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Unit 4 : Unit 4: Social Security Taxes – QuizTime Remaining:   Question 1.
1. Which of the following deposit requirements pertains to a nonagricultural employer who has employer FICA taxes and withheld employee FICA taxes and income taxes of $125,000 at the end of payday on Friday, August 15? (Points : 2)       No deposit is required until Tuesday, August 19.

      The taxes must be deposited by the close of the next banking day.

      The taxes must be deposited on or before August 31.

      The undeposited taxes should be carried over to the end of September.

      None of the above.

Question 2.
2. Each of the following items is accurately defined under FICA as taxable wages except: (Points : 2)       value of meals furnished employees for the employer’s convenience.

      value of meals furnished employees for the employees’ convenience.

      commissions.

      dismissal pay.

      $500 award for productivity improvement suggestion.

Question 3.
3. To be designated a semiweekly depositor, how much in employment taxes would an employer have reported for the four quarters in the look back period? (Points : 2)       More than $50,000.

      More than $100,000.

      Less than $50,000.

      More than $2,500.

      None of the above.

Question 4.
4. Which of the following deposit requirements pertains to a semiweekly depositor who has accumulated employment taxes of $17,500 on payday, Saturday, May 15? (Points : 2)       No deposit is required until May 17, the next banking day.

      The undeposited taxes should be carried over to the next payday on May 22.

      The taxes must be deposited on or before Tuesday, May 18.

      The taxes must be deposited on or before Friday, May 21.

      None of the above.

Question 5.
5. FICA defines all of the following as employees except: (Points : 2)       vice presidents.

      partners.

      superintendents.

      full-time life insurance salespersons.

      payroll managers.

Question 6.
6. Which of the following payments are not taxable for FICA? (Points : 2)       Back-pay awards.

      Wage supplements to cover difference between employees’ salaries and their military pay.

      Dismissal pay.

      Difference between employees’ regular wages and the amount received for jury duty.

      Retroactive wage increase.

Question 7.
7. Which of the following deposit requirements pertains to a monthly depositor who has accumulated employment taxes of $2,900 at the end of October? (Points : 2)       No deposit is required.

      The undeposited taxes should be carried over to the end of November.

      The taxes must be deposited on or before November 15.

      The taxes must be deposited on or before the next banking day.

      None of the above.

Question 8.
8. The taxes imposed under the Social Security Act consist of: (Points : 2)       two taxes on employers.

      two taxes on employees.

      OASDI and HI taxes.

      taxes on the net earnings of the self-employed.

      all of the above.

Question 9.
9. Which of the following statements does not describe an employee’s FICA taxes and withholdings? (Points : 2)       Employee’s taxes are collected by the employer and paid to the IRS along with the employer’s taxes.

      Employee’s taxes are deducted from the employee’s wages at the time of payment.

      Employee’s liability for the FICA taxes continues even after the employer has withheld them.

      Amount of tax to be withheld is computed by multiplying the employee’s taxable wages by the current tax rate.

      Employee is entitled to a refund for overpayment of FICA taxes resulting from having worked for more than one employer.

Question 10.
10. Ashe, an employer, has made timely deposits of FICA taxes and withheld income taxes during the first quarter. The latest date on which she may file Form 941 is: (Points : 2)       April 10.

      April 30.

      May 1.

      May 12.

      May 15.

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