Federal Payroll Forms Quiz

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| By Erechel
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Quizzes Created: 1 | Total Attempts: 311
| Attempts: 311
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  • 1/11 Questions

    Form W-3 is sent to _______________.

    • The IRS
    • The SSA
    • The IRS & SSA
    • The Federal Reserve
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Federal Payroll Forms Quiz - Quiz
About This Quiz

This Federal Payroll Forms Quiz assesses knowledge of key IRS documents like Form 940, 944, W-2, and 1099-MISC. It tests understanding of FUTA, FIT, and FICA reporting, enhancing skills crucial for payroll professionals.

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  • 2. 

    Fedral withholding payments are reported on From _________.

    • 940

    • 941

    • 965

    • IT-501

    • 1099-MISC

    Correct Answer
    A. 941
    Explanation
    Federal withholding payments are reported on Form 941. This form is used by employers to report the amount of federal income tax, Social Security tax, and Medicare tax withheld from their employees' wages. It is filed quarterly and provides the IRS with information about the employer's liability for these taxes. The other options listed, such as Form 940, Form 965, IT-501, and Form 1099-MISC, are not specifically used for reporting federal withholding payments.

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  • 3. 

    Form 940 is report _________.

    • SUTA

    • FIT

    • FICA

    • FUTA

    • SIT

    Correct Answer
    A. FUTA
    Explanation
    Form 940 is a report for FUTA, which stands for Federal Unemployment Tax Act. FUTA is a federal law that requires employers to pay unemployment taxes to provide benefits to workers who have lost their jobs. Form 940 is used to report and calculate the amount of FUTA tax owed by employers. This tax is separate from state unemployment taxes, which are reported on Form 940.

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  • 4. 

    Form 941 reports all Federal withholding: FIT, FICA, FUTA, & SIT.

    • True

    • False

    Correct Answer
    A. False
    Explanation
    Form 941 is a quarterly tax form used by employers to report employment taxes to the IRS. It includes reporting of Federal Income Tax (FIT) withheld from employees' wages, as well as Social Security and Medicare taxes (FICA). However, it does not include reporting of Federal Unemployment Tax (FUTA) or State Income Tax (SIT) withholdings. Therefore, the statement that Form 941 reports all Federal withholding is false.

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  • 5. 

    A Schedule B is used to report semi-weekly federal withholding deposits.

    • True

    • False

    Correct Answer
    A. True
    Explanation
    A Schedule B is indeed used to report semi-weekly federal withholding deposits. This schedule is filed by employers who are required to make deposits of federal income tax withheld from employee wages on a semi-weekly basis. It provides a detailed breakdown of the deposits made and helps ensure compliance with federal tax withholding requirements.

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  • 6. 
    Name this form based on the section below: - ProProfs

    Name this form based on the section below:

    • 940

    • 941

    • 944

    • Ohio SUTA return

    • IT-501

    Correct Answer
    A. 940
    Explanation
    The form mentioned in the section is likely a tax form used for reporting federal unemployment taxes. The answer "940" refers to Form 940, which is used by employers to report and pay their annual federal unemployment tax. This form is used to calculate the employer's share of unemployment taxes and is filed with the Internal Revenue Service (IRS).

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  • 7. 

    An employer can send a payment with the Form 941.

    • True

    • False

    Correct Answer
    A. False
    Explanation
    An employer cannot send a payment with the Form 941. The Form 941 is used to report employment taxes to the IRS, but it does not include a payment option. Employers must make their tax payments separately using the Electronic Federal Tax Payment System (EFTPS) or by mailing a check or money order to the IRS. Therefore, the statement that an employer can send a payment with the Form 941 is false.

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  • 8. 

    Form W-3 is sent to _______________.

    • The IRS

    • The SSA

    • The IRS & SSA

    • The Federal Reserve

    Correct Answer
    A. The SSA
    Explanation
    Form W-3 is sent to the SSA, which stands for the Social Security Administration. This form is used to report the total wages, tips, and other compensation paid to employees, as well as the total withheld taxes and Social Security wages. It is an important document for employers to provide the SSA with information about their employees' earnings, which is used for various purposes such as determining Social Security benefits. Sending Form W-3 to the IRS or the Federal Reserve would not be appropriate as it is specifically intended for the SSA.

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  • 9. 

    Form 1099-MISC can be used for all of the options EXCEPT:

    • Independent Contractor payments over $600

    • Casino winnings

    • The deceased wages after the year of death

    • Employee expense reimbursements

    • Fishing boat proceeds

    Correct Answer
    A. Employee expense reimbursements
    Explanation
    Form 1099-MISC is used to report various types of income, such as independent contractor payments over $600, casino winnings, deceased wages after the year of death, and fishing boat proceeds. However, it is not used to report employee expense reimbursements. Employee expense reimbursements are typically reported on Form W-2, which is used to report wages and withholdings for employees. Therefore, the correct answer is employee expense reimbursements.

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  • 10. 

    Form 944 is used to report ___________ annually.

    • FUTA & FIT

    • FIT & FICA

    • FICA & FUTA

    • SUTA & FUTA

    • SIT & FIT

    Correct Answer
    A. FIT & FICA
    Explanation
    Form 944 is used to report FIT (Federal Income Tax) and FICA (Federal Insurance Contributions Act) annually. FIT is the tax withheld from employees' wages to cover their federal income tax obligations, while FICA is the tax withheld to fund Social Security and Medicare programs. This form is specifically designed for small businesses with annual employment tax liabilities of $1,000 or less.

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  • 11. 

    The Form W-2 is used to report wages to all of the following EXCEPT:

    • Localities

    • States

    • IRS

    • SSA

Quiz Review Timeline (Updated): Mar 19, 2023 +

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  • Current Version
  • Mar 19, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • May 23, 2012
    Quiz Created by
    Erechel

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