State sales and Use Tax, taxes, Unemployment Flashcards
The sales and use tax act of california is administered by
the board of equalization
the sales and use taxes of california are collected by
the board of equalization
the states share of the sales or use tax is
7.25%
the percentage of tax in addition to that which the state keeps for itself is refunded to
the county and the city depending on the amount
anyone who sells tangible personal property to the final consumer must
-have a resale certificate
-collect sales tax on the items sold
-account for and remit sales taxes collected to the state
most contractors
-are considered consumers and pay sales tax when purchasing building materials
-are not required to have a resale certificate
-do not charge tax when they sell a structure or improvement that they have built
which of the following types of contractors should have a resale certificate
electrical and plumbing
the california unemployement insurance act is administed by
the department of employement development
every contractor must cover his employees with unemployement insurance if
-he has one or more employees
-his total payroll is more than $100 per calander quarter
anyone who becomes and employer must register with the
department of employement
the california unemployement insurance code
protects against wage loss for those who are unemployed but able to, and available for work
an employer who has a good record with no unemployemnt claims against his reserve fund will qualify for a lower unemployment tax rate after ____ years
3
which of the following is not deducted from an employees pay
-federal unemployment tax
federal unemployement insurance is paid for by
the employer only
a new contractor pays a basic unemployement insurance rate. This rate
-is increased or decreased after 3 years based on the contractors unemployment insurance reserve
-is increased or decreased after 3 years based on the number of claims against the contractors fund reserve
-is started at 3.4%
a contractor can deduct a percentage of his employees wages for
state disability insurance
the self employed person pays FICA payements based on
either gross income less direct and indirect expenses for the entire calander year or net income at the end of each calander year
the employers payments and the payments deducted from the employees wages are paid to
the IRS
the federal insurance contribution act contains benefits for employers and employees after they have reached the age of
62
every employer must tender to each employee with his paycheck a written statment showing
-the dates durrign the pay period on which the employee worked
-the wages earned in the pay period
-the deductions that were taken
the FICA contribution report and payment by the self employed person is made
annualy
social security benefits are paid to the ____ of a deceased wage earner who contributied to FICA
-minor children
-children that are students
-widow
all former wage earners who are 65 years of age or older are eligible for the health care benefits known as medicare. this include
-medical insurance
-hospital insurance
-doctors visitations and visits to the doctor
an employer files with the IRS his own FICA tax reports
quarterly
a social security benefit recipient can earn an unlimited amount without affecting benefits after reaching
65
all contractors must file a ____ on every employee in order to obtain an employers identification number for employee social security contribution filing purposes
form 1R-12
federal and state income taxes are
-paid on or before april 15th of each year
-often estimated and paid quarterly
-paid for the period of january 1st through december 31st of the previous year
which entitys pay no income tax
-a partnership
-general partners
-corporate officers
