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Chris M.
Chris M., M.S.W. Social Work
Category: Homework
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Experience:  Master's Degree, strong math and writing skills, experience in one-on-one tutoring (college English)
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Taxes imposed under the Social Security Act consist

Resolved Question:

1. The taxes imposed under the Social Security Act consist of ______. (Points: 1)
        two taxes on employers
        two taxes on employees
        OASDI and HI taxes
        all the above

2. FICA defines all of the following as employees EXCEPT ______. (Points: 1)
        vice presidents
        partners
        superintendents
        payroll managers

3. FICA defines all of the following as wages EXCEPT ______. (Points: 1)
        year-end bonuses
        standby payments
        cash tips of $15 received by a tipped employee in May
        the first six months of sick pay

4. The OASDI taxable wage base is correctly defined as ___________. (Points: 1)
        all amounts earned by an employee during a calendar year
        the maximum amount of wages during a calendar year that is subject to the OASDI tax
        all amounts paid to an employee during a calendar year
        all amounts either earned by, or paid to, an employee during a calendar year

5. Which of the following deposit requirements pertains to a monthly depositor who has accumulated employment taxes of $2,900 at the end of October? (Points: 1)
        No deposit is required.
        The un-deposited taxes should be carried over to the end of November.
        The taxes must be deposited on or before November 15.
        The taxes must be deposited on or before the next banking day.

6. Self-employment earnings of ____________are not taxed under the Self-Employment Contributions Act (SECA). (Points: 1)
        less than $400
        more than $400 but less than $500
        Both A and B
        None of the above

7. Which of the following deposit requirements pertains to a semiweekly depositor who has accumulated employment taxes of $17,500 on payday, Saturday, May 15? (Points: 1)
        No deposit is required until May 17, the next banking day.
        The un-deposited taxes should be carried over to the next payday on May 22.
        The taxes must be deposited on or before Tuesday, May 18.
        The taxes must be deposited on or before Friday, May 21.

8. FICA excludes from coverage all of the following kinds of employment EXCEPT ______________. (Points: 1)
        domestic service performed in a college sorority by a student
        service performed by a 16-year-old child in the employ of the mother
        baby sitting service performed by a 35-year-old person who receives $40 in cash during the calendar quarter
        federal government secretaries hired in 1990

9. Mr. Barr fails to make a timely deposit of FICA taxes and withheld income taxes until five days after the due date. The penalty facing Mr. Barr is _______________. (Points: 1)
        2 percent of the un-deposited taxes
        5 percent of the un-deposited taxes
        10 percent of the un-deposited taxes
        25 percent of the un-deposited taxes

10. Ashe, an employer, has made timely deposits of FICA taxes and withheld income taxes during the third quarter. The last day of October is Sunday. The latest date on which Ashe may file Form 941 is __________. (Points: 1)
        October 10
        October 31
        November 1
        November 10

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Submitted: 8 years ago.
Category: Homework
Expert:  Chris M. replied 8 years ago.
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