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Payroll 101

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Payroll 101
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21 questions

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1.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

What is the Social Security rate?

6.3%

1.45

6.2%

0.6%

2.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

What is the Medicare Rate?

6.2%

1.46%

1.4%

1.45%

3.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

What is the tax rate for FUTA?

60%

0.6%

6.0%

0.006%

4.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Who pays Social Security?

Employe and employer

Employee only

Employer only

Employee and employer

5.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

What is FUTA?

Federal Unemployment Tax Administration

Federal Unemployment Tax Association

Federal Unemployment Tax Act

Federal Unemployment Tax

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

It is the rule that makes employers responsible for payroll taxes on the date they pay employees, regardless of when they did the work associated with that paycheck. If the employer pays employees only on Fridays, you only report a tax liability on Fridays, even if employees earn wages every day of the week. A common point of confusion is when work is performed in one tax period, but employees are paid in a different tax period. The IRS only tracks when employees are paid, not the span of time when the money is earned.

Deposit Period

Constructive Receipt

Lookback Period

Deposit Schedule

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

A reference period used by the IRS to determine your federal tax payment due dates. The IRS evaluates your tax liability during this 12-month period and determines whether you are a monthly or a semiweekly depositor for the coming year. Most new employers are monthly depositors. For 2019, the the ____________ is July 1, 2017 - June 30, 2018.

Deposit Schedule

Constructive Receipt

Lookback Period

Deposit Period

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