Apply Payroll Tax Requirements Practice Test

A corporation pays employees weekly and learns it misapplied its deposit schedule, making monthly deposits even though its lookback period requires semiweekly deposits. Federal income tax withholding and both employee and employer FICA were calculated correctly, but deposits were late under the applicable rules; FUTA and SUTA deposits were timely. What action should the employer take to comply with payroll tax regulations?

A partnership operates a coffee shop and pays baristas biweekly. During an internal review, the bookkeeper discovers that for the most recent payroll, the partnership withheld employee FICA but failed to deposit the related employer and employee FICA taxes on time under the semiweekly deposit rules; FUTA and SUTA were deposited correctly. The partners want to fix the federal payroll tax deposit error and remain compliant. How should the business correct the payroll tax error?