Term
| What are the three FICA taxes? |
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Definition
Social Security (12.4) and Medicare (2.9%), and an additional .9% to Medicare if you've made over $200,000.
Employers must cover half of the tax, and withhold the other half from Employees. |
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Term
| How much FICA tax does an employer withhold? |
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Definition
| 6.2% for Social Security, and 1.45% for Medicare. A total of 7.65% |
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Term
| How much FICA tax does a self employed person pay? |
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Definition
| All of it. 12.4% toward Social Security, and 2.9% toward Medicare. |
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Term
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Definition
| A form used to verify an employee's identity to establish that the worker is eligible to be employed in the US. |
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Term
| When does an Employee have to fill out an I-9? |
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Definition
| Immediately upon employment. |
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Term
| When does an Employer have to submit an I-9? |
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Definition
| Within 3 days of Employment. |
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Term
| When does a contractor or volunteer fill out an I-9? |
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Definition
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Term
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Definition
| A Tax form used by employers to report wages paid and taxes withheld for employers. It must be mailed out to employees on or before January 31. |
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Term
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Definition
| A form that employees fill out so an employer knows the amount of tax to withhold or deduct. It should be equal to the annual tax due on Form 1040. |
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Term
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Definition
| It is used to report Gambling Winnings to the IRS if winnings are $600.00 or more. |
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Term
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Definition
| It is a summary page of all W-2 forms. |
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Term
| What does an employer give to employees on January 31st for taxes? |
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Definition
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Term
| What does an employee need to fill out so an employer knows how much tax to withold? |
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Definition
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Term
| What do you need to report your Gambling Winnings to the IRS? |
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Definition
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Term
| What form summarizes all W-2s? |
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Definition
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Term
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Definition
| A W-7 is for the application for IS Individual Taxpayer Identification Number. It is used for people who do not have or do not qualify for a social security number. |
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Term
| What form do you need to pay taxes if you do not have a social security number? |
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Definition
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Term
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Definition
| Request for Taxpayer Identification Number and Certification. It is used by third parties to collection information for returns to the IRS. |
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Term
| If you are a third party requiring an employee's Taxpayer ID Number, what form will you need? |
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Definition
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Term
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Definition
| Dependent Care Provider ID. It's a way for day care service providers to provide information to the individual so they can take credits for care of their children. |
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Term
| What does a Daycare provider need to provide information so they can take credits for care of someone's children? |
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Definition
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Term
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Definition
| The 1099-MISC Form is an Internal Revenue Service (IRS) tax return document used to report miscellaneous payments made to non-employee individuals during the calendar year. |
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Term
| What do you need to report miscellaneous payments made to non-employees to the IRS? |
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Definition
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Term
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Definition
| The form needed to request a social security number. |
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Term
| What form do you need to get a Social Security Card? |
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Definition
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Term
| How much is overtime pay? |
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Definition
| +50% or (Hourly Rate)x(1.5) |
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Term
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Definition
| A Tax Deposit Coupon, can be used to reduce rates owed at the end of the year. |
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Term
| What is a Tax Deposit Coupon? |
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Definition
| An 8109 - used to reduce rates owed at the end of the year if eligible. |
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Term
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Definition
| Employer's Quarterly Federal Tax Return. Employers who withhold income taxes, social security tax, or Medicare tax from employee's paychecks or who must pay the employer's portion of social security or Medicare tax, use Form 941 to report those taxes. |
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Term
| What form does an Employer use to report withholding income taxes, social security, or medicare tax from employees to the IRS? |
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Definition
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Term
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Definition
| An Application for Employer Identification Number for depositing employment taxes. |
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Term
| What form does an employer use to get an EIN for depositing employment taxes? |
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Definition
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Term
| What is Federal Minimum Wage? |
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Definition
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Term
| Do Interstate Employers pay state wage or federal wage? |
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Definition
| Federal Wage, except in rare exempt cases. |
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Term
| What rate is used for employees who do not fill out a W-4? |
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Definition
| Single with no withholdings. |
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Term
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Definition
| It is the Federal Unemployment Tax Act, and funds state unemployment systems. |
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Term
| When must a quarterly FUTA tax be deposited? |
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Definition
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Term
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Definition
| It allows employers to file the employment tax return annuals if their liability does not exceed $1000 |
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Term
| What amount must you remain under if you want to file a Form 994 (Allows you to file employment tax return annually)? |
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Definition
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Term
| How often are State Unemployment Returns filed? |
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Definition
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Term
| Does the IRS regulate how often you pay employees? |
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Definition
| No. They only require you to pay on a consistent schedule. |
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Term
| What is the difference between bi-weekly and semi-monthly? |
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Definition
Bi-Weekly is every two weeks. Semi-Monthly is the 15th and the last day of the month.
This means bi-weekly = 26 paychecks, and semi-monthly = 24 paychecks. |
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Term
| What government branch can set a pay schedule? |
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Definition
| Only states can require you to pay on specific schedules. |
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Term
| Can a paid Holiday be used to accumulate overtime? |
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Definition
| No. Overtime only applies to actual hours worked. |
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Term
| Can sick pay be used to accumulate overtime? |
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Definition
| No. Overtime only applies to actual hours worked. |
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Term
| If a state law and a federal law conflict, what must the employer do? |
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Definition
| Apply the law that favors the employee. |
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Term
| What is the Federal Income Tax called? |
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Definition
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Term
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Definition
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Term
| What taxes apply to a Bonus? |
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Definition
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Term
| What is a Semi-Weekly Deposit Rule? |
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Definition
If your total payroll taxes are more than $50,000, you must pay taxes semi-weekly.
Taxes filed on Saturday, Sunday, Monday, or Tuesday must be deposited on Friday.
Wednesday, Thursday, or Friday must be deposited by the following Wednesday. |
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Term
| How much must be paid for traveling, if the travel is required outside normal work hours? |
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Definition
| Time is paid for the hours traveling, in total. |
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Term
| When an employer receives a revised W-4, when must it be processed? |
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Definition
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Term
| You owe FUTA tax if you paid at least how much in wages during a quarter? |
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Definition
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Term
| If a business was established in April 1st, of 1990 does it need to abide by federal wage and hour laws? |
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Definition
| Only if the gross sales exceed $250,000 |
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Term
| The law that requires employers to turn over unclaimed wages to the state is what? |
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Definition
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Term
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Definition
Q1: January, February, March
Q2: April, May, June
Q3: July, August, September
Q4: October, November, December |
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Term
| How long must records relating to wages be kept? |
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Definition
| A minimum of 3 years, though some states may require longer. |
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Term
| How long must records of compensation be kept? |
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Definition
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Term
| How long must I-9 records be kept? |
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Definition
| A minimum of three years, or one year following the last day the employee worked, whichever is reached last. |
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Term
| How long must hiring documents be kept? |
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Definition
| All documents related to hiring and the hiring process must be kept for at least 1 year. |
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Term
| How long must an employer keep a Withholding Allowance Certificate? |
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Definition
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Term
| When must revised W-4's be processed? |
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Definition
| By the next pay period, and no later than 30 days. |
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