a refund for overpayment of FICA taxes resulting from having worked for more than one employer.<\/p>\n
Question 10.
\n10. <\/b> Ashe, an employer, has made timely deposits of FICA taxes and withheld income taxes during the first quarter. The latest date on which she may file Form 941 is: (Points : 2) April 10.<\/p>\n
April 30.<\/p>\n
May 1.<\/p>\n
May 12.<\/p>\n
May 15.<\/p>\n","protected":false},"excerpt":{"rendered":"
Unit 4 : Unit 4: Social Security Taxes – QuizTime Remaining: Question 1. 1. Which of the following deposit requirements pertains to a nonagricultural employer who has employer FICA taxes and withheld employee FICA taxes and income taxes of $125,000 Read More …<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-49641","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/49641","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/comments?post=49641"}],"version-history":[{"count":0,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/49641\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/media?parent=49641"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/categories?post=49641"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/tags?post=49641"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}