Which is not part of de minimis benefits
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- 5. FASB Statement No. 43 on compensated absences a. applies to items such as vacation pay, severance pay, sick pay, and other long-term fringe benefitsb. establishes the same accruing standards for vacation pay, holiday pay, and sick payc. requires the use of current pay rates to accrue for compensated absencesd. does not require the accrual of accumulated nonvested sick paySupplemental wage payments include all of the following except: Commissions. Bonuses. Expenses paid under an accountable plan. Taxable fringe benefits5. The following are included in an employee benefits EXCEPT one. Vacation leave Sick leave Transportation allowance Shopping spree
- Find the employer’s FICA deduction for each of the following employees. Find the amounts of the FUTA taxes for the current pay period for each of the following employees. Decimals for categories SS-0.062, Medicare-0.0145, (FUTA-0.0006 -$7000Cap) Show work Employees Year-to-Date Current Gross Social Security (0.062) Medicare (0.0145) Subject to FUTA (0.006) FUTA F. Todd $6959.28 $1088.64 T. Stanley $7,882.51 $827.44A. Compute for the Net Taxable Income and Personal Income Tax. 1. A. Annual Basic Salary B. 13th Month Pay and Other Benefits C. Mandatory Contributions D. Annual Gross Income (A+B) E. Deductions and Exemptions (B+C) P 397,860.00 33,155.00 6,542.00 Net Taxable income (D-E) Personal Income Tax B. Compute for the 4 general deductions of the following employees: 1. A sales manager in Kopimo, Inc., a private company, earning P42,000 monthly with sales commission of P36,000 for the year. 2. A public school teacher earning P24,495 monthly with chalk allowance of P1,500, uniform allowance of P6,000 and performance bonus of P12,000. 3. An IT manager in Accentuate Corp., a private company, earning P55,000 monthly and laundry allowance of P15,000 for the whole year. C. Basic Applications. Solve for the following: 1. Conchita works as a service crew member in a fast-food chain in a mall. She has an hourly wage rate of P50. Her rest days are every Wednesday and Saturday. Consider the following…Date: Name: Exercise 9.2 A. Find the employer's FICA deductions for each of the following employees. B. Find the amounts of the FUTA taxes for the current pay period for each of the following employees. FUTA Employee Year-to-Date Current Social Security Medicare Subject to FUTA Gross F. Todd $6,959.28 $1,088.64 T. Stanley $7,882.51 $827.44 R. Manley $7,136.44 $1,528.99 F. Chastain $6,485.47 $952.38
- The 0.9 percent Medicare tax applies to: a.Earned income b.Tax exempt income c.Gain on the sale of a principal residence d.IRA distributionsWhich ONE of the following criteria is relevant in determining whether an allowance received by an employee for the use of an automobile for employment purposes, is taxable to the employee? A B C D a. The allowance is paid on a monthly basis a. The allowance is calculated based on actual kilometres driven for employment a. The allowance exceeds a legislated per kilometre threshold amount a. The allowance is part of the employee's contract of employmentIdentify if the statement is True or False 1. All allowances are non-taxable 2. If the monthly clothing allowances are P400.00, then the taxable amount for clothing allowance is P1,200. 3. Allowances are considered part of earnings. 4. Non-taxable benefits include all monetized leave credits 5. Some bonuses or allowances are non- taxable 6. All benefits of government officials and employees are non- taxable 7. Taxes are added in the deduction 8. Thirteenth month pay may or may not be taxed 9. If the total deduction is 0, then it follows the gross earnings is non- taxable. 10. There is possibility that a certain employee will be exempted from tax even if he/ she receive some benefits.
- Which of the following types of employee benefits are not covered by AASB 119/IAS 19? Select one: a. Annual leave. O b. Wages. OC. Long service leave. Od. Share-based payments. Time left 1:43:46 Re 1 10Question 7: What is the highest number of withholding allowances an employee using the wage-bracket method can claim on a pre-2020 Form W-4? Answer: А. В. С. 10 D. 4806., RST Company offers a qualified retirement plan. Each employee contributes 4 percent of his or her pretax income to the plan, and RST matches each employee's contribution. An employee's benefit at retirement is determined by his or her account balance at the time of retirement. What type of retirement plan does RST offer? a. Defined contribution plan. b. Defined benefit, flat percentage of annual earnings c. Defined benefit, unit-credit formula. d. Defined benefit, flat dollar amount for all employees
