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Foundation CPE Module 4: Payee Setup CPE Module 4 Quiz CPE

Module 4: End of Module Quiz

With Module 4 coming to a close, now is the time to test you to ensure you are making the progress we expect at this point in time.

We will ask you a series of questions that will be related to the information you have learnt so far in the topics we have covered.

This quiz will summarise the topics we have gone over in Module 1. To complete this quiz and move on to Module 2, you must get at least 75% correct.

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Question 1 of 5

1. Question
Pursuant to chapter 3 of the Internal Revenue Code, why do payors and withholding agents need to determine the source of income paid to non-U.S. persons?
- Only U.S. source fixed, determinable annual, or periodical income paid to a non-U.S. person is subject to U.S. federal tax withholding and information reporting.
- Sourcing income tells a payor or withholding agent whether to issue a Form W-2.
- U.S. persons are taxed on worldwide income, so there is no need to determine the source of income paid to non-U.S. persons.
- Only non-U.S. source fixed, determinable annual or peridical income paid to a non-U.S. person is subject to U.S. federal Tax withholding and reporting.
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Question 2 of 5

2. Question
What is a payor?
- The person receiving income.
- The person making a payment of income.
- A U.S. person who owns a bank.
- A non-U.S. person who is receiving U.S. source fixed, determinable annual, or periodical income.
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Question 3 of 5

3. Question
Why does a payor or withholding agent collect Forms W-8, W-9, 8233, and Self-Certifications?
- Payors and withholding agent do not collect these forms.
- To determine the source of income they are paying.
- To determine the status of the person a payor or withholding agent is paying as a U.S. or non-U.S. person.
- To let banks know that they intend to request electronic account statements.
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Question 4 of 5

4. Question
Which statement is correct?
- The United States taxes U.S. persons on income earned in the United States only.
- The United States generally taxes U.S. persons on income earned inside and outside of the United States.
- A U.S. person can choose which income the United States taxes as U.S. source income.
- A U.S. person does not pay taxes when traveling.
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Question 5 of 5

5. Question
Select the response which lists all of the forms that could be used by an Individual to certify status as either a U.S. or non-U.S. person, whichever is applicable.
- Forms W-8BEN or W-8BEN-E
- Forms W-8BEN or W-9
- Forms W-8BEN, W-8ECI, 8233 or W-9
- Form W-9
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