PLEASE HELP ANSWER ALL QUESTIONS PLEASE!!! I HAVE NO MORE QUESTIONS LEFT & IN DESPERATE NEED. I WILL GIVE HIGH RATE PLEASE HELP!!!

1.Julio has $10 withheld from every paycheck to be used as a donation to a local charity. When his employer pays these withheld amounts to the charity, what type of account is debited?

Answer:

A.

Asset

B.

Liability

C.

Revenue

D.

Expense

2. No FUTA tax is levied for an employee after their earnings exceed _____ for the year.

Answer:

A.

$7,000

B.

$125,000

C.

$142,800

D.

$200,000

3. If an employee working in a non-credit reduction state has year-to-date earnings subject to FUTA tax of $6,400 prior to the current period and earns $970 during the current period, the associated FUTA tax owed by the employer is $ .___________

4.If code D (deferrals under a 401(k) plan) is entered on line 12a of Form W-2, what other box must be completed?

Answer:

A.

10 (Dependent care benefits)

B.

11 (Nonqualified plans)

C.

13 (Retirement Plan checkbox)

D.	14 (Other)

5. What is NOT a portion of an employers payroll tax expense?

Answer:

A.

Federal unemployment tax

B.

Social Security tax

C.

Medicare tax

D.	Federal income tax

6.Presently an employer pays the same amount as the employee for Social Security and _____ taxes.

Answer:

A.

federal withholding

B.

state withholding

C.

Medicare

D.	state disability insurance

7. Which of the following is a true statement regarding the W-2 Form?

Answer:

A.

Employers must submit the W-2 Form regardless of the amount of compensation paid to employees.

B.

Sending a copy of the W-2 Form to the employee is optional.

C.

The control number on the W-2 Form must be completed by the employer.

D.	The W-2 Form includes both federal and state tax information.

8. Form _____ is provided to an independent contractor to advise them of their total annual earnings.

Answer:

A.

W-9

B.

1099-NEC

C.

W-2-NEC

D.

1040

10. The full self-employment tax rate applied to the first $142,800 of earnings is _____

Answer:

A.

2.9%

B.

6.2%

C.

12.4%

D.

15.3%

11. An employer has 4 employees, all of whom have exceeded the FUTA wage base. If the employer makes total payments to employees of $80,000 and enters $50,000 on line 5 of Form 940, then $ is entered on line 4.

12. Which statement regarding Form W-3 is inaccurate?

Answer:

A.

Form W-3 contains earnings information for multiple employees.

B.

Form W-3 must be signed by the employer to be valid.

C.

Form W-3 is submitted to the Social Security Administration and provided to each employee.

D.	Form W-3 includes federal and state tax information.