PEO LP - 940/941 Review
Quiz by Training Team PEO Svc
Feel free to use or edit a copy
includes Teacher and Student dashboards
Measure skillsfrom any curriculum
Measure skills
from any curriculum
Tag the questions with any skills you have. Your dashboard will track each student's mastery of each skill.
With a free account, teachers can
- edit the questions
- save a copy for later
- start a class game
- automatically assign follow-up activities based on students’ scores
- assign as homework
- share a link with colleagues
- print as a bubble sheet
15 questions
Show answers
- Q1What kind of tax or taxes are reconciled on Form 940?All of the aboveSUIFITFUTA30s
- Q2How often is Form 941 due?Semi-weeklyQuarterlyAnnuallyMonthly30s
- Q3What is the equation for calculating Employer Medicare?Medicare Taxable Compensation X 2.9% - EE Medicare withholdingMedicare taxable compensation X 1.45%Same as the Employee portion.Medicare taxable compensation x 1.45% + EE Medicare30s
- Q4PEO clients receive a copy of Form 941 in their Quarterly Reports package.TrueFalse30s
- Q5Which of the following is an example of a Payroll Tax?FITState Income TaxFUTALocal Income Tax30s
- Q6How often is Form 940 due?QuarterlySemi-weeklyAnnuallyMonthly30s
- Q7Which of the following is a Withholding Tax?All of the above.State Income TaxFICAFIT30s
- Q8Schedule B is filed along with Form 940 and displays all deposits made for the year.TrueFalse30s
- Q9What are the components of Federal Tax Liability?EE Social Security + EE Medicare + FITFICA + FIT + FUTAEE FICA + ER FICA + FITFIT + FUTA30s
- Q10Schedule A must be filed with Form 940 for clients who pay state unemployment taxes in multiple states or in a state that received a credit reduction.FalseTrue30s
- Q11What kind of tax or taxes are reconciled on Form 941?Federal Tax LiabilityFUTAAll of the above.SUI30s
- Q12What is the Federal Tax Liability for this batch?$3,500.00$1,575.00$3,575.00$2,500.0030s
- Q13What report could you offer a client who wanted to see a breakdown of their share of Federal Tax Liability?Employee Pay SummaryQuarterly Tax SummaryForm 941Form 94030s
- Q14How much FUTA tax will be withheld from Dave's check if he has $1000 in wages and a pre-tax health insurance deduction of $100?$60.00$5.40$6.00$0.0045s
- Q15What is the equation for calculating Employer Social Security?Social Security Taxable Compensation X 12.4%Social Security Taxable Compensation x 6.2%Same as the Employee portion.Social Security Taxable Compensation x 12.4% - EE Social Security45s
