Federal Payroll Forms Quiz

Form W-3 is sent to the SSA (Social Security Administration). The purpose of Form W-3 is to provide a summary of all the W-2 forms that an employer has issued to its employees. This form helps the SSA to reconcile the information reported on the individual W-2 forms with the total amount of wages and taxes reported by the employer. By submitting Form W-3 to the SSA, employers ensure that the correct amount of Social Security and Medicare taxes are credited to their employees' accounts. The IRS is not involved in the submission of Form W-3.

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.

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.

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.

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.

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).

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.

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.

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.

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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