Va contractors Exam- Practice Questions with Correct Answers
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Course
VA Contractors
Institution
VA Contractors
When does Virginia require employers to have Workers Comp Insurance?
b ) When employers regularly employ 3 or more part time or full time employees.
Which of the following is a true statement about how a contractor may utilize payroll taxes?
b ) They can only be used for paying withholding taxes...
Va contractors Exam - Practice Questio ns with Correct Answers When does Virginia require employers to have Workers Comp Insurance? b ) When employers regularly employ 3 or more part time or full time employees. Which of the following is a true statement about how a contractor may utilize payroll taxes? b ) They can only be used for paying withholding taxes to the government. If your FUTA tax liability is less than $500 your deposit must be a ) In the next quarter. What is the SUTA employee wage base that the employer has to pay to the IRS? b ) $8,000. What is the FUTA employee wage base that the employer has to pay to the IRS? c ) 7,000. A small construction company is currently growing very rapidly. The new contracts are all long -
term contracts for large projects. Which is true about the contractor accounting system? c ) The percentage of completion method will result in a close matching of revenues and expenses. A bid bond ensures the: b ) Owner that the contractor will enter into the contract in accordance with the submitted bid. Which of the following is a true statement about how a contractor may utilize payroll taxes ? b ) They can only be used for paying withholding taxes to the government. If your FUTA tax liability is less than $500 your deposit must be.. a ) In the next quar ter How many hours does have a "workweek" according to the FLSA ? a ) 168 When a company submits payroll taxes to IRS. it must .. b ) Show formal documentation to IRS that all employees added to the payroll have completed a W-4 Form. The Miller act: c ) Pr ovides protection for subcontractors on public projects Gross profit less expenses equals: b ) Net income Requires paying prevailing wages in federally financed projects. c ) Davis -Healey act. An owner of a business has $32,000 in liabilities and $39.000 i n equity. What are the assets? c ) $71.000 The total for an individual's Medicare is taxed at : a ) 2.9 Minimum wage is set at (7.25 ) per hour c ) 7.25 Which of the following is not covered under the ADA ? c ) Paper cut Which of the following establishes an employee's eligibility to legally work in the US ? d ) U.S. passport Form I -9 must be kept for at least ( 3 ) years from the date of hire. c ) 3 To help with cash flow, one should use ( progress payment ) a ) Progress payment All the following except ( Lay off ) is an effective of attracting good employees. d ) Lay off If one is to receive earned income credit, one should use which IRS Form? c ) W -5 Which of the following is used to obtain an EIN ? b ) SS -4
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