Answered: employee's take-home pay is equal to…

Business

Accounting

employee's take-home pay is equal to gross pay less all voluntary deductions. True False

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 17Q: What are examples of involuntary deductions employers are required to collect for employee and...

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An employee's take-home pay is equal to gross pay less all voluntary deductions.

True

False

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What are examples of involuntary deductions employers are required to collect for employee and employer payroll liabilities?
When it comes to employee wages, gross pay refers to the whole amount earned before deductions. Choose one of the following options: True or False.
An example of fringe benefit is: the employee health insurance the direct labor wage rate. withheld taxes overtime pay
TRUE OR FALSE The fringe benefits tax assumed by the employer is a deductible expense of the recipient managerial employee
. If a fringe benefit involves a deduction from employee pay, which of the following is true? A. Employers may only offer the benefit to certain classes of employees. B. The employee must enroll in direct deposit for their pay. C. The fringe benefit must be subject to income tax. D. The amount of the deduction must be listed on the employee's pay advice. 2. The ________ determines when benefit amounts should be withheld from employee pay. A. employee B. employer C. IRS D. State in which the business is conducted
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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.
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