FUTA taxes impose on employees and therefore are not deducted from employee wages. A. True B, False
Q: 2. In the table below, fill in each column. In the FICA tax column, circle who pays the tax. In the…
A: Type of Worker FICA Tax Tax Rate FUTA Tax A) Employer (6.2%+1.45%)=7.65% 6% Employee…
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: 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 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: A minimum wage earner who is also earning a self-employment income is exempt from income tax on the…
A: A minimum wage earner who is also earning a self-employment income, will not be exempt from income…
Q: ue or false 2. The amount of income taxes withheld from employee gross pay is an expense to the…
A: The expenses are the costs incurred to earn the revenue for the business and liabilities are the…
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: The fringe benefit tax by nature is a final tax. b) The personal expenses of a managerial employee…
A: a. According to section 33(A) of the NIRC fringe benefit tax on employees income to the withheld…
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: 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: 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: TRUE OR FALSE A minimum wage earner is not only tax exempt on his basic salary but also on holiday…
A: Minimum wage earners as defined in Section 22(HH) of this Code shall be exempt from the payment of…
Q: Generally, all deductions made from an employee's gross pay are required by law. True False
A: Gross pay or salary refers to the total amount which is mentioned in the employment contract…
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: Question 6: FUTA tax is paid solely by the employer. Answer: A. True В. False
A: Answer -6 Futa tax is a payroll tax that is solely paid by the employer . In other words, it is…
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: This revenue taxes deducted from an employee's gross salary is a cost to the company. is it true or…
A: The expenses are the costs incurred to earn the revenue for the business and liabilities are the…
Q: The QBI deduction will reduce both the income tax and self-employment taxes owed by a self-employed…
A: Answer: False.
Q: Employer of a self-employed or independent contractor do not have to withhold CPP, EI and taxes from…
A: If self employed or independent contractor is in employer and employee relationship then it is an…
Q: You are employed. Your salary is your only source of income. You are subject to which of the…
A: Solution: If salary is only the source income, there we are only subject to income tax. Business…
Q: Instead of being classified as an employee, MatthewMcGinnis was misclassified as an…
A: Hiring an independent contractor instead of an employee can help the business to save money on…
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: Determine if this shall result in recognition of liabilities 11. withholding of taxes on employees'…
A: The employer will need to pay the amount of tax withhold on employees compensation to government.
Q: Which of the following is subject to income tax? A. De minimis benefits B. Income tax paid by the…
A: SOLUTION EXPLANATION- AS DEFINED BY U.S , INTERNAL REVENUE SERVICE "CONVENIENCE OF EMPLOYER…
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: 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: 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: Taxable income represents the amount of tax required to be paid to the BIR. True or False You…
A: Notes: “Since you have asked multiple question, we will solve the first question for you. If you…
Q: Accrued salaries are Salaries that have been neither earned by employees nor paid. Salaries that…
A: "Since you have asked multiple questions, we will solve first question for you. If you want any…
Q: Employees are subject to FUTA taxes, which are not deducted from their pay. A. True B, False
A: This question deals with Employees are subject to FUTA taxes,
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: 3. High employee turnover, employer's, a) Increases b) Decreases c) Does not affect d) Payroll…
A: Answer are as follows.
Q: Question 2 The more dependents that are claimed, the less tax is withheld from an employee's…
A: A dependent is an individual who relies on another individual for financial support. Dependents can…
Q: a. O'Brien's disposable earnings b. The amount of her pay subject to the garnishment
A:
Q: True or False: You are employed. The Income tax on your salary is required to be paid at the Mayor’s…
A: False ÷ income tax on salary income are not required to be paid to Mayor's office.
Q: An example of fringe benefit is: the employee health insurance the direct labor wage rate.…
A: The fringe benefit is the extra compensation given to the employess in excess to regular and…
Q: Contributions of the employer for the benefit for the benefit of the employee to retirement,…
A:
Q: When it comes to employee wages, gross pay refers to the whole amount earned before deductions.…
A: Gross salary is defined as: A payment paid to an employee for completing tasks assigned by the…
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: Income taxes are withheld from the employee's paycheck. True False
A: Income tax: Tax levied on income earned is called income tax.
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…
FUTA taxes impose on employees and therefore are not deducted from employee wages.
A. True
B, False
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Employees are subject to FUTA taxes, which are not deducted from their pay. A. TrueB, FalseWhich 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 correctFICA taxes are a mandatory deduction from employee earnings, and are also imposed upon employers as an expense. 11. 12. True False
- Income taxes are withheld from the employee's paycheck. True FalseWhich of the following is not deducted from an employee’s salary? a. FICA taxes.b. Unemployment taxes.c. Income taxes.d. Employee portion of insurance and retirement payments.Numerous employee benefits are not included in gross income. True False
- Which of the following is not deductible from gross income? Salaries and wages of employees Entertainment, amusement and recreation expenses Rental expenses Bribes, kickbacks and other similar payments ANSWER:true or false 2. The amount of income taxes withheld from employee gross pay is an expense to the employer.In determining an employee's net pay, which of the following taxes would not be deducted? a.SUTA taxes b.FICA taxes c.Medicare taxes d.Federal income taxes 9
- 3. High employee turnover, employer's, a) Increases b) Decreases c) Does not affect d) Payroll taxable income e) Income f) SUTA g) FUTA labor burden because iti. The portion of the payroll tax levied on employers is O regressive, if the incidence is on employees. O difficult to determine without knowing the relative labor supply and demand elasticities. progressive, if the incidence is on employers. O proportional, if the incidence is on employers.Which of the following items is exempt from including into the assessable income for salaries tax purposes? Select one: a. Leave pay b. Commission c. Compensation for termination of employment not provided in the contract d. End of contract gratuities