Tax Preparation Tax Forms and Procedures 2

Question 1

An employer must deposit federal payroll taxes by what general deadline for monthly depositors?

Accepted Answer

The 15th of the following month

Answer

The 7th of the following month

Answer

The 10th of the following month

Answer

The last day of the following month

Question 2

Form 941 is filed by employers to report:

Accepted Answer

Quarterly payroll taxes including income tax withheld and FICA

Answer

Annual wages and tips

Answer

Annual FUTA taxes

Answer

Self-employment income

Question 3

What is the penalty for failing to file Form 1040 on time (without an extension)?

Accepted Answer

5% per month on unpaid tax (up to 25%)

Answer

0.5% per month on unpaid tax

Answer

Flat $500 penalty

Answer

10% of total tax owed

Question 4

Which form is used by nonresident aliens to file a US income tax return?

Accepted Answer

Form 1040-NR

Answer

Form 1040

Answer

Form 1040-SR

Answer

Form W-7

Question 5

A taxpayer receives a CP2000 notice from the IRS. What does this indicate?

Accepted Answer

There is a discrepancy between reported income and third-party information

Answer

The return was accepted with no changes

Answer

The taxpayer owes a large balance due

Answer

The return is being audited

Question 6

The IRS statute of limitations to assess additional tax is generally how long from the due date of the return?

Accepted Answer

3 years

Answer

1 year

Answer

2 years

Answer

10 years