Question

1. If the balance of taxes due as shown on form 941 is less than _____ , the balance may be paid with the return as opposed to depositing the taxes :

a. $100

b.$500

c.$1000

d.$2500

2.when one of the digits in an input code is considered to be a check digist, it

a. must always be placed at the beigining of the input sequence

b. must always be placed at the end of the input sequence

c. must always be consistently placed

d. they can be used on any computer

3. what is the maximum amount of wage per employee per year on which an employer is required to pat FUTA ?

Answer 1

A) d) $2500

Explanation :

As per IRS Publication 3151(A) if the total taxes for the prior quarter less than $2,500 and all of the current quarter tax liabilities within a deposit period are less than $100,000 than you can Deposit taxes by the end of the month after the end of the quarter, or remit taxes with Form 941.

2) b) must always be placed at the end of the input sequence.

3) maximum amount of wages per employee per year is $7000. Once an employees wages excees $7000 the employer stops the pay FUTA on them.