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Exam 10: Payroll Taxes

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Question 51

True/False

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Payroll tax deposits are made to any authorized financial depository or through an electronic funds transfer payment system.

A) True
B) False

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Question 52

Multiple Choice

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Mahmet earned wages of $118,700 during 2016.He is single and claims two withholding allowances.How much will Mahmet's employer withhold in social security taxes for the year? Round your answer to 2 decimal places.)

A) $7,347.00.
B) $7,359.40.
C) $7,353.20.
D) $7,316.00.

E) A) and D)
F) A) and B)

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Question 53

Multiple Choice

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In a large food or beverage establishment,on what form or schedule is any tip shortfall from a directly tipped employee recorded?

The more exemptions claimed,the more tax that is withheld and the smaller the net check.

Danita is married and is paid $4,875 semimonthly.She claims four withholding allowances.What amount of federal income tax will be withheld from Danita's gross wages for each payroll period? Round your answer to 2 decimal places.)

Employers are required to deposit FUTA taxes when their liability exceeds:

Employers with a payroll tax liability of less than $2,500 at the end of any quarter pay their tax liability:

In the lookback period,if the employer reported total payroll taxes of more than $50,000,the employer is a semiweekly schedule depositor.

A taxpayer who has overpaid the social security portion of the FICA tax because his or her combined taxable income from multiple jobs exceeds the annual wage base is entitled to receive the excess as a refund even if there is federal tax owed on the 1040 return.

The amount withheld from supplemental payments depends on whether the employer accounts for the payment separate from regular wages.

If,on any day during the month,an employer who is a monthly schedule depositor accumulates a $100,000 tax liability,which of the following statements is true?

Jan hired Mike to dog sit for her beloved but lonely pooch,Barney while she worked)starting on January 4,2016 at $300 per month.Jan does not withhold any federal taxes. a.How much payroll tax should Jan pay for the year? b.If Mike came to Jan's house to walk Barney once a day and also walked other dogs in the neighborhood,is Jan required to complete Schedule H? Explain.

Juan is married,is paid 2,200 per week,and claims three withholding allowances.What is the amount of federal income tax withheld from Juan's gross wages for the week using the percentage method? Round your answer to 2 decimal places.)

Nikki's salary is $209,950 in 2016.How much social security and Medicare taxes will be withheld from Nikki's salary for the year? Round your answer to 2 decimal places.)

On January 3,2016,Terrence employed a part-time household worker in his home.He paid the household worker $720 per month for 2016.What amount of FICA taxes is Terrence required to record on Schedule H?

Claude works as a teacher during the year at the local high school.He also prepares taxes on a part-time basis.During 2016,Claude earned $84,800 from his job as a teacher.He also earned $12,000 preparing taxes from January to April 2016.He operates his tax preparation business as a sole proprietorship.Claude estimates that he will owe $2,036 more in income taxes for 2016. Explain what Claude should do so that he does not incur any underpayment penalties.

When calculating the FUTA tax due,an employer can qualify for a 5.4% maximum credit for state unemployment taxes paid.

Which of the following conditions requires an employer to use the electronic deposit requirement?

Mahmet earned wages of $118,700 during 2016.He is single and claims two withholding allowances.How much will Mahmet's employer withhold in Medicare taxes for the year?

A taxpayer with an AGI of $157,350 for 2016 pays estimated taxes.The taxpayer can avoid an underpayment penalty by paying: