OCPS Recordkeeping & Reporting Requirements 3

Question 1

Form 1099-NEC must be furnished to independent contractors and filed with the IRS by what deadline?

Accepted Answer

January 31

Answer

Form 1099-NEC must be provided to recipients and filed with the IRS by January 31 of the year following payment.

Question 2

When must an employer retain Form I-9 for a terminated employee who worked for 4 years?

Accepted Answer

3 years after termination or 1 year after separation, whichever is later

Answer

I-9 forms must be retained for 3 years from the date of hire or 1 year after termination, whichever is later.

Question 3

Which payroll report provides state unemployment agencies with quarterly wage information for each employee?

Accepted Answer

State SUI wage report

Answer

State unemployment insurance (SUI) wage reports filed quarterly provide per-employee wage details to state agencies.

Question 4

An employer with annual FUTA tax liability of $500 must deposit it by:

Accepted Answer

Annually by January 31

Answer

If FUTA tax liability is $500 or less for the year, the employer may pay it annually by January 31.

Question 5

What is the penalty for intentionally disregarding the requirement to file correct information returns with the IRS?

Accepted Answer

$630 per return or 10% of unreported amount, whichever is greater

Answer

Intentional disregard of information return requirements carries a penalty of at least $630 per return or 10% of the reportable amount.

(OCPS) Online Certified Payroll Systems Certified Professional Practice Test