2010 Payroll Source Ch8 (1-4 T/f,mc)

Front 1

2010 Chapter 8 T/F #1
Employers that deposited more than $50k in witheld income and employment taxes in 2008 face a 10% penalty if they do not make their tax deposits through EFTPS for liabilities incurred on or after January 1, 2010.

Back 1

False Employers with $200,000 in total tax deposits in 2008 do not have to use EFTPS in 2010 unless they were required to use it in 2009.

Front 2

2010 Chapter 8 T/F #2
New employers deposit their payroll tax liability as a semiweekly depositor.

Back 2

False New employers are classified as monthly depositors.

Front 3

2010 Chapter 8 T/F #3
The shortfall rule allows an employer to deposit 95% of its payroll tax liability without a penalty.

Back 3

False At least 98% of the tax liability (or the liability -$100, if that is less) must be deposited to avoid a late payment penalty.

Front 4

2010 Chapter 8 T/F #4
New employers that must make a deposit before being assigned an EIN must make their deposit with the IRS service center where they will file their returns.

Back 4

True

Front 5

2010 Chapter 8 Mult Choice #1
When depositing witheld income and employment taxes, what form must be used by a paper depositer?

Back 5

c. form 8109

Front 6

2010 Chapter 8 Mult Choice #2
When an employer has been unable, after a reasonable effort, to deliver an employee's copies of Form W-2, how long must it keep those copies or be able to reproduce the electronic file containing the employee's W-2 information?

Back 6

d. four years

Front 7

2010 Chapter 8 Mult Choice #3
Where does the employer send Form 1099-MISC

Back 7

a. IRS

Front 8

2010 Chapter 8 Mult Choice #4
Distribution from retirement plans and payments of matured annuity, endowment, and life insurance contracts must be reported on what form?

Back 8

d Form 1099R