Net pay can be defined as... [1] (2.6) a. the amount of money you have left after your employer subtracts all withholdings and deductions. b. b. the amount of money you earn during a 12-month period. c. the amount of money you have before your employer subtracts all withholdings а. С. and deductions. d. d. the amount of money you are allowed to put into your retirement plan.

Net pay can be defined as... [1] (2.6) a. the amount of money you have left after your employer subtracts all withholdings and deductions. b. b. the amount of money you earn during a 12-month period. c. the amount of money you have before your employer subtracts all withholdings а. С. and deductions. d. d. the amount of money you are allowed to put into your retirement plan.

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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1- Payroll tax liability payments . А. Should be entered through pay bills. В. Can be entered through pay employees С. Can be entered through pay liabilities on the Home page. D. None of these answers is correct. 2- The amount of an employee's paycheck after deductions are taken out is called A. Gross pay В. Net pay С. Billable pay D. Gross compensation 3- Wages and salaries expense for the year А. Will be equal to the sum of all paychecks issued during the year. В. Will be equal to the sum of all compensation paid to employees during the year. C. Will be equal to the sum of all compensation earned by employees during the year. D. Will be equal to the sum of all compensation and employer taxes paid during the year. 4 New employees must complete Form W-2 and give it to their employer. A. True B. False 5- A new hourly rate would be set up in A. New Employee Setup B. Add Payroll Item C. Add Payroll Wage D. New Employee Wage Setup
FICA taxes are a. paid by both the employer and employee b. part of the overhead c. the employment development department d. assets which are normally kept for more than one year
a. Into which type of account are employer's payroll contributions entered? i. Asset Expense Revenue Retained Earnings ii. iii. iv. b. What type of account is the Employee Advances account? i. Asset ii. iii. iv. c. What is the employer premium amount for Employment Insurance? i. 3.3 times the employee premium ii. iii. iv. Liability Equity Expense ii. iii. iv. d. What is the employer contribution amount for Canada Pension Plan (CPP)? The same as amount as the employee's premium i. The same amount as the employee premium 1.4 times the employee premium None of the above iii. iv. 3.3 times the employee's premium 1.2 times the employee's premium 1.6% of the employee's premium e. The payroll taxes are remitted to the i. ii. Ontario Revenue Agency Ministry of Finance Canada Revenue Agency Receiver General of Canada
If an employee's income is reported based on the total amount received in a year, what basis is the employment income at? Question 1 options: a) Basic b) Accrual c) Cash d) Net
What is the maximum that can be deducted as an above the line deduction for the amount that you pay to social security for self-employment taxes? a. 25% b. 100% C. 50% d. none e. 75%
1. Who assigns the SUTA tax rate to an employer? Answer: A. The Internal Revenue Service B. The state in which the employer is located C. The Social Security Administration D. The American Payroll Association 2. What is the due date for the first quarter FUTA tax? Answer: A. April 30 B. March 30 C. April 15 D. None of these options 3. Match each tax with its associated feature. SUTA Self-employment Social Security and Medicare The employer presently matches the amount employees pay. If net SE income is below $400, no tax is due. The number of laid-off employees may affect it.
The employer is responsible for which of the following payroll taxes? a. 6.2% FICA—OASDI tax b. 1.45% FICA—Medicare tax c. Federal and state unemployment taxes d. All of the above
Assume an employee has a gross pay of $500 and vacation pay is paid out at 4%. How much extra gross pay does the employee receive on their paycheque? Select one: a. $500 O b. $0 c. $20 d. $480
A. 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…
Gross pay is: Deductions withheld by an employer Salaries after taxes are deducted Total compensation earned by an employee before any deductions The amount of the paycheck
Felipe's Mexican Restaurant incurred salaries expense of $59,000 for 2024. The payroll expense includes employer FICA tax, in addition to state unemployment tax and federal unemployment tax. Of the total salaries, $16,000 is subject to unemployment tax. Also, the company provides the following benefits for employees: health insurance (cost to the company, $2,400), life insurance (cost to the company, $400), and retirement benefits (cost to the company, 5% of salaries expense). A (Click the icon to view payroll tax rate information.) More info Requirements For all payroll calculations, use the following tax rates and round amounts to the nearest cent: 1. Journalize Felipe's expenses for employee benefits and for payroll taxes. Explanations are not required. Employee: OASDI: 6.2% on first $132,900 earned; Medicare: 1.45% up to $200,000, 2.35% on earnings above $200,000. 2. What was Felipe's total expense for 2024 related to payroll? Employer: OASDI: 6.2% on first $132,900 earned per…
Differentiate wages and salaries in the 13th cheque and normal salary?

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