Payroll Accounting Chap. 3 Matching and Questions for Review

Section 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 work are explicitly absolved by law. 2. Characterized by the custom-based law relationship of business/representative 3. On the off chance that the business has the option to tell a specialist how, when, and where to work 4. an individual who follows a free exchange, business, or profession.Where they offer their administrations to the open coming up next is the â€Å"test†: Hire, regulate, and pay colleagues Determine the arrangement of their work Set their own hours Work for the same number of managers as they wish Are pai d by the 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 uniquely under terms of an agreement 5a. They should gather the employee’s FICA charge on tips that every worker reports. At that point deduct the FICA charges from different wages because of the worker 5b.Employers are obligated for a lot of the FICA charge on any tips subject to the representatives FICA charge 6. Following a half year of back to back schedule months the wiped out compensation isn't burdened. Period off work MUST be sequential any arrival to work restarts the half year tally. 7. They are dependent upon FICA charge however the employer’s coordinate part is tax exempt. 8. YES!!!! The measure of over installment is credited against the employee’s government annual duty for the year. Directions are given on the Individual Income Tax Return (F orm 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 managed savings act. The maximum available pay for an individual is $110,100 for OASDI however for HI the all out pay is available 10. The EIN’s can be gotten straightforwardly from the IRS site. No enlistment is required and the EIN is perceived by the IRS quickly or they can consider the IRS or mail or fax the SS-4 (Application for EIN) 11. The necessities depend on the â€Å"lookback† period.The measure of business charge the business gave an account of the quarterly returns for the 4 quarters in the lookback period decides whether they are a month to month or semi month to month investors. Every Nov. the IRS advises managers climate they will be month to month or semimonthly investors. 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 duty required to be accounted for will be added to the expense. . 5% of the undeposited charges c. 2% of the sum (on the off chance that under $1,250, at that point punishment is $25 or the measure of the check, whichever is less) Practical Problems An (if you don't mind see the Excel document 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. 266. 74 Total Penalty Imposed