Question 14 of 20.

Which of the following taxpayers will NOT be subject to SE tax?

Jackson, a partner in JKL partnership, receives a guaranteed payment for services he performs. Jackson receives Schedule K-1 (Form 1065) reporting his guaranteed payment.

Jonas and Jackie, a married couple, who own and operate a business jointly.

Janet, a 10% owner of an S corporation, who works for the S corporation. Janet receives Form W-2 for her wages and Schedule K-1 (Form 1120-S) for her share of income from the S corporation.

Jerome, who works for LOP corporation and receives Form W-2. He also receives Form 1099-NEC for landscaping he does for LOP.

Question 15 of 20.

Form 941 reports payroll information. Which is the most accurate list of what Form 941 reports?

Wages, social security tax withheld, and federal income tax withheld.

Wages, social security tax withheld, medicare tax withheld, and federal income tax withheld.

Wages, social security tax, medicare tax, and federal income tax withheld.

Social security tax, medicare tax, and federal income tax withheld.

Question 16 of 20.

When are payroll taxes and withholding remitted and reported to the IRS using Form 941?

Payroll taxes are remitted and reported on the same schedule that the employer uses to pay his employees.

Payroll taxes are remitted semi-monthly and reported quarterly.

Payroll taxes are remitted monthly and reported quarterly.

Payroll taxes are remitted monthly or semi-weekly and reported quarterly.