CPP Payroll Accounting & Reporting Flashcards
6 cards from real CPP practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 6 CPP Payroll Accounting & Reporting flashcards as text
The deadline for furnishing W-2 forms to employees is:
Answer: January 31 of the following year
Employers must furnish W-2 forms to employees by January 31 of the year following the tax year.
Employer-sponsored health coverage costs are reported on Form W-2 in:
Answer: Box 12, using Code DD
The cost of employer-sponsored health coverage is reported in Box 12 of Form W-2 using Code DD for informational purposes only.
Form W-2c is used to:
Answer: Correct errors on a previously issued W-2
Form W-2c (Corrected Wage and Tax Statement) corrects errors on a previously issued W-2 and is filed with Form W-3c.
Form 941 is filed on what schedule?
Answer: Quarterly — due April 30, July 31, October 31, and January 31
Employers file Form 941 quarterly, with due dates of April 30, July 31, October 31, and January 31.
Which box on Form W-2 reports Medicare wages and tips?
Answer: Box 5
Box 5 reports Medicare wages and tips; unlike Social Security, Medicare has no wage base cap so this amount may exceed Box 3.
The annual federal unemployment tax return is filed on:
Answer: Form 940
Form 940 is the Employer's Annual Federal Unemployment (FUTA) Tax Return, due January 31 of the following year.