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Mastering Payroll
How many days after a full-time employee starts to work does an employer have to complete the I-9? correct answer 4 days Which form does an employee need to submit to obtain a Social Security card? correct answer SS- Which form does an employer use to obtain an Employer Identification Number for depositing employment taxes? correct answer SS- If on April 15, 2020, a state's minimum wage is $6.95 per hour, what is the minimum rate that interstate employers in that state must pay employees? correct answer $7. At what rate must federal income tax be withheld for an employee who has not properly completed a W-4? correct answer single or married filing separately with no adjustments FUTA tax must be deposited when the cumulative quarterly tax liability exceeds: correct answer $500. Employers can file the employment tax return annually (Form 944) if they anticipate their federal employment tax liability will not exceed: correct answer $1,000. State unemployment returns are generally filed: correct answer quarterly Form 1099 informational statements must be furnished to recipients no later than: correct answer January 31 In general, how often employees are paid and the method of payment are regulated by: correct answer state laws When employers are subject to both federal and state wage-hour laws, they must observe the law that: correct answer is more favorable to the employee
The final due date for the 4th quarter 941 for employers that have paid all taxes in full and on time is: correct answer February 10 What should be withheld from a bonus in the year it is paid? correct answer FIT and FICA How many days does an employer have to process data on a revised W-4? correct answer 30 days An employer is subject to FUTA requirements when its wage paid for the quarter exceed: correct answer $1,500. For tax year 2020, the due date for filing paper forms with the SSA is: correct answer January 31 On which form do employers report employees' gross taxable income? correct answer W- On which form do employers report income for non-employees? correct answer 1099 Retail businesses that began operation prior to March 31, 1990 must abide by federal wage and hour law if gross annual sales exceed? correct answer $362, Employers are required to turn unclaimed wages over to the state under: correct answer escheat law Wages paid in May are reported on Form 941 that is filed by: correct answer July 31 How many years is an employer required to retain records of wages paid employees under federal wage and hour law? correct answer 3 years How many years does the IRS require an employer to retain an Employee Withholding Certificate? correct answer 4 years Which of the following forms must be completed for every new employee? correct answer I-
Name the six categories of workers: correct answer Common-law employees Statutory employees Statutory non-employees Temporary help agency referrals Independent contractors Leased employees If an employee-leasing agency fails to withhold or deposit withholding taxes for its employees and it has not voluntarily certified with the IRS, it can become the responsibility of the blank blank to pay these taxes. correct answer client firm An independent contractor must supply the client firm with its blank blank blank, which may be either blank or an blank. correct answer taxpayer identification number, social security number, employee identification number When annual non-employee compensation equals or exceeds blank, it must be reported to the IRS. correct answer $600. If an employer wants a written determination from the IRS on a worker's status, which form should it submit? correct answer SS- If an employer unintentionally misclassifies an employee as an independent contractor and files Form 1099-MISC, the tax assessment for failure to withhold federal income tax is equal to: correct answer 1.5% of the wage amount Employer payments to employees for services rendered are called blank. correct answer wage Employer payments to independent contractors are made as ordinary blank. correct answer disbursements While an employer is waiting for a written determination of an individual's worker status from the IRS, it should treat the individual as an blank. correct answer employee
If an employer unintentionally misclassifies an employee as an independent contractor and also fails to file form 1099-MISC, the tax assessment for failure to withhold FICA tax is equal to what percentage of the employee's portion of Social Security and Medicare tax? correct answer 40% For 2020, if a non-employee fails to provide a TIN and is paid $600 or more for the year, what is the required federal backup withholding tax rate that the employer must use? correct answer 24% Generally, businesses that began operations after March 31, 1990, must comply with the FLSA if gross annual sales exceed blank. correct answer $500, Four kinds of employees are exempt from the federal minimum wge. correct answer Tipped employees Computer professionals Recipients of the opportunity wage Outside salesperson Name five kinds of businesses operating prior to April 1, 1990 that are covered by the FLSA regardless of their annual sales? correct answer Dry cleaners Construction companies Schools, Hospitals Nursing homes The federal law that governs minimum wage and overtime requirements is called: correct answer Fair Labor Standards Act The federal minimum wage effective July 24, 2009, is: correct answer $7. The FLSA is enforced by the U.S. Department of Labor, blank blank blank Division. correct answer Wage and Hour
If a deposit liability of blank or more is incurred, he deposit must be made within one business day. correct answer $100,
