Answered: Employee benefits given by an employer…

Employee benefits given by an employer to an employee may be recognized by the employer as I.Asset II. Liability IIIEquity IV. Income V. Expense II, V I, II, III, V I, II, III, IV, V I, II, V

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter9: Payroll, Estimated Payments, And Retirement Plans

Section: Chapter Questions

Problem 1MCQ

See similar textbooks

Related questions

Q: How to determine the estimated net cost of benefits to the employer?

A: In an organizational setting, when business activities are carried out it results in some benefits…

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: Explain The various employee benefits in an organization: 1-Social Security : 2-Workers'…

A: The payments which is made by employers to its employees that are beyond the wages paid. Typically,…

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: 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: Under IAS 19 Employee Benefits, how is actuarial gain or loss handled? amount falling outside…

A: IAS 19 deals with the employee benefits. It includes the pension, benefit plans and gratuity etc.

Q: 2-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: Question 5 Which of the following would be deducted in determining an employee's net pay? O FUTA…

A: Some taxes are deducted by employer from employee salary and paid to the government and net salary…

Q: Under what conditions must an employer accrue a liabilityfor the cost of compensated absences?

Q: Employer of a self-employed or independent contractor do not have to withhold CPP, EI and taxes from…

A: While withholding CPP, EI, or other taxes, it is important for an employer to determine whether the…

Q: , is best defined as An asset account An account showing the benefits to be paid to the employee An…

A: Benefits payable refer to the additional perks that are paid to employees, in addition to their…

Q: A 401(k) plan: A- is a type of defined contribution plan. B- is a type of defined benefit plan. C-…

A: The question is related to the Retirement Benefit Plan.

Q: With relation to the acknowledgment of employee benefits, which statement is false? A. The payment…

A: Compensation packages are a type of remuneration provided by businesses to workers in addition to…

Q: Which of the following taxes would be deducted in determining an employee’s net pay? a. FUTA taxes…

A: Net pay: It can be defined as the amount that is taken by an employee to its home in the form of…

Q: Identify and describe the followings that are exempted from taxation. a. Some persons based on…

A: Income tax- Income tax refers to the tax that is levied on the earnings/ income of a person or…

Q: A liability for compensated absences such as vacations, for which it is expected that employees will…

A: The compensation expense is the expense for which liability is recorded on the basis of future…

Q: An experience rating, or merit rating a. directly adjusts the benefit amount the unemployed…

A: The correct answer is option (c).

Q: What purpose does the individual employee earnings record serve?

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: Explain Employee benefit plans.

A: Tax: Tax refers to a compulsory payment or a contribution to the state revenue, levied by the…

Q: Employee benefits are all forms of monetary consideration given by an entity in exchange for…

A: IAS 19 Employee benefits relates to accounting of all the employee payments apart from share based…

Q: Explain the effect of guaranteed payments

A: Guaranteed payments to partners are payments meant to compensate a partner for services rendered or…

Q: Question 25: Which statement regarding Form W-3 is inaccurate? Answer: A. Form W-3 contains earnings…

A: Correct option is (C) Form W-3 is submitted to social security administration and provided to each…

Q: Determine the total employee withholdings

Q: substituted Filing of Tax Return is applicable

A: First option is wrong because the substituted filing of tax return is available to the employee who…

Q: When would it be considered that income has arisen in relation to employee benefits?

A: The benefits or perks that are being offered to and given to the employees in addition to their…

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: FRS119 Employee Benefits prescribes the accounting and disclosure requirements by employers for…

A: IFRS: IFRS stands for International Financial Reporting Standards. These accounting standards are…

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: mployee benefits are all forms of monetary consideration given by an entity in exchange for services…

A: Employee benefits are non-monetary compensation granted to employees as a condition of employment.…

Q: employees as to taxability

A: Correct Answer is :- C Corporate earner Employees.

