Salaries Expense is debited to record the employer's FICA contributions and the FUTA and SUTA taxes. a. True b. False Is this statment true or false?

Q: The payroll register includes sections for​ recording:

A:

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: QUESTION 1 Explain the types of employment income that would be brought to charge under the Income…

A: Employment income is the money and the benefits an employee makes while working for an employer,…

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: Assuming the entity paid its employees their wages, incurred during the period. The proper debit to…

A: Nominal account have a rule of - Debiting all expenses and losses and crediting all incomes and…

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

A: An advance to employee means to pay the salary or money to such employee before the due date.

Q: The owner's contributions and withdrawals are reported on the income statement. True. False.

A: The income statement is a part of the financial statement. It includes all the revenue and expenses.…

Q: What is included in the journal entry to record the employer amount of the payroll? Assume gross…

A: Solution- Payroll journal entries are used to record the compensation paid to employees. These…

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: Withdrawals by an owner are found on the income statement as an expense True False

A: The income statement indicates the profitability of the company. The income statement contains 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: In order to prepare Forms W-2, an employer would utilize the employee's earnings record. O True O…

A: form w2 is also known as and tax statement is a document that employer is required to send to each…

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: 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: 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 type of information is not provided on a payroll register? a.regular rate of…

A: Payroll register: Payroll register is a form that is used by an employer to gather information on…

Q: Which payroll taxes are the employee’s responsibility and which are the employer’s responsibility?

A:

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

A: Employment is one of the major economic activities. Employees get some remuneration from their…

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: 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: filling the blanks a. amount of(0,250,500 OR 1400) (for or from) AGI and (0,250,500,650,1400) is…

A: Solution:-a The following are the income tax consequence of the $1,400 if Christine choose 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: 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 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: 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: 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: 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: What is the source of data used to:  a. Record the distribution of the payroll. b. Record the…

A: Payroll accounting is the recording of all payroll transactions in your books. It helps you to keep…

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

A:

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

A: Given statement is false.

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

A:

Q: The adjusting entry to record the accrual of income tax expense includes a: O A. credit to Income…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

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

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