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Selected Answer:TrueCorrect Answer: TrueQuestion 11 1 out of 1 pointsMost employers must now use electronic fund transfers to pay tax deposits.Selected Answer:TrueCorrect Answer: TrueQuestion 12 1 out of 1 pointsIn computing their own FICA taxes, employers may exclude the amount of tips reported to them by their tipped employees.
Selected Answer:FalseCorrect Answer: FalseQuestion 13 1 out of 1 pointsEach of the following items is accurately defined under FICA as taxable wages except:Selected Answer:A. value of meals furnished employees for the employer's convenience.Correct Answer: A. value of meals furnished employees for the employer's convenience.Question 14 1 out of 1 pointsA worker hired by the federal government in 2011 is covered under FICA.Selected Answer:TrueCorrect Answer: TrueQuestion 15 1 out of 1 pointsThe Social Security Act requires workers to obtain a new account number each time they change jobs.Selected Answer:FalseCorrect Answer: FalseQuestion 16 1 out of 1 pointsIf an employer fails to file an employment tax return on the due date, a penalty based on a certain percentage of the amount of tax required to be reported may be added to the tax.Selected Answer:TrueCorrect Answer: True
Question 17 1 out of 1 pointsEmployees may use Form 4070 to report the amount of their tips to their employers.Selected Answer:TrueCorrect Answer: TrueQuestion 18 0 out of 1 pointsForm 944 (annual form) can be used by all new employers instead of Form 941.Selected Answer:True Correct Answer: FalseQuestion 19 1 out of 1 pointsForm 941 is used by employers to make their quarterly return of FICA taxes and withheld income taxes.Selected Answer:TrueCorrect Answer: TrueQuestion 20 1 out of 1 pointsThe requirements for depositing FICA taxes and income taxes withheld from nonagriculturalemployees' wages vary according to the amount of such taxes reported during a "lookback period."Selected Answer:TrueCorrect Answer: TrueQuestion 21 0 out of 1 points
The FICA tax rates for the self-employeds are:Selected Answer:B. 12.4% (OASDI) and 1.45% (HI).Correct Answer: E. none of the above.Question 22 0 out of 1 pointsWhich of the following deposit requirements pertains to a monthlydepositor who has accumulated employment taxes of $2,900 at the end of October?Selected Answer:E. None of the above.Correct Answer: C. The taxes must be deposited on or before November 15.Question 23 1 out of 1 pointsOn Form 941, the employer does not show the date of each tax deposit during the quarter.