PLEASE HELP ANSWER ALL QUESTIONS PLEASE I HAVE NO MORE QUESTIONS LEFT IN DESPERATE NEED I WILL GIVE HIGH RATE PLEASE HELP 1 Julio has $10 withheld from every paycheck to be used as a donation to a local charity When his employer pays these withheld amounts to the charity, what type of account is debited Answer A Asset B Liability C Revenue D Expense 2 No FUTA tax is levied for an employee after their earnings exceed for the year Answer A $7,000 B $125,000 C $142,800 D $200,000 3 If an employee working in a non credit reduction state has year to date earnings subject to FUTA tax of $6,400 prior to the current period and earns $970 during the current period, the associated FUTA tax owed by the employer is $ 4 If code D (deferrals under a 401(k) plan) is entered on line 12a of Form W 2, what other box must be completed Answer A 10 (Dependent care benefits) B 11 (Nonqualified plans) C 13 (Retirement Plan checkbox) D 14 (Other) 5 What is NOT a portion of an employers payroll tax expense Answer A Federal unemployment tax B Social Security tax C Medicare tax D Federal income tax 6 Presently an employer pays the same amount as the employee for Social Security and taxes Answer A federal withholding B state withholding C Medicare D state disability insurance 7 Which of the following is a true statement regarding the W 2 Form Answer A Employers must submit the W 2 Form regardless of the amount of compensation paid to employees B Sending a copy of the W 2 Form to the employee is optional C The control number on the W 2 Form must be completed by the employer D The W 2 Form includes both federal and state tax information 8 Form is provided to an independent contractor to advise them of their total annual earnings Answer A W 9 B 1099 NEC C W 2 NEC D 1040 10 The full self employment tax rate applied to the first $142,800 of earnings is Answer A 2 9 B 6 2 C 12 4 D 15 3 11 An employer has 4 employees, all of whom have exceeded the FUTA wage base If the employer makes total payments to employees of $80,000 and enters $50,000 on line 5 of Form 940, then $ is entered on line 4 12 Which statement regarding Form W 3 is inaccurate Answer A Form W 3 contains earnings information for multiple employees B Form W 3 must be signed by the employer to be valid C Form W 3 is submitted to the Social Security Administration and provided to each employee D Form W 3 includes federal and state tax information

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PLEASE HELP ANSWER ALL QUESTIONS PLEASE!!! I HAVE NO MORE QUESTIONS LEFT & IN DESPERATE NEED. I WILL GIVE HIGH RATE PLEASE HELP!!! 1.Julio has

PLEASE HELP ANSWER ALL QUESTIONS PLEASE!!! I HAVE NO MORE QUESTIONS LEFT & IN DESPERATE NEED. I WILL GIVE HIGH RATE PLEASE HELP!!!

1.Julio has $10 withheld from every paycheck to be used as a donation to a local charity. When his employer pays these withheld amounts to the charity, what type of account is debited?

Answer:

Asset

Liability

Revenue

Expense

2. No FUTA tax is levied for an employee after their earnings exceed _____ for the year.

Answer:

$7,000

$125,000

$142,800

$200,000

3. If an employee working in a non-credit reduction state has year-to-date earnings subject to FUTA tax of $6,400 prior to the current period and earns $970 during the current period, the associated FUTA tax owed by the employer is $ .___________

4.If code D (deferrals under a 401(k) plan) is entered on line 12a of Form W-2, what other box must be completed?

Answer:

10 (Dependent care benefits)

11 (Nonqualified plans)

13 (Retirement Plan checkbox)

D.	14 (Other)

5. What is NOT a portion of an employers payroll tax expense?

Answer:

Federal unemployment tax

Social Security tax

Medicare tax

D.	Federal income tax

6.Presently an employer pays the same amount as the employee for Social Security and _____ taxes.

Answer:

federal withholding

state withholding

Medicare

D.	state disability insurance

7. Which of the following is a true statement regarding the W-2 Form?

Answer:

Employers must submit the W-2 Form regardless of the amount of compensation paid to employees.

Sending a copy of the W-2 Form to the employee is optional.

The control number on the W-2 Form must be completed by the employer.

D.	The W-2 Form includes both federal and state tax information.

8. Form _____ is provided to an independent contractor to advise them of their total annual earnings.

Answer:

W-9

1099-NEC

W-2-NEC

1040

10. The full self-employment tax rate applied to the first $142,800 of earnings is _____

Answer:

2.9%

6.2%

12.4%

15.3%

11. An employer has 4 employees, all of whom have exceeded the FUTA wage base. If the employer makes total payments to employees of $80,000 and enters $50,000 on line 5 of Form 940, then $ is entered on line 4.

12. Which statement regarding Form W-3 is inaccurate?

Answer:

Form W-3 contains earnings information for multiple employees.

Form W-3 must be signed by the employer to be valid.

Form W-3 is submitted to the Social Security Administration and provided to each employee.