What are payroll related liabilities in following picture
Q: What payroll taxes is the employer responsible for paying?
A: Employer payroll taxes: The taxes which the employer must pay to the employees with their salaries…
Q: what are the advantages and disadvantages of the payroll tax deferral?
A: Highlights of the payroll tax deferral scheme:- It applies to all those employees whose before tax…
Q: What is the term for the employer's mandatory payroll taxes that the government has written into…
A: A payroll tax is a percentage withheld from an employee's pay by an employer who pays it to the…
Q: who are benefits or do not benefit from payroll tax deferral?
A:
Q: Which payroll taxes are the responsibility of the employee and which are the responsibility of the…
A: Introduction: Payroll taxes: Payroll taxes are levied on both employers and employees and are…
Q: Describe how pension expense is a composite of periodic changes that occur in both the pension…
A: Pension plan: It is the plan devised by corporations to pay the employees an income after their…
Q: How does a company determine the amount of income tax expense to report in an interim period?
A: Income tax: Income tax refers to the direct tax levied on individual person or business and…
Q: Medical Insurance, a pre-tax deduction? Thank you,
A: Payroll deductions are wages withheld from an employee’s total earnings for the purpose of paying…
Q: Describe the Components of Pension Expense.
A: Pension fund: A fixed sum of money is receivable in future or after the age of retirement, which the…
Q: Where can authoritative IFRS related to the accounting for taxes be found?
A: Accounting changes include the change in methods or ways of accounting by the company, which will…
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: Describe the costs and the basic accounting activities relating to payrolls?
A: Finance bookkeeping is basically the estimation, the executives, recording, and examination of…
Q: What is the impact of annuity dues in consideration to business matter?
A: Annuity Due: It is the fixed amount of payment that is due immediately at the beginning of each…
Q: What taxes are recorded when recording Payroll Tax Expense?
A: FICA, OASDI and FICA Medicare taxes are the combination of payroll tax expense of the organisation.
Q: Identify the major payroll tax forms and describe the purpose of each.
A: Payroll tax refers to the percentage which is withheld from the pay or salaries of the employee…
Q: Why are payroll taxes and sales taxes consideredliabilities?
A:
Q: Describe the presentation of deferred income taxes in financial statements.
A: Deferred tax asset: The deferred tax asset is the excess, overpaid, or paid in advance expenses.…
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: Assuming it meets the conditions to net assets and liabilities, how will the company report deferred…
A: Under US GAAP, Crystal Critters should net off all the deferred tax assets and liabilities into one…
Q: What’s mean change in payroll rate
A: Payroll taxes are the taxes that imposed on employers and employees. Payroll taxes have calculated…
Q: What are payroll related liabilities in the following picture?
A: Anything related to the payroll of a business which were not paid yet to the employees is known to…
Q: a. What amount of income should be reported for the current year if the percentage of completion…
A: Formula: Revenue Recognized= Cost Incurred to DateEstimated Total Cost×Contract Price-Revenue…
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 special accounts must usually be opened in the general ledger to record payroll tax entries?…
A: Lets understand the basics. Journal entry is required to make to record financial event or…
Q: what are payroll related liablity from following Trade and other payables…
A: Payroll liabilities refers to those liabilities which are deducted from employee and usually payable…
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: What is the amount of the debit to Payroll Taxes?
A: What is the amount of the debit to Payroll Taxes? A payroll tax expense account is the holding…
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: Define provision for income taxes.
A: A provision for income taxes is the estimated amount that a business or individual taxpayer expects…
Q: What are the two basic requirements applied to the measurement of current and deferred income taxes…
A:
Q: The amount of federal income tax to be withheld from employee's paychecks can be calculated by
A: Federal income tax: It is a tax levied by the IRS on the annual income of the taxpayers such as…
Q: Define the term payroll taxes.
A: Payroll accounting: The process of payroll accounting includes the computation and payment of…
Q: How do U.S. GAAP and IFRS differ with regard to reporting gains and losses from changing assumptions…
A: Definition: Pension plan: It refers to a plan that is formulated to provide earnings to the…
Q: List the required employee payroll withholding deductions, and provide the tax rate for each.
A: Payroll withholding deduction: The amounts which the employer withheld from employees’ gross pay to…
Q: Two categories of payroll deductions are required deductions and deductions Omandatory O forgiven O…
A: SOLUTION= PAYROLL DEDUCTIONS ARE ALSO CALLED PAYROLL WITHHOLDING , ARE AMOUNT WITHHELD FROM…
Q: Is deferred liabilities are payroll related liability?
