1) Currently the FUTA is A) .8% with a base limit of $7,000 B) 6.2% witha base l

ID: 2505008 • Letter: 1

Question

1) Currently the FUTA is

A) .8% with a base limit of $7,000

B) 6.2% witha base limit of $76,200

C) 5.4% with a base limit of $76,200

D) 5.4% with a base limit of $7,000

2) Wich of the following statements is flase?

A) Payroll Tax Expense is an expense account.

B) FICA-Social Security Tax Payable increases on credit side of the account.

C) Suta Tax Payable increases on the debit side of the account.

D) Payroll Tax Expense increases on the debit side of the account.

3) Which form is used to report FICA taxes for the employer and employee, and also federal income taxes for the employee?

A) Form 941

B) Form W-4

C) Form 940EZ or Form 940

D) None of these answers are correct

1) B) 6.2% witha base limit of $76,200

2) C) Suta Tax Payable increases on the debit side of the account

3) D) None of these answers are correct. the correct answer is Form 944

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