Discuss APA CPP-Remote Exam Topic 7 Question 69

An ER that deposits payroll taxes semiweekly incurs a tax liability of $55,000 on Tuesday and a tax liability of $110,000 on Wednesday. When must the taxes be deposited?

A$55,000 on Thursday and $110,000 on Friday

B$55,000 on Friday and $110,000 on the next Wednesday

C$110,000 on Thursday and $55,000 on Friday

D$165,000 on Thursday

Suggested Answer: C

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14 comments · newest first

Wava 10 months ago

I agree, option A sounds right to me!

Arlette 10 months ago

Wait, can you really combine them like that? Seems off.

Gilma 10 months ago

Taxes must be deposited by the following Monday for semiweekly deposits.

Lai 10 months ago

I think it's Thursday for the $55k and Friday for the $110k.

Bette 10 months ago

Definitely not option B, that's way too late!

Ozell 11 months ago

I thought we had to deposit each amount separately, but I can't remember if they can be combined. I guess Thursday is the deadline for the first one, but what about the second?

Francesco 11 months ago

I feel like the $55,000 from Tuesday has to be in by Thursday, but I'm confused about the $110,000 from Wednesday. Does it go in the same day or later?

Elenor 11 months ago

I remember practicing a similar question where we had to combine liabilities. I think we might need to deposit both amounts by Thursday, but I can't recall the exact rules.

Galen 11 months ago

I think the semiweekly deposit schedule means we have to pay the taxes by the following Thursday for the Tuesday liability. But I'm not sure about the Wednesday one.

Alpha 12 months ago

I'm pretty confident the answer is B. The liabilities are incurred on Tuesday and Wednesday, so they need to be deposited on Friday and the next Wednesday.

Bev 12 months ago

Wait, is the question asking for the total amount to be deposited or the individual deposit amounts? I'm a bit confused.

Alita 12 months ago

Okay, I think I got this. The taxes need to be deposited on the next business day after the liability is incurred, so the answer must be B.

Quentin 1 year ago

Hmm, not sure if I should add the two liabilities together or deposit them separately. Let me think this through carefully.

Ivette 1 year ago

This seems straightforward, just need to figure out the deposit schedule based on the semiweekly liability amounts.

APA CPP-Remote Exam - Topic 7 Question 69 Discussion