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PARTV MULTIPLE CHOICE QUESTIONS (20 Points) Circle the letter of the best response. 1. Form 941 requires the reporting of the following taxes? FUTA and FICA FICA and FIT FICA, FIT, and FUTA a. b. c. d. FICA 2. a Tim earns $16 per hour. He worked 47 hours this pay period and receives time-and-a- half for any hours worked over 40 hours per week. His gross pay is $640 b. $752 $808 $1,128 C. d. 3. a b. The employer becomes liable for payroll taxes when the employee earns the wages the employee is paid the wages the federal tax return is filed the payroll tax return is filed C. d. 4. b. Which of the following payroll taxes does not have maximum wage base? FICA - OASDI FICA - Medicare FUTA SUTA C. d. 5. a. b. The total amount of FICA taxes due must be deposited in the business's bank account with the state social security office with the IRS an authorized depository C. d. 6. a Employers determine the amount of withholdings based on the employee's designation of allowances, the number of pay periods, the amount of pay per this pay period, and W-2 W-3 Form 941 d. Circular E b. C. 7. a. b. Payroll tax expense is debited to record the employee's FIT the employee's portion of FICA the employer's portion of FICA the employee's FUTA C. d. 8. Employers determine the amount of Federal Income Tax withholdings based on the number of allowances an employee has indicated on form: W-2 W-3 W-4 Circular E b. C. d. 9 b. The Employer's Annual Federal Unemployment Tax Return is called Form W-2 Form W-3 Form W-4 d. Form 940 c. 10 a Generally, employers are required to withhold a portion of an employee's wages for all except: Federal Unemployment tax FICA Federal Income Tax State Income Tax b. c. d. 11 a Employers record each employee's gross earnings, employee withholding taxes, net pay, and taxable earnings in the payroll register the payroll tax return the social security return the federal income tax return b. c. d. 12. b. Employers pay which of the following tax(es)? FUTA (employer and employee portions) SUTA (employer and employee portions) Medical Insurance Tax FICA (Employer portion) C d