A minimum wage earner who is also earning a self-employment income is exempt from income tax on the entire income

Q: Salaries Expense is debited to record the employer's FICA contributions and the FUTA and SUTA taxes.…

A: Payroll tax: This is the tax which is withheld by an employer from the pay of the employee and…

Q: Employers pay both social security and unemplolyment taxes. O True False

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Identify two different types of deductions that an employer is required to subtract from a

A: There are several deductions from paycheck but two are absolutely necessary other are optional.

Q: Which of the following is paid by both the employer and the employee? Group of answer choices Social…

A: Payroll tax: Payroll taxes refer to the taxes which are equally contributed by employees and…

Q: Deductions from gross income are allowed to the following income earners, except:  a. Compensation…

A: Gross income refers to the income earned by the entity exclusive of any deduction.

Q: Explain how a Bonus arrangement can be used to defer the taxes paid by an employer?

A: Deferral of tax refers to the postponing the tax payment to the next period. In other words, when…

Q: Which of the following types of income is subject to the self-employment tax? a.Dividends from stock…

A: First of all we need to understand what is self emploment- In simple words we can say self…

Q: Contributions of the employer for the benefit for the benefit of the employee to retirement,…

A: Income tax:    It is the amount a person is liable to pay on the earned amount in an accounting…

Q: An independent contractor or self-employed person's employer is not required to deduct taxes, CPP,…

A: Benefits provided by employers when an employee works for a company, then every employer has to…

Q: computing the taxable income of a compensation income earner, what is deducted from his total…

A: Taxable compensation income derived from deducted all deductions from taxable income .

Q: Why are deductions made by an employer from the employees' earnings/pay classified as liabilities to…

A: AN EMPLOYER HAS THE RIGHT TO MAKE DEDUCTION'S FROM EMPLOYEE'S EARNINGS OR PAY . THESE DEDUCTIONS CAN…

Q: Which of the following taxes has a ceiling and is only paid by the employer? Group of answer choices…

A: Income taxes is the amount that is charged by the government on the income earned by an individual…

Q: The fringe benefit tax by nature is a final tax. b) The personal expenses of a managerial employee…

A: a. According to section 33(A) of the NIRC fringe benefit tax   on employees income to the withheld…

Q: posit for their pay. C. The fringe benefit must be subject to income tax. D. The amount of the…

A: 1  The right answer is D. The amount of the deduction must be listed on the employee's pay advice. 2…

Q: The more dependents that are claimed, the less tax is withheld from an employee's paycheck.

A: Dependent represents the person who is dependent on the taxable person. The taxable person needs to…

Q: It is very important to understand the nature of benefits paid by an employer to its employee in…

A: Benefits and perks are given to employers from their employees which could be included in…

Q: Which of the following is not an employer payroll tax?

A: Federal income tax is the liability of the employee to pay tax on the income and is deductible from…

Q: Identify and describe the followings that are exempted from taxation. a. Some persons based on…

A: Income tax- Income tax refers to the tax that is levied on the earnings/ income of a person or…

Q: substituted Filing of Tax Return is applicable

A: First option is wrong because the substituted filing of tax return is available to the employee who…

Q: How is self-employment income treated differently than income earned when you work

A: Taxable income: Taxable income can be defined as income derived after adjustment of necessary…

Q: The QBI deduction will reduce both the income tax and self-employment taxes owed by a self-employed…

A: Answer:   False.

Q: Globalization rule in determining the taxable income of the taxpayer means that

A: c. The regular income of taxpayer from employment and business or profession, including other income…

Q: Employer of a self-employed or independent contractor do not have to withhold CPP, EI and taxes from…

A: If self employed or independent contractor is in employer and employee relationship then it is an…

Q: do not allo

A: In Philippines deduction is allowed from Business Income, Professional Income and mixed income but…

Q: Please explain the tax implications of compensation in the form of salary and wages from the…

A: SOLUTION COMPENSATION IN THE FORM OF SALARY AND WAGES : COMPENSATION REFER TO THE CASH PRIZES THAT…

Q: TRUE OR FALSE The fringe benefits tax assumed by the employer is a deductible expense of the…

A: Fringe benefits include: Employee stock option Interest-free loans Higher education assistance Cab…

Q: It is very important to understand the nature of benefits paid by an employer to its employee in…

A: Benefits provided by employers: when an employee works for a company, then every employer has to…

Q: Which of the following is subject to income tax? A. De minimis benefits B. Income tax paid by the…

A: SOLUTION EXPLANATION- AS DEFINED BY U.S , INTERNAL REVENUE SERVICE "CONVENIENCE OF EMPLOYER…

Q: Question 5: Which of the following employee taxes is matched by the employer? Answer: A. State…

A: Introduction:- Payroll taxes are the state and federal taxes. As an employer, are responsible to…

Q: Which of the following taxes is paid by the employee and the employer? a.SUTA b.Federal withholding…

A: SUTA: State Unemployment Tax Rate  FUTA: Federal Unemployment Tax Rate  FICA: Federal Insurance…

Q: Explain the tax phrase “exclusion from gross income.

A: Tax is a compulsory payment to the revenue authorities of a government of a country. Taxes are used…

Q: The Following fringe benefits shall not be subject to basic tax or fringe benefit, except:  a)…

A: Fringe Benefit Tax Fringe Benefit Taxes which are taken from the employee of the business entity to…

Q: FICA, a tax that every employer must pay has two parts. What are they? List them

A: FICA is a mandatory payroll tax equally split between employees and employers. Unlike federal income…

Q: Which of the following items is exempt from including into the assessable income for salaries tax…

A: Correct option is D.  End of contract gratuities     Explanation:

Q: Which of the following types of income are not considered self-employment income? Select one: a.…

A: Self-employment income refers to the income earned by way of trade or business income wherein the…

Q: Tax withheld from an independent contractor is known as: a. Social Security Tax b. Federal income…

A: The independent contractor is liable to pay self employed tax that includes social security tax.

Q: How is the Self-Employment (SE) tax calculated?  What types of income are subject to the SE tax

A: Self-employment tax is a combination of Social Security and Medicare taxes The self-employment tax…

Q: the amount of payroll tax withheld from an employee’s paycheck by an employer is  a current…

A: Answer with explanation are as follows

Q: Are bonuses to employees subject to Income Tax? Discuss the tax implications to the taxable income…

A: Income tax An income tax is considered an important direct tax. It is an important source of revenue…

Q: Employees are subject to FUTA taxes, which are not deducted from their pay. A. True B, False

A: This question deals with Employees are subject to FUTA taxes,

Q: Question 2: Which of the following is an accurate statement about SUTA tax? Answer: A. O Every state…

A: The state unemployment tax act known as SUTA is a payroll tax employers are required to pay on…

Q: FUTA taxes impose on employees and therefore are not deducted from employee wages.   A.  True B,…

A: Given statement is false.

Q: True or False: You are employed. The Income tax on your salary is required to be paid at the Mayor’s…

A: False ÷ income tax on salary income are not required to be paid to Mayor's office.

Q: Contributions of the employer for the benefit for the benefit of the employee to retirement,…

A:

Q: ch is a type of nployees as to Taxability: * a. Minimum wage earners O b. Regular employees

A: Employees refer to the individuals who work for an entity for a desired period of time in exchange…