Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
14 Cards in this Set
- Front
- Back
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 |