ACC 401 Week 4 Quiz

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ACC 401 Week 4 Quiz

1. What are some tax consequences related to a qualified pension plan?

2. Sean and Jenny are married, file a joint return and have two dependent children, Blake, age 9 and Jake, age 5. Sean has earned income of $72,000. Jenny was a full-time student (for nine months) with no income. They paid a qualified day care center $7,000. What amount of child and dependent care credit can Sean and Jenny receive?

3. Mahmet earned wages of $113,650 during 2012. He is single and claims two withholding allowances. How much FICA tax is Mahmet’s employer responsible to remit in 2012?

4. Ladaris has two jobs. She earned $112,000 from her first job and $10,000 from her second job. How much total FICA taxes will Ladaris have withheld from her wages from working two jobs?

5. Sergio is single, is paid $1,200 per week, and claims one withholding allowance. What is the amount of federal income tax withheld from Sergio’s gross wages for the week using the percentage method? (Round your answer two decimal places)

6. Which of the following statements is incorrect?

7. Employees claim withholding allowances on Form W-4. For each withholding allowance claimed, their withholding base is reduced by what amount for calendar year 2012?

8. Eva earned $89 in tips in March. When must she inform her employer of her tips on Form 4070 for federal income tax and FICA withholding purposes?

9. Mahmet earned wages of $113,650 during 2012. He is single and claims two withholding allowances. How much will Mahmet’s employer withhold in Medicare taxes for the year?

10. In order to obtain and retain qualified status, a pension or profit-sharing plan must not discriminate in favor of highly compensated employees which include: