2024 CPP Certified Payroll Professional Exam Practice | Questions and Correct Answers | Latest Update 2024/2025

2024 CPP Certified Payroll Professional Exam Practice | Questions and Correct Answers | Latest Update 2024/2025 Form SS-8 - Answer -Determination of Worker Status for Purposes of Federal Employment Taxes and Income Tax Withholding Form W-9 - Answer -First, it is used by third parties to collect identifying information to help file information returns with the IRS. The form is never actually sent to the IRS, but is maintained by the person who files the information return for verification purposes. The information on the Form W-9 and the payment made are reported on a Form 1099.The second purpose is to help the payee avoid backup withholding. The payer must collect withholding taxes on certain reportable payments for the IRS. However, if the payee certifies on the W-9 they are not subject to backup withholding they generally receive the full payment due them from the payer. This is similar to the withholding exemptions certifications found on Form W-4 for employees. Form SS-5 - Answer -Apply for an original Social Security card Apply for a replacement Social Security card Change or correct information on your Social Security number record Form SS-4 - Answer -Application for Employer Identification Number (EIN) Accounting equation (Balance Sheet) - Answer -Assets = Liabilities + Capital Assets - Liabilities = (Shareholders' or Owners' Equity) Asset (Debit or Credit Normal Balance?) - Answer -Debit Expense (Debit or Credit Normal Balance?) - A