Match each of the voluntary deductions listed with the correct definition. 1: Match each of the voluntary deductions listed with the correct definition. State disability insurance 401(k) Payroll deduction IRA Cafeteria plan Charitable contribution DROP HERE DROP WERE DROP WERE DROP VERE DPOP-VERE Provides short-term benefits to employees who are unable to work as a result of an off-the-job circumstance. Employees may be required to contribute toward this in certain states. A defined-contribution retirement plan under which a set amount may be withheld from gross earnings each pay period. These funds are tax-deferred. A retirement plan option often utilized by individuals who are self-employed. It is perhaps the simplest retirement option. These are often matched by the employer, thereby magnifying the benefit to the organization receiving the funds. These amounts are subject to federal income tax withholding. A group of benefits offered by employers. To offer this, employers must give each employee a choice of at least one taxable option and one non-taxable option.

Match each of the voluntary deductions listed with the correct definition. 1: Match each of the voluntary deductions listed with the correct definition. State disability insurance 401(k) Payroll deduction IRA Cafeteria plan Charitable contribution DROP HERE DROP WERE DROP WERE DROP VERE DPOP-VERE Provides short-term benefits to employees who are unable to work as a result of an off-the-job circumstance. Employees may be required to contribute toward this in certain states. A defined-contribution retirement plan under which a set amount may be withheld from gross earnings each pay period. These funds are tax-deferred. A retirement plan option often utilized by individuals who are self-employed. It is perhaps the simplest retirement option. These are often matched by the employer, thereby magnifying the benefit to the organization receiving the funds. These amounts are subject to federal income tax withholding. A group of benefits offered by employers. To offer this, employers must give each employee a choice of at least one taxable option and one non-taxable option.

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter19: Deferred Compensation

Section: Chapter Questions

Problem 2DQ

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1. Match each form name with its associated description. Form 1099-NEC Form 1096 Form W-9 Request for Taxpayer Identification Number and Certification Nonemployee Compensation Annual Summary and Transmittal of U.S. Information Returns 2. The SUTA taxes for an employee whose year-to-date earnings prior to the current period are $12,400, who earns $1,500 during the current period, who works in a state with a credit reduction of 1.5%, and whose state imposes a SUTA tax rate of 2.5% with an associated wage base of $12,600 would be$______ 3. Which of these states does NOT levy SUTA tax on employees as well as employers? Answer:   A. New Jersey B. Alaska C. Pennsylvania D. Rhode Island