A: A conceded charge responsibility is a duty that is evaluated or is expected for the current time…
Q: the amount of payroll tax withheld from an employee’s paycheck by an employer is a current…
A: Answer with explanation are as follows
Q: What formula is used to “gross-up” supplementalpayments in order to cover the taxes on the…
A: The term "gross-up payroll" indicates a rise in basic pay that is done on purpose in order to lower…
Q: Compare the accounting for income taxes under GAAP and IFRS
A: GAAP and IFRS Collection of commonly-followed accounting rules and standards for financial reporting…
Q: which of the following are non financial claims? pension obligations taxes payable both…
A: Instead of a physical net value, financial claims are based on contractual claims.
Q: Understand the fundamentals of accounting for income taxes.
A:
Q: Recording employee payroll deductions may involve:
A: Payroll deductions are amount deducted from the salary of employees towards taxes or other duties…
Q: Describe the fundamentals of accounting for income taxes.
A:
Q: The expense for warranty costs is recorded in the period ________
A: The Answer
What are payroll related liabilities in following picture
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- CHOOSE THE LETTER OF THE CORRECT ANSWER What is the employee benefit expense for the current year? a. 1,180,000b. 2,100,000c. 1,850,000d. 1,050,000 What is the remeasurement gain or loss on plan assets on Dec. 31? a. 670,000 gainb. 670,000 lossc. 650,000 gaind. 650,000 lossThe following information was obtained from the financial statements of X Inc. Defined Benefit Plan Obligations Pension Benefits 2020……………………..2019 Defined Benefit Obligation(DBO): Balance, beginning of year…………………………………………$40,032…………………..42,370 Current Service Cost…………………………………………………… 864…………………. 1,126 Interest Cost…………………………………………………………… 2,344…………………... 2,255 Benefits Paid……………………………………………………………(3,198)………………….. (2,881) Actuarial Gains………………………………………………………... (3,339)………………….. (2,838) Balance, end of year………………………………………………….$36,703……………….….$40,032 Defined Benefit Plan Assets Pension Benefits 2020…………..…………2019 Balance, beginning of year…………………………………………$75,891………………….$90,828 Expected return on Plan Assets……………………………………. 5,599………………….. 6,723 Employee contributions……………………………………………….…The following information was obtained from the financial statements of X Inc. Defined Benefit Plan Obligations Pension Benefits 2020……………………..2019 Defined Benefit Obligation(DBO): Balance, beginning of year…………………………………………$40,032…………………..42,370 Current Service Cost…………………………………………………… 864…………………. 1,126 Interest Cost…………………………………………………………… 2,344…………………... 2,255 Benefits Paid……………………………………………………………(3,198)………………….. (2,881) Actuarial Gains………………………………………………………... (3,339)………………….. (2,838) Balance, end of year………………………………………………….$36,703……………….….$40,032 Defined Benefit Plan Assets Pension Benefits 2020…………..…………2019 Balance, beginning of year…………………………………………$75,891………………….$90,828 Expected return on Plan Assets……………………………………. 5,599………………….. 6,723 Employee contributions……………………………………………….…
- The following information was obtained from the financial statements of X Inc. Defined Benefit Plan Obligations Pension Benefits 2020……………………..2019 Defined Benefit Obligation(DBO): Balance, beginning of year…………………………………………$40,032…………………..42,370 Current Service Cost…………………………………………………… 864…………………. 1,126 Interest Cost…………………………………………………………… 2,344…………………... 2,255 Benefits Paid……………………………………………………………(3,198)………………….. (2,881) Actuarial Gains………………………………………………………... (3,339)………………….. (2,838) Balance, end of year………………………………………………….$36,703……………….….$40,032 Defined Benefit Plan Assets Pension Benefits 2020…………..…………2019 Balance, beginning of year…………………………………………$75,891………………….$90,828 Expected return on Plan Assets……………………………………. 5,599………………….. 6,723 Employee contributions……………………………………………….…Question Description The following information was obtained from the financial statements of X Inc. Defined Benefit Plan Obligations Pension Benefits 2020……………………..2019 Defined Benefit Obligation(DBO): Balance, beginning of year…………………………………………$40,032…………………..42,370 Current Service Cost…………………………………………………… 864…………………. 1,126 Interest Cost…………………………………………………………… 2,344…………………... 2,255 Benefits Paid……………………………………………………………(3,198)………………….. (2,881) Actuarial Gains………………………………………………………... (3,339)………………….. (2,838) Balance, end of year………………………………………………….$36,703……………….….$40,032 Defined Benefit Plan Assets Pension Benefits 2020…………..…………2019 Balance, beginning of year…………………………………………$75,891………………….$90,828 Expected return on Plan Assets……………………………………. 5,599………………….. 6,723 Employee…13. The following information are taken from the actuarial valuation report for an entity's defined benefit plan: Fair value of plan assets, Jan 1 1,500,000 Return on plan assets 180,000 Employer contributions 45,000 Present value of defined benefit obligation, Jan 1 1,800,000 Current service cost 450,000 Benefits paid during the period 75,000 Actuarial gain 10,000 Discount rate 12% What is the net defined benefit liability (asset) as of December 31?
