
Payroll 101
Quiz
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Business
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University
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Practice Problem
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Medium
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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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