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

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 are payroll deductions

A: Payroll deductions are the amounts which are mandatorily or voluntarily deducted by the employer…

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: 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: 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: 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: Which of the following is NOT included in the payroll register?  Select one: Assignment of the…

A: Payroll register: Payroll register is a form that is used by an employer to gather information on…

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: What is included in the journal entry to record the employer amount of the payroll? Assume gross…

A: Solution- Payroll journal entries are used to record the compensation paid to employees. These…

Q: The deparment that should pay the payroll is the: a. payroll deparment b. human resources…

A: Each business organization categorized their operations into different departments for example…

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: 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: Differentiate between “accounting for the employer” and “accounting for the pension fund.”

A: Pension: A fixed sum of money, receivable in future or after the age of retirement, which 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: 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: 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: 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: Define Employee Retirement Income Security Act (ERISA)

A: The 1974 Employee Retirement Income Security Act secures American pension resources by enforcing…

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: According to AASB 119, how should an employer's obligation for employee benefits be measured?

A: Employee benefits refer to the consideration of all forms that are given by an entity to its…

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: 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: Which duties should be separated in the payroll cycle?

A: Payroll System:   A payroll system is a system within an organization that is responsible for…

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: 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: 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: Which of the following is a payroll liability?          Question 43 options:   a)  The net pay…

A: SOLUTION-   PAYROLL LIABILITIES  ARE ANY TYPE OF PAYMENT RELATED TO PAYROLL THAT A BUSINESS OWES BUT…

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: e any examples of payroll deductions and describe them?

A:

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: 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: total deductions on payroll register

A: Deductions are subtracted from total earned pay.

Q: What information is necessary to record payroll transactions? Which account is used to record an…

A: A payroll is set of information which entails the various monetary benefits that employees draw from…

Q: Under what conditions should an employer accrue an expense and the related liability for employees’…

A: Accrued Liabilities: Accrued liabilities are those expenses that are incurred but not yet paid.

Q: How are the electronic tax deposits transferred from the employer’s account to the IRS?

A: The employer is having two options for transferring the electronic tax deposit to the internal…

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: 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: 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: Payroll Accounting What information appears on the payroll register? What records are needed for an…

A: Payroll Accounting: Information that appears on the Payroll register: Payroll register is basically…

Q: Recording employee payroll deductions may involve:

A: Payroll deductions are amount deducted from the salary of employees towards taxes or other duties…

Q: 1. Record the entries for the payment of payroll and the employer's payroll tax expense in the…

A: Payroll tax expense = 67.69+15.82+74.00+21.84 = 179.35 Total Deductions includes Union dues of 10.80…

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…