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Mod 7 Payroll Accounting Quiz

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1. A federal unemployment tax is levied on;A);employees only.;B);both employers and employees.;C);employers only.;D);government employers only.;E);no one.;2.;For FUTA purposes, an employer can be any one of the following except;A);an individual.;B);a partnership.;C);a trust.;D);a corporation.;E);All of these can be employers.;3.;Included under the definition of employees for FUTA purposes are;A);independent contractors.;B);insurance agents paid solely on commission.;C);student nurses.;D);officers of a corporation.;E);members of partnerships.;4.;Which of the following is not a factor considered in determining coverage of interstate employees?;A);Location of base of operations;B);Place where work is localized;C);Location of company's payroll department;D);Location of employee's residence;E);Location of place from which operations are controlled;5.;An aspect of the interstate reciprocal arrangement concerns;A);the status of Americans working overseas.;B);the taxability of dismissal payments.;C);the determination of an employer's experience rating.;D);the transfer of an employee from one state to another during the year.;E);none of these.;6.;Which of the following types of payments are not taxable wages for federal unemployment tax?;A);Retirement pay;B);Cash prizes and awards for doing outstanding work;C);Dismissal pay;D);Bonuses as remuneration for services;E);Payment under a guaranteed annual wage plan;7.;Which of the following payments are taxable payments for federal unemployment tax?;A);Christmas gifts, excluding noncash gifts of nominal value;B);Caddy fees;C);Courtesy discounts to employees and their families;D);Workers' compensation payments;E);Value of meals and lodging furnished employees for the convenience of the employer;8.;If the employer is tardy in paying the state contributions, the credit against the federal tax is limited to what percent of the late payments that would have been allowed as a credit if the contributions had been paid on time?;A);6.2;B);90;C);5.13;D);20;E);0;9.;Which of the following provides for a reduction in the employer's state unemployment tax rate based on the employer's experience with the risk of unemployment?;A);Voluntary contribution;B);Title XII advances;C);Pooled-fund laws;D);Experience-rating plan;E);None of these;10.;Voluntary contributions to a state's unemployment department are;A);allowed in all states.;B);designed to increase an employer's reserve account in order to lower the employer's contribution rate.;C);capable of being paid at any time with no time limit.;D);returned to the employer at the end of the following year.;E);sent directly to the IRS.;11.;If the employer has made timely deposits that pay the FUTA tax liability in full, the filing of Form 940 can be delayed until;A);December 31.;B);February 15.;C);February 10.;D);February 1.;E);March 31.;12.;The person who is not an authorized signer of Form 940 is;A);the individual, if a sole proprietorship.;B);the accountant from the company's independent auditing firm.;C);the president, if a corporation.;D);a fiduciary, if a trust.;E);All of these are authorized signers.;13.;When making a deposit of FUTA taxes, the employer must make the deposit by the;A);end of the month after the quarter.;B);15th of the month after the quarter.;C);10th of the month after the quarter.;D);same day of the FICA and FIT deposits.;14.;An employer must deposit the quarterly FUTA tax liability if the liability is more than;A);$3,000.;B);$500.;C);$1,000.;D);$1.;E);$100.;15.;In order to avoid a credit reduction for Title XII advances, a state must repay the loans by;A);the end of the year of the loans.;B);the end of the year the credit reduction is scheduled to take effect.;C);the end of the third year after the year of the loans.;D);November 10 of the year the credit reduction is scheduled to take effect.;E);June 30 of the year after the loans.

 

Paper#75147 | Written in 18-Jul-2015

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