No taxes are withheld - Study guides, Class notes & Summaries

668-W Notice of Levy on Wages, Salary, and Other Income 1096 Annual Summary and Transmittal of U.S. Information Returns Under the FLSA how old must a minor be to be employed? 14 What is the FUTA tax rate? 6.0% On form 941, the employer reports Social Security Wages What is the formula for calculating an employees net pay? Gross pay-deductions for taxes- other deductions Which plan discriminates in favor of highly compensated employees? Nonqualifie...

Chapter 1 Payroll Fundamentals Exam Questions and Correct Answer Payroll's Chief Product - the paycheck or pay statement - must be: - CORRECT ANSWER-Both accurate and timely What taxes, if any, must be withheld from an employee's pay? - CORRECT ANSWERFederal income, social security, and Medicare What taxes, if any must be withheld from an independent contractor's pay who provides a TIN? - CORRECT ANSWER-No taxes are withheld Who has responsibility to determine if the worker is an e...

How many days after a full-time employee starts to work does an employer have to complete the I-9? correct answers4 days Which form does an employee need to submit to obtain a Social Security card? correct answersSS-5 Which form does an employer use to obtain an Employer Identification Number for depositing employment taxes? correct answersSS-4 If on April 15, 2020, a state's minimum wage is $6.95 per hour, what is the minimum rate that interstate employers in that state must pay emplo...

Payroll Practice Fundamentals Exam 88 Questions with Verified Answers Employee - CORRECT ANSWER Anyone who preforms a service for you, if you can control what work is accomplished and how it is accomplished. Common-law Employee - CORRECT ANSWER A worker whose services are preformed under common-law rules for an employer is his or her employee if that employer controls what and how the job will be done. Independent contractor - CORRECT ANSWER A payer has control of the work done by this ...

1. The Federal Insurance Contributions Act levies a tax upon the gross earnings of self-employed persons. a. True b. False ANSWER: False POINTS: 1 2. FICA includes partnerships in its definition of employer. a. True b. False ANSWER: True POINTS: 1 3. In its definition of employee, FICA clearly distinguishes between classes or grades of employees. a. True b. False ANSWER: False POINTS: 1 4. The highest paid executives of a firm are excluded...

Circular 230 Regulations governing the practice of attorneys, certified public accountants, enrolled agents, enrolled actuaries, and appraisers before the IRS. Disclosure The release of tax information by an IRS employee. Due Diligence Requirements that tax professionals must follow when preparing income tax returns. Noncompliance Failure or refusal to comply with the tax code. Privilege Protection from being required to disclose confidential communications betwe...

HR Block Test Exam | 230 Actual Questions and Answers 100%Correct 2024. A tax returner or claim for refund requiring a paid tax return preparer to determine eligibility for EITC, CTC/ODC/ ACTC, AOTC, and the head of household filling status may be subject to a maximum penalty, totaling what amount for failure to meet due diligence requirements if all four are claimed on a single tax return? - Correct Answer-a,$2,120 the deduction for state and local income taxes is limited to what amount? -...

Certified Payroll Professional Exam 120 Questions with Verified Answers Form SS-8 - CORRECT ANSWER Determination of worker status for purpose of federal employment taxes and income tax withholding. Can be filled out by the business or worker. Form W-4 - CORRECT ANSWER Employees withholding allowance certificate. Documents the amount of federal tax withholding. Form SS-4 - CORRECT ANSWER Application for employer identification number. Form 8233 - CORRECT ANSWER Exemption from withhold...

FPC Exam Fundamental Payroll Practice Questions and Answers 668-W - Correct Answer️️ -Notice of Levy on Wages, Salary, and Other Income 1096 - Correct Answer️️ -Annual Summary and Transmittal of U.S. Information Returns Under the FLSA how old must a minor be to be employed? - Correct Answer️️ -14 What is the FUTA tax rate? - Correct Answer️️ -6.0% On form 941, the employer reports - Correct Answer️️ -Social Security Wages What is the formula for calculating an employe...

HR Block Test Exam | 230 Actual Questions and Answers 100%Correct 2024. A tax returner or claim for refund requiring a paid tax return preparer to determine eligibility for EITC, CTC/ODC/ ACTC, AOTC, and the head of household filling status may be subject to a maximum penalty, totaling what amount for failure to meet due diligence requirements if all four are claimed on a single tax return? - Correct Answer-a,$2,120 the deduction for state and local income taxes is limited to what amount? -...