Chapter 15

Question 1

What is referred to as a taxpayer identification number?

Answer 1

Employer Identification Number (EIN)

Question 2

Sole proprietorships that have no employees and file no excise or pension tax returns and LLCs with a single owner do not need an ______.

Answer 2

EIN

Question 3

Tax records of social security, Medicare (FICA), federal income tax withholdings, and federal unemployment (FUTA) taxes should be kept for at least ______ years.

Answer 3

Four

Question 4

What three deposit schedules are used for determining when to deposit social security?

Answer 4

Monthly, Weekly, and Daily

Question 5

You are a monthly schedule depositor if your total payroll tax liability for the previous four quarters (July to June) was __________(1) or less. Payments are due on the ______(2) day of the following month after the payments were made. During your _______(3) of business, you are a monthly schedule depositor.

Answer 5

(1) $50,000
(2) 15th
(3) First Year

Question 6

If your total payroll tax liability from the previous four quarters (July to June) is greater than $50,000, you are a _____________ schedule depositor.

Answer 6

Semiweekly

Question 7

If you pay wages to employees totaling $1,500, or more, in any quarter of a calendar year, or you had at least one employee during any day of a week during 20 weeks in a calendar year, regardless of whether or not the weeks were consecutive, you are generally liable for what taxes?

Answer 7

both State and Federal Unemployment taxes

Question 8

What is the corporate income tax rate in North Carolina?

Answer 8

6.9%