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22 Cards in this Set
- Front
- Back
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Form 941 is considered to be "timely filed" EXCEPT when:
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delivered to a delivery service by the due date.
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HRA
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All ER Paid dollars not taxable to employees, can't give cash to HR account; no limits (tax exempt ) not 125
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Which of the following returns can an employer file using the IRS Form 941 e-file program?
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A. Returns with attachments other than Schedule B
B. Amended returns *** Late returns for the current year D. Corrected returns |
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Form 1042-S must be provided to the recipient by:
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March 15th
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Under what condition is a Form 1042-T filed?
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A. When paper Forms 1042-S are filed with the IRS
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Form 941 is considered to be "timely filed" EXCEPT when:
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delivered to a delivery service by the due date.
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HRA
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All ER Paid dollars not taxable to employees, can't give cash to HR account; no limits (tax exempt ) not 125
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Which of the following returns can an employer file using the IRS Form 941 e-file program?
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A. Returns with attachments other than Schedule B
B. Amended returns *** Late returns for the current year D. Corrected returns |
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Form 1042-S must be provided to the recipient by:
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March 15th
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Under what condition is a Form 1042-T filed?
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A. When paper Forms 1042-S are filed with the IRS
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An employee's profit sharing bonus is payable in the year following the employee's death. How should the payroll department tax and report the bonus?
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Withhold no taxes and report the bonus amount on Form 1099-MISC, Box 3.
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How, if at all, are employment-related payments and wages that are excludable from the FUTA tax reported on Form 940?
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A. Included in Total Payments to all employees and Payments Exempt from FUTA Tax
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ER contributions to ESOPs not wages but
qualified |
must not exceed the $49K
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EFTPS
EFT |
electronic federal tax payment system
Electronic File Transfer |
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Depositing taxes
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ACH Credit push
ACH Debit pull |
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ETA
EFTPS |
Electronic Tax Application
aka FedWire by 2pm same day Internet |
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mailed 941
or private delivery services |
postmarked date
specific day |
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Where do you file your 941
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assigned regional office
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What must be specified at the time of the employee's election to defer into a nonqualified plan?
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•The time and form of distributions must be specified at the time of deferral, either by the plan itself or by an election of the employee.
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Fail to file 941s
Max penalty |
5%
25% |
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What types of visas are available for individuals visiting the U.S.?
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Immigrant and nonimmigrant
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Due Dates for completing 941Xs
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The due date for filing Form 941-X depends on when you discover an error and if you underreported or overreported tax.
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