The quiz below is based exclusively on just one recent issue of The General Ledger. See if you are up to date. Scroll down for answers.
1. To avoid being defrauded by tax scams, it is important to know that if the IRS believes your company or you owe money, you will receive a bill or other communication through _____ _____—not a _____ _____ or _____.
2. As of Jan. 1, 2014, an employer or retirement plan with an EIN must file Form 8822-B for any change in a “_____ _____,” including the addition of a _____ _____, within _____ days of the change.
3. Is ill health a reasonable cause for late filing or late payment of employment taxes?
4. In the language of a negotiated settlement of a government fine or penalty, a payment that is specified as remedial (can/cannot) be deductible, and a payment that is specified as punitive (can/cannot) be deductible.
Questions 5-9: SEP v. Simple retirement Plans. Under a SEP Plan:
5. Employer contributions (are/are not) mandatory; generally limited to _____% of the employee’s annual pay.
6. Employees (do/do not) contribute.
Under a Simple Plan, the employer has two options for contributing:
7. Mandatory _____% dollar-for-dollar matching contributions of employee elective deferrals (i.e., if employee elects not to defer salary, employer has no contribution requirement); or
8. Mandatory ____% non-elective contribution for all employees.
9. Under a Simple Plan, employee contributions are made by _____ _____ _____.
10. A monthly car allowance is treated as wages, and all employment taxes apply if the allowance is a _____ _____.
per AIB
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