Answer These For my Study Guide

1.

All employers must file the original copy of their W-2s and a transmittal (W-3) annually with the:

a.US Immigration Services.

b.IRS.

c.SSA.

d.All of these choices are correct.

2.

If an employee has a Form W-4 from 2019 on file with their employer, and then needs to adjust his/her filing status:

a.The employee is not allowed to adjust his/her filing status.

b.The employee must file a W-4 from 2019, as that was the original one.

c.The employee must file a W-4 from 2020 or later.

d.The employee can choose whether to file a new W-4 or stamp 'modified' on the existing one.

3.

In cases where an employee claims more than 10 allowances, and the employer uses the wage-bracket tables:

a.The employer has six different methods to choose from, when determining the amount to withhold.

b.The employer may choose not to withhold any federal income tax.

c.The employer must request that the employee complete a new Form W-4.

d.The employer may withhold as if the employee claimed only 10 allowances.

4.

Sambit, is married with three kids and just began a new job. He must

a.carryforward the prior year's W-4 as this is a period of transition with W-4s.

b.request that his employer complete a new 2020 W-4.

c.complete a new 2020 W-4.

d.call the IRS and tell them about his new job.

5.

In which box of the new 2020 W-4 does Willa Farkis indicate that she would like an additional $125/check withheld from her paycheck?

a.Box 4c.

b.Box 4a.

c.Box 4b.

d.Willa cannot ask her employer to withhold additional FIT.

6.

Carlos Gonzalez pays bonuses to his four employees at the end of the third quarter. They are paid separately from regular wages. In this situation:

a.Carlos must withhold at a 37% flat rate.

b.Carlos has the option to use Method A or Method B.

c.Carlos must withhold as if the total were a single payment for the payroll period.

d.Carlos must withhold 22% on the bonus and treat the regular paycheck separately.

7.

The Affordable Care Act requires that data be submitted on the W-2 as pertains to:

a.the cost of the employer-sponsored health coverage, including coverage for domestic partners

b.number of times the taxpayer visited a doctor in the tax year

c.number of dependents carried on the taxpayer's health insurance policy

d.dollar amount of deductible on health insurance policy

8.

Payroll income tax withholdings are reported on a(n):

a.Form 1041

b.Form 1040

c.Form 945

d.Form 941

9.

Janet Hengum is single, claims two allowances and earns $1,250 weekly; her W-4 is from 2019. Compute Hengum's tax using the percentage method.

a.$83.05

b.$220.40

c.$105.12

d.$121.68

10.

Payments made to independent contractors that are incorporated must be reported on a(n):

a.W-2

b.1099-NEC but only if the corporation's payments are medical or health-care related

c.1099-EC

d.1099-NEC (for all types of companies)