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APA CPP-Remote Exam - Topic 7 Question 69 Discussion

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?
C) $110,000 on Thursday and $55,000 on Friday
A) $55,000 on Thursday and $110,000 on Friday
B) $55,000 on Friday and $110,000 on the next Wednesday
D) $165,000 on Thursday

APA CPP-Remote Exam - Topic 7 Question 69 Discussion

Actual exam question for APA's CPP-Remote exam
Question #: 69
Topic #: 7
[All CPP-Remote Questions]

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?

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Suggested Answer: C

by Glory at Apr 29, 2025, 03:47 PM

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Wava
7 months ago
I agree, option A sounds right to me!
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Arlette
7 months ago
Wait, can you really combine them like that? Seems off.
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Gilma
7 months ago
Taxes must be deposited by the following Monday for semiweekly deposits.
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Lai
7 months ago
I think it's Thursday for the $55k and Friday for the $110k.
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Bette
7 months ago
Definitely not option B, that's way too late!
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Ozell
8 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?
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Francesco
8 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?
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Elenor
8 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.
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Galen
8 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.
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Alpha
9 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.
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Bev
9 months ago
Wait, is the question asking for the total amount to be deposited or the individual deposit amounts? I'm a bit confused.
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Alita
9 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.
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Quentin
9 months ago
Hmm, not sure if I should add the two liabilities together or deposit them separately. Let me think this through carefully.
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Ivette
9 months ago
This seems straightforward, just need to figure out the deposit schedule based on the semiweekly liability amounts.
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