Q: What steps must an employer follow in sequential form to calculate an employee's income tax…

A: Deductions refer to the amounts which are deducted from the gross income of the taxpayer. These…

Q: Explain with examples the following: (a) Residence rule (b) Source rule (c) Relief for medical…

A: (a) Residence rule Post-marital residence rules specify where a person resides after marriage and,…

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 taxes is paid by the employee and the employer? a.SUTA b.Federal withholding…

A: SUTA: State Unemployment Tax Rate FUTA: Federal Unemployment Tax Rate FICA: Federal Insurance…

Q: liability for employees' compensation for future

A: A liability shall be accrued if it is to be settled in the near future.

Q: Which of the following items is exempt from including into the assessable income for salaries tax…

A: Correct option is D. End of contract gratuities Explanation:

Q: a. MFRS119 Employee Benefits prescribes the accounting and disclosure requirements by employers for…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Which one of the following increases the labour costs to an entity? Select one: A. Productivity…

A: Employee means a person who work in our company and get wages or salaries in return of work…

Q: Which of the following is/are true with regard to accounting for short-term employee benefits?…

A: Short-term employee benefits refer to those employee benefits that are supposed to be sorted out…

Q: QUESTION 5 a. MFRS119 Employee Benefits prescribes the accounting and disclosure requirements by…

A: The objective of MFRS 119 is to prescribe the accounting and disclosure for employee benefits. The…

Q: Under what circumstances should an employer accumulate a cost and the associated obligation for an…

A: Introduction: Accrued Liabilities: These are expenses that have been incurred but not yet paid.

Q: ch is a type of nployees as to Taxability: * a. Minimum wage earners O b. Regular employees

A: Employees refer to the individuals who work for an entity for a desired period of time in exchange…

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: What is an ‘employee benefit’ and what are the various forms that these benefits can take?

A: Such benefits which are given either in monetary forms or non-monetary forms to the employee in…

Question

Employee benefits given by an employer to an employee may be recognized by the employer as I.Asset II. Liability IIIEquity IV. Income V. Expense II, V I, II, III, V I, II, III, IV, V I, II, V

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1 Introduction

VIEW

Step 2 Solution

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Which of the following amounts paid by an employer to an employee is not subject to withholding? Oa. Salary Ob. Travel expense reimbursements from an accountable plan Oc. Commissions UE Od. Bonus Oe. All of these choices are subject to withholding.
Under IAS 19 Employee Benefits, how is actuarial gain or loss handled? amount falling outside the corridor is amortized over the remaining service life of employees and is taken to the profit or loss. recognized in full in other comprehensive income. amount falling outside the corridor is amortized over the remaining service life of employees and is taken to the other comprehensive income. recognized in full in profit or loss.
22 What must an employer disclose in a defined contribution plan? The amount to be paid by the employees The basis for determining payments to fund The basis for determining benefits paid out The amount to be paid out NEXT > BOOKMARK D
These are employee benefits (other than termination than termination benefits) which are payable after the completion of employment a. Short term b. Other long-term c. Share-based d. Post-employment
employee’s employment as a result of either: I. An entity’s decision to terminate an employee’s employment before the normal retirement date. II. An employee’s decision to accept an offer of benefits in exchange for the termination of employment. III. An employee’s decision to terminate an employee’s employment before the normal retirement date. IV. An entity’s decision to accept an offer of benefits in exchange for the termination of employment. III and IV I and III II and IV I and II
When the employee bears the entire costs of discretionary benefits it is referred to as which type of financing? Select one: a. Contributory b. Noncontributory c. Employee-focused d. Employee-financed
How should an employer's commitment for employee benefits be calculated, according to AASB 119?
Which of the following is an indicator that an employee benefit is provided in exchange for services? the benefit is provided in accordance with the terms of an employee benefit plan the benefit is conditional on future service being provided either of the choices both of the choices
According to AASB 119, how should an employer's obligation for employee benefits be measured?
Benefits paid to members of a defined benefit p employment fund are based onil. investment returns generated by the fund.li. remuneration levels while err oyed.Ill. number of years of service.IV. the level of employer contributions made to the fund. Select one: a. Il and Ill only. b. I and I only. c. Il and IV only. • d. III and IV only.
Employee net pay.
How much is the employee benefit expense?