5 Written Questions

1. which information return is used to report miscellaneous income, such as rents, royalties, commissions, fees, prizes, and awards to non employees, and any backup withholding?
2. which form is submitted monthly by employer's to report FIT and FICA taxes?
3. which information return do cooperatives used to report patronage dividends paid and other distributions made that total $10 or more?
4. this form is used to elect to not have taxes taken out of pension or annuity
5. which form is used as a transmittal for a W-2 and should always accompany it?

5 Matching Questions

1. no
2. 4 years
3. 60% of total
4. 5700
5. annual statements

1. a is EIC subject to payroll taxes?
2. b this is the standard deduction for single filers
3. c how much can an individual get in advance for earned income credit?
4. d how long should EIC records by kept on file?
5. e what statement is sent to employees and shows the amount of wages paid during the year and the state tax withheld from those wages?

5 Multiple Choice Questions

1. this allows employers to report fringe benefits however they want, as long as they are reported by Dec 31
   1. simple plan
   2. flexible reporting
   3. flat 25% rate
   4. flexible spending account
2. which information return is used for reporting all distributions from pensions, annuities, profit-sharing and retirement plans among other things?
   1. form 4419
   2. Form 1096
   3. Form 1099-R
   4. Form 945
3. if a W-2 is lost and must be replaced, what must it say on the form?
   1. Reissued Statement
   2. simple plan
   3. annual statements
   4. full taxation
4. "Making work pay" credit equal to 6.2% of a taxpayers earned income.
   1. flexible spending account
   2. Archer medical savings account
   3. The American Recovery and Reinvestment Act of 2009
   4. when final form 941 is due
5. if there is a change in status for employee, how long do they have to revoke their W-5?
   1. within 10 days of change
   2. accountable plans
   3. fair market value
   4. flexible reporting

5 True/False Questions

1. 35% → any supplemental pay over $1 million in a year is taxed at what rate?

   True        False

2. copy 1 → which copy of the W-2 is for employees personal records?

   True        False

3. 5700 → if employers have more than this amount of w-2s to file they must do it electronically:

   True        False

4. by December 31 → when must the W-5 be filled out in order to keep receiving the EIC?

   True        False

5. Form 943 → which is the tax return form for agricultural employees?

   True        False