Table of contents

1. Introduction to Accounting1h 21m
2. Transaction Analysis1h 13m
3. Accrual Accounting Concepts2h 38m
4. Merchandising Operations2h 30m
5. Inventory1h 55m
6. Internal Controls and Reporting Cash1h 16m
7. Receivables and Investments3h 8m
8. Long Lived Assets5h 1m
9. Current Liabilities2h 19m
10. Time Value of Money1h 23m
- Time Value of Money Equations
  35m
- Using Time Value of Money Tables
  47m
11. Long Term Liabilities2h 45m
12. Stockholders' Equity2h 15m
13. Statement of Cash Flows2h 24m
14. Financial Statement Analysis5h 25m
15. GAAP vs IFRS56m

1. Introduction to Accounting

Useful Information

Financial Accounting

1. Introduction to Accounting

Useful Information

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Multiple Choice

The Federal Insurance Contributions Act (FICA) requires that each employer file a:

annual information return (Form 1099)

individual income tax return (Form 1040)

corporate income tax return (Form 1120)

quarterly payroll tax return (Form 941)

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Verified step by step guidance

Understand the context of the Federal Insurance Contributions Act (FICA), which mandates employers to report payroll taxes periodically.

Recognize that FICA taxes include Social Security and Medicare taxes, which are withheld from employees' wages and matched by employers.

Learn that employers are required to file Form 941, the quarterly payroll tax return, to report wages paid, tips received, and taxes withheld.

Differentiate Form 941 from other tax forms such as Form 1099 (used for reporting income paid to independent contractors), Form 1040 (individual income tax return), and Form 1120 (corporate income tax return).

Conclude that the correct form for reporting payroll taxes under FICA is Form 941, which is filed quarterly to ensure compliance with federal tax regulations.