FUTA taxes impose on employees and therefore are not deducted from employee wages.   A.  True B,  False

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: 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: 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: 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: An independent contractor or self-employed person's employer is not required to deduct taxes, CPP,…

A: Benefits provided by employers when an employee works for a company, then every employer has to…

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: ue or false 2. The amount of income taxes withheld from employee gross pay is an expense to the…

A: The expenses are the costs incurred to earn the revenue for the business and liabilities are the…

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: 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: 1. Which statement is incorrect regarding recognition of employee benefits?  a. For post-employment…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

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: 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: 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: 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: Question 6: FUTA tax is paid solely by the employer. Answer: A. True В. False

A: Answer -6 Futa tax is a payroll tax that is solely paid by the employer . In other words, it is…

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: This revenue taxes deducted from an employee's gross salary is a cost to the company. is it true or…

A: The expenses are the costs incurred to earn the revenue for the business and liabilities are the…

Q: The QBI deduction will reduce both the income tax and self-employment taxes owed by a self-employed…

A: Answer:   False.

Q: Employer of a self-employed or independent contractor do not have to withhold CPP, EI and taxes from…

A: If self employed or independent contractor is in employer and employee relationship then it is an…

Q: You are employed. Your salary is your only source of income. You are subject to which of the…

A: Solution: If salary is only the source income, there we are only subject to income tax.   Business…

Q: Instead of being classified as an employee, MatthewMcGinnis was misclassified as an…

A: Hiring an independent contractor instead of an employee can help the business to save money on…

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: Determine if this shall result in recognition of liabilities 11. withholding of taxes on employees'…

A: The employer will need to pay the amount  of tax withhold on employees compensation to government.

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: Under what conditions should an employer accrue an expense and the related liability for employees’…

A: Accrued Liabilities: Accrued liabilities are those expenses that are incurred but not yet paid.

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: Tax withheld from an independent contractor is known as: a. Social Security Tax b. Federal income…

A: The independent contractor is liable to pay self employed tax that includes social security tax.

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: Taxable income represents the amount of tax required to be paid to the BIR.    True or False   You…

A: Notes: “Since you have asked multiple question, we will solve the first question for you. If you…

Q: Accrued salaries are Salaries that have been neither earned by employees nor paid. Salaries that…

A: "Since you have asked multiple questions, we will solve first question for you. If you want any…

Q: Employees are subject to FUTA taxes, which are not deducted from their pay. A. True B, False

A: This question deals with Employees are subject to FUTA taxes,

Q: The employer CORRECTLY withheld the income tax from compensation. No income tax still due and…

A: Particulars  Amount Amount Basic Salary  732000   Overtime Pay 34000   Holiday Pay 56000…

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: 3. High employee turnover, employer's, a) Increases b) Decreases c) Does not affect d) Payroll…

A: Answer are as follows.

Q: Question 2 The more dependents that are claimed, the less tax is withheld from an employee's…

A: A dependent is an individual who relies on another individual for financial support. Dependents can…

Q: a. O'Brien's disposable earnings b. The amount of her pay subject to the garnishment

A:

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: An example of fringe benefit is:   the employee health insurance the direct labor wage rate.…

A: The fringe benefit is the extra compensation given to the employess in excess to regular and…

Q: Contributions of the employer for the benefit for the benefit of the employee to retirement,…

A:

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: 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: Income taxes are withheld from the​ employee's paycheck.   True   False

A: Income tax: Tax levied on income earned is called income tax.

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…