Explain how to account for payroll in ?Palestine

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: xplain the rules governing the deductibility of expenses for employees in Mauritius.

A: Employees are getting various emoluments from employer in which certain deduction are given in…

Q: Can you use examples for an individual and for a company to distinguish them as tax residency?…

A: Here discuss about the details of the determination of tax resident status for Individual and the…

Q: what are the advantages and disadvantages of the payroll tax deferral?

A: Highlights of the payroll tax deferral scheme:- It applies to all those employees whose before tax…

Q: Patricia is asking for information on the Nunavut Payroll Tax. Who pays the and how is it…

A: Nunavut and Northwest territories impose payroll tax directly on the employee which is 2% which is…

Q: resident of the Republic may pay tax

A: A resident of South Africa is liable to pay tax to SARS on his/her income across the world.

Q: How do I start a payroll tax 1040?

A: Payroll tax is the amount deducted by the employer from the employee's payment and remit it to the…

Q: who are benefits or do not benefit from payroll tax deferral?

A:

Q: Employers that want to use a per diem rate to reimburse employees' lodging, meals, and incidental…

A: Per diem rates are a fixed amount that is paid to the employees to reimburse for meals, lodging, and…

Q: Consider the economic debates about either 1) the effects of immigration on wages in receiving areas…

A: Economic theory predicts impacts on local worker employment and wages, United States deal with other…

Q: Explain in detail about taxation policies and tax environment of Pakistan?

A: The tax collection by the government of any Sovereign country is for economic development…

Q: Explain the various business organization and the type of taxes calculated by each type of business.

A: Disclaimer: "Since you have multiple questions at a time so we have done the first question for you.…

Q: How is Value Added Tax recorded in Turkey? Is it considered an expense of a business? Why or why…

A: Pn the books the Value added tax is recorded as an expense or cost in Turkey. It is considered an…

Q: Explain the five types of income that are subject to withholding tax (WT) in Malaysia.

A: Income tax can be defined as the compulsory charge to be paid by the taxpayer at the end of each…

Q: Taxes on Professions, Trades and Employment in India and example of it

A: Professional tax is the tax charged on all kinds of profession, trade and employment.

Q: Describe the costs and the basic accounting activities relating to payrolls?

A: Finance bookkeeping is basically the estimation, the executives, recording, and examination of…

Q: Explain the Value Added Tax (VAT) rate structure in Oman and what the types of business should…

A: Value Added Taxes (VAT) Recently Oman implemented Value added Tax (VAT) system into the country to…

Q: What taxes are recorded when recording Payroll Tax Expense?

A: FICA, OASDI and FICA Medicare taxes are the combination of payroll tax expense of the organisation.

Q: What are the non-mandarory benefits of employees in the philippines ? and decribe each.

A: The non- monetary benefits refers to any benefits that does not directly put money into the bank…

Q: why does the taxes diTfer among rious states in USA?

A: Tax expense: It can be defined as the taxes owed by an individual or an entity to be paid to the…

Q: Why are payroll taxes and sales taxes consideredliabilities?

A:

Q: What problems might create from payroll tax deferral?

A: Highlights of the payroll tax deferral scheme:- It applies to all those employees whose before tax…

Q: What is the rate of the capital gains tax of real properties in the Philippines and the tax base?

A: A capital gain tax refers to the tax levied on the profits realized from the sale of items other…

Q: Which of the following interest income derived within the Philippines is subject to basic income…

A: Interest Income: Amounts received to an entity in exchange for lending money or allowing another…

Q: FIT (Federal Income Tax) is tax paid from your income to the national level of government. Your…

A: Tax is a payment made to the government by a taxpayer for the government or social resources used by…

Q: Sheldon would like to know whether he should consider payroll taxes and sales taxes. If he should,…

A:

Q: What’s mean change in payroll rate

A: Payroll taxes are the taxes that imposed on employers and employees. Payroll taxes have calculated…

Q: What special accounts must usually be opened in the general ledger to record payroll tax entries?…

A: Lets understand the basics. Journal entry is required to make to record financial event or…

Q: e any examples of payroll deductions and describe them?

A:

Q: What is the amount of the debit to Payroll Taxes?

A: What is the amount of the debit to Payroll Taxes?   A payroll tax expense account is the holding…

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: Explain the

A: The standard rate of VAT in Oman is 5% and businesses exempt will have 0 % VAT rate. Type of…

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: The amount of federal income tax to be withheld from employee's paychecks can be calculated by

A: Federal income tax: It is a tax levied by the IRS on the annual income of the taxpayers such as…

Q: Define the term payroll taxes.

A: Payroll accounting:   The process of payroll accounting includes the computation and payment of…

Q: discuss why or why not a country should consider a system that gives everyone person a minimum…

A: Income of an individual is the amount of money that the individual receives at regular intervals of…

Q: Differentiate wages and salaries in the 13th cheque and normal salary?

A: 13th cheque refers to the monthly salary paid which is paid in additional or 8.33% of the annual or…

Q: How much are the deductible expenses for temporary business travel away from home?

A: If you travel away from home overnight on business, you can deduct these travel expenses: Airline,…

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: Explain the general rules for deduction of expenses for self-employed persons in Mauritius.

A: Here discuss about the general rule for the Mauritius for the deduction of expenses for self…

Q: What is the income tax still due after foreign tax credits?

A: RCIT is the acronym of regular corporate income tax which is the tax rate which is charged on the…

Q: Which is not a source of federal revenue? Employment taxes Estate and gift taxes Taxes on…

A: Taxes are the compulsory payment made by the assessee to the government. For example , income tax ,…

Q: Explain the rules governing the deductibility of expenses for self-employed persons in Mauritius,…

A: Following are two important rules regarding deductibility of expenses for self-employed persons in…

Q: When an organization makes payment to the government for payroll taxes, the payment is journalized…

A: Payroll taxes are the taxes that are paid by the employers as well as employees on the basis of the…

Q: Payroll Accounting Payments that are exempt from Federal Income Taxes? How many allowances to claim…

A: Following are the answers to given problems

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…

Q: The maximum amount of self employment income subject to social security (OASDI) tax in 2018 is?

A: Self-employment income: Self-employment income is earned from carrying on a "trade or business" as a…

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.