employees as to taxability
Q: How to determine the estimated net cost of benefits to the employer?
A: In an organizational setting, when business activities are carried out it results in some benefits…
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: A new employer will be assigned a SUTA contribution rate: a. will be different for all new…
A: The correct answer is Option (d).
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: 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: All of the following factors are considered by the CRA in determining if an employ relationship was…
A: Canada Revenue Agency: The Canada Revenue Agency is the income administration of the central…
Q: Under IAS 19 Employee Benefits, how is actuarial gain or loss handled? amount falling outside…
A: IAS 19 deals with the employee benefits. It includes the pension, benefit plans and gratuity etc.
Q: Question 5 Which of the following would be deducted in determining an employee's net pay? O FUTA…
A: Some taxes are deducted by employer from employee salary and paid to the government and net salary…
Q: The FUTA tax is paid by: Oa. Employers and employees. Ob. The federal government. Oc. Employers…
A: Depreciation is a method which measures the reduction in the value of an asset or equipment due to…
Q: What is an employer’s unemployment merit rating? How are these ratings assigned to employers?
A: Human resource management is a concept to help the organization to evaluate the performance of each…
Q: Employer of a self-employed or independent contractor do not have to withhold CPP, EI and taxes from…
A: While withholding CPP, EI, or other taxes, it is important for an employer to determine whether the…
Q: In determining an employee's net pay, which of the following taxes would not be deducted? a.SUTA…
A: Employees net pay = Gross pay - All payroll deductions
Q: All of the following factors are considered by the CRA in determining if an employment relationship…
A: Employment: It is often defined as a state where a person (an employee) is paid for the work…
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: 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: Which of the following taxes would be deducted in determining an employee’s net pay? a. FUTA taxes…
A: Net pay: It can be defined as the amount that is taken by an employee to its home in the form of…
Q: ERISA serves to protect retirement benefits of which employees? Select one: a. Private sector, but…
A: Retirement benefits refer to the benefits that are payable as a pension scheme to the members at…
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: An experience rating, or merit rating a. directly adjusts the benefit amount the unemployed…
A: The correct answer is option (c).
Q: Generally, all deductions made from an employee's gross pay are required by law. True False
A: Gross pay or salary refers to the total amount which is mentioned in the employment contract…
Q: According to AASB 119, how should an employer's obligation for employee benefits be measured?
A: Employee benefits refer to the consideration of all forms that are given by an entity to its…
Q: Which type of deduction does not require the employer to have the employee's written permiss O…
A: From the employees paycheck, there are various deduction which are required to be deducted by the…
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: What is an employer’s unemployment merit rating
A: Merit rating is a rating or a score given to the employer on the basis of the stability in…
Q: The vested benefits are employee benefits that are not conditional on future employment. benefits…
A: Solution: The vested benefits are "employee benefits that are not conditional on future employment."…
Q: Determine the total employee withholdings
A:
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: A common law employee-employer relationship exist: when the employer has the right to specify the…
A: Common law is the law which states the terms and conditions for the work that should be followed by…
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: Employee benefits given by an employer to an employee may be recognized by the employer as I.Asset…
A: The financial statements of the business include the income statement and balance sheet of the firm.
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: 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: . Define:
A: A]-MINIMUM WAGE A pay is that the lowest remuneration that employers will lawfully pay their…
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: 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: liability for employees' compensation for future
A: A liability shall be accrued if it is to be settled in the near future.
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: 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: 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: Which is a factor in determining federal income tax withheld? A. Level of wages B.…
A: Answer - When you file your federal taxes, the amount of tax you owe is based on a number of…
Q: The amount of compensation subject to OASDI tax is correctly defined as Select one: a. all amounts…
A: OASDI (Old Age, Survivors, and Disability Insurance program) tax is a tax levied by IRS on all…
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: 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: FUTA taxes impose on employees and therefore are not deducted from employee wages. A. True B,…
A: Given statement is false.
Q: employee’s employment as a result of either: I. An entity’s decision to terminate an employee’s…
A: Solution: Employee’s employment as a result of either: I. An entity’s decision to terminate an…
Q: Which of the following taxes is both an employee and an employer tax?a. federal income tax.b.…
A: The correct answer is Option (d).
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…
Q: 1. It refers to all remuneration for services performed by an employee for his employer under an…
A: ANSWER THE CORRECT OPTION IS B) GROSS COMPENSATION GROSS COMPENSATION REFERS TO ALL REMUNERATION FOR…
Q: Which of the following is not an essential feature of FBT for the FBT year ended 31 March 2020?…
A: A fringe benefit refers to the excess amount paid by the employer over the annual salary or other…
Which ia a type of employees as to taxability
a. minimum wage earners
b. regular employees
c. corporate earner employees
d. both a and b
Step by step
Solved in 2 steps
- Which of the following factors could assist employers in determining employee pay rates? A. Employee marital statusB. Company’s net incomeC. Employee FLSA statusD. Industry typeWhich of the following taxes is paid by the employee and the employer? a.SUTA b.Federal withholding taxes c.FUTA d.FICA 3Which payroll tax is levied on both employers and employees? Both employees and employers are required to pay a.FICA taxes b.SUTA texes c.FUTA texes
- All of the following factors are considered by the CRA in determining if an employment relationship was under employee or self-employed arrangement except: Question 13 options: a) Ownership of tools b) Ability to hire others c) Opportunity for profit d) How much the employer can payWhich of the following items is exempt from including into the assessable income for salaries tax purposes? Select one: a. Leave pay b. Commission c. Compensation for termination of employment not provided in the contract d. End of contract gratuities6. Which of the following is subject to income tax? A. De minimis benefits B. Income tax paid by the employer in behalf of the employee C. Fringe benefit required by the nature of or necessary to trade business or profession of the employer D. Those granted for the convenience of the employer
- Employee benefits given by an employer to an employee may be recognized by the employer as I.Asset II. Liability IIIEquity IV. Income V. Expense II, V I, II, III, V I, II, III, IV, V I, II, VWhich of the following taxes is both an employee and an employer tax?a. federal income tax.b. FUTA.c. local income tax.d. OASDI.All of the following income items are includible in an employee's gross income except: a, Severance pay for cancellation of employment b, Unemployment compensation c, Payments from employer while sick or injured d, Medical insurance premium paid by employer for employee and spouse e, Moving expense reimbursement
