If an Employer Owes Less Than $2,500 for FICA (OASDI

question 39

Multiple Choice

If an employer owes less than $2,500 for FICA (OASDI and Medicare) and FIT,they can submit:

• A)Form 944-Employer's Annual Federal Tax Return.
• B)Form 8109-Federal Tax Deposit Coupon.
• C)Form 940-Employer's Annual Federal Unemployment Tax Return.
• D)Form W-2-Wage and Tax Statement.

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Definitions:

Unemployment

The situation in which people who are willing and able to work are not able to find employment, often expressed as a percentage of the labor force.

Aggregate-supply Curve

A graph that shows the relationship between the overall price level and the total output produced by firms in an economy.

Production Costs

The expenses incurred in the process of creating a product or service, including labor, materials, and overhead costs.

Taxes

Compulsory financial charges levied by a government on individuals, corporations, and transactions to fund public expenditures.