- Use the following information for questions 4 through 6. The following data are for the pension plan for the employees of Lockett Company. 1/1/1412/31/1412/31/15 Accumulated benefit obligation $2,500,000 $2,600,000 $3,400,000 Projected benefit obligation 2,700,000 2,800,000 3,700,000 Plan assets (at fair value) 2,300,000 3,000,000 3,300,000 AOCL – net loss -0- 580,000 500,000 Settlement rate (for year) 10% 9% Expected rate of return (for year) 8% 7% Lockett’s contribution was $420,000 in 2015 and benefits paid were $275,000. Lockett estimates that the average remaining service life is 20 years. 4.The actual return on plan assets in 2015 was a. $300,000. b. $255,000. c. $200,000. d. $155,000. 5.Assume that the actual return on plan assets in 2015 was $245,000. The unexpected gain on plan assets in 2015 was a. $32,000. b. $55,000. c. $35,000. d. $34,000. 6.The corridor for 2015 was $300,000. The amount of AOCI-net loss amortized in 2015 was a. $33,333. b. $32,000. c. $14,000.…The actuary for the pension plan of Buffalo Inc. calculated the following net gains and losses. Incurred during the Year (Gain) or Loss 2020 $302,700 2021 476,700 2022 (209,000) 2023 (288,200) Other information about the company’s pension obligation and plan assets is as follows. As of January 1, Projected BenefitObligation Plan Assets(market-related asset value) 2020 $3,993,500 $2,394,800 2021 4,542,200 2,203,200 2022 4,952,900 2,575,400 2023 4,228,400 3,066,100 Buffalo Inc. has a stable labor force of 400 employees who are expected to receive benefits under the plan. The total service-years for all participating employees is 4,400. The beginning balance of accumulated OCI (G/L) is zero on January 1, 2020. The market-related value and the fair value of plan assets are the same for the 4-year period. Use the average remaining service life per employee as the basis for amortization.Compute the…Th e relationship between the periodic pension cost and the plan’s funded status is bestexpressed in which of the following?A . Periodic pension cost of –£483 = Ending funded status of –£4,774 – Employer contributions of £693 – Beginning funded status of –£4,984.B . Periodic pension cost of £1,322 = Benefi ts paid of £1,322.C . Periodic pension cost of £210 = Ending funded status of –£4,774 – Beginning fundedstatus of –£4,984
- The balance sheet below represents the pension plan of Myers IncorporationASSETS: ( in millions)Pension fund 720Future normal costs 600Unarmortized supplemental liabilities 100Losses from changes in actuarial assumptions. 150TOTAL ASSETS: 1660LIABILITIES: (in millions)Vested accrued benefits. 540Unvested accrued benefits. 220Expected future service costs 900EXPECTED BENEFITS: 1660Required:a). Explain the meaning of each of the terms highlighted in the balance sheet aboveb). Calculate:i). Unfunded vested accrued benefitsii). Unfunded accrued benefitsC). Suppose normal costs do not change, show how the balance sheet would change if:i). The value of securities in the pension fund falls by $50 millionii). The union negotiation increased pension worth $80 millionWarrick Boards calculated pension expense for its underfunded pension plan as follows: ($ in millions) Service cost $ 224 Interest cost 150 Expected return on the plan assets ($100 actual, less $10 gain) (90 ) Amortization of prior service cost 8 Amortization of net loss 2 Pension expense $ 294 Required: Which elements of Warrick’s balance sheet are affected by the components of pension expense? What are the specific changes in these accounts?Answer part C only The following information was obtained from the financial statements of X Inc. Defined Benefit Plan Obligations Pension Benefits 2020……………………..2019 Defined Benefit Obligation(DBO): Balance, beginning of year…………………………………………$40,032…………………..42,370 Current Service Cost…………………………………………………… 864…………………. 1,126 Interest Cost…………………………………………………………… 2,344…………………... 2,255 Benefits Paid……………………………………………………………(3,198)………………….. (2,881) Actuarial Gains………………………………………………………... (3,339)………………….. (2,838) Balance, end of year………………………………………………….$36,703……………….….$40,032 Defined Benefit Plan Assets Pension Benefits 2020…………..…………2019 Balance, beginning of year…………………………………………$75,891………………….$90,828 Expected return on Plan Assets……………………………………. 5,599………………….. 6,723 Employee…