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- Which of the following is accurate advice for a client who is considering a nonqualified deferred compensation plan? A) Contributions are deductible by the employer only when taxable to the employee. B) The plan cannot discriminate in favor of any class of employees. C) The plan cannot be fully funded by the employer. D) Contributions are deductible by the employer when they are made..Which of the following items is exempt from including into the assessable income for salaries tax purposes? Select one: a. Leave pay b. Commission c. Compensation for termination of employment not provided in the contract d. End of contract gratuitiesthe ONLY exclusion to the right of recovery of benefits as the employers ... a) mini tort claim b) punitive damages claim c) intentional tort d) unintentional tort
- Under what conditions must an employer accrue a liabilityfor the cost of compensated absences?Under what circumstances should an employer accumulate a cost and the associated obligation for an employee's future absence compensation? What role does firm tradition and practice have in the accrual decision?Regarding CFA Standard 1 (B), if all relevant parties are notified in writing of the gift or benefit received by a member from a client or their employer: Group of answer choices will represent a breach of CFA Standard 1 (B) if a gift or benefit having a value of more than $300 is received from a client and is contrary to the policies of their employer will represent a breach of CFA Standard 1 (B) if a gift or benefit having a value of more than $300 is received from their employer not the client this can still result in a breach of the CFA Standards will represent a breach of CFA Standard 1 (B) if a gift or benefit having a value of more than $300 is received from a client not their employer this can only represent a breach of the CFA Standards if the gift or benefit has a value of less than $300
- PAS (or IAS) 24 requires disclosure of compensation of key management personnel. Which would not be considered “compensation” for this purpose? a. Short-term benefits b. Share-based payments c. Termination Benefits d. Reimbursement of out-of-pocket expenses. d. none of the aboveAn employee has the right to receive compensation for future paid leave, and the payment of compensation is probable. If the obligation relates to rights that vest but the amount cannot be reasonably estimated, the employer should a. Accrue a liability with proper disclosure. b. Not accrue a liability nor disclose the situation. c. Accrue a liability; however, the additional disclosure is not required. d. Not accrue a liability; however, disclosure is required1. It refers to all remuneration for services performed by an employee for his employer under an employee-employer relationship unless exempted by the NIRC and pertinent laws. Salary Gross compensation Net compensation Any of the above 2.Statement 1: To compute the taxable compensation, compensations which are exempted from income taxation must be excluded from the gross compensation. Statement 2: The gross compensation technically includes taxable and non-taxable compensation. Both statements are true Both statements are false Only statement 1 is true Only statement 2 is true 3. Statement 1: The mandatory contributions such as the SSS, Philhealth, Pag-ibig may be reduced or removed by agreement of the employer and employee. Statement 2: In case employee agrees to increase his mandatory contributions to more than what the law requires, the excess contribution over the amount required by law shall still form part of the…
- 2. Please give two examples of withholdings from employees' pay and explain whether your selected withholdings are considered required or voluntary.. If a fringe benefit involves a deduction from employee pay, which of the following is true? A. Employers may only offer the benefit to certain classes of employees. B. The employee must enroll in direct deposit for their pay. C. The fringe benefit must be subject to income tax. D. The amount of the deduction must be listed on the employee's pay advice. 2. The ________ determines when benefit amounts should be withheld from employee pay. A. employee B. employer C. IRS D. State in which the business is conductedAn independent contractor or self-employed person's employer is not required to deduct taxes, CPP, and EI from their gross salary. True False