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- Question 7: FUTA tax must be remitted if the total FUTA tax owed exceeds $300 as of the end of the 2nd quarter. Answer: А. True В. FalseQuestion 5: How much Social Security tax would be owed by an employee who has taxable earnings for Social Security tax of $2,000, and who, prior to the current pay period, has earned $142,500 of taxable earnings for Social Security tax? Answer: A. В. O $18.60 С. O $105.40 D. O $124.00Question 21: If an employee's wages exceed the Social Security wage base for the year, is entered in box 4 (Social security tax withheld) of Form W-2. Answer: A. O so В. O $7,000 С. O $8,853.60 D. O S142,800
- How much is the annual retirement benefit expense for the year ended December 31, 2021? a. ₱ 312,902 b. ₱ 1,390,675 c. ₱ 104,301 d. ₱ 417,2031. The annual contribution limit to a 401(k) plan is _____. Answer: A. $6,000 B. $7,000 C. $13,500 D. $19,500 2. For an individual who is 45 years of age and has taxable earnings of $27,400, the annual contribution limit to a Payroll Deduction IRA is $_____. Answer: A. $6,000 B. $7,000 C. $5,500 D. $6,500 3. Louisa is an employee of Maroon Corp. Louisa files as Married Filing Jointly on her tax return. Over what amount will Maroon Corp. begin to withhold the additional Medicare tax from her earnings? Answer: A. $0 B. $125,000 C. $200,000 D. $250,00017. The following deductions are made from the salary of an employee. DEDUCTIONS Income tax 35%National housing 2%Education tax 1% What is the total amount which should be deducted from her employee’s salary $1 800 per month? A. $486B. $648C. $684D. $846
- 6. Journalize the payroll entries from the following information: Salaries $120,000; Income Tax deduction $20,000; Fica Tax deduction 7% of salaries; US Savings Bond deduction $2,000; SUTA Tax 4% of salaries; FUTA Tax .8 of salaries.Assume the FUTA tax rate is 0.6% and the SUTA tax rateis 5.4%. Both taxes are applied to the first $7,000 of anemployee’s pay. What is the total unemployment tax anemployer must pay on an employee’s annual wages of$40,000? a. $2,400 b. $420 c. $42 d. $378 e. $0; employee’s wages exceed the $7,000 maximum.Question 5: The contribution limit for a Payroll Deduction IRA increases once an employee reaches years of age. Answer: A. O 40 В. O 45 C. O 50 D. O 55
- Question 15: Under the wage-bracket method for an employee who completed the 2021 Form W-4, what would the federal income tax withholding be if he/she is single, works one job, and has a weekly adjusted wage amount of $315? Answer: A. $0 В. $8 С. $14 D. $22CHOOSE THE LETTER OF THE CORRECT ANSWER What is the employee benefit expense for the current year? a. 1,180,000b. 2,100,000c. 1,850,000d. 1,050,000 What is the remeasurement gain or loss on plan assets on Dec. 31? a. 670,000 gainb. 670,000 lossc. 650,000 gaind. 650,000 lossQuestion 3: How much FUTA tax would an employer in a non-credit-reduction state owe if an employee has earned $6,400 to date and has current period taxable pay of $1,500? Answer: A. O $3.60 В. O 59 C. O $36 D. O $90