How do I account for an advance to an employee and the resulting deduction?

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: What is the maximum contribution that an employer can make to an employee’s SIMPLE account?

A: A SIMPLE IRA (Savings Incentive Match Plan for Workers) plan enables employees as well as employers…

Q: What is a description of loss of self-employment income statment? Give example

A: When the expense exceed the revenue then it result in loss. Self employment means the person is not…

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: 2-Under the FLSA , what information concerning employees ' wages earned must be maintained by the…

A: Payroll Register: Payroll register is a schedule maintained by the company to record the earnings,…

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: How should an employer's commitment for employee benefits be calculated, according to AASB 119

A: Definition: In the context of employee benefits, this refers to all types of consideration offered…

Q: How does the pay-as-you-go procedure apply to wage earners? To persons who have income from sources…

A: A tax is a payment levied by the order of Federal, state, or local government agencies and collected…

Q: es a SIMPLE IRA have a matching contribution from the employer to the employee?  Yes or No.

A: Simple IRA refers to the savings incentive match plan for the employees of the company which is a…

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

A: Income tax:    It is the amount a person is liable to pay on the earned amount in an accounting…

Q: deductions from gross income? *

A: Correct Answer :- C   discounts given to senior citizens on certain goods and services.

Q: ification fo

A: Employees working with an entity for a specific number of years are eligible for retirement…

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: 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: With relation to the acknowledgment of employee benefits, which statement is false? A. The payment…

A: Compensation packages are a type of remuneration provided by businesses to workers in addition to…

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: 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: at is the proper way to record an advance to an employee as well as

A: A salary advance is nothing more than a loan that you can give to an employee. The advance is…

Q: What purpose does the individual employee earnings record serve?

A:

Q: These are compensated or paid absences that are carried forward and can be used in future periods…

A: Compensated absences are the leaves and absents of the employees that are being compensated or paid…

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: If pension expense recognized in a period exceeds the current amount funded by the employer, what…

A: Pension: A fixed sum of money, receivable in future or after the age of retirement, which the…

Q: What are the benefits provided by Employee Retirement Income Security Act?

A: The Employee Retirement Income Security Act is an organizational law that recognizes the minimum…

Q: What are the Payroll-related deductions?

A: Payroll: Payroll refers to the total amount that is required to be paid by the company to its…

Q: employees as to taxability

A: Correct Answer is :- C Corporate earner Employees.

Q: What is meant by “past service cost”? When is past service cost recognized as pension expense?

A: Prior Service Cost- When an employee is granted a pension revision, the amount of benefit earned…

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: It is very important to understand the nature of benefits paid by an employer to its employee in…

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

Q: 11.If an employee is reimbursed through an accountable plan which of the following is true? A.All…

A: Income- Net income is the balance left over after deducting a company's cost of goods sold and…

Q: liability for employees' compensation for future

A: A liability shall be accrued if it is to be settled in the near future.

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: 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: How does accounting for postretirement benefits similar in most respects to accounting for pension…

A: Pension plan: This is the plan devised by corporations to pay the employees an income after their…

Q: Which of the following is an indicator that an employee benefit is provided in exchange for…

A: The question is related Employee benefits. As per employee benefits  It requires recognition of the…

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

A:

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

A:

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: Recording employee payroll deductions may involve:

A: Payroll deductions are amount deducted from the salary of employees towards taxes or other duties…

Q: What is meant by “prior service cost”? When is prior servicecost recognized as pension expense?

A: Prior service cost: The change in the amount of projected benefit due to changes in the act or rules…

Q: If pension expense recognized in a period exceeds the current amount funded by the employer, what…

A: Pension: A fixed sum of money, receivable in future or after the age of retirement, which the…

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 exactly does "previous service cost" mean? When is past service cost recognized as a pension…

A: This question about  describes "Previous service cost" might indicate several different things. When…