Chap 6 Exercise Set B Flashcards
Of the following taxes, which one(s) is/are examples of statutory deductions that pertain to employers?
Check all that apply:
- Employee federal income tax
- Social Security tax
- FUTA
- 401(k) contributions
- Social Security tax Correct
- ## FUTA Correct
Which of the following is/are true about FUTA obligations?
Check all that apply:
- FUTA is subject to a 5.4 percent reduction based on employer and state factors.
- FUTA is subject to a $7,000 wage base per employee.
- FUTA is an employer-only tax.
- FUTA applies to all companies.
- FUTA is subject to a 5.4 percent reduction based on employer and state factors.
- FUTA is subject to a $7,000 wage base per employee.
- FUTA is an employer-only tax.
-
Of the IRS-stipulated lookback periods, which one(s) is/are the most commonly used?
Check all that apply:
- Semiweekly
- Monthly
- Annual
- Quarterly
- Semiweekly
- Monthly
- -
The Foggy Snail Theater has annual payroll taxes of $49,250 during the most recent lookback period. Which payroll deposit frequency will the company have, based on that lookback period?
Multiple Choice
- Monthly
- Annual
- Semiweekly
- Quarterly
Monthly
Joyce Hunter is the new payroll accountant with Rainy Snake Products in Sparks, Nevada. The company had a payroll tax liability of $250,350 during the most recent lookback period. For the quarter ending September 30, 20XX, which federal form should she file?
Multiple Choice
- Form SS-8
- Form 941
- Form 940
- Form W-2
Form 941
Which of the following is a form that must accompany all Forms W-2 submitted to the Social Security Administration?
Multiple Choice
- Form W-3
- Form 940
- Form W-4
- Form 941
Form W-3
What are the penalties associated with the lack of reporting and remitting payroll taxes?
Check all that apply:
- Failure to file
- Failure to remit
- Failure to deposit
- Failure to report
- Failure to file
- ## Failure to deposit
Winston Briggs is the accounting supervisor for Cheeky Cat Furnishings, which has chosen to maintain its payroll on an in-house basis for this purpose and has hired new accounting clerks. Which of the following are payroll responsibilities of Cheeky Cat Furnishings?
Check all that apply:
- Timely remittance of payroll taxes.
- Publication of salary data in company-wide publications.
- Accountability to employees and governmental agencies.
- Remittance of voluntary deductions.
- Timely remittance of payroll taxes.
- Accountability to employees and governmental agencies.
- Remittance of voluntary deductions.
Which of the following represent(s) the purpose(s) of the labor distribution report?
Check all that apply:
- Accurate payroll cost allocation among departments.
- Determination of departmental performance.
- Evaluation of labor planning efforts.
- Explanation of individual employee costs.
- Accurate payroll cost allocation among departments.
- ## Evaluation of labor planning efforts.
Sunny Day Flooring has employees in its manufacturing, sales, and administrative departments. Which department will have the highest rate for its workers’ compensation insurance?
Multiple Choice
- All departments will have the same rate.
- Administrative.
- Manufacturing.
- Sales.
Manufacturing
