An example of fringe benefit is: the employee health insurance the direct labor wage rate. withheld taxes overtime pay
Q: employee's take-home pay is equal to gross pay less all voluntary deductions. True False
A: As per US federal tax law the employee will get paid of salary after deducting the some taxes that…
Q: Which statement is NOT true about the structure of the Earned Income Tax Credit (EITC)? A. EITC…
A: Answer:- Earned Income Tax Credit (EITC) meaning:- The Earned Tax Credit (EITC), is a kind of tax…
Q: How does the pay-as-you-go procedure apply to wage earners? To persons who have income from sources…
A: A tax is a payment levied by the order of Federal, state, or local government agencies and collected…
Q: S1 – If fringe benefit is given to non-rank and file employees, fringe benefit is generally subject…
A: Fringe benefits are additions to compensation that companies give their employees. Fringe Benefit…
Q: true or false The balance of FVPA would be zero if the employer has no fund set aside for the…
A: Fair value of plan assets or FVPA is referred as the fair value of an invested funds for making the…
Q: Compensation income is income that is typically derived from self-employment. True or False
A: Declaimer: “Since you have asked multiple question, we will solve the first question for you. If you…
Q: Defined contribution plans are gaining in popularity because: a) They remove the burden of payment…
A: Contribution plans: It is a combined effort taken by the employer and the employee together…
Q: An increase in OCI related to plan assets occurs when: Select one: a. The accumulated benefit…
A: The information given is a question related to Plan Assets and Deferred Obligation Accounting.
Q: a defined contribution plan, as long as the employer makes a definite contribution to the plan, the…
A: Defined contribution plan is a plan opted for providing employee benefits at the end of retirement…
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: Taxpayers who make after-tax contributions to a qualified employer plan recover their investment…
A: Taxpayer who makes after tax contribution to a qualified employer plan recover their investment…
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: Take home pay or net pay means: a. gross pay less all deductions b. gross pay plus the amount paid…
A: We first needs to understand the meaning of gross pay and net pay to answer this. Gross pay is a…
Q: Which of the following statements concerning a group carve-out plan is (are) correct? 1).The…
A: Insurance: It is an agreement for the protection of insured loss between two entity one is insured…
Q: Which of the following is not deductible from gross income? Salaries and wages of employees…
A: There are expenses which are deductible from gross income to arrive at net income which is taxable.…
Q: Employer-sponsored Accident and Health Plans, Medical Reimbursement Pland, Long Term Care Insurance…
A: Employer offers several benefit plans to employees which include group health care plans and…
Q: In case of Contributory Pension plans: (a) employer bears the entire cost. (b) employees voluntarily…
A: A pension plan seems to be a type of retirement plan in which an employer contributes to a pool of…
Q: The portion of FICA taxes designated as Medicare is paid by a.employees only. b.the employer and the…
A: FICA is a U.S. federal payroll tax. FICA stands for The Federal Insurance Contributions Act.
Q: Which of the following is correct? a) Fringe benefits are always subject to fringe benefit tax. b)…
A: Fringe benefits are the one which are allowed to the employees by their employers as an incentive…
Q: In a defined contribution plan, as long as the employer makes a definite contribution to the plan,…
A: Defined-contribution plans are funded primarily by the employee. But many employers make…
Q: Which tax does not have a wage base limit? A. FICA−Medicare B. Federal unemployment tax C.…
A:
Q: Which of the following statements is not correct? Relatively small meal allowances paid to rank and…
A: Solution: Which of the following statements is not correct? Relatively small meal allowances paid to…
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: Supplemental wage payments include all of the following except: Commissions. Bonuses. Expenses paid…
A: Introduction: Supplemental wages: Supplementary wages are given to employees along with General…
Q: 5. The following are included in an employee benefits EXCEPT one. Vacation leave Sick leave…
A: One of the most important economic activities is employment. Employees are compensated by their…
Q: Which is not correct?
A: This is a multiple-choice question in which we have to select the correct option.
Q: Unions dues, vacation account, 401k, insurance, subtracted from gross pay Options are: personal…
A: Law provides certain deductions that are deducted from the gross pay to achieve net pay.
Q: Which of the following amounts paid by an employer to an employee is not subject to withholding? Oa.…
A: Given : Multiple options a) Salary b) Travel expense reimbursements from an accountable plan c)…
Q: If an employer contributes to an Health Savings Account (HSA) on behalf of an employee, a. Is the…
A: Generally the contribution made by the employer to the Health Savings Account (HSA) of an employee…
Q: One of the objections of granting wage increases on a percentage basis is that the lowest paid…
A: The answer has been given in the next sheet.
