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are these TRUE OR FALSE 1. Knowing which small business IRS forms to fill out may...

are these TRUE OR FALSE

1. Knowing which small business IRS forms to fill out may be one of the most difficult parts of running your payroll program.

2. Report the employment taxes you withheld and contributed to each quarter. Report these tax payments on Form 940.

3. Form 941 is the Employer’s Annual Federal Unemployment Tax Return.

4. Form W-2 reports taxes you withheld from employee wages to the government.

5. Form W-3 is a transmittal form that summarizes all your Forms W-2.

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Homework Answers

Answer #1

1) False

Not as difficult as mentioned in the statement because filing the online application can be based on the business type (e.g., a corporation, LLC, or sole proprietorship).

2) False

Form 940 is based on filing unemployment taxes

3) False

Annual Federal Unemployment Tax Return is filed in form 940

4) True

The W2 form is the official Wage and Tax Statement that reports an employee's annual wages and the amount of taxes withheld from their paycheck.

5) True

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