Questions from College Accounting

Q: Why would one employer prepare a Form 940 completing Part 1,

Why would one employer prepare a Form 940 completing Part 1, line 1a, but another would prepare a Form 940 Part 1, line 1b?

Q: Employer B has a FUTA tax liability of $553.24

Employer B has a FUTA tax liability of $553.24 on January 31 of the current year. When does the employer have to make the deposit for this liability?

Q: Who completes Form W-2? Form W-3?

Who completes Form W-2? Form W-3? When is each form completed?

Q: Discuss ways an employer can prepare and submit forms W-2

Discuss ways an employer can prepare and submit forms W-2 and W-3 online.

Q: How do you transfer money into the payroll cash account?

How do you transfer money into the payroll cash account?

Q: What account is debited when recording the distribution of the payroll checks

What account is debited when recording the distribution of the payroll checks to the employees?

Q: What is a look-back period?

What is a look-back period?

Q: How is an employer classified as a monthly or semiweekly depositor for

How is an employer classified as a monthly or semiweekly depositor for Form 941 tax purposes?

Q: How often is Form 941 completed?

How often is Form 941 completed?

Q: Pete Rose, the accountant of Rich Co., would like to

Pete Rose, the accountant of Rich Co., would like to buy a new software package for his general ledger. He couldn’t do it because all funds were frozen for the rest of the fiscal period. Pete called h...