Which of the following is the characteristic of a corporation?

WEEK 2

Quiz
•
Specialty
•
Professional Development
•
Medium
Tumaliuan, Margarette
Used 3+ times
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66 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A corporation is a legal entity that is separate and distinct from its owners. Corporations enjoy most of the rights and responsibilities that individuals possess.
An important element of a corporation is limited liability.
Corporations are not always for profit.
All of the above
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which of the following statements is not true with regards to FICA?
The employee must file returns and deposit the withheld income tax and the FICA tax with an authorized commercial bank depository or a Federal Reserve bank.
The employee portion must be withheld by the employer corporation from each payment of taxable wages until a designated amount of taxable wages has been reached.
FICA requires both employers and employees to contribute a stated percentage of wages paid in order to provide old age, medical, survivors and disability benefits to employees.
The corporation is required to annually furnish each employee with a statement of wages paid and taxes withheld during the previous calendar year.
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which of the following statements is not true?
Property taxes are levied upon the ownership or use of property or upon the property itself.
A corporation will automatically be subject to the state income tax of its state of incorporation if it does business in or has income derived from that state.
A state may include the corporation’s entire capital stock or income, even if the corporation is engaged in business and employing its capital primarily in a foreign state.
State corporate income taxes are taxes imposed upon the gross amount involved in certain transactions.
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Statement 1: A corporate taxpayer is required to file an annual tax return (generally Form 1120) by the 15th day of the fourth month following the close of its tax year.
Statement 2: A taxpayer can obtain an additional six-month extension of time to file its tax return.
Only statement 1 is true
All statements are true
Only statement 2 is true
All statements are false
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following best describe a S-corporation?
Subject to double taxation
Does not have to pay corporate income taxes
Must file a federal tax return and pay federal taxes on income it earned
None of the above
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which statement is false?
Payments for the services of a child under age 21 who works for his or her parent in a trade or business are not subject to Federal Unemployment Tax Act (FUTA) tax.
The wages for the services of a parent employed by his or her child in a trade or business are subject to income tax withholding and social security and Medicare taxes.
The wages for the services of a parent employed by his or her child in a trade or business are subject to income tax withholding, social security, Medicare, and FUTA tax.
Payments for the services of a child under age 18 who works for his or her parent in a trade or business are not subject to social security and Medicare taxes if the trade or business is a sole proprietorship or a partnership in which each partner is a parent of the child.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
You may use the cost incurred or the fair market value to determine the value of fringe benefit.
True
False
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