Posted: July 24th, 2016

The FICA tax rates for the self employers are?

A) Employee s taxes are collected by the employer and paid to the IRS along with the employer s taxes.
B) Employee s taxes are deducted from the employee s wages at the time of payment.
C) Employee s liability for the FICA taxes continues even after the employer has withheld them.
D) Amount of tax to be withheld is computed by multiplying the employee s taxable wages by the current tax rate.
E) Employee is entitled to a refund for overpayment of FICA taxes resulting from having worked for more than one employer.

4. The FICA tax rates for the self employeds are:
A) 6.2% (OASDI) and 1.45% (HI).
B) 12.4% (OASDI) and 1.45% (HI).
C) 6.2% (OASDI) and 2.9% (HI).
D) 10.0% (OASDI) and 1.0% (HI).
E) none of the above.

5. To be designated a semiweekly depositor, how much in employment taxes would an employer have reported for the four quarters in the lookback period?
A) More than $50,000.
B) More than $100,000.
C) Less than $50,000.
D) More than $2,500.
E) None of the above.

6. Which of the following deposit requirements pertains to a nonagricultural employer who has employer FICA taxes and withheld employee FICA taxes and income taxes of $125,000 at the end of payday on Friday, August 15?
A) No deposit is required until Tuesday, August 19.
B) The taxes must be deposited by the close of the next banking day.
C) The taxes must be deposited on or before August 31.
D) The undeposited taxes should be carried over to the end of September.
E) None of the above.