When You Prepare a Payroll Remittance for the First Time

question 5

Multiple Choice

When you prepare a payroll remittance for the first time -

• A)the historical balance forward amount is added automatically
• B)changing the pay period ending date changes the amounts on the remittance form
• C)you can enter any period ending date after the fiscal start date
• D)both a and c above are correct

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Definitions:

Federal Unemployment Taxes

Taxes imposed by the federal government on employers to fund state unemployment agencies and provide unemployment compensation to workers who have lost their jobs.

State Unemployment Taxes

Taxes imposed by state governments on businesses based on the amount of wages paid to employees, used to fund unemployment compensation programs.

Employer Payroll Tax Rates

The percentage rates at which employers are required to tax their employees' wages for federal and state payroll taxes.

FICA Social Security Taxes

Taxes paid by both employers and employees to fund the Social Security program, determined as a percentage of payroll.