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VA Contractors – Questions & Precise Solutions
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VA Contractors – Questions & Precise Solutions
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VA Contractors – Questions & Precise Solutions When does Virginia require employers to have Workers Comp Insurance? Right Ans - 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? Right Ans - 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 Right Ans -
a ) In the next quarter.
What is the SUTA employee wage base that the employer has to pay to the IRS? Right Ans - b ) $8,000.
What is the FUTA employee wage base that the employer has to pay to the IRS? Right Ans - 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? Right Ans - c ) The percentage of completion method will result in a close matching of revenues and expenses.
A bid bond ensures the: Right Ans - 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 ? Right Ans - 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.. Right Ans - a ) In the next quarter
How many hours does have a "workweek" according to the FLSA ? Right Ans - a ) 168 When a company submits payroll taxes to IRS. it must .. Right Ans - b ) Show formal documentation to IRS that all employees added to the payroll have completed a W-4 Form.
The Miller act: Right Ans - c ) Provides protection for subcontractors on public projects
Gross profit less expenses equals: Right Ans - b ) Net income
Requires paying prevailing wages in federally financed projects. Right Ans -
c ) Davis-Healey act.
An owner of a business has $32,000 in liabilities and $39.000 in equity. What are the assets? Right Ans - c ) $71.000
The total for an individual's Medicare is taxed at : Right Ans - a ) 2.9
Minimum wage is set at (7.25 ) per hour Right Ans - c ) 7.25
Which of the following is not covered under the ADA ? Right Ans - c ) Paper cut
Which of the following establishes an employee's eligibility to legally work in the US ? Right Ans - d ) U.S. passport
Form I-9 must be kept for at least ( 3 ) years from the date of hire. Right Ans - c ) 3
To help with cash flow, one should use ( progress payment ) Right Ans - a ) Progress payment
All the following except ( Lay off ) is an effective of attracting good employees. Right Ans - d ) Lay off
If one is to receive earned income credit, one should use which IRS Form? Right Ans - c ) W-5
Which of the following is used to obtain an EIN ? Right Ans - b ) SS-4
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