can you help me how to Explain how an employer can receive a credit against the FUTA tax due.

Q: 2. In the table below, fill in each column. In the FICA tax column, circle who pays the tax. In the…

A: Type of Worker FICA Tax Tax Rate FUTA Tax A) Employer (6.2%+1.45%)=7.65% 6%   Employee…

Q: Issue:  Under the Federal Insurance Contributions Act (FICA) every person is an employer if the…

A: 1) a) Federal Insurance commitments act is a US law that orders charge demand on the pay rates Wages…

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: Payroll Accounting under FUTA, what conditions must be met for a person or business to be…

A: Because you have posted multiple question we will answer the first question only and for thr…

Q: What payroll taxes is the employer responsible for paying?

A: Employer payroll taxes: The taxes which the employer must pay to the employees with their salaries…

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: 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 taxes is paid by the employee only? Choose the best answer. Group of answer…

A: Tax is compulsory payment made by the assessee to the government .

Q: Which payroll taxes are the responsibility of the employee and which are the responsibility of the…

A: Introduction: Payroll taxes: Payroll taxes are levied on both employers and employees and are…

Q: Which payroll tax is imposed on both the employee and the employer? a. federal income tax b.…

A: Payroll taxes are levied on salaries and self-employment income by the federal government, and the…

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

A: A minimum wage earner who is also earning a self-employment income, will not be exempt from income…

Q: Determine the employee's total income tax deduction for this pay period. Your answer:

A: Income tax is defined as the portion of the income paid to the government or the taxation authority…

Q: The employer is responsible for which of the following payroll taxes? a. 6.2% FICA—OASDI tax b.…

A: Payroll taxes: Payroll taxes are the taxes withheld by the employers from the wages/salary payable…

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: Employees are subject to taxes withheld from their paychecks.a. List the federal taxes withheld from…

A: Payroll: The total payment that a company is required to pay to its employee for the services…

Q: proper plan

A: The obligation for collecting and remitting withholding taxes to the Internal Revenue Service lies…

Q: The Social Security payroll tax is split equally between the employee and the employer. Would it…

A: Social Security tax is the tax levied on both employers and employees to fund the Social Security…

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: 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: Why are deductions from employees’ earnings classified as liabilities for the employer?

A: Payroll: The total payment that a company is required to pay to its employee for the services…

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: TRUE OR FALSE A minimum wage earner is not only tax exempt on his basic salary but also on holiday…

A: Minimum wage earners as defined in Section 22(HH) of this Code shall be exempt from the payment of…

Q: Which payroll taxes are the employee’s responsibility and which are the employer’s responsibility?

A:

Q: Which of the following payroll related taxes are paid by the employer? Choose the best answer. Group…

A: Social Security Tax and Medicare Tax are taxes that are deducted from employee's salary. There are…

Q: Why is it critical for employers to properly arrange their employees' taxes

A: Introduction :  Withholding taxes are collected and sent to the Internal Revenue Service (IRS) by…

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: 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: Payroll tax expense related to this employee will be:

A: Income tax refers to the amount paid by an individual or company to the government for financing the…

Q: What information is necessary to record payroll transactions? Which account is used to record an…

A: A payroll is set of information which entails the various monetary benefits that employees draw from…

Q: Is Social Security Tax & Medicare tax calculated on all gross wages in a pay period?

A: Earnings subjected to the Social Security (SS) portion of the FICA tax are considered as SS wages.…

Q: What steps must an employer follow in sequential form to calculate an employee's income tax…

A: Deductions refer to the amounts which are deducted from the gross income of the taxpayer. These…

Q: To calculate the debit to payroll tax expense in recording the employer's payroll taxes the…

A: Employer payroll taxes means those tax expenses that are incurred by employer on behalf of employees…

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: What are tax considerations of household employers

A: Household employee:  He is an individual who is paid to provide a service within their employer’s…

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: Explain the tax treatment of provision of accommodation or housing benefit to an employee

A: Income Tax treatment of provision of accommodation or housing benefit to an employee : Employers…

Q: 1) What role does your employer play in payment of your FICA tax (social security & Medicare)?

A: Hi student Since there are multiple questions, we will answer only first question.

Q: Which of the following is not an employer payroll tax? Multiple Choice Social Security tax equal to…

A: The following are categorized under employer payroll tax, Federal unemployment tax State…

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: 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: 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: What form of business pays personal income tax?

A: Income tax, as the name suggests, is calculated on the income of assessee and payable according to…

Payroll Entries

Payroll is a comprehensive record of employees that are paid by the company. Payroll classifies employees into various categories according to their function and pays scale (basic wage, allowance, income tax, other taxes, employee loans, etc.). Payroll processes form the bedrock of every organization as it contains sensitive information on the ‘wage and paycheck’ portion of the company’s strength—its employees. The organization needs to keep a track of the employees currently on the payroll, the net payout for the company, the record of transactions related to the employees including deductions and payroll taxes to identify the liability and its effect on the balance sheet (and other financial statements). Payroll records also include qualitative factors such as the conduct of the employee.