Schedule A of Form 940 only has to be completed by employers who are subject to the Title XII credit reduction |
False |
Voluntary contributions to a state’s unemployment department are: |
designed to increase an employer’s reserve account in order to lower the employer’s contribution rate |
For FUTA purposes, an employer can be any one of the following except: |
All of the above can be employers. |
Which of the following payments are taxable payments for federal unemployment tax? |
Christmas gifts, excluding noncash gifts of nominal value |
There is a uniform rate of unemployment benefits payable by all states. |
false |
Partnerships do not have to pay unemployment taxes on the wages of their employees. |
false |
If the employer is tardy in paying the state contributions, the credit against the federal tax is limited to what percent of the late payments that would have been allowed as a credit if the contributions had been paid on time? |
90% |
A federal unemployment tax is levied on: |
employers only |
On Form 940, even if the total FUTA tax is more than $500, there is no listing of quarterly federal unemployment tax liabilities. |
False |
The mailing of Form 940 is considered timely if it is postmarked on or before the due date. |
True |
Christmas gifts, excluding noncash gifts of nominal value, are taxable wages for unemployment purposes. |
True |
Retirement pay is taxable wages for FUTA purposes. |
False |
FUTA tax deposits cannot be paid electronically. |
False |
The person who is not an authorized signer of Form 940 is: |
the accountant from the company’s independent auditing firm |
Included under the definition of employees for FUTA purposes are: |
officers of a corporation |
An aspect of the interstate reciprocal arrangement concerns: |
the transfer of an employee from one state to another during the year |
An employer can use a credit card to pay the quarterly deposit of FUTA taxes during the year. |
False |
Even if the duties of depositing the FUTA taxes and filing Form 940 have been outsourced, the employer is still the responsible party. |
true |
Unlike Form 941, there is no penalty for the late filing of Form 940. |
False |
When making a payment of FUTA taxes, the employer must make the payment by the: |
end of the month after the quarter |
Which of the following types of payments are not taxable wages for federal unemployment tax? |
Retirement pay |
Which of the following is not a factor considered in determining coverage of interstate employees? |
Location of company’s payroll department |
If an employee works in more than one state, the employer must pay a separate SUTA tax to each of those states in which the employee earns wages. |
False |
Which of the following provides for a reduction in the employer’s state unemployment tax rate based on the employer’s experience with the risk of unemployment? |
Experience-rating plan |
An employer must pay the quarterly FUTA tax liability if the liability is more than: |
$500 |
An employer will use the payroll register to keep track of an employee’s accumulated wages. |
False |
The employee’s earnings record provides information for each of the following except: |
completing the journal entry to record the payroll |
Which of these accounts shows the total gross earnings that the employer incurs as an expense each payday? |
Wages Expense |
Which of the following is not an expense of the employer? |
Union dues withheld |
The payroll taxes incurred by an employer are FICA, FUTA, and SUTA. |
True |
Which of the following accounts is an expense account in which an employer records the FICA, FUTA, and SUTA taxes? |
Payroll taxes |
Under the Uniform Unclaimed Property Act, any unclaimed paychecks must be turned over to the state after the next payday. |
False |
The garnishment that takes priority over all others is : |
a child support order |
The FUTA tax part of the payroll tax entry is recorded at the net amount (0.6%) of the taxable payroll. |
True |
FIT Payable is a liability account used to record employees’ withheld federal income tax and also the employer’s match of that tax. |
False |
In order to prepare Forms W-2, an employer would utilize the employee’s earnings record. |
True |
Under the provisions of the Consumer Credit Protection Act, an employer can discharge an employee simply because the employee’s wage is subject to garnishment for a single indebtedness. |
False |
When the federal tax deposit is made, the employees’ and employer’s shares of FICA taxes are paid along with the employees’ FIT taxes withheld. |
True |
Every state allows employers to make e-payment options as a condition of employment. |
False |
An employee’s marital status and number of withholding allowances never appear on the payroll register. |
False |
payroll 5 and 6
Share This
Unfinished tasks keep piling up?
Let us complete them for you. Quickly and professionally.
Check Price