Payroll Accounting Chap. 3 Matching and Questions for Review

Part 3 Matching Quiz E1. Employee’s FICA Tax Rates D2. Structure SS-4 H3. Semi Weekly Depositor J4. Available for FICA A5. Non Taxable for FICA I6. Self-Employed’s FICA Tax Rates C7. Structure 941 B8. Month to month Depositor G9. Available Wage Base F10. Structure SS-5 CHAPTER 3 Review Questions 1. On the off chance that the individual utilizes at least 1 people for exhibitions of administrations in the US except if such administrations or business are explicitly absolved by law. 2. Characterized by the custom-based law relationship of manager/worker 3. On the off chance that the business has the privilege to tell a specialist how, when, and where to work 4. an individual who follows an autonomous exchange, business, or profession.Where they offer their administrations to the open coming up next is the â€Å"test†: Hire, oversee, and pay aides Determine the succession of their work Set their own hours Work for the same number of bosses as they wish Are paid by th e activity Make their administrations accessible to people in general Have a possibility for benefit or misfortune Furnish their own apparatuses Have a generous interest in their exchange May be excused distinctly under terms of an agreement 5a. They should gather the employee’s FICA charge on tips that every representative reports. At that point deduct the FICA charges from different wages because of the representative 5b.Employers are at risk for a lot of the FICA charge on any tips subject to the workers FICA charge 6. Following a half year of sequential schedule months the wiped out compensation isn't burdened. Period off work MUST be successive any arrival to work restarts the half year check. 7. They are dependent upon FICA charge yet the employer’s coordinate segment is tax exempt. 8. YES!!!! The measure of over installment is credited against the employee’s government personal assessment for the year. Directions are given on the Individual Income Tax Ret urn (Form 1040) that clarify how the over installment ought to be dealt with. So document your charges John!!! 9a. 3. 3 % 2013-Projected 10. 4% for OASDI 2. 9% for HI b. Normally the net business pay of individual as appeared in their personal assessment forms make up their net income from independent work with the end goal of the government disability act. The maximum available salary for an individual is $110,100 for OASDI yet for HI the complete pay is available 10. The EIN’s can be acquired straightforwardly from the IRS site. No enrollment is required and the EIN is perceived by the IRS promptly or they can consider the IRS or mail or fax the SS-4 (Application for EIN) 11. The prerequisites depend on the â€Å"lookback† period.The measure of business charge the business provided details regarding the quarterly returns for the 4 quarters in the lookback period decides whether they are a month to month or semi month to month contributors. Every Nov. the IRS tells bu sinesses climate they will be month to month or semimonthly contributors. 12. Basically all businesses aside from those with a $2,500 or less in ? charge liabilities that pay when they document their profits. 13. For the most part by contact tone telephone, PC, or online 14. For the most part 3 months of each schedule year 15a. A certain % of the measure of expense required to be accounted for will be added to the assessment. . 5% of the undeposited charges c. 2% of the sum (in the event that under $1,250, at that point punishment is $25 or the measure of the check, whichever is less) Practical Problems A (kindly observe the Excel record for the remainder of the issues and afterward I am mailing in the structures utilized for issues 3-11A, 3-12A, 3-13A, 3-14A, and 3-15A) 3-15A LO4,5 b. 1. Jan. 182. Feb. 63. Feb. 204. Blemish. 65. Blemish. 20 6. Apr. 3-16A LO5 1. Apr. 15 2. a250. 52505 * 10% = 250. 50 b. 12. 532505 * ? % = 12. 53 c. 3. 712505 * 3% * (18/365) = 3. 7118 days late d. 26 6. 74 Total Penalty Imposed