If a Taxpayer Works for More Than One Employer During

question 61

Multiple Choice

If a taxpayer works for more than one employer during the year,how much in FUTA taxes is remitted in the name of the taxpayer?

• A)Only the first employer is required to remit FUTA taxes on the wages earned.
• B)If the employee earns more than $7,000 at the first job,all other employers are exempt from paying FUTA taxes for this employee during the year.
• C)If the employee earns less than $7,000 at the first job,the next employer must remit FUTA taxes until the employee has earned a total of $7,000.
• D)Both employers must remit FUTA taxes they pay to the employee on the first $7,000 of wages earned by the employee at each job.

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Definitions:

Paid-In Capital

Capital received from investors for stock, representing the funds that shareholders have invested in the company.

Par Value

The nominal or face value of a bond, share of stock, or other financial instrument.

Common Stock

Refers to shares that represent ownership in a corporation, providing voting rights and dividends, but with no fixed dividend rate.

Shares Outstanding

The total number of a company's shares that are currently owned by shareholders, including restricted shares.