1. Unemployment taxes (FUTA and SUTA) do not have to be paid by an employer who
ID: 2497711 • Letter: 1
Question
1. Unemployment taxes (FUTA and SUTA) do not have to be paid by an employer who has only part-time employees. _____2. The Social Security Act ordered every state to set up an unemployment compensation program. _____3. Partnerships do not have to pay unemployment taxes on the wages of their employees. _____4. Once a company attains the status of employer for FUTA purposes, that status continues for four calendar years. _____5. A traveling salesperson who solicits and transmits to the principal orders for merchandise for resale is considered an employee under FUTA. _____6. Currently, none of the states imposes an unemployment tax on employees. _____7. In some states, employers may obtain reduced unemployment compensation rates by making voluntary contributions to the state fund. _____8. “Dumping” is legal in all but a few states. _____9. On Form 940, even if the total FUTA tax is more than $500, there is no listing of quarterly federal unemployment tax liabilities. _____10. Form 940 must be mailed to the IRS by January 15. _____11. The mailing of Form 940 is considered timely if it is postmarked on or before the due date. _____12. If an employer’s quarterly tax liability is $525, it must be paid on or before the last day of the month following the end of the quarter. _____13. FUTA tax deposits cannot be paid electronically. _____14. Schedule A of Form 940 only has to be completed by employers who are subject to the Title X11 credit reduction. _____15. If company is liable for a credit reduction (due to Title X11 advance), this extra tax must be paid along with each of the required deposits made during the year. _____16. An employer can use a credit card to pay the balance with Form 940 (under $500). _____17. An employer can use a credit card to pay the quarterly deposit of FUTA taxes during the year. _____18. Even if the duties of depositing the FUTA taxes and filing Form940 have been outsourced, the employer is still the responsible party. _____19. Unlike Form 941, there is no penalty for the late filing of Form 940. _____20. In most states, the contribution reports and the wage information reports are filed quarterly.
Explanation / Answer
Note: Its not been provided in the question as what is to be done, But, from my understanding I guess the statements are to be checked for being correct or Incorrect.So, I am providing answer on that basis.
(b)If less, can wait and add to next quarter, then if it’s $500 or more, must deposit.
Correct
Correct, it has been provided in instructions to fill Form-940.
Correct
Incorrect
Incorrect, it is to be completed by everone who has paid SUTA.
Incorrect
Correct, it has been provided in instructions to fill Form-940 that $500 or less can be deposited with a credit card or debit card,
Incorrect
Correct
Correct
Correct
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.