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- Which of the following methods of payroll calculation offers minimum wage standards and overtime allowances for employees? O a. Differential pay O b. Variable Commission Scale O c. Hourly Rate of pay O d. Salary Plus CommissionFICA 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 year27. Employer’s contribution to SSS/Pagibig and Philhealth for its factory employees are debited to: a• Expenses b• Overhead, if all are indirect laborer c• WIP, if due to customer’s specification d• WIP, if all are direct laborers e• None of the above
- 1. is the basic pay in an employee's compensation package wherein the amount of money the employee receives may vary from one pay period to the next, as the amount paid is directly dependent on the amount of hours worked. a. Salary b. Income c. Wage d. Earning 2. It is broader term than wages or salary. It is the general term for money received as payment for work rendered or earnings of a business firm. a. Salary b. Income c. Wage d. Earning 3. It is the basic pay in an employee's compensation package wherein there is a fixed annual amount of money the employee receives regardless of the hours worked. a. Salary b. Income c. Wage d. Earning 4. According to Article 83 of the Labor Code of the Philippines, the normal hours of work should not exceed how many hours? a. 8 hrs. b. 10 hrs. c. 6 hrs. d. 4 hrs. 5. Which article number in the Labor Code of the Philippines states that: "Work may be performed beyond eight (8) hours a day provided that the employee is paid for the overtime work"?…which of the following expenses is properly reported on commissions and fees line of Schedule C amounts paid for services and not included on other lines of Schedlue c Comensation paid to independent contractors labor costs for fabricating raw materials into a finished product Preparation of tax forms related to the businessCalculate the Workers' Compensation premium owing for an employer in Ontario with assessable earnings equal to $295,000 annually in the agricultural Industry rate category (assume no employees exceed the maximum assessable earnings for the year)
- ARE YOU RIGHT OR WRONG? 1. Ideally, each salary check was handed to the employee, who signs a receipt for it. 2. The total revenue taxes deducted from an employee's gross compensation is a business expenditure. 3. The Task in Process account is debited for the amount of direct labour (at normal rate) invoiced to the various works in progress.How to calculate gross pay and net pay for employees.Following items belong to the revenue, expenditure, human resources/payroll, production, or financing cycle. Classify each item based on the cycle it belongs to. a. Pay pay-as-you-earn (PAYE) payroll taxes b. Send material requisition to inventory c. Issue stock to investors d. Borrow money from the bank to purchase a new factory e. Complete receiving report f. Appoint replacement purchasing clerk g. Measure employee performance using a performance management system h. Choose suitable supplier of raw materials i. Ensure employees are up to date with the latest tax provisions j. Record personal and tax information for new employees
- Below is a table showing the various costs incurred by various companies. In each column, indicate the proper classification and explanation of these costs. Write NA if not applicable. Costs Manufacturing (M) or Non-Manufacturing (NM) Direct Materials (DM), Direct Labor (DL) or Factory Overhead (FOH) General and Administrative (GA) or Marketing and Selling (MS) j. Salaries of plant supervisor k. Interest on bank loan l. Property tax on the production plantFrom the following data, calculate the net pay for the below employees working in Alberta and who are subject to the provincial employment standards legislation. Assume that the employees are entitled to time-and-a-half for any hours exceeding 40 hours for the week or 8 hours per day. CPP contribution rate: 5.45% El Premium rate: 1.58% Hourly rate Monday Tuesday Wednesday Thursday Friday Saturday Şunday Employees Emily Ma Loan Lee Tesfe Khieth 20.00 18.00 IS 10 6 6 4 16.00 4 10 8 Required 1. Prepare a payroll register for the week of January 25. 2. Prepare the journal entry to record the payroll. 3. Prepare the journal entry to record the company's benefits expense. 4. Prepare the journal entry to record the remittance to the Receiver General for Canada.21. It is referred to as a portion of the value of all of the products that a salesperson sells. ___________ 22. A type of commission that workers earn their pay from commission.