Q: Which of the following does not describe a defined contribution plan? The employer bears the risk…
A: The question is related to Employee benefits. Define Contribution plan is plan where the employee…
Q: Which of the followings is included in taxpayer’s gross income (i.e., taxable)?
A: 1. a) Compensatory damage payments received from physical injury by accident caused by other party…
Q: i. The portion of the payroll tax levied on employers is O regressive, if the incidence is on…
A: Payroll tax is withheld by an employer from an employee's pay. The employer later pays it to the…
Q: Why should the employee’s supervisor not distribute paychecks?
A:
Q: Which of the following is/are true with regard to accounting for short-term employee benefits?…
A: Short-term employee benefits refer to those employee benefits that are supposed to be sorted out…
Q: It is a type of retirement plan where the benefit to be received by the employee is dependent on the…
A: Retirement plans are those in which amounts are invested periodically which accumulate until the age…
Q: TaxpYer who make after-tax contributions to a qualified employer plan recover their investment cost…
A: Taxation: Taxation refers to the imposition of compulsory financial obligation by the government on…
Q: When it comes to employee wages, gross pay refers to the whole amount earned before deductions.…
A: Gross salary is defined as: A payment paid to an employee for completing tasks assigned by the…
Q: What happens to the money withheld from employees' paychecks by their employers?
A: The withheld money from the employees paycheck will be deposited as tax to the government officials…
Q: In the case where an employer is delinquent in paying contributions to the state for SUTA: a.…
A: The correct answer is Option (a).
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- Which of the following statements is not correct? Relatively small meal allowances paid to rank and file employee intended to promote health and goodwill are considered as de minimis fringe benefits. Not subject to fringe benefit tax. Not subject to income tax as compensation. subject to income tax as compensation.Which of the following does not describe a defined contribution plan? The employer bears the risk of investment in a defined contribution plan. The contribution is certain but the benefit is uncertain. If the plan does poorly, the employee will share in the loss by paying more contributions. The accumulated fund on the date of an employee’s retirement determines the benefit.Which of these employees benefits is subject to fringe benefit tax? Fringe benefits to rank and file employees Regular pay of supervisory and managerial employees Fringe benefits to supervisory and managerial employees Regular pay of rank and file employees
- Which of the following is not deducted from an employee’s salary? a. FICA taxes.b. Unemployment taxes.c. Income taxes.d. Employee portion of insurance and retirement payments.Defined contribution plans are gaining in popularity because: a) They remove the burden of payment from the employer b) They qualify retirees for special Social Security payments c) The benefits are tax free d) They routinely produce higher payouts to employeesWhich of the following is true of defined benefit plans? Select one: a. Contributions are not attributed to specified employees. b. Plan costs are predictable. c. They cannot provide benefits for past service. d. Employees assume the risks of preretirement inflation and investment performance.
- Contributions of the employer for the benefit for the benefit of the employee toretirement, insurance and hospitalization benefit plan is subject to the fringebenefit tax. a.true b.falseIt is a type of retirement plan where the benefit to be received by the employee is dependent on the contributions made to the plan and on the investment performance of the plan. The risk that the benefits to be received may be insufficient is retained by the employee. a. Defined contribution plan b. Defined benefit plan c. none of the above d. a or bContributions of the employer for the benefit for the benefit of the employee to retirement, insurance and hospitalization benefit plan is subject to the fringe benefit tax. TRUE OR FALSE?
- Which of the following is true about the self-employed health insurance deduction? The deduction can be claimed when a subsidized employer health insurance plan is also available. The deduction can be claimed if the taxpayer has an overall business loss from self-employment. Long-term care premiums may not be deducted within specified dollar limitations based on age. The self-employed health insurance deduction is a for AGI deduction. Dental insurance is not included as deductible self-employed health insurance.The wage base for unemployment compensation taxes are: a. all wages paid but not including those that have been set aside for the employee to draw upon at his/her discretion. b. all wages actually paid or constructively paid. c. all wages paid or payable for the period. d. all wages that are considered to be constructively paid plus wages payable.Which of the following taxes is paid by the employee only? Choose the best answer. Group of answer choices Social Security Tax and Medicare Tax Federal Income Tax Unemployment Tax Social Security Tax, Medicare Tax, Federal Income Tax and Unemployment Tax PreviousNext
