Barr Fails to Make a Timely Deposit of FICA Taxes

question 43

Multiple Choice

Barr fails to make a timely deposit of FICA taxes and withheld income taxes until five days after the due date.The penalty facing Barr is: 1.Carry the hourly rate and the overtime rate to 3 decimal places and then round off to 2 decimals places (round the hourly rate to 2 decimal places
Before multiplying by one and one-half to determine the overtime rate) .
2) If the third decimal place is 5 or more,round to the next higher cent.
3) If the third decimal place is less than 5,drop the third decimal place.
Also,use the minimum hourly wage of $7.25 in solving these problems and all that follow.

• A) 2% of the undeposited taxes.
• B) 5% of the undeposited taxes.
• C) 10% of the undeposited taxes.
• D) 25% of the undeposited taxes.
• E) none of the above.

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Definitions:

Existential Orientation

A philosophical approach that emphasizes the existence of the individual as a free and responsible agent determining their own development through acts of the will.

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