a. i, ii and iv
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Which of these statements are correct?
i. A contract for service is an independent contractor; the contractor is responsible for filing his/her own taxes.
ii. Emoluments refer to the salary and monetary benefits an individual receives because of being employed.
iii. There is no income that is exempt from PAYE.
iv. Contract of Service is a contract of employment, and the employer is responsible to account and pay all statutory taxes.
a.
i, ii and iv
b.
i. and iv
c.
i, only
d.
i, ii and iii
Step by step
Solved in 3 steps
- Which of the following is considered an employer payroll tax? A. FICA Medicare B. FUTA C. SUTA D. A and B only E. B and C only F. A, B, and CBesides FICA, FUTA and state unemployment taxes, what items may an employer pay on behalf of its employees.Which of these statements are correct? A contract for service is an independent contractor; the contractor is responsible for filing his/her own taxes. Emoluments refer to the salary and monetary benefits an individual receives because of being employed. There is no income that is exempt from PAYE. Contract of Service is a contract of employment, and the employer is responsible to account and pay all statutory taxes. a. i, ii and iv b. and iv c. i, only d. i, ii and iii
- 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 gratuitiesAn independent contractor or self-employed person's employer is not required to deduct taxes, CPP, and EI from their gross salary. True FalseWhich of the following taxes is paid by the employee and the employer? a.SUTA b.Federal withholding taxes c.FUTA d.FICA 3
- 6. Which of the following is subject to income tax? A. De minimis benefits B. Income tax paid by the employer in behalf of the employee C. Fringe benefit required by the nature of or necessary to trade business or profession of the employer D. Those granted for the convenience of the employerWhich 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 correctDividends paid to a shareholder by a corporation should be reported on which of the following forms? Oa. 1099-R Ob. 1099-INT Oc. 1099-MISC Od. 1099-DIV Oe. None of these choices are correct.
- Which payroll tax is levied on both employers and employees? Both employees and employers are required to pay a.FICA taxes b.SUTA texes c.FUTA texesIn 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 9An employer may withhold portions of an employee's total earnings for a.state and county sales taxes. b.state unemployment taxes. c.local property taxes. d.federal unemployment taxes. e.charitable contributions.
