1. Which of the following deposit requirements pertains to a monthly depositor who has accumulated employment taxes of $2,900 at the end of October?
a. No deposit is required.
b. The un deposited taxes should be carried over to the end of November.
c. The taxes must be deposited on or before November 15.
d. The taxes must be deposited on or before the next banking day.
e. None of the above.
2. To be designated a semiweekly depositor, how much in employment taxes would an employer have reported for the four quarters in the look back period?
a. More than $50,000.
b. More than $100,000.
c. Less than $50,000.
d. More than $2,500.
e.None of the above.
3. The FICA tax rates for the self-employed are:
a. 6.2% (OASDI) and 1.45% (HI).
b. 12.4% (OASDI) and 1.45% (HI).
c. 6.2% (OASDI) and 2.9% (HI).
d. 10.0% (OASDI) and 1.0% (HI).
e. none of the above.
4. Self employment tax rate is 12.4% for OASDI and 2.9% for HI, totaling 15.3%
The OASDI taxable wage base is correctly defined as:
a. all amounts earned by an employee during a calendar year.
b. the maximum amount of wages during a calendar year that is subject to the OASDI tax.
c. all amounts paid an employee during a calendar year.
d. all amounts either earned by, or paid to, an employee during a calendar year.
e. none of the above.