05 Jun Question 2015 PAYROLL ACCOUNTING
Question
2015
PAYROLL
ACCOUNTING
TEST 5
e d i t i o n
Bieg/Toland
Student
Chapter 5
Date
SCORING RECORD
Section Total Points
A
Deductions
Score
40
B
30
C
30
Total
100
Section ADIRECTIONS: Each of the following statements is either true or false. Unless directed otherwise by
your instructor, indicate your choice in the Answers column by writing T for a true answer or F for a false answer.
(2 points for each correct answer)
For
Answers Scoring
1. The federal unemployment tax is imposed on employers, and thus, is not deducted from
employees wages………………………………………………………………………………………………………………
2. Educational assistance payments to workers are considered nontaxable wages for unemployment
purposes. …………………………………………………………………………………………………………………………..
3. For the purpose of the FUTA tax, members of partnerships are considered employees. ………………
4. FUTA coverage does not include service of any nature performed outside the United States by a
citizen of the United States for an American employer. …………………………………………………………..
5. The location of the employees residence is the primary factor to be considered in determining
coverage of an employee who works in more than one state…………………………………………………….
6. A bonus paid as remuneration for services is not considered taxable wages for unemployment
tax purposes even if the employee has not exceeded the taxable wage base. ………………………………
7. In the case of an employee who changes jobs during the year, only the first employer must pay
FUTA tax on that employees earnings. ………………………………………………………………………………..
8. The maximum credit that can be applied to the FUTA tax because of SUTA contributions is 5.4%. ..
9. If an employer pays a SUTA tax of 2.0%, the total credit that can be claimed against the FUTA
tax is 2.0%. ……………………………………………………………………………………………………………………….
10. E-pay or a major debit or credit card can be used to pay the required FUTA deposits during the year. ….
11. Employer contributions made to employees 401(k) plans that are included in total payments on
Form 940 are also then deducted as exempt payments. ……………………………………………………………
12. The payments of FUTA taxes are included with the payments of FICA and FIT taxes and are
paid as one lump sum. ………………………………………………………………………………………………………..
13. If an employers FUTA tax liability for the 1st quarter is $935, no payment is required for the
1st quarter. ………………………………………………………………………………………………………………………..
14. If a business has ceased operations during the year, as long as the payments of the FUTA taxes
have been made, a Form 940 does not need to be completed for that year………………………………….
15. If all wages were excluded from SUTA taxes, but were subject to FUTA, the FUTA tax rate
would be 6.0%. ………………………………………………………………………………………………………………….
16. In certain circumstances, a FUTA tax payment can be remitted with Form 940. …………………………
17. All of the states allow employers to make voluntary contributions into their state unemployment
fund so that a lower tax contribution rate would be assigned. …………………………………………………..
18. Employers have to pay a FUTA tax on only the first $3,500 of each part-time employees
earnings (1/2 of the full $7,000 limit). …………………………………………………………………………………..
19. Only employers who paid state unemployment taxes in more than one state or paid wages in a
credit reduction state are required to complete Schedule A of Form 940. …………………………………..
Form 940 can also be used to file an amended return………………………………………………………………
20.
Our website has a team of professional writers who can help you write any of your homework. They will write your papers from scratch. We also have a team of editors just to make sure all papers are of HIGH QUALITY & PLAGIARISM FREE. To make an Order you only need to click Ask A Question and we will direct you to our Order Page at WriteDemy. Then fill Our Order Form with all your assignment instructions. Select your deadline and pay for your paper. You will get it few hours before your set deadline.
Fill in all the assignment paper details that are required in the order form with the standard information being the page count, deadline, academic level and type of paper. It is advisable to have this information at hand so that you can quickly fill in the necessary information needed in the form for the essay writer to be immediately assigned to your writing project. Make payment for the custom essay order to enable us to assign a suitable writer to your order. Payments are made through Paypal on a secured billing page. Finally, sit back and relax.
About Writedemy
We are a professional paper writing website. If you have searched a question and bumped into our website just know you are in the right place to get help in your coursework. We offer HIGH QUALITY & PLAGIARISM FREE Papers.
How It Works
To make an Order you only need to click on “Order Now” and we will direct you to our Order Page. Fill Our Order Form with all your assignment instructions. Select your deadline and pay for your paper. You will get it few hours before your set deadline.
Are there Discounts?
All new clients are eligible for 20% off in their first Order. Our payment method is safe and secure.