. An organisation that is an accruals quarterly payer has completed the BAS for the third quarter in the tax year. • By what date must this be reported and lodged? • If the organisation had chosen to report monthly, by what date would the March BAS need to be lodged

. An organisation that is an accruals quarterly payer has completed the BAS for the third quarter in the tax year. • By what date must this be reported and lodged? • If the organisation had chosen to report monthly, by what date would the March BAS need to be lodged

PAYROLL ACCT.,2019 ED.(LL)-TEXT

19th Edition

ISBN:9781337619783

Author:BIEG

Publisher:BIEG

Chapter6: Analysing And Journalizing Payroll

Section: Chapter Questions

Problem 18QR

See similar textbooks

Related questions

Q: Trombone deducts employment taxes from its employees' wages on a monthly basis and pays these to the…

A: Auditors employ audit procedures to assess the accuracy of financial reports produced by their…

Q: State the due date for submission of the tax return for a sole trader whose financial year- end is…

A: The income tax return of a proprietorship that doesn't require audit is due on 31st July. In case…

Q: 1. Form 1096 is completed by the employer and submitted to the IRS for what purpose? Answer: A.…

A: Various taxes and forms are introduced by the Internal Revenue Services (IRS) in relation to the…

Q: Vat Payable in January is? * Given the following date during the 1st quarter of 2022: Output Tax…

A: Vat payable is the amount of output tax collected payable to the taxation authority after setting…

Q: 16. We must make remittances to Canada Revenue Agency (CRA) on a regular basis. What taxes are…

A: Statutory deductions are determined by law neither the employer nor the employees are decided on…

Q: Fanta Ltd has paid the following PAYG tax installments for the year ended 30 June: September…

A: Pay As You Go (PAYG) Instalment is an amount of money placed in reserve to cover the tax liability…

Q: 2. One of your employees receives an annual salary of $83,500. The only deductions from his…

A: CPP contribution refer to the contributions made by the employees and employers of Canada towards…

Q: Rhonda Brennan found her first job after graduating from college through the classifieds of the…

A: Compute the pay for Rhonda Brennan biweekly for 80 hours as shown below:

Q: What is the amount of Taxes Owed for the period if the tax rate is 30%, if Earnings Before Taxes (…

A: Taxes are the amount due to the government on the income earned by an individual or a company. The…

Q: Artwork Inc.'s financial reporting year ends June 30 and it reports quarterly. This means that the…

A: Tax Expenses: It is the sum of all taxes payable by a person, company, or other organisation to the…

Q: What is the total deferred tax liability at December 31, 20x6? 2. What is the total deferred tax…

A: Step 1 Deferred tax is the tax which is the arises due to difference in between the accounting…

Q: 1. Prepare a COGM statement for year end 2. Prepare an income statement [ assume interest tax rate…

A: 1) COGM Statement Particulars Amount Amount Beginning direct material $2,850 Add:…

Q: What is the due date for submitting Form 1096? Answer: A. 12/31 of the current year B.…

A: A state is a credit reduction state if it takes loan from federal government to meet its states'…

Q: A C corporation has a fiscal year-end of August 30. It requests an automatic extension of time to…

A: C corporation include those corporations who taxed separately and need to pay their taxes at…

Q: 26. Kayo Na Company's income statement for the year ended December 31, 2019 shows pretax income of…

A: Solution: Taxable income = Pretax income - Excess of rent revenue as per books over tax - Excess of…

Q: Timechex operates as a Nevada business. The employees annual earnings for the past calendar year are…

A: The Federal Unemployment Tax Act (FUTA) is legislation that imposes a payroll tax on any business…

Q: Exercise 19-23 Spamela Hamderson Inc. reports the following pretax income (loss) for both financial…

A: Net Operating Loss Carry Forward: The net operating loss is considered as negative taxable…

Q: TRUE OR FALSE?

A: TRUE

Q: In the filing of income tax returns for non-individual taxpayers (assuming the taxpayer…

A: Basically corporations, partnerships, domestic corporations etc are termed to be as non individual…

Q: Use the information for the next four (4) questions. XYZ Company has an agreement to pay the sales…

A: Bonus: Bonus is a share of profit that is given by the employer to his employee to the judgment of…

Q: Question 21: For an employee who is paid monthly, completed the pre-2020 Form W-4, and claims 3…

A: Employee denotes the worker who works for the benefit of the organisation along with self career…

Q: Nizwa Steels LLC received an assessment order (AO) from the income tax authority on 1st August 2020.…

A: Tax is defined as the financial charge that is compulsory for every individual as it is imposed…

Q: soru At the end of 2019, The Business with 20% Corporate tax rate has Expenses: TL3.150.000 and…

A: The question is based on the concept of Financial Accounting.

Q: When is an individual's tax year end? Question 6 options: a) Calendar year end b)…

A: At Individual tax year end, individuals are required to file income tax returns in the relevant form…

Q: 2. An entity reports profit before bonus and taxes of P1,800.00 during the year. The entity has an…

A: Tax means the mandatory payment made by assesse to the government without expecting anything…

Q: 4. Mary O'Connel is earning a weekly salary of $521.60 as a payroll clerk. She has accepted a new…

A: Cost of salaries paid to the employees is a form of operating costs of the business. Salaries costs…

Q: Matrix Corporation estimated at the beginning of 20-- that its income tax for the year would be…

A: Income tax for the year = $ 140,000 1) Calculation of Income tax payment per quarter…

Q: Which one of the following represents the provisional tax return? a. Tax return prepared on the…

Q: Required (a) Calculate the current and deferred tax of Bright Star Ltd for each year, 2018 and 2019…

Q: On 30 June 2020, an employee has been paid a total of $60,000 in salary payments, yet will only…

A: Tax on salary is charged based on the principle of ‘due or receipt basis’, whichever is earlier. For…

Q: A company is preparing its financial statements for the year ending 31 March 2020. The initial trial…

A: Income tax liability is the amount of income taxes that are to be paid for the particular period.

