Question 32: What statement about Form l-9 is accurate?Answer:A.O The employee submits one or two documents to verify employment eligibility.В.O It was significantly revised and expanded in 2020.C.O A company submits this to request an EIN.D.O It is also referred to as Publication 15.Question 33: Match each incentive plan to its definition.Profit-sharingEmployee receives a portion of the company's profitsafter exceeding a predetermined levelDROP HEREEmployee may purchase shares of the business aftermeeting predetermined goalsStock optionsDROP HERESabbaticalsPaid leave after working a predetermined number ofyearsDROP HEREMonies received for reaching a specific sales/productiongoalCash incentivesDROP HEREQuestion 34: Rachel is a server at a family restaurant in Omaha, NE. As a tipped employee, she receives an hourly wage that is less than the federal minimumwage. This week, her combined hourly wages and tips was less than the federal minimum wage. What happens next?Answer:A.O Rachel's employer pays her additional wages to compensate for the deficit.В.O Additional pooled tips must be allocated to Rachel to compensate for the deficit.C.O This circumstance is acceptable, so no action is necessary.D.O Her employer may be required to pay her additional wages, depending on her total earnings in subsequent weeks.Question 35: Match each mandatory deduction with its description.Federal income taxHealth insurance for individuals 65 and older or withcertain disabilitiesDROP HERELocal income taxTo fund governmental operations in a municipalityDROP HEREMedicare taxProvides benefits to temporarily disabled employeesDROP HEREState disability insuranceUsed by a wide range of governmental agenciesDROP HEREQuestion 37: Match each retirement plan with the correct matching statement.Referred to as a Tax-Sheltered Annuity Plan and availableonly to employees of specific institutions or organizations401(k)DROP HEREA defined-contribution retirement plan with a tax-deferred,set amount withheld each pay period403(b)DROP HEREThe simplest retirement plan, often used by self-employed individualsSIMPLE IRADROP HEREPayroll Deduction IRAA retirement plan designed for small business employeesDROP HEREQuestion 38: Match each tax with its wage base (income threshold) amount.FUTALevied on the first $7,000 of taxable earningsDROP HERESUTAWage base ranges from $7,000 to S56,500DROP HERESelf-employmentLevied in full on the first $142,800 of net SE incomeDROP HERE

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Question 32: What statement about Form I-9 is accurate? Answer: A. The employee submits one or two documents to verify employment eligibility. 3. O It was significantly revised and expanded in 2020. O A company submits this to request an EIN. D. It is also referred to as Publication 15.

Question 32: What statement about Form I-9 is accurate? Answer: A. The employee submits one or two documents to verify employment eligibility. 3. O It was significantly revised and expanded in 2020. O A company submits this to request an EIN. D. It is also referred to as Publication 15.

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter19: Deferred Compensation

Section: Chapter Questions

Problem 2DQ

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