Question

What is the due date for the first quarter FUTA tax? 1.March 30 2.None of the...

What is the due date for the first quarter FUTA tax?

1.March 30
2.None of the above
3.April 30
4.April 15

Form 1096 is completed by an employer and submitted to the IRS for
what purpose?

1.To report the total of all compensation paid to all independent
contractors during the year.
2.To report all overtime paid to all independent contractors.
3.To report all expenses incurred by and reimbursed to an independent
contractor.
4.To report the total annual earnings for a single independent contractor.

Business   Accounting   
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Homework Answers

Answer #1

Ans: April 30

Reason:FUTA tax for the end of first quarter should be deposited by the last day of the first month that follows the end of the quarter.

Ans: To report the total of all compensation paid to an independent contractors during the year.

Explanation:Form 1096, is used to summarize certain types of information returns. It is used to report types of transactions to the IRS and other parties like someone who gained income from the transaction. If you hired an independent contractor and paid them over $600, you will need to collect and file Form 1099-MISC to report income and return information to the IRS. Therefore, the purpose of Form 1096 is to reflect the total information on all the 1099-MISC you have previously sent to contractors.

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