What is the due date for submitting Form 1096? Answer: A. 12/31 of the current year B. 1/31 of the subsequent year C. 3/15 of the subsequent year D. 4/15 of the subsequent year
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1. What is the due date for submitting Form 1096?
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2. If a state is subject to a credit reduction, its employers will pay a(n) _____ FUTA rate in comparison to the previously effective rate.
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3. The earnings threshold below which no self-employment taxes are owed is _____.
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- Provide answer please! If the collection of the note receivable is reasonably assured, what is the net income to be recognized by the entity for the year ended December 31, 2020 in relation to the initial franchise fee?A. 98,850 C. 70,028B. 94,850 D. 92,0371. What loan from the federal government given to individual states is used to provide unemployment benefits to state residents? Answer: A. SUTA Advances B. FUTA Advances C. Title XII Advances D. Title 15 Advances 2. The SUTA tax rate is determined by an employer’s _____. Answer: A. credit reduction B. FUTA tax rate C. experience rating D. Medicare tax rate 3. Identify each item as associated with Form 1099-NEC, Form 1096, or both. A. Displays earnings for one individual Form 1099-NEC Form 1096 Both B. Displays earnings for multiple individuals Form 1099-NEC Form 1096 Both C. Requires a signature Form 1099-NEC Form 1096…Answer this please. Accounting question. If the collection of the note receivable is not reasonably assured, what is the gross profit to be recognized by the entity for the year ended December 31, 2020 in relation to the initial franchise fee?A. 60,028 C. 56,009B. 54,236 D. 45,037
- 1. What self-employment tax rate is applied to earnings that exceed $142,800 in a year and also do NOT exceed the additional Medicare tax threshold? Answer: A. 15.3% B. 12.4% C. 2.9% D. 1.45% 2. What is the standard credit applied to the FUTA tax rate in non-credit reduction states? Answer: A. 0.6% B. 0.9% C. 5.4% D. 6% 3. An employer in a non-credit reduction state would pay FUTA taxes of _____ for an employee whose year-to-date earnings prior to the current period are $7,200 and who earns $1,100 during the current period. Answer: A. $0 B. $6.60 C. $43.20 D. $49.8030. The “Subsidy from National Government” account is credited when recording a Receipt of NCA Reversion of unused NCA Constructive remittance of customs duties or taxes withheld through TRA a and c_____ 1. Reciprocal arrangements A. Extra state unemployment contributions made by the employers _____ 2. Title XII advances B. Favorable employment records result in a lower SUTA tax _____ 3. Negative-balance employers C. Annual Federal Unemployment Tax Return _____ 4. Dumping D. Poor experience-rated companies form new companies with lower unemployment tax rates _____ 5. Over 500 E. Pay FUTA tax with Schedule H of Form 1040 _____ 6. Merit rating F. Provide unemployment insurance coverage and payment of benefits to interstate workers _____ 7. Form 940 G. Borrowings from federal government to pay unemployment compensation benefits _____ 8. Household employers H. Employers whose reserve account has been charged with more benefits paid out than contributions made _____ 9. Wage information reports I. Quarterly threshold for mandatory depositing of FUTA taxes _____ 10. Voluntary contributions J. Quarterly reports submitted to the state listing employees, SSNs, and taxable wages
- Consider the following accounts and determine if the account is a current liability, a noncurrent liability, or neither. A. cash B. federal income tax payable this year C. long-term note payable D. current portion of a long-term note payable E. note payable due in four years F. interest expense G. state income taxI. Define: a. Minimum wage b. E.O. 226 c. BMBE Law d. CDA e. Tax law vs gaap f. Statutes and Presidential Decrees g. Judicial Decision or case laws h. Local Ordinances i. Ad Valorem j. Sin Taxeshow do an annual bonus paid at year end be treated under IAS 34 and how does this treatment differ from what is required under U.S GAAP?
- how do an annual bonus paid at year end be treated under IAS34 and how does this treatment differ from what is required under U.S GAAP?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 Island1. What tax is used by the federal government to provide unemployment compensation to individuals who are out of work? Answer: A. FUTA B. SUTA C. Medicare D. Social Security 2. When completing Form 1096, the maximum number of types of Form 1099 that may be selected is _____. Answer: A. 1 B. 2 C. 3 D. 4 3. What is the FUTA tax rate in a state that has a 1.5% credit reduction? Answer: A. 1.2% B. 1.5% C. 2.1% D. 2.7%
