Which of the following taxes would be deducted in determining an employee’s net pay? a. FUTA taxes b. SUTA taxes c. FICA taxes d. all are correct

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: 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: 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: Question 5 Which of the following would be deducted in determining an employee's net pay? O FUTA…

A: Some taxes are deducted by employer from employee salary and paid to the government and net salary…

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: An employee's net (or take-home) pay is determined by gross earnings minus amounts for income tax…

A: Federal Insurance Contributions Act is the full form of FICA. It is a mandatory payroll deduction…

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: 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: Determine the employee's total income tax deduction for this pay period. Your answer:

A: Income tax is defined as the portion of the income paid to the government or the taxation authority…

Q: Expenditure incurred by an employee in performing their employment may be deductible under s 8-1.…

A: According to the section 8-1, all the expenditure related to the employment might be deductible.

Q: Give the formula to determine taxable wages

A: Any money earned by an individual is subject to government taxation. Hourly pay, overtime pay, a…

Q: Employees are subject to taxes withheld from their paychecks.a. List the federal taxes withheld from…

A: Payroll: The total payment that a company is required to pay to its employee for the services…

Q: proper plan

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

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: calculate samsam salary after deductions

A: Salary after deduction can be calculated by subtracting the total deductions claimed during the…

Q: Wage and tax statatement data employer FICA Tax

A: We have the following information: Social Security Tax - 6%Medicare Tax - 1.5%

Q: Should options given as part of compensationpackages be reported on the income statement asan…

A: Stock options are recognized as a compensation expense in the financial statements of a company.…

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: 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: If I receive a return to work payment of $20,000 and it is classified under statory income. What…

A: Ordinary income: it is the income which ordinarily acquired. For a person it can be wages and for…

Q: Which of the following payroll related taxes are paid by the employer? Choose the best answer. Group…

A: Social Security Tax and Medicare Tax are taxes that are deducted from employee's salary. There are…

Q: Compute the FICA taxes for each employee and the employer's FICA taxes. Round all computations to…

A: Under federal law, employers are required to deduct 6.2% of employees wages as his or her OASDI/EE…

Q: Why is it critical for employers to properly arrange their employees' taxes

A: Introduction :  Withholding taxes are collected and sent to the Internal Revenue Service (IRS) by…

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: When would it be considered that income has arisen in relation to employee benefits?

A: The benefits or perks that are being offered to and given to the employees in addition to their…

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: Payroll tax expense related to this employee will be:

A: Income tax refers to the amount paid by an individual or company to the government for financing the…

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: Which of the following items is exempt from including into the assessable income for salaries tax…

A: Correct option is D.  End of contract gratuities     Explanation:

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

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

Q: Questions: . How much is Mr. Quiton's gross earnings? . How much is his total deductions? - After…

A: solution given basic salary 15532 Allowances 1000 Deductions      Social…

Q: Which of the following currently is deductible by an employe

A: Ans. Their are certain deductions which are allowed while computing the tax liability of an…

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