Question 1

Form 944 (annual form)can be used by all new employers instead of Form 941.

Accepted Answer

A) True 
 B)False

Question 2

The OASDI taxable wage base is correctly defined as:

Accepted Answer

A)   all amounts earned by an employee during a calendar year.
B)   the maximum amount of wages during a calendar year that is subject to the OASDI tax.
C)   all amounts paid an employee during a calendar year.
D)   all amounts either earned by,or paid to,an employee during a calendar year.
E)   none of the above.F) A) and B)
G) B) and D)

Question 3

FICA defines all of the following as wages except:

Accepted Answer

A)   year-end bonuses.
B)   standby payments.
C)   total cash tips of $15 received by a tipped employee in May.
D)   employees' social security taxes paid for by the employer.
E)   first six months of sick pay.F) C) and E)
G) B) and E)

Question 4

If the accumulated employment taxes during a quarter are less than $2,500,no deposits are required.

Accepted Answer

A) True 
 B)False

Question 5

Refer to Instruction 3-1.During 20--,Garr was paid a weekly salary of $2,540.The amount of FICA to be withheld from the following payments is:

a)
b)
c)

Accepted Answer

\[\begin{array} { l l }
\text { OASDI }...

Question 6

On Schedule B of Form 941,the employer does not show the date of each tax deposit during the quarter.

Accepted Answer

A) True 
 B)False

Question 7

Refer to Instruction 3-1.Ralston is the sole proprietor of Cut & Curl.During the year,his net earnings were $79,700.What are his self-employment taxes (OASDI and HI)on these earnings?

Accepted Answer

The answer of Refer to Instruction 3-1.Ralston is the sole...

Question 8

A worker hired by the federal government in 2018 is covered under FICA.

Accepted Answer

A) True 
 B)False

Question 9

Refer to Instruction 3-1.Fess receives wages totaling $74,500 and has net earnings from self-employment amounting to $61,300.In determining her taxable self-employment income for the OASDI tax,how much of her net self-employment earnings must Fess count?

Accepted Answer

The answer of Refer to Instruction 3-1.Fess receives wages totaling...

Question 10

Refer to Instruction 3-1.Beginning with the first pay of the year,Carson will make $2,700 each week.In which numbered pay of the year will Carson hit the OASDI taxable limit?

Accepted Answer

The answer of Refer to Instruction 3-1.Beginning with the first...

Question 11

Each year,the FICA (OASDI portion)taxable wage base is automatically adjusted whenever a cost of living raise in social security benefits becomes available.

Accepted Answer

A) True 
 B)False

Question 12

Refer to Instruction 3-1.Jax Company's (a monthly depositor)tax liability (amount withheld from employees' wages for federal income tax and FICA tax plus the company's portion of the FICA tax)for July was $1,210.No deposit was made by the company until August 24,20--.Determine: a) The date by which the deposit should have been made
b) The penalty for failure to make timely deposit
c) The penalty for failure to fully pay tax when due
d) The interest on taxes due and unp aid (assume a 4\% interest rate) 
​

Accepted Answer

a) August ...

Exam 3: Social Security Taxes

Refer to Instruction 3-1.Fess receives wages totaling $74,500 and has net earnings from self-employment amounting to $61,300.In determining her taxable self-employment income for the OASDI tax,how much of her net self-employment earnings must Fess count?

Correct Answer
verified

On Schedule B of Form 941,the employer does not show the date of each tax deposit during the quarter.

Correct Answer
verified

Correct Answer
verified
a) August ...
View Answer

FICA defines all of the following as wages except:

Correct Answer
verified

The OASDI taxable wage base is correctly defined as:

Correct Answer
verified

If the accumulated employment taxes during a quarter are less than $2,500,no deposits are required.

Correct Answer
verified

Each year,the FICA (OASDI portion)taxable wage base is automatically adjusted whenever a cost of living raise in social security benefits becomes available.

Correct Answer
verified

Refer to Instruction 3-1.Beginning with the first pay of the year,Carson will make $2,700 each week.In which numbered pay of the year will Carson hit the OASDI taxable limit?

Correct Answer
verified

Refer to Instruction 3-1.Ralston is the sole proprietor of Cut & Curl.During the year,his net earnings were $79,700.What are his self-employment taxes (OASDI and HI)on these earnings?

Correct Answer
verified

Form 944 (annual form)can be used by all new employers instead of Form 941.

Correct Answer
verified

Refer to Instruction 3-1.During 20--,Garr was paid a weekly salary of $2,540.The amount of FICA to be withheld from the following payments is: a) b) c)

Correct Answer
verified
\[\begin{array} { l l }
\text { OASDI }...
View Answer

A worker hired by the federal government in 2018 is covered under FICA.

Correct Answer
verified

Exam 3: Social Security Taxes

Refer to Instruction 3-1.Fess receives wages totaling $74,500 and has net earnings from self-employment amounting to $61,300.In determining her taxable self-employment income for the OASDI tax,how much of her net self-employment earnings must Fess count?

Correct AnswerverifiedShow Answer

On Schedule B of Form 941,the employer does not show the date of each tax deposit during the quarter.

Correct AnswerverifiedShow Answer

Correct Answerverifieda) August ...View AnswerShow Answer

FICA defines all of the following as wages except:

Correct AnswerverifiedShow Answer

The OASDI taxable wage base is correctly defined as:

Correct AnswerverifiedShow Answer

If the accumulated employment taxes during a quarter are less than $2,500,no deposits are required.

Correct AnswerverifiedShow Answer

Each year,the FICA (OASDI portion)taxable wage base is automatically adjusted whenever a cost of living raise in social security benefits becomes available.

Correct AnswerverifiedShow Answer

Refer to Instruction 3-1.Beginning with the first pay of the year,Carson will make $2,700 each week.In which numbered pay of the year will Carson hit the OASDI taxable limit?

Correct AnswerverifiedShow Answer

Refer to Instruction 3-1.Ralston is the sole proprietor of Cut & Curl.During the year,his net earnings were $79,700.What are his self-employment taxes (OASDI and HI)on these earnings?

Correct AnswerverifiedShow Answer

Form 944 (annual form)can be used by all new employers instead of Form 941.

Correct AnswerverifiedShow Answer

Refer to Instruction 3-1.During 20--,Garr was paid a weekly salary of $2,540.The amount of FICA to be withheld from the following payments is: a) b) c)

Correct Answerverified\[\begin{array} { l l } \text { OASDI }...View AnswerShow Answer

A worker hired by the federal government in 2018 is covered under FICA.

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
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a) August ...
View Answer

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
verified
\[\begin{array} { l l }
\text { OASDI }...
View Answer

Correct Answer
verified