Asked by Nathan Vandervoort on Jul 04, 2024
Verified
Employers with a payroll tax liability of less than $2,500 at the end of any quarter pay their tax liability:
A) Directly to the authorized depository after the end of the quarter when Form 941 is filed.
B) Directly to the authorized depository on the same day the Form 941 is mailed.
C) Directly only if they use the EFTPS form of payment before Form 941 is filed.
D) Directly to the Internal Revenue Service when they file Form 941.
Payroll Tax Liability
The obligation of employers to withhold and pay taxes on behalf of their employees, such as social security and Medicare taxes.
Authorized Depository
A financial institution authorized to accept deposits from individuals and businesses.
Form 941
Form 941 is a quarterly tax form that employers use to report income taxes, social security tax, or Medicare tax withheld from employees' paychecks.
- Comprehend the consequences and obligations for employers in relation to payroll tax responsibilities.
Verified Answer
NS
Nurintan ShahiraJul 05, 2024
Final Answer :
D
Explanation :
Employers with a payroll tax liability of less than $2,500 at the end of any quarter can pay their tax liability directly to the Internal Revenue Service when they file Form 941, rather than making a deposit.
Learning Objectives
- Comprehend the consequences and obligations for employers in relation to payroll tax responsibilities.