It is a person's earnings before deduction. Salary Wage Gross pay Net pay

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: If an employee's income is reported based on the total amount received in a year, what basis is the…

A: Cash basis of accounting :- It is an accounting method in which record of revenues / expenditures…

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: 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 to calculate salaries payable

A: Salaries payable can be defined as the liability account containing the amount of salaries, if any,…

Q: An employee's net (or take-home) pay is determined by gross earnings minus amounts for income tax…

A: Federal Insurance Contributions Act is the full form of FICA. It is a mandatory payroll deduction…

Q: Question 44 Below are example of (Fill in the blank) • Revenue per Employee • Expense per Employee •…

A: Profit and Loss Statement (P&L), or Statement of Revenue or Activity, is a financial statement…

Q: Which account is debited when the net wages of the employees are paid? Select one: A. Wages B. Bank…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: Should employee vacation pay be recorded in the period during which the vacation privilege is earned…

A: Vacation is the period provided to the employee by the company. And the associated privileges are…

Q: Give the formula to determine taxable wages

A: Any money earned by an individual is subject to government taxation. Hourly pay, overtime pay, a…

Q: Which of the following a. payroll, taxes, and insurance b. depreciation, rent and utilities C.…

A: Revenue are the proceeds of goods and services it includes sales , interest earned, service revenue…

Q: Gross salaries RATA PERA Additional Compensation Christmas bonus

A: In this question, we have to compute taxable compensation income.

Q: The net income or net loss reported on the income statement must be the same as the net income or…

A: A Worksheet is a multi-column spreadsheet that contains the ending balances of all general ledger…

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: calculate samsam salary after deductions

A: Salary after deduction can be calculated by subtracting the total deductions claimed during the…

Q: True or false. Reporting the deduction for employers reimbursed travel expenses on schedule C is the…

A: The non accountable plan is the reimbursement plan that does not meet all the criteria set for…

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: salary to an employee just hired b. Setting up of chart of accounts c. Payment of rent in advance

A: The correct answer is  b). Setting up of chart of accounts

Q: Which of the following defines outstanding salary account? [A] natural personal account [B]…

A: Outstanding salary refers to the amount which a business has to pay to persons, employees for…

Q: Which one of these lists contain ALL items that are used when computing net employment income…

A: According to the Net Taxable Income, these steps needed to be followed: 1) Find Gross Annual Income…

Q: Compute the FICA taxes for each employee and the employer's FICA taxes. Round all computations to…

A: Under federal law, employers are required to deduct 6.2% of employees wages as his or her OASDI/EE…

Q: How is total compensation calculated? O a. salary + bonus - fringe benefits Ob. salary OC. salary+…

A: Compensation: Compensation of workers is defined as the entire amount of payment, whether in cash or…

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: Net pay is: Select one: a. the amount received by the employee b. the amount received by the…

A: Introduction:- Net pay means the amount employees earn after all payroll deductions. Net pay means…

Q: What is salaries payable an equity, revenue, expense account, liability or expense?

A: Balance Sheet - Balance Sheet is combination of assets, liabilities and equity. It is prepared at…

Q: Record the emplovee salary expense, withholdings, and salaries pavable.

A: Particulars…

Q: One of the staff members asks you to explain the difference between the terms gross and net on the…

A: An employee gets compensated for the service by the employer. The employee receives a basic salary,…

Q: What is unearned income ,income recived  in advance ?

A: Unearned income or Income received  in advance: Earned revenue that represents to a future…

Q: What information is necessary to record payroll transactions? Which account is used to record an…

A: A payroll is set of information which entails the various monetary benefits that employees draw from…

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: Which account is debited when the net wages of the employees are paid? Select one: O A. Wages о В.…

A: The expenses are o be debited and revenues are to be credited in the journal.

Q: GROSS PAY is pay before any deductions are taken. Your answer: O True O False

A: An individual works for an employer to generate salary revenue and to advance in his career. The…

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: What is the difference between: Salaries and wages expense on the income statement And Salaries and…

A: The income statement and balance sheet are the financial statements of the business.

Q: The employment income of an individual is reported on ________ slip, while investment income are…

A: Investment income is money received in interest payments, dividends, capital gains realized with the…

Q: To match revenues and expenses properly, should the expense for employee vacation pay be recorded in…

A:

Q: 1. Assuming that net pay was directly deposited into the employee's bank accounts, prepare the…

A: Journal entry is made at the time when a business transaction or any other accruals has been…

Q: What is the difference between Wages Payable and Wages Expense? What statement do they appear on?…

A:

Q: Wages refers to both pay and benefits. True false

A: Wages: It is considered direct labor cost which is paid to the laborers or the workers for the…

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

A:

Q: a) What are the differences between time rate system and piece rate system? b) What do you…

A: a) Piece rate system is a method of wage payment to workers based on the quantity of output produced…

Q: What do employers do with the money they withhold from workers paychecks

A: Withholding is the proportion of the salary of an employee that is not included in his or her…

Q: Fill in the blank Add up all Earned Income from all and _ "Wages, salaries, tips, etc.". Input all…

A: Taxable income:-It is an income that is liable for tax payment as per the slab rate prescribed in…

Q: Questions: . How much is Mr. Quiton's gross earnings? . How much is his total deductions? - After…

A: solution given basic salary 15532 Allowances 1000 Deductions      Social…