FPC EXAM QUESTIONS WITH CORRECT ANSWERS
The following is not a characteristic of a flexible spending account cafeteria plan - Answer-Benefits are taxable.
If the employers total tax liability for the quarter is less than 2,500, when must the taxes be paid? - Answer-By the due date on the for...
The following is not a characteristic of a flexible spending account cafeteria plan -
Answer-Benefits are taxable.
If the employers total tax liability for the quarter is less than 2,500, when must the taxes
be paid? - Answer-By the due date on the form 941.
If the employment tax liability shows less than 1,000, when must the taxes be paid?> -
Answer-Jan 31 or pay with form 944.
If more than 2,500, but less than 50,000, when must the employment tax liability be
paid? - Answer-On or before te 15th day of the following month
If less than 100,000, when must the tax liability be paid? - Answer-Third business day
after payday.
If more than 100,000, when must the tax liability be paid? - Answer-By the end of the
next business day.
A company filing form 941 can pay employment taxes qquarterly for the quarter if it is
less than 2,500 for... - Answer-The entire quarter. Not the lookback period.
Does an employers tax deposit status always remain the same? - Answer-No
If you are not using EFTPS to make a tax payment, where must it be made? - Answer-
The US treasury
What is EFTPS? - Answer-Electronical Federal Tax Payment System
All of the following methods are methods used when making EFTPS deposits - Answer-
ACH credit / debit
Electronic Tax aplication
The following is not a method used to make EFTPS deposits - Answer-Checks and form
941.
Which form is used to report taxes on agricultural employees wages - Answer-Form 943
, What form for quarterly returns - Answer-941
What form is used quarterly to report taxable ss and medicare wages - Answer-941
Where is form 941 filed - Answer-With EFTPS
How many days extention granted to companies that file 100% of tax liability on time? -
Answer-10 days
Penalties for failure to file an information return if corrected within 30 days of due date -
Answer-$50.
Penalties for failure to file an information return if corrected after 30 days of due date,
but by aug 1 - Answer-$100 per form
Penalties for failure to file an information return if corrected after aug 1 - Answer-$260
per form
How many freebies do you get on corrected returns? - Answer-10
Calculation for penalty for underpayment - Answer-1.) find 98%
2.) subtract amount paid
3.) find difference
4.) Multiply by 2%.
Under what circumstances could certain officers or employees become personally liable
for payment of taxes under federal law - Answer-Failure to withhold or pay federal
income tax, ss tax, medicare tax.
T/F: All employees must receive notice of the Earned Income Credit required by the
IRS. - Answer-False. Only employees receiving the credit. Some state laws may be
different.
Generally, how often are FUTA taxes deposited? - Answer-Quarterly
On a form 941, the employer reports - Answer-SS taxes
What is a second priority payment?
-mortgage
-garnishment
-federal tax levies
-child support - Answer-Federal tax levy
(Mortgage not even priority payment)
What is the gross up percentage? - Answer-73.55%
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