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14 Cards in this Set

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Review Question: #9
Name three types of employment that are exempt from FUTA.
Review Question: #9 Answer
-work on a foregin ship outside the U.S.
-wokr done by full-time students for the school where they attend classes or for an organized camp.
-work performed as student nurses or hospital inters
-life insurance agents who receive only commissions,etc.
Review Question: #10
How does an empoyer amend an incorrect Form 940?
Review Question: #10 Answer

Employers that make an error on Form 940 need to file an amended return. They do this by filing a new Form 940 for the year being amended with the correct numbers. Box a in the upper right corner of page 1 in dicateing an amended return should be checked. The form should be accompained by a statement as to why the amended return is necessary.
Review Question: #11
What are the four methods that states use to determine an employer's experience rate?
Review Question: #11 Answer

-Reserve ratio
-Benefit ratio
-Benefit-wage ratio
-Payroll stabilization
Review Question: #12
States that offer the voluntary contribution option routinely impose restrictions on its use. What classifications of employers are often barred from making such contributions?
Review Question: #12 Answer

-new employers,
-negative reserve balance employers, and
- employers tha thave not paid state taxes on time.
T/F Q#9
Form 940 is filed each quarter by employers that are subject to FUTA tax.
T/F Q#9 Answer
False
T/F Q#10
Each state requires employers to contribute toward its unemployment insurance program in the form of state unemployment taxes.
T/F Q#10 Answer
True
The employer must file Form 940 annually, no later than January 31 following the close of the calender year.
T/F Q#11
If the employer's FUTA tax liability for the first quarter is $600, no deposit is required.
T/F Q#11 Answer
False
If the employer's FUTA tax liability is more than $500, a deposit is required.
T/F Q#12
If the FUTA tax deposit due date falls on a Saturday, the deposit is due the Friday before.
T/F Q#12 Answer
False
If the FUTA tax deposit due date falls on a Saturday, the depsoit is due on the next business day.
Multiple Choice Q#9
An employer's wages sugject to FUTA tax liability for the first three quarters of 2010 are $25,000, $26,000 and $18,000 respectively. How much FUTA tax must be deposited in the thrid quarter?

a. $52
b. $144
c. $552
d. $408
Multiple Choice Q#9 Answer
c. $552
Multiple Choice Q#10
What is the due date for depositing FUTA taxes for the third quarter?

a. September 30
b. October 31
c. November 30
d. December 31
Multiple Choice Q#10 Answer
b. October 31
Multiple Choice Q#11
An employer's FUTA taxable wages for the first quarter of 2010 amount to $35,000. What is the employer's FUTA tax liability for the quarter?

a. $2,170
b. $280
c. $0
d. $56
Multiple Choice Q#11 Answer
b. $280
Multiple Choice Q#12
An employer paid $ 2,000 of its $3,000 2009 state unemployment tax liability by February 1, 2010 and the remainder when it filed its 2009 Form 940 a week later. What is the employer's normal credit against FUTA liability for 2009?

a. $ $900
b. $2,700
c. $2,900
d. $3,000
Multiple Choice Q#12 Answer
c. $2,900
Multiple Choice Q#11
An employer's FUTA taxable wages for the first quarter of 2010 amount to $35,000. What is the employer's FUTA tax liability for the quarter?

a. $2,170
b. $280
c. $0
d. $56
Multiple Choice Q#11 Answer
b. $280
Multiple Choice Q#12
An employer paid $ 2,000 of its $3,000 2009 state unemployment tax liability by February 1, 2010 and the remainder when it filed its 2009 Form 940 a week later. What is the employer's normal credit against FUTA liability for 2009?

a. $ $900
b. $2,700
c. $2,900
d. $3,000
Multiple Choice Q#12 Answer
c. $2,900