1. When filing Form 941, when musta Schedule B be completed?If you need to report anadjustmentin your tax liabilityOnly if you receive an IRS depositrequirement notification letterIf your federal tax liability is over$50,000 for the lookback periodIf you are a seasonal employerand pay employees more than$50,000 in a three-month period.

Lets understand the basics. Form 941 schedule B is a supplementary form of the form 941. It is need…

Answered: When filing Form 941, when must a…

PAYROLL ACCT.,2019 ED.(LL)-TEXT

19th Edition

ISBN:9781337619783

Author:BIEG

Publisher:BIEG

Chapter5: Unemployment Compensation Taxes

Section: Chapter Questions

Problem 16PB

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How do the all events and economic performance requirements apply to the following transactions by an accrual basis taxpayer? a. The company guarantees its products for six months. At the end of 2019, customers had made valid claims for 600,000 that were not paid until 2020. Also, the company estimates that another 400,000 in claims from 2019 sales will be filed and paid in 2020. b. The accrual basis taxpayer reported 200,000 in corporate taxable income for 2019. The state income tax rate was 6%. The corporation paid 7,000 in estimated state income taxes in 2019 and paid 2,000 on 2018 state income taxes when it filed its 2018 state income tax return in March 2019. The company filed its 2019 state income tax return in March 2020 and paid the remaining 5,000 of its 2019 state income tax liability. c. An employee was involved in an accident while making a sales call. The company paid the injured victim 15,000 in 2019 and agreed to pay the victim 15,000 a year for the next nine years.
Which of the following forms is typically given to employees at the end of the calendar year so that employees can file their individual income tax forms? a. Employer’s Quarterly Federal Tax Return (Form 941) b. 401k plans c. Wage and Tax Statement (Form W-2) d. Employeeâ€™s Withholding Allowance Certificate (W-4)
1. A tax payer receives an assessment notice from the BIR informing him that his total deficiency tax is 25,000 that is due last April 15. Upon receiving the notice the tax payers immediately filed and pay his tax on August 15. How much would be the total amount due? 2. Income tax return for the calendar year 2019 was due for filing on April 15, 2021 but the tax payer voluntarily filed his return without assessment notice from the BIR on June 30, 2021. The tax due per return amounts to 280,000. How much would be the total amount due? 3. The taxpayer's 2020 income tax return is to be filed through authorized agent bank under the jurisdiction of RDO East Manila. Without prior authorization from the BIR, the taxpayer filed his tax return and paid the tax through the authorized agent bank under the jurisdiction of RDO Laoag City? The tax due per return is 100,000. How much would be the total amount due? 4. In connection with problem number 3, the taxpayer also filed his return 3 months…
A taxpayer received a notice from the BIR to file his 2019 income tax return not later than January 15, 2021. The tax due per his return is P80,000. How much is the surcharge penalty? a. P9,600 b. P20,000 c. P40,000 d. P16,000 e. Answer not given
The IRS requires anyone who prepares or assists in preparing federal income tax returns for a fee to: O Apply for, and receive a Preparer Tax Identification Number from the IRS. O Pass a Qualifying Education course that is approved by the California Tax Education Council. Pay an annual fee of $50 to the Internal Revenue Service. O Apply for, and receive a Preparer Tax Identification Number from the California Tax Education Council.
Should this person file for a standard deduction or itemized deduction? They are filing MFJ for the 2020 tax year. Interest from checking account from First Bank 1,500 Home mortgage interest paid to First Bank 6,500 (Secured by principal residence, acquisition debt) Home Equity Line of Credit 3,000 (Secured by principal residence, used to pay off credit cards) Property taxes on personal residence 4,000 Charitable contributions 5,700 Federal income tax withholding 35,000 State income tax withheld 12,500
Determine the amount of taxable income that should be reported by a cash-basis taxpayer in 2022 in each of the following independent cases: Required: A taxpayer completes $300 of accounting services in December 2022 for a client who pays for the accounting work in January 2023. A taxpayer is in the business of renting computers on a short-term basis. On December 1, 2022, she rents a computer for a $100 rental fee and receives a $250 deposit. The customer returns the computer and is refunded the deposit on December 20, 2022. Same facts as (b) except that the computer is returned on January 5, 2023. On December 18, 2022, a landlord rents an apartment for $385 per month and collects the first and last months' rent up front. It is customary that tenants apply the security deposit to their last month's rent upon moving out. An accountant agrees to perform $315 of tax services for an auto mechanic who has agreed to perform repairs on the car of the accountant’s wife. The mechanic repairs…
When a change in anticipated tax occurs because of personal circumstances, when should an employee provide a new Form W-4, Employee's Withholding Certificate? By January 15th of each year. By December 31st of each year. Within ten days after the change occurs. Within sixty days after the change occurs.

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