Which of the Following Forms Is Used by an Employer

question 45

Multiple Choice

Which of the following forms is used by an employer to report quarterly wages and federal payroll tax withholdings and deposits?

• A)Form 940
• B)Form 941
• C)Form 1099
• D)Form W-2
• E)None of the above

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Definitions:

Periodic Method

An accounting method where inventory and cost of goods sold (COGS) are determined at the end of an accounting period, as opposed to continuously tracking these figures.

Tax Rate

Represents the percentage at which an individual or corporation is taxed, often varying based on income level, type of income, or jurisdiction.

Sale Price

The actual price at which a commodity or service is sold to customers.