i. The portion of the payroll tax levied on employers is O regressive, if the incidence is on employees. O difficult to determine without knowing the relative labor supply and demand elasticities. O progressive, if the incidence is on employers. O proportional, if the incidence is on employers.

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: Use the following tax rates, ceiling and maximum taxes: Employee and Employer OASDI: 6.20% $137,700…

A: Tax represents the liability that is reported in the balance sheet of the company.

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: 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: how is "gross earnings" of $1021.01 derived?

A: Piece rate earnings means wages on the basis of pieces produced.

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: The wage base for unemployment compensation taxes are: a.  all wages paid but not including those…

A: The correct answer is Option (a).

Q: Why is it important for payroll accounting purposes to distinguish between an employee and an…

A: Employees can be defined as one who works for an employer or company that controls his work and…

Q: From a tax avoidance viewpoint, the best type of compensation is:a. Salary: current deduction for…

A: Given: The best type of compensation based on tax avoidance view point as below, a.Salary: current…

Q: can you help me how to Explain how an employer can receive a credit against the FUTA tax due.

A: FUTA stands for Federal Unemployment Tax Act under federal law of US. FUTA tax is paid by the…

Q: The prepaid taxes that are paid by a taxpayer can be used to reduce the tax liability of the…

A: Hello. Since your question has multiple parts, we will solve the first question for you. If you want…

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: 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: Which payroll tax is imposed on both the employee and the employer? a. federal income tax b.…

A: Payroll taxes are levied on salaries and self-employment income by the federal government, and the…

Q: Compute the Federal income tax withholding for each employee using the percentage method in Appendix…

A: Reference Federal income tax withholding for each employee using the percentage method in Appendix C

Q: Which of the following statements is correct regarding self-employment tax? W-2 income earned…

A: W-2 is a salary and wages form. In addition to that, W-2 also reports federal taxes and other taxes…

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: proper plan

A: The obligation for collecting and remitting withholding taxes to the Internal Revenue Service lies…

Q: The Social Security payroll tax is split equally between the employee and the employer. Would it…

A: Social Security tax is the tax levied on both employers and employees to fund the Social Security…

Q: Explain why an employer’s “total cost” of a payroll mayexceed by a substantial amount the total…

A: The wages and salaries are the amount that is agreed on between the employer and employee through an…

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: 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: When referring to employee earnings, gross pay is the total amount of an employee’s pay before…

A: Gross pay:   Gross pay is a payment made to an employee for completion of work allocated by the…

Q: Which of the following types of payment are exempt from unemployment taxable wage base: a.  Standby…

A: The correct answer is option (c).

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

A: Answer:   False.

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: wage and payroll tax expenses are somewhat unique because?

A: An employer's federal payroll tax responsibilities include withholding from an employee's…

Q: Employees are subject to taxes withheld from their paychecks.  Please indicate the federal taxes…

A: Payroll tax: This is the tax which is withheld by an employer from the pay of the employee and…

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: 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: Which of these employees benefits is subject to fringe benefit tax? Fringe benefits to rank and…

A: Fringe Benefit Tax: A fringe benefit is any no-wage payment or benefit that is offered to workers by…

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: FICA, a tax that every employer must pay has two parts. What are they? List them

A: FICA is a mandatory payroll tax equally split between employees and employers. Unlike federal income…

Q: Which of the following is not deducted from an employee’s salary? a. FICA taxes.b. Unemployment…

A: Payroll tax The costs incurred by an employer to pay the employee for his labor, including other…

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: One of the objections of granting wage increases on a percentage basis is that the lowest paid…

A: The answer has been given in the next sheet.

Q: Use the following tax rates, ceiling and maximum taxes: Employee and Employer OASDI: 6.20% $137,700…

A: The amount taken from an employee's pay by the employers and given to the government which includes…

Q: Why are deductions from employees’ earnings classified as liabilities for the employer? For each of…

A: Payroll: The total payment that a company is required to pay to its employee for the services…

Q: Federal Unemployment Tax Act taxes are        A. Levied on both employer and employee        B.…

A: Federal employment tax is levied on the business where employees work that is used to compnsate the…

Q: Question 2: Which of the following is an accurate statement about SUTA tax? Answer: A. O Every state…

A: The state unemployment tax act known as SUTA is a payroll tax employers are required to pay on…

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: 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…