What purpose does the individual employee earnings record serve?

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: What is the maximum contribution that an employer can make to an employee’s SIMPLE account?

A: A SIMPLE IRA (Savings Incentive Match Plan for Workers) plan enables employees as well as employers…

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 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: 2-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: Who among the following uses accounting information to know the possible wage increments? O a.…

A: The main purpose of accounting information is to circulate the information to the relevant…

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: Who among the following uses accounting information to know the possible wage increments? O a.…

A: Employees use the accounting information to know the possible wage increments because they are…

Q: Why is it important for payroll accounting purposes to distinguish between an employee and an…

A: Employees can be defined as one who works for an employer or company that controls his work and…

Q: How does the pay-as-you-go procedure apply to wage earners? To persons who have income from sources…

A: A tax is a payment levied by the order of Federal, state, or local government agencies and collected…

Q: What are the disclosures and important key points of interim financial reporting PAS 34 and employee…

A: Firms issue interim statements, which are financial reports that span a duration of less than a…

Q: How does financial statements help employees in decision making?

A: Financial statements are statements or reports that are prepared at the end of the accounting period…

Q: How do companies account for and record payroll, and what journal entries do they use ?

A: Payroll Accounting is the branch study of accountancy in which the transactions related to payroll…

Q: proper plan

A: The obligation for collecting and remitting withholding taxes to the Internal Revenue Service lies…

Q: Explain he basic arrangement in a worker’s compensation scheme. What is meant by ‘exclusive remedy”…

A: Hi, the question has multiple sub-parts and as per our policy, we will answer the first three.…

Q: Which of the following taxes would be deducted in determining an employee’s net pay? a. FUTA taxes…

A: Net pay: It can be defined as the amount that is taken by an employee to its home in the form of…

Q: Who among the following is a direct user of accounting information? Labor association Financial…

A: Users of accounting information is classified into 2 categories:  a. Direct users  b. Indirect users…

Q: Which of the following is not an employer payroll tax?

A: Federal income tax is the liability of the employee to pay tax on the income and is deductible from…

Q: at is the proper way to record an advance to an employee as well as

A: A salary advance is nothing more than a loan that you can give to an employee. The advance is…

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

A:

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: 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: Employee benefits are all forms of monetary consideration given by an entity in exchange for…

A: IAS 19 Employee benefits relates to accounting of all the employee payments apart from share based…

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: How is self-employment income treated differently than income earned when you work

A: Taxable income: Taxable income can be defined as income derived after adjustment of necessary…

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: 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: TRUE OR FALSE The fringe benefits tax assumed by the employer is a deductible expense of the…

A: Fringe benefits include: Employee stock option Interest-free loans Higher education assistance Cab…

Q: 11.If an employee is reimbursed through an accountable plan which of the following is true? A.All…

A: Income- Net income is the balance left over after deducting a company's cost of goods sold and…

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: Can employees of government form and join labor organization? Why or why not?

A: A government employee has a right to join or form the union, but they are not having the right to…

Q: How is the Self-Employment (SE) tax calculated?  What types of income are subject to the SE tax

A: Self-employment tax is a combination of Social Security and Medicare taxes The self-employment tax…

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

A:

Q: Who among the following uses accounting information to know the possible wage increments? Bankers b.…

A: Employees use the accounting information to know about the wage increments about the business…

Q: Are bonuses to employees subject to Income Tax? Discuss the tax implications to the taxable income…

A: Income tax An income tax is considered an important direct tax. It is an important source of revenue…

Q: Under what type of responsibility would cost accounting go under? managerial accounting, tax…

A: Cost accounting is a branch of accounting which is used to determine the costs of different…

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: Which of the following departments most likely would approve changes in pay rates and deductions…

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: What happens to the money withheld from employees' paychecks by their employers?

A: The withheld money from the employees paycheck will be deposited as tax to the government officials…

Q: what are the rules for calculating taxes if an employee has more than one employer?

A: Following are the rules for calculating taxes if an employee has more than one employer