Payroll 101

What is the Social Security rate?

• 6.3%

• 1.45

• 6.2%

• 0.6%

What is the Medicare Rate?

• 6.2%

• 1.46%

• 1.4%

• 1.45%

What is the tax rate for FUTA?

• 60%

• 0.6%

• 6.0%

• 0.006%

Who pays Social Security?

• Employe and employer

• Employee only

• Employer only

• Employee and employer

What is FUTA?

• Federal Unemployment Tax Administration

• Federal Unemployment Tax Association

• Federal Unemployment Tax Act

• Federal Unemployment Tax

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

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

Select the correct Federal Forms.

• Form 941

• Form 943

• Form 940

• Form W2

The correct breakdown of a paycheck.

• Gross pay, Taxes, Deductions, Net pay, Pay period, Pay date

• Gross pay, Deductions, Net pay, Pay period and date

• Federal Taxes, State taxes, Paycheck number, Company Contribution, Gross pay, Net pay

• Federal Taxes, State taxes, paycheck date, Company Contribution, Gross pay, Net pay

The span of time during which tax liabilities accumulate for each deposit due date.

• Deposit Period

• Constructive Receipt

• Lookback Period

• Deposit Schedule