CPB / BookKeeping Payroll and Tax Reporting 2

Question 1

An employee earns $52,000 annually. What is the maximum Social Security tax they will pay in 2024?

Accepted Answer

$3,224.00

Answer

$6,448.00

Answer

$7,254.00

Answer

$3,627.00

Question 2

Which IRS form must employers use to report annual wages and taxes withheld for each employee?

Accepted Answer

Form W-2

Answer

Form 941

Answer

Form 1099-NEC

Answer

Form W-3

Question 3

A company pays employees on a semi-monthly basis. How many payroll periods does it have per year?

Accepted Answer

24

Answer

12

Answer

52

Answer

26

Question 4

What is the employer's FUTA tax rate on the first $7,000 of each employee's wages, assuming full credit applies?

Accepted Answer

0.6%

Answer

6.0%

Answer

6.2%

Answer

1.45%

Question 5

Which section of the Internal Revenue Code governs the taxation of nonqualified deferred compensation plans?

Accepted Answer

Section 409A

Answer

Section 401(k)

Answer

Section 125

Answer

Section 132

Question 6

An employer withholds $1,800 in federal income tax, $744 in Social Security, and $174 in Medicare from employee wages this month. What is the total employer tax deposit required?

Accepted Answer

$3,462.00

Answer

$2,718.00

Answer

$4,436.00

Answer

$2,462.00

Question 7

What is the deadline for employers to furnish Form W-2 to employees for the prior calendar year?

Accepted Answer

January 31

Answer

January 15

Answer

February 28

Answer

March 15