Which amounts on the payroll register reduce Federal withholding tax but are not deducted for FICA tax computations (You may select more than one answer. Charitable contrubutions retirement plan (401k, contributions non qualified pre tax insurance garnishments
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Which amounts on the payroll register reduce Federal withholding tax but are not deducted for FICA tax computations (You may select more than one answer.
- Charitable contrubutions
- retirement plan (401k, contributions
- non qualified pre tax insurance
- garnishments
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- Match each payroll item that follows to the one item (a–f) that best describes its characteristics. - a. b. c. d. e. f. Federal income tax - a. b. c. d. e. f. FICA —Social security - a. b. c. d. e. f. FICA —Medicare - a. b. c. d. e. f. Federal unemployment compensation tax (FUTA) - a. b. c. d. e. f. State unemployment compensation tax (SUTA) a. Amount is limited, withheld from employee only b. Amount is limited, withheld from employee and matched by employer c. Amount is limited, paid by employer only d. Amount is not limited, withheld from employee only…An example of a voluntary payroll deduction would be: Group of answer choices state income tax retirement contribution federal income tax medicare taxOn which report can you view payroll tax liabilities, payments made, and amounts still owed? Payroll Tax Payments O Payroll Billing Summary Payroll Tax Liability Payroll Details
- Question 11: Which statement regarding the calculation of taxes is accurate? Answer: A. O For simplicity, taxable income for local, state, and federal income tax withholdings has been standardized. B. O All taxes are calculated based on net pay. C. O Because retirement plans are exempt from federal income tax, you add the contributed amount before calculating the employee's federal withholding. D. O Taxes may be calculated based on an amount lower than gross pay, and not all taxes are calculated based on the same amount. Question 12: Which of these is a credit reduction state/territory? Question 15: Union dues are considered a deduction. Answer: Answer: A. A. O Connecticut O cafeteria B. O Ohio B. O insurance C. O Virginia C. O mandatory D. O U.S. Virgin Islands D. O voluntary Question 14: Alejandra owns and operates an appliance store where employees clock in and out for each shift. Per the FLSA, Alejandra rounds employee time worked to the nearest 15-minute increment. On Tuesday this…Question 11: Which statement regarding the calculation of taxes is accurate? Answer: A. O For simplicity, taxable income for local, state, and federal income tax withholdings has been standardized. В. O All taxes are calculated based on net pay. С. O Because retirement plans are exempt from federal income tax, you add the contributed amount before calculating the employee's federal withholding. D. O Taxes may be calculated based on an amount lower than gross pay, and not all taxes are calculated based on the same amount. Question 12: Which of these is a credit reduction state/territory? Question 15: Union dues are considered a deduction. Answer: Answer: A. O Connecticut A. O cafeteria В. O Ohio В. O insurance C. O Virginia O mandatory С. D. O U.S. Virgin Islands D. O voluntary Question 14: Alejandra owns and operates an appliance store where employees clock in and out for each shift. Per the FLSA, Alejandra rounds employee time worked to the nearest 15-minute increment. On Tuesday this…1. Employees are subject to taxes withheld from their paychecks. a. List the federal taxes withheld form most employee's paychecks. b. Give the title of the accounts credited by amounts withheld. c. Social security tax d. Federal unemployment compensation tax e. Sate unemployment compensation tax
- 3. Are the federal and state income taxes withheld from employee paychecks a payroll tax expense for the em- ployer? Explain your answer.1. When calculating the tax liability what items should be removed to be taxed at special rates? Life Insurance Proceeds Long Term Capital Gains Partnership Income Municipal Bond Interest 2. Which of the following can self-employed taxpayers NOT deducts as deductions for AGI? The cost of the health insurance premiums paid by the self-employed The employers portion of self-employment tax Contributions to a SEP or other retirement programs from the self-employment The income tax paid on the income earned by the self-employmentQuestion 7: Contributions to which of the following retirement plans are subject to federal income tax withholding? Answer: A. O 401(k) В. O 403(b) С. O SIMPLE IRA D. O Payroll Deduction IRA
- Which of the following statements is not a benefit of using a Tax-Free Savings Account (TFSA) for retirement planning purposes? Withdrawals from a TFSA will not affect government pension plan benefit payments Contributions are tax deductible for the owner of the account making the deposit Withdrawals from a TFSA will not affect the federal GST tax credit benefit There are no forced withdrawal amountsWhich of the following is NOT a valid use of Form 990-T? Request credit for certain excise taxes paid. Apply for reinstatement after an exempt organization has their status revoked. Claim the Small Employer Health Insurance Premium Tax Credit. Determine tax liability from UBI.3. Choosing the standard deduction or itemized deductions The IRS allows you to reduce your adjusted gross income by either the amount of your standard deduction based on your filing status, or by the sum of your Itemized deductions. The following statement refers to deductions from adjusted gross income. The government estimates a likely amount of tax-deductible expenses for each filing status to determine the The U.S. Individual Income Tax Return (Form 1040) Schedule A lists six areas of itemized deductions. Which of the following can be included in Itemized deductions? Check all that apply. Interest you paid O Casualty and theft losses not paid by insurance ORetirement plan contributions DUnemployment compensation O Medical and dental expenses not paid by insurance in excess of 10% of adjusted gross income
