Florida Building Contractor Business/Finance Practice Exam

Disable ads (and more) with a membership for a one time $2.99 payment

Prepare for the Florida Building Contractor Business/Finance Exam. Test your knowledge with comprehensive flashcards and multiple-choice questions. Each question includes hints and detailed explanations to help you excel on your exam!

Each practice test/flash card set has 50 randomly selected questions from a bank of over 500. You'll get a new set of questions each time!

Practice this question and more.

What is the deadline for filing employee W-2's with the Social Security Administration?

December 31
January 15
February 28
March 31

The correct answer is: February 28

The deadline for filing employee W-2 forms with the Social Security Administration is February 28. This deadline applies to employers who are filing paper forms. For those who file electronically, the deadline extends to March 31, but this is not the choice selected. The significance of this deadline lies in ensuring compliance with tax regulations, as W-2 forms report the annual earning of employees and the amount of taxes withheld from their paychecks. Filing these forms on time helps avoid penalties and ensures that employees’ income information is reported accurately, allowing them to complete their tax returns properly. Furthermore, this timing establishes a clear window for both employers and employees regarding tax reporting requirements, which is instrumental for efficient financial and tax planning. By adhering to this deadline, employers can facilitate a smooth process throughout the tax season for their employees and themselves.