Chapter 6

Question 1

FICA & FIT/SIT taxes are remitted by

Answer 1

the employer

Question 2

The employer must remit taxes

Answer 2

monthly or semiweekly

Question 3

Lookback period determines

Answer 3

payment frequency

Question 4

Loock back period is from

Answer 4

7/1 of the year before the previous year through 6/30 of the previous year.

Question 5

Monthly depositors have less than ___ / year in combined taxes.

Answer 5

$50,000

Question 6

Semiweekly depositors have more than ___ / year in combined taxes.

Answer 6

$50,000

Question 7

Monthly deposits are due by

Answer 7

the 15th of the following month

Question 8

Semiweekly deposits are due

Answer 8

on the following Wednesday (if payday is W-F) or Friday (if the payday is Sa-Tu)

Question 9

SIT remittance

Answer 9

varies by state

Question 10

FUTA is remitted

Answer 10

Quarterly or at the end of the year

Question 11

FUTA must be remitted

Answer 11

When over $500 for the quarter, or after the 4th quarter, whichever comes first.

Question 12

Quarterly due dates

Answer 12

Q1 4/30, Q2 7/31, Q3 10/31, Q4 1/31

Question 13

SUTA Remittance

Answer 13

varies by state

Question 14

Voluntary withholding remittance

Answer 14

varies by category

Question 15

Form 941

Answer 15

Employers Quarterly Federal Tax Return

Question 16

Form 941 Summarizes

Answer 16

Quarterly Payroll Activity

Question 17

Form 944

Answer 17

Only used when the employer’s annual tax liability is less than $1000

Question 18

If an employer owes less than $2500 in total taxes, they can remit their tax payments with

Answer 18

Form 941

Question 19

If total accumulated tax is over $100,000 the employer must deposit on

Answer 19

the next business day

Question 20

Electronic Federal Tax Payment System (EFTPS)

Answer 20

Online service for employers to pay their taxes

Question 21

to Access EFTPS you need

Answer 21

a PIN and EIN

Question 22

EFTPS payments must be submitted by

Answer 22

8:00 PM the day before the tax due date

Question 23

Same day tax payments must be made via

Answer 23

Wire

Question 24

Other tax payment methods

Answer 24

credit, debit, check(postmarked by due date)

Question 25

If mailing check with 941, the employer must include

Answer 25

941V (payment voucher)

Question 26

941 Rounding issues

Answer 26

Remittance and owed amount should match, but due to rounding, may not.

Question 27

941 line 7

Answer 27

allows for rounded amounts less than $1 (should be 25-50 cents)

Question 28

From 940

Answer 28

Employers Annual FUTA Return

Question 29

If employers owe less than $500 in FUTA

Answer 29

they may submit payment with their 940 on 1/31. If they do not remit, 940 is due 2/10

Question 30

940 Schedule A is for

Answer 30

Credit reduction states and Non SUTA States

Question 31

W2

Answer 31

Wage & Tax Statement

Question 32

Employers who’s total Employee compensation exceed s _____ must send fill out a W2 & W3

Answer 32

$600

Question 33

W2 has 3 copies

Answer 33

employee federal filing, employee records, employee state/local filing

Question 34

W2 A submitted by/to

Answer 34

employer to Social Security Administration

Question 35

W2A is due

Answer 35

3/1 (paper) 3/31(efile)

Question 36

W2 is due to employees

Answer 36

1/31

Question 37

W3

Answer 37

Transmittal of Wage and Tax Statements

Question 38

W3 is submitted to

Answer 38

Social Security Administration

Question 39

W3 summarizes

Answer 39

all W2 forms