Ch 7: Preparing, Depositing & Reporting Taxes

About This Chapter

Ensure you understand how to prepare, deposit and report taxes by taking advantage of the study resources in this chapter. Boost your understanding with help from short lessons, mini quizzes and a practice exam as you study for an upcoming test.

Preparing, Depositing & Reporting Taxes - Chapter Summary

This short chapter makes it easy to grasp the basics of preparing, depositing and reporting taxes. Our instructors take a close look at federal tax filing requirements, unemployment insurance, tax deposition issues and other related topics. Study the lessons at your own pace. When you've finished, you will be able to:

  • Discuss the requirements of employers to file and withhold taxes
  • Define and list characteristics of current and long-term liabilities
  • Detail the process of depositing employment taxes
  • Explain the function and use of the Electronic Federal Tax Payment System (EFTPS)
  • Share the process for completing Form 941 and Form W-2 for tax purposes
  • Describe the significance of unemployment insurance
  • Discuss how to complete Form 940 for federal unemployment tax
  • Provide details about errors and penalties associated with depositing taxes

If your schedule is busy and you are concerned you won't have time to study this chapter, don't worry! All the lessons are available 24/7 and can be viewed using any computer or mobile device with an Internet connection. Improve your comprehension of the basics of preparing, depositing and reporting taxes, and check your understanding by taking short quizzes and a practice exam. Any questions you have about topics covered in this chapter can be submitted to our experts.

Chapter Practice Exam
Test your knowledge of this chapter with a 30 question practice chapter exam.
Not Taken
Practice Final Exam
Test your knowledge of the entire course with a 50 question practice final exam.
Not Taken

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