Imagine you are an employer (an awesome one). When should you recognize short-term employee benefits? * A. Every 15th and 30th of the month. B. Every 1st day of the month C. Never! D. When the employees have rendered service in exchange for the employee benefits.
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- As a future employee, explain the importance of the following benefits: A. 13th month pay B. Leave with Pay C. Maternity/Paternity Leave D. Retirement Pay5. The following are included in an employee benefits EXCEPT one. Vacation leave Sick leave Transportation allowance Shopping spreeWhich one of the following is a principle that a successful wage incentive scheme should adhere to? Select one: O A. The system must favour newly employed personnel. O B. The standards set to qualify for the bonus must be very high. O C. Employees must be paid their bonuses in no more than two months after the bonuses were earned. O D. The system must be understandable to employees.
- Indicate by letter whether each of the events listed below increase (l), decreases (D), or has no effect (N) on an employer’s projected benefit obligation. Events Interest cost. ________ Amortization of prior service cost. ________ A decrease in the average life expectancy of employees. ________ An increase in the average life expectancy of employees. ________ A plan amendment that increases benefits is made retroactive to prior years. ________ An increase in the actuary’s assumed discount rate. ________ Cash contributions to the pension fund by the employer.…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. Explain how to calculate the overtime hourly rate for employees who are paid biweekly. 2. How is overtime pay calculated for a nonexempt employee who works on fluctuating schedules and is paid a fixed salary?
- When determining the liability for compensated absences, the amount should be based on1. an average of the last three year's rates of pay when employees earn the right to the compensated absences.2. the current or future rates (if known) of pay expected to be paid when employees use compensated time.3. the PV (present value) of the amount expected to be paid in future periods.b) Case 2 According to Oman Labor Law, on the termination of workers who are not beneficiaries of Social Insurance Law the employer shall pay the worker a post service gratuity. In this regard, answer the following questions. a) Ahmed has worked in a company from 1st April 2012 to 31st October 2019. At the time of joining, his basic and gross pay was OMR 500 and OMR 700, respectively. At the time of retirement, his basic and gross pay was OMR 1,200 and OMR 1,400 respectively. You are required to calculate the total gratuity amount payable to him? b) Explain all grounds on which the employer may dismiss the worker without prior notice and without end-of-service gratuity.Which of the following statements are reasons employers may choose to delay eligibility of employees to participate in a retirement plan? 1. Employees do not start earning benefits until they become plan participants (except in defined benefit plans, which may count prior service). 2. Since turnover is generally highest for employees in their first few years of employment and for younger employees, it makes sense from an administrative standpoint to delay their eligibility. A. 1 only. B. 2 only. C. Both 1 and 2. D. Neither 1 nor 2.
- 20. Which of the following would be a non-taxable benefit to an employee? a. A discount on a product that brings the selling price below the cost of goods sold. b. A $100 gift card received for being employee of the month. c. A free membership to the gym on the employer's site. d. A cash allowance for lunches at local restaurants.According to PAS 19, short-term employee benefits are recognized a. at each year-end b. at each month-end c. on a semi-monthly basis d. when an employee has rendered service in exchange for those benefits.How do you calculate FIT on payroll register? If employees are paid on a biweekly basis and they are all married and do not request any additional withholding. Each employee has also requested that 5% of their pay is withheld for the retirement plan. What calculations do I use to find FIT?