Cfl Questions And Answers With Verified Solutions Already Passed!!!(Graded A+)

Cfl Questions And Answers With Verified
Solutions Already Passed!!!(Graded A+)
Employees decide when to pay their payroll taxes? True or False -
ANSWER✔✔FALSE


Federal income taxes are used to pay the interest on the national debt? True or
False - ANSWER✔✔TRUE


The medicare tax rate is 1.45% of gross pay? True or False - ANSWER✔✔TRUE


Employees use form W-4 to prove that they are eligible to work in the United
states? True or false - ANSWER✔✔FALSE


What is the Social Security tax rate? - ANSWER✔✔6.20%


Employers use which form to compute the amount of federal income tax to
withhold? - ANSWER✔✔Form W-4


Food servers do not need to report tips as taxable income? True or False -
ANSWER✔✔FALSE


The wage and tax statement is also known as what? - ANSWER✔✔Form W-2


What of the following is true?
A. only tips paid in cash are taxable
B. Only tip income reported on form w-2 is taxable

, c. tip income is not taxable
d. All tip income is taxable - ANSWER✔✔D


What is not reported on form w-2? - ANSWER✔✔The number of withholding
allowances claimed by the employee on the w-4 form.


Form W-2 is used to prepare the employees tax return? True or False -
ANSWER✔✔TRUE


Interest income is earned on money in savings accounts. True or false -
ANSWER✔✔true


All interest income is taxable. true or false - ANSWER✔✔False


Tax-exempt interest is not reported on the individual income tax return. True or
False - ANSWER✔✔FALSE


Interest received on a certificate of deposit (CD) is - ANSWER✔✔Taxable


Interest received on a bond issued by the state of California to fund school
buildings is - ANSWER✔✔Tax-exempt


Interest received on a loan you made to your business partner is -
ANSWER✔✔TAXABLE