Patalano's Pros Is a Semiweekly Schedule Depositor

question 7

Multiple Choice

Patalano's Pros is a semiweekly schedule depositor.Which forms must they file to reconcile their payroll taxes?

• A)Forms 940 and 944
• B)Forms 941 and 944
• C)Form 944 and Schedule B
• D)Form 941 and Schedule B

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Definitions:

Discounts a Note

The process of reducing the face value of a promissory note, usually to accelerate cash flow or recognize interest income prior to its receipt.

Note Matures

The point in time when a promissory note, bond, or other financial instrument's principal is due to be paid back.

Financial Statement

A written report which quantitatively describes the financial health of a company; it includes the income statement, balance sheet, statement of cash flows, and statement of retained earnings.

Normal Balance

The side (debit or credit) of an account that is expected to have a higher balance based on the accounting rules.