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Principles of Accounting Volume 1

19th Edition
OpenStax
Publisher: OpenStax College
ISBN: 9781947172685

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FindFindarrow_forward

Principles of Accounting Volume 1

19th Edition
OpenStax
Publisher: OpenStax College
ISBN: 9781947172685
Chapter 12, Problem 13EA
Textbook Problem
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Following are payroll deductions for Mars Co. Classify each payroll deduction as either a voluntary or involuntary deduction. Record a (V) for voluntary and an (I) for involuntary.

Chapter 12, Problem 13EA, Following are payroll deductions for Mars Co. Classify each payroll deduction as either a voluntary

Table 12.3

To determine

Introduction:

Payroll is a liability for employers. It include employee salaries, provident fund deductions and deductions for taxes.

To classify:

Each deduction as voluntary or involuntary.

Explanation of Solution

The classification of the given payroll deduction under voluntary or involuntary is as follows:

S No Payroll deduction Voluntary or Involuntary Reason
1 FICA Social Security Tax Involuntary This contribution is required by the law and neither the employer nor employee has control over it.
2 Vacation pay Voluntary An employer can withhold the specific amounts from employees wages after taking permission from the employee.
3 401(k) retirement plan contribution Voluntary An employer can withhold the specific amounts from employees wages after taking permission from the employee.
4 Charitable contributions Voluntary An employer can withhold the specific amounts from employees wages after taking permission from the employee...

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Chapter 12 Solutions

Principles of Accounting Volume 1
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