If a Corporation Would Like a Subchapter S Election to Be

question 95

Multiple Choice

If a corporation would like a Subchapter S election to be valid for the current year,a Form 2553 must be filed:

• A)Before the 15^th day of the third month of the current fiscal year.
• B)Before the 15^th day of the fourth month of the current fiscal year.
• C)In the prior fiscal year.
• D)Before the 15^th day of the third month of the current fiscal year or in the prior fiscal year.

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Definitions:

FICA-Medicare

Refers to the portion of the Federal Insurance Contributions Act tax that is allocated to Medicare, funding hospital insurance benefits.

Social Security Administration

A U.S. government agency that administers social insurance programs, including retirement, disability, and survivors' benefits.

Form W-2

Form W-2 is an IRS tax form used in the United States to report wages paid to employees and the taxes withheld from them.

Form W-3

A tax form used in the United States to transmit a summary of W-2 forms to the Social Security Administration.