Reference no: EM131787990

Question 1

George has four employees who earned $75,000, $27,000, $2,100, and $6,200 during 2015, respectively. He paid 5.4 percent for state unemployment tax. How much FUTA tax will George owe for the four employees? Select one:

a. $133.80b. $882.40c. $321.60d. $224.00e. $163.70

Question 2

Mark theincorrectanswer. Estimated income tax payments: Select one:

a. Need not be filed if the estimated tax, after subtracting withholding, can reasonably be expected to be more than $1,000.b. If inadequate, may result in nondeductible penalties.c. May be based on the amount of the tax liability for the prior year.d. Are made in four installments on April 15, June 15, and September 15 of the tax year and on January 15 of the following year.

Question 3

Which of the following amounts paid by an employer to an employee isnotsubject to withholding? Select one:

a. Commissionsb. Travel expense reimbursements from an accountable planc. Salaryd. Bonuse. All of the above are subject to withholding

Question 4

Which of the following items may be subject to the self-employment tax? Select one:

a. A partner's distributive share of partnership incomeb. Dividend incomec. Capital gainsd. Interest incomee. None of the above

Question 5

Which of the following forms is used by an employer to report quarterly wages and federal payroll tax withholdings and deposits? Select one:

a. Form 940b. Form 941c. Form 1099d. Form W-2e. None of the above

Question 6

Which of the following taxpayers arenotrequired to make estimated payments? Select one:

a. A car mechanic who is self-employed and earns $50,000 a year.b. A wealthy individual whose earnings are from corporate dividends.c. An employee who works at a local department store with appropriate withholding and no other income.d. All of the above must make estimated payments.

Question 7

Peter and Joan are married and Joan has self-employment income of $240,000. Peter is retired. How much additional 0.9% Medicare surtax will Peter and Joan owe with their 2015 income tax return?

Select one:

a. $360b. $2,160c. $0d. They will receive a $90 refund

Question 8

Steve is a single man who lives by himself. He has one job as a computer technician. How many withholding allowances can he claim? Select one:

a. 2b. 3c. 5d. 10e. He can claim any number of withholding allowances that he believes will leave him with proper withholding.

Question 9

Form 1099-DIV is an information return used to show the payment of: Select one:

a. Distributions from a partnership.b. Interest.c. Dividends.d. Unemployment compensation.e. None of the above.

Question 10

Oliver has two employees who earned the following amounts during 2015:

June $17,000

Eric $ 5,000

If Oliver timely pays 5.4 percent for state unemployment tax, what is the amount of his 2015 FUTA after the state tax credit?

Select one:

a. $0b. $72c. $112d. $176e. None of the above