Answer These for my study guide

11.

The percentage of withholding tables is utilized to determine federal income tax withholding based on how many different rates?

a.six

b.eight

c.two

d.seven

12.

Save the Sea Lions Ltd posted their current year W-2s for their 16 employees to a secure Web site on January 28 of the subsequent year. The W-2s totaled $562,931.64, and (due to a software error) the names and Social Security numbers did not match. How much of a late filing penalty will they be liable for?

a.$4,480

b.$0

c.$800

d.$1,600

13

State income taxes should be withheld based on where the work is performed, unless:

a.The employee is a nonresident in the state where the work is performed, but there is no reciprocal agreement.

b.A reciprocal agreement exists between multiple states and the employer has employees in multiple states

c.The employee verbally and specifically requests that the employer do not withhold

d.The employee indicates in writing that he/she request that the employer do not withhold

14

Under Federal Income Tax withholding laws, in order to withhold taxes, all of the following conditions must exist except

a.employment is not exempt.

b.an employer-employee relationship must exist.

c.the employee must be over 21 years of age.

d.payments must be defined as wages.

15

One of Sherwin's independent contractors neglects to provide Sherwin with the appropriate TIN. Accordingly, Sherwin must take backup withholding out of the payments of $42,351 to the contractor of:

a.$9,317.22

b.$16,771.00

c.$ 10,164.24

d.$0

16

Depending upon the amount of local income taxes that a particular city/county may require, the employer:

a.Must deposit quarterly.

b.Must deposit daily.

c.Must deposit annually.

d.Must deposit accordingly (weekly, monthly or quarterly).

17

Employer-provided parking is exempt from FIT withholding if:

a.it is $3600 or less per year.

b.the employee utilizes a car-share program to commute.

c.it is a benefit included in a cafeteria plan only.

d.it is $270 or less per month.

18

Millco is awarding a $7,000 year-end bonus to Jaime Renault, their CFO who procured much needed venture capital. Millco's board would like Jaime to actually receive $7,000, and will gross-up the amount. What pre-tax amount will be paid so that Jaime actually receive $7,000? Assume her wages prior to the bonus = $94,500 and there is no state withholding required.

a.$10,093.73

b.$9,333.33

c.$4,714.50

d.$9,950.25

19

In the tax tables that an employer uses when an employee has a Form W-4 on file from 2019 or earlier:

a.There are specific differences between special allowances claimed and personal allowances claimed.

b.There are tables for employees that plan on itemizing deductions and tables for employees that plan on taking the standardized deduction.

c.There is a differentiation between tables for married and tables for unmarried persons.

d.There is no differentiation between tables for married and tables for unmarried persons.

20

If an employee has a Form W-4 from 2019 or earlier on file with their employer:

a.He/she must update it to a 2020 W-4 immediately.

b.A personal allowance is appropriate for the employee and for each qualified dependent (provided they are not claimed on another person's tax return).

c.The situation is exactly the same from a tax withholding perspective as if the employee had a 2020 W-4 on file.

d.It is appropriate to claim the same withholding allowance(s) with more than employer at the same time.