What is an ‘employee benefit’ and what are the various forms that these benefits can take?

Q: How to determine the estimated net cost of benefits to the employer?

A: In an organizational setting, when business activities are carried out it results in some benefits…

Q: Explain The various employee benefits in an organization: 1-Social Security : 2-Workers'…

A: The payments which is made by employers to its employees that are beyond the wages paid. Typically,…

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: Under the FLSA, what information concerning employees' wages earned must be maintained by the…

A: Payroll Register: Payroll register is a schedule maintained by the company to record the earnings,…

Q: What is an employer’s unemployment merit rating? How are these ratings assigned to employers?

A: Human resource management is a concept to help the organization to evaluate the performance of each…

Q: Under what conditions must an employer accrue a liabilityfor the cost of compensated absences?

A:

Q: Explain how a Bonus arrangement can be used to defer the taxes paid by an employer?

A: Deferral of tax refers to the postponing the tax payment to the next period. In other words, when…

Q: Use examples to support your answer above. (What kind of expenses is allowable for Self-employed)

A: A self employed person is the person who is working on their own means he or she is the boss of…

Q: When is an employer-employee relationship exist?

A: Definition:

Q: Define Employee discounts.

A: Discount:   It is a portion of money that is deducted from the selling price of a product or a…

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: Which of the following is not an approach to financing employee benefits? Select one: a.…

A: Employee benefits refer to the benefits that are provided to the employees over or above the…

Q: a defined contribution plan, as long as the employer makes a definite contribution to the plan, the…

A: Defined contribution plan is a plan opted for providing employee benefits at the end of retirement…

Q: What is the vested benefit obligation?

A: Pension Obligation: It refers to the commitment provided by the employer to pay its employees, 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: Direct Compensation coverage.

A: The determinants of direct financial compensation can be classified into two categories, external…

Q: How incrising minimun wages affect compensation ?

A: Raising the minimum wage would make it more expensive to hire low-paid workers as it would be…

Q: Which of the following are the rights of agents: A Right of subsidy; right of support B Right of…

A:

Q: PAS 19

A: Objective of IAS 19 (2011) The objective of IAS 19 is to prescribe the accounting and disclosure for…

Q: Write the definition, recognition, measurement, important key points and disclosure if any provided…

A: Accounting standards are the regulations and rules provided to the business for preparing and…

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: Included under the definition of employees for FUTA purposes are:

A: FUTA stands for Federal Unemployment Tax Act. This Act has been enacted to provide compensation to…

Q: How is the unemployment merit rating assigned to employers?

A: Unemployment refers to the situation when a person is eligible for employment but he fails to get…

Q: Explain Employee benefit plans.

A: Tax: Tax refers to a compulsory payment or a contribution to the state revenue, levied by the…

Q: Which department authorizes changes in employee pay rates?

A: Employee Pay Rate:  Employee pay rate is the amount which is given to the employee against the work…

Q: How to get the gross taxable compensation income?

A: Gross taxable compensation income: This is the amount that helps to know an individual, association…

Q: What is nonpecuniary benefits?

A: The benefits which are not in monetary form are called as Non Pecuniary benefits. The notion that…

Q: What is an employer’s unemployment merit rating

A: Merit rating is a rating or a score given to the employer on the basis of the stability in…

Q: Determine the total employee withholdings

A:

Q: What does Compensation for employee services includes?

A: Introduction Compensation is the cash paid to employees for their service that they provided for the…

Q: How do you report self-employment income?

A: Self-Employment is the business or profession a person does for himself and not for others. A…

Q: Describe workers' compensation and explain why it is important.

A:

Q: Please explain the tax implications of compensation in the form of salary and wages from the…

A: SOLUTION COMPENSATION IN THE FORM OF SALARY AND WAGES : COMPENSATION REFER TO THE CASH PRIZES THAT…

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: liability for employees' compensation for future

A: A liability shall be accrued if it is to be settled in the near future.

Q: What is law of Indemnity? Explain the rights and duties of indemnifier and indemnity holder with…

A: The law of indemnity specifies that a person takes the guarantee of any act of the party that causes…

Q: Briefly explain the controversies around executive compensation.

A: Compensation is the return which has to be paid to the employee on whom the said employee has been…

Q: Explain the tax treatment of provision of accommodation or housing benefit to an employee

A: Income Tax treatment of provision of accommodation or housing benefit to an employee : Employers…

Q: Which one of the following increases the labour costs to an entity? Select one: O A. Productivity…

A:

Q: 6. Under a defined contribution plan, which of the following statements is false? * The actual…

A: Lease is a contract where one party provides other party rights to use a property on fixed payments…

Q: Why should the employee’s supervisor not distribute paychecks?

A:

Q: It means a person for whom an individual performs or performed any services of whatever nature, as…

A: Employee is the person who would be performing services in return of receiving salary each month.…

Q: Under what circumstances should an employer accumulate a cost and the associated obligation for an…

A: Introduction: Accrued Liabilities: These are expenses that have been incurred but not yet paid.

Q: Define Other post-employment benefi ts

A: The concept of other post-employment benefits is created by GASB (Governmental Accounting Standards…

Q: elf-insurance is connected to workers compensation. State what is self -insurance and outline three…

A: Self-insurance is a strategy for trying to mitigate future loss by putting aside a specific amount…

Employer Pension Plan

An employer pension plan is a retirement benefit provided by an employer to employees before or after they retire. Over the course of the employees' working lives, the employer should invest a lump sum or make monthly contributions to investment schemes in employees' names. It is the employer's legal responsibility to provide employees with retirement plans that support them with guaranteed financial security in retirement.