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Exam 10: Payroll Taxes

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Question 41

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Angie earned $129,200 during 2017.She is single,claims two withholding allowances,and is paid monthly.How much federal withholding tax will Angie's employer withhold for 2017?

A) $19,589.64.
B) $24,914.52.
C) $26,245.44.
D) $28,513.44.

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Question 42

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A payer must request from any U.S.person (or resident alien) that he or she complete Form W-9 to certify that all the following are true except:

A) The taxpayer identification number is correct.
B) The taxpayer is subject to backup withholding.
C) The taxpayer is exempt from backup withholding if a U.S.exempt payee.
D) The taxpayer is not subject to backup withholding.

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Question 43

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Daniel is a computer technical support representative earning $95,000 per year and also has a sole proprietor consulting business where he earned $28,000 for 2017.How much of his total earnings are subject to self-employment tax for 2017?

Griffith & Associates is trying to determine how often it needs to deposit payroll taxes for the calendar year 2017.The company made the following quarterly payroll tax deposits during the last two years: $\begin{array}{lr}\text {Quarter beginning January 1, 2015 }&\$11,000\\\text {Quarter beginning April 1, 2015 }&11,000\\\text { Quarter beginning July 1, 2015}&10,000\\\text {Quarter beginning October 1,2015 }&10,000\\\text {Quarter beginning January 1, 2016 }&15,000\\\text {Quarter beginning April 1, 2016 }&16,000\\\text {Quarter beginning July 1, 2016 }&12,000\\\text {Quarter beginning October 1,2016 }&18,000\\\end{array}$ a.What is the lookback period and amount? b.In 2017,how often must Griffith & Associates make payroll deposits?

Maeda Company has the following employees on the payroll: $\begin{array}{lccc}& \text { Marital } & \text { Semimonthly } & \text { Withholding } \\\text { Employee Name } & \text { Status } & \text { Payroll } & \text { Allowances }\\\text { Amal } & \mathrm{S} & \$ 4,800 & 1 \\\text { Miguel } & \mathrm{M} & \$ 5,60 \mathrm{C} & 2 \\\text { Byron } & \mathrm{S} & \$ 5,00 \mathrm{C} & 3 \\\text { Hiroko } & \mathrm{M} & \$ 6,20 \mathrm{C} & 4\end{array}$ Using the information above: a.Calculate the FUTA tax liability for 2017.Assume that Maeda Company has paid all amounts due during the year. b.If the payroll is consistent from quarter to quarter,how much would be remitted in FUTA taxes in each of the four quarters in 2017?

For wages paid in 2017,an employer must send Copy A of each Form W-2 along with the W-3 transmittal form to the SSA no later than:

Only wages paid in cash are subject to federal withholding.

The penalty per return for intentional disregard of filing requirements is:

Form 4070 is used by employers to record employees' tips subject to tax withholding and FICA taxes.

The payroll tax withholding system was established to help fund governmental operations.

Carolyne earns $173,472 per year.She is married and claims two withholding allowances.Use the percentage method for your calculations.(Round your answer to 2 decimal places. ) a.What is her withholding per pay period if she is paid on a weekly basis (assume 52 weeks)? b.What is her withholding per pay period if she is paid on a semimonthly basis? c.What is her withholding per pay period if she is paid on a monthly basis? d.In each of the above circumstances,should the annual withholding amount differ? Explain.

Supplemental wages are subject to the following taxes:

Maeda Company has the following employees on the payroll: $\begin{array}{lccc}& \text { Marital } & \text { Semimonthly } & \text { Withholding } \\\text { Employee Name } & \text { Status } & \text { Payroll } & \text { Allowances }\\\text { Amal } & \mathrm{S} & \$ 4,800 & 1 \\\text { Miguel } & \mathrm{M} & \$ 5,60 \mathrm{C} & 2 \\\text { Byron } & \mathrm{S} & \$ 5,00 \mathrm{C} & 3 \\\text { Hiroko } & \mathrm{M} & \$ 6,20 \mathrm{C} & 4\end{array}$ Using the above information calculate the FICA taxes and federal income tax for the second quarter of 2017.Assume that the payroll is consistent every pay period in January through June and that all tax deposits were made on a timely basis as required for the prior quarter.What is the total tax liability due for the second quarter?

A taxpayer who has overpaid the social security portion of the FICA tax because his or her combined taxable income from multiple jobs exceeds the annual wage base is entitled to receive the excess as a refund even if there is federal tax owed on the 1040 return.

Nikki's salary is $209,950 in 2017.How much social security and Medicare taxes will be withheld from Nikki's salary for the year? (Round your answer to 2 decimal places. )

Ebony earned $86,760 during 2017.She is single,paid semimonthly,and claims one withholding allowance.How much will Ebony's employer withhold from her,in total for each pay period for FICA and federal withholding taxes? (Round your answer to 2 decimal places. )

Bonita is married and claims four exemptions on her W-4.Using the percentage method,what is Bonita's federal income tax withholding under the following independent conditions? (Round your answer to 2 decimal places. ) a.Bonita is paid semimonthly and her gross pay is $5,135 per paycheck. b.Bonita is paid monthly and her gross pay is $13,840 per paycheck. c.Bonita is paid biweekly and her gross pay is $11,125 per paycheck.

Jan hired Mike to dog sit for her beloved but lonely pooch,Barney (while she worked)starting on January 4,2017 at $350 per month.Jan does not withhold any federal taxes. a.How much payroll tax should Jan pay for the year? b.If Mike came to Jan's house to walk Barney once a day and also walked other dogs in the neighborhood,is Jan required to complete Schedule H? Explain.

Mahmet earned wages of $128,700 during 2017.He is single and claims two withholding allowances.How much will Mahmet's employer withhold in Medicare taxes for the year?

If a taxpayer works for more than one employer during the year,how much in FUTA taxes is remitted in the name of the taxpayer?