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7 Cards in this Set
- Front
- Back
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True or False #21: The period for which a terminated employee is eligible to claim benefit is known as "taxable year".
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False
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True of False #22: In most states, the base period for claiming unemployment benefits is the first four calendar quarters out of the five preceding the quarter during which the employee first filed claim for benefit.
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True
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True of False #23: Laid-off or terminated employees are the only individuals who are eligible for unemployment benefits.
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False
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What is the normal credit an employer can take against FUTA tax liability?
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The normal credit against FUTA equals the amount of employer's required contribution that are timely paid into a certified state unemployment insurance fund. It is also called the 90% credit because the amount of the credit is limited to 90% of the basic 6% FUTA tax rate.
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Who can sign the employer's Form 940?
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The following individual can sign Form 940:
-the individual owning the business if it is a sole proprietorship. -the president, vice preside, or other principal corporate officer, if the employer is a corporation -an authorized member or partner of an unicorporated association or partnershop having knowledge of the organization's affairs -the owner, if it is a single member limited liability company treated as a disregarded entity or -a fiduciary if the employer is a trust or estate. |
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When is a from 940 that has been mailed through the U.S. Postal service considered filed?
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A form 940 that is mailed through the U.S. postal Service is considered filed at the time it is postmarked by the U.S. Postal Service.
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What must an employer do in relation to filing Form 940 when it goes out of business?
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Employer that cease doing business must file a form 940 for the portion of the last calendar year they were in business and check Box d in the upper right hand cornerof page 1 indicating no future returns will be files. The employer must also attach a statement to the form including the following information: location where required records will be kept; who is responsible for keeping the records, and the name and address of the purchaser of the business or the fact that there was no purchaser or that the purchaser's name is unknow.
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