Q: Problem 4: JIMIN Company has an agreement to pay the executive officers a bonus of 5% of the…

A: Comments; Multiple questions asked Bonus- It is the extra income apart from his wages/ salaries…

Q: (a) Calculate the current and deferred tax of Bright Star Ltd for each year, 2018 and 2019 (b)…

A: (a) Formulation Computation

Q: A company's trial balance at 31 December 2021 shows a debit balance of GHS700,000 on current tax and…

A: The tax charges for the year are the sum total of the tax already paid in the current year and any…

Q: Required – Part C Calculate the following: The instalments originally calculated as due for the…

A: 1. Advance tax installments due dates and payments for the year ended 31st march 2021 are as…

Q: For tax year 2020, the due date for filing paper forms with the SSA is: a. December 31 b. January…

A: Every Business Owner has to Submit their Forms with SSA ( Social Security Administration) For each…

Q: Calculate the current and deferred tax of Bright Star Ltd for each year, 2018 and 2019 b. Prepare…

A: Step 1 Journal is the part of book keeping.

Q: a Company has an agreement to pay its sales manager a bonus of 5% of income a ter tax. The income…

A: The amount of current liability for bonus = amount of bonus due to the sales manager for the year…

Q: Use the information for the next four (4) questions. Lalala Company has an agreement to pay the…

A: “Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

Q: Applying the following hypothetical Federal Income Tax Rate Table, for a Single Tax-Filer earning…

A: Effective tax rate is the tax rate applied on total income (including non taxable income) to derive…

Q: b. Extracts from trial balance at 31 March, 2019 GH¢ Current tax credit balance 1,600,000 Deferred…

Q: Extracts from trial balance at 31 March, 2019 GH¢ Current tax credit balance 1,600,000 Deferred tax…

Q: TUV Sdn Bhd (TUV) is a company with a financial year end of 30 September. TUV submitted its tax…

A: Tax is the charges levied by the central and state government on the net income, sale or capital…

Concept explainers

Payroll Entries

Payroll is a comprehensive record of employees that are paid by the company. Payroll classifies employees into various categories according to their function and pays scale (basic wage, allowance, income tax, other taxes, employee loans, etc.). Payroll processes form the bedrock of every organization as it contains sensitive information on the ‘wage and paycheck’ portion of the company’s strength—its employees. The organization needs to keep a track of the employees currently on the payroll, the net payout for the company, the record of transactions related to the employees including deductions and payroll taxes to identify the liability and its effect on the balance sheet (and other financial statements). Payroll records also include qualitative factors such as the conduct of the employee.

Question

34. An organisation that is an accruals quarterly payer has completed the BAS for the third quarter in the tax year.

• By what date must this be reported and lodged?

• If the organisation had chosen to report monthly, by what date would the March BAS need to be lodged?

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

VIEW

Step 2

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

C. How much sales tax liability does Stork Enterprises have for the month of May? If required, round your answers to two decimal places.
16. We must make remittances to Canada Revenue Agency (CRA) on a regular basis. What taxes are considered to be statutory deductions? What does my company have to contribute to these taxes? If the monthly remittances averaged $26,500 in 2018, what is our remitter type? When do I have to have my remittances in to CRA for my May 31, 2020 payroll?
1. The total amount remitted to the BIR through the Tax Remittance Advice? 2. How much is the unused Notice of Cash Allocation (NCA) for the quarter? 3. The entry to record the payment of payroll include a credit to? 4. The entry to recognize the payroll includes a?
For the tax year 2021-22, what is the deadline to file a self-assessment tax return if submitted manually? 31 January 2022 31 January 2023 31 October 2022 6th April 2023
Required: a. Calculate the current and deferred tax of Bright Star Ltd for each year, 2018 and 2019 b. Prepare the required tax journal entries for each year.
When is an individual's tax year end? Question 6 options: a) Calendar year end b) Quarterly year end c) Semi-annual period end d) Every 9 month end
What is included in the income tax expense for each year (25%)? And what is the net income for each year
How much business tax payable for the third quarter return if: i. it only been able to have its VAT registration during the month of September ii. it opted for the 8% optional tax iii. tax overpayments are applied for credit?
15-Which one of the following represents the provisional tax return? a. Tax return prepared on the basis of the information available at the date of preparation. b. Tax return submitted within six months of the end of the tax year c. None the options d. Tax return submitted within five months of the end of the tax year
Reference Figure 12.15 and use the following information to complete the requirements. A. Determine the federal income tax withholdings amount per monthly pay period for each employee. B. Record the employee payroll entry (all employees) for the month of January assuming FICA Social Security is 6.2%, FICA Medicare is 1.45%, and state income tax is equal to 3% of gross income. (Round to the nearest cent if necessary.)
Which of the following person’s income is chargeable to Hong Kong salaries tax for the year of assessment 2020/21? Select one: a. Income of employment of a person having foreign employment who visited Hong Kong for 30 days for duties during the year ended 31 March 2021. b. Income from employment of a person having a Hong Kong employment who rendered all services outside Hong Kong during the year ended 31 March 2021. c. None of the above. d. Director’s fee of a person who is a director of a company incorporated in Hong Kong, who resided in Australia and visited Hong Kong for 10 days during the year ended 31 March 2021.
How to calculate oasdi and HI taxes for 168,000 a year by Nov 15th and Dec 15th