Which of the following items is exempt from including into the assessable income for salaries tax purposes? Select one:

Q: Salaries Expense is debited to record the employer's FICA contributions and the FUTA and SUTA taxes.…

A: Payroll tax: This is the tax which is withheld by an employer from the pay of the employee and…

Q: Which of the following statements are true? When an employee has rendered service to an entity…

A: PFRS 19 talks about Recognition, Measurement, and Disclosure of Employee Benefits in financial…

Q: Identify two different types of deductions that an employer is required to subtract from a

A: There are several deductions from paycheck but two are absolutely necessary other are optional.

Q: An employer may withhold portions of an employee's total earnings for a.state and county sales…

A: A withholding is the portion of an employee's wages that is not included in their paycheck because…

Q: Payroll Accounting under FUTA, what conditions must be met for a person or business to be…

A: Because you have posted multiple question we will answer the first question only and for thr…

Q: 1. The amount of taxable unemployment compensation is A. Taxable income B. Reported on Form 1099-G,…

A: Hi student Since there are multiple questions, we will answer only first question.

Q: Under IAS 19 Employee Benefits, how is actuarial gain or loss handled?   amount falling outside…

A: IAS 19 deals with the employee benefits. It includes the pension, benefit plans and gratuity etc.

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: The FUTA tax is paid by: Oa. Employers and employees. Ob. The federal government. Oc. Employers…

A: Depreciation is a method which measures the reduction in the value of an asset or equipment due to…

Q: Regarding TSAS and 457(b) deferred compensation plans, both plans require contracts between an…

A: Deferred Compensation Plan : It refers to that plan under which employees defer Compensation earned…

Q: An independent contractor or self-employed person's employer is not required to deduct taxes, CPP,…

A: Benefits provided by employers when an employee works for a company, then every employer has to…

Q: Which payroll tax is imposed on both the employee and the employer? a. federal income tax b.…

A: Payroll taxes are levied on salaries and self-employment income by the federal government, and the…

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: 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: 1. Which statement is incorrect regarding recognition of employee benefits?  a. For post-employment…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: With relation to the acknowledgment of employee benefits, which statement is false? A. The payment…

A: Compensation packages are a type of remuneration provided by businesses to workers in addition to…

Q: In a payroll journal entry, a credit to Federal Withholding Tax Payable indicates a.Federal taxes…

A: Solution: In payroll journal entry, Payroll expense are debited, amount paid to employee is credited…

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: Employee business expenses are no longer deductible on Schedule A for federal purposes.  Why are…

A: As per Schedule A, Employee business expenses are no longer deductible for federal purposes but they…

Q: A liability for compensated absences such as vacations, for which it is expected that employees will…

A: The compensation expense is the expense for which liability is recorded on the basis of future…

Q: Which type of deduction does not require the employer to have the employee's written permiss O…

A: From the employees paycheck, there are various deduction which are required to be deducted by the…

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: If pension expense recognized in a period exceeds the current amount funded by the employer, what…

A: Pension: A fixed sum of money, receivable in future or after the age of retirement, which the…

Q: Explain the effect of guaranteed payments

A: Guaranteed payments to partners are payments meant to compensate a partner for services rendered or…

Q: With respect to spousal and child support, which of the following statements is NOT correct. A) Any…

A: SOLUTION- According to the rules on tax treatment of alimony the following statements are not…

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: What steps must an employer follow in sequential form to calculate an employee's income tax…

A: Deductions refer to the amounts which are deducted from the gross income of the taxpayer. These…

Q: Which of the following amounts paid by an employer to an employee is not subject to withholding? Oa.…

A: Given : Multiple options  a) Salary  b) Travel expense reimbursements from an accountable plan c)…

Q: The Following fringe benefits shall not be subject to basic tax or fringe benefit, except:  a)…

A: Fringe Benefit Tax Fringe Benefit Taxes which are taken from the employee of the business entity to…

Q: Tax withheld from an independent contractor is known as: a. Social Security Tax b. Federal income…

A: The independent contractor is liable to pay self employed tax that includes social security tax.

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: Federal Unemployment Tax Act taxes are        A. Levied on both employer and employee        B.…

A: Federal employment tax is levied on the business where employees work that is used to compnsate the…

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: i. The portion of the payroll tax levied on employers is O regressive, if the incidence is on…

A: Payroll tax is withheld by an employer from an employee's pay. The employer later pays it to the…

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

A: Given statement is false.

Q: a. O'Brien's disposable earnings b. The amount of her pay subject to the garnishment

A:

Q: Which of the following is/are true with regard to accounting for short-term employee benefits?…

A: Short-term employee benefits refer to those employee benefits that are supposed to be sorted out…

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: ch is a type of nployees as to Taxability: * a. Minimum wage earners O b. Regular employees

A: Employees refer to the individuals who work for an entity for a desired period of time in exchange…

Q: 1. It refers to all remuneration for services performed by an employee for his employer under an…

A: ANSWER THE CORRECT OPTION IS B) GROSS COMPENSATION GROSS COMPENSATION REFERS TO ALL REMUNERATION FOR…

Q: If pension expense recognized in a period exceeds the current amount funded by the employer, what…

A: Pension: A fixed sum of money, receivable in future or after the age of retirement, which the…

Q: Which of the following is not an essential feature of FBT for the FBT year ended 31 March 2020?…

A: A fringe benefit refers to the excess amount paid by the employer over the annual salary or other…