CPP CPP Payroll Accounting & Reporting 2

Question 1

The deadline for furnishing W-2 forms to employees is:

Accepted Answer

January 31 of the following year

Answer

Employers must furnish W-2 forms to employees by January 31 of the year following the tax year.

Question 2

Employer-sponsored health coverage costs are reported on Form W-2 in:

Accepted Answer

Box 12, using Code DD

Answer

The cost of employer-sponsored health coverage is reported in Box 12 of Form W-2 using Code DD for informational purposes only.

Question 3

Form W-2c is used to:

Accepted Answer

Correct errors on a previously issued W-2

Answer

Form W-2c (Corrected Wage and Tax Statement) corrects errors on a previously issued W-2 and is filed with Form W-3c.

Question 4

Form 941 is filed on what schedule?

Accepted Answer

Quarterly — due April 30, July 31, October 31, and January 31

Answer

Employers file Form 941 quarterly, with due dates of April 30, July 31, October 31, and January 31.

Question 5

Which box on Form W-2 reports Medicare wages and tips?

Accepted Answer

Box 5

Answer

Box 5 reports Medicare wages and tips; unlike Social Security, Medicare has no wage base cap so this amount may exceed Box 3.

CPP - Certified Payroll Professional Practice Test