s, and Disability Insurance (OASDI) Federal Unemployment Tax Act (FUTA) Affordable Care Act (ACA) Tax Cuts and Jobs Act

1. Which of the following items is normally NOT assessable under salaries tax? a. Payment in lieu of notice to an employee who has been dismissed without adequate notice given by the employer.   b. Tuition fee paid by an employer for an employee's children, where the employer has entered into the relevant contract with the school directly.   c. Reimbursement of medical expenses of an employee by an employer pursuant to the terms provided in the employment contract.   d. Lump sum payment to a resigning employee in consideration of his not engaging in the same industry for two years.   2. Henry Ltd is carrying on business in Hong Kong. It acquires funding from various sources in Hong Kong and makes investment in securities listed in overseas markets. Henry Ltd's directors carry out investment analysis in Hong Kong and instruct its overseas agents to execute the orders of purchase and sale in the overseas stock exchange. During the year 2020/21, $10 million profits were derived from…

which of the following are tax benefits of a traditional qualified employer defined contribution plan? a. employer matching contributions are not included in the current year's gross income b. Qualified distributions are not subject to income tax c. Contributions are not included in the current year's gross income d. Investments earnings are not subject to tax until they are distributed

Employee SUTA Contributions Some states impose a contributions requirement on employees in addition to the contributions made by the employer. Computing an employee's withholding is computationally no different than an employer's... taxable wages (those under the cap) times the state rate for employees. Let's investigate an individual that lives in New Jersey whose monthly wages equal $2,470 and whose earnings to date have not exceeded the New Jersey cap of $ Description Calculation 1. Looking at the chart, in the Employee column, it provides the employee withholding rate (0.705% in New Jersey) and the withholding taxable wage cap. 2. Taxable wages 3. New Jersey employee rate 4. Employee SUTA tax, rounded to the nearest cent $2,470 0.705% $17.41 Making It Work Using the amalgamated State SUTA chart, complete the following. Note: Round all amounts to the nearest cent. Akia Hayden lives in Alaska and has wages of $725.33 per week and has not exceeded the SUTA cap of $ Employee: Hayden,…

Which of the following is a fringe benefit that employers can discriminate among employees? Question 48 Select one: a. Health and accident insurance. b. Qualified employee discount. c. Employee educational assistance. d. None of the above.

Explain why Congress allows self-employed taxpayers to deduct the employer portion of their self-employment tax.

Question 30: Match each form to its purpose. SS-4 Used to obtain a Social Security number DROP HERE W-4 Provides information to calculate income tax withholding DROP HERE SS-5 Used to obtain an Employer Identification Number DROP HERE 1-9 Verifies employment eligibility DROP HERE Question 12: Which of these is a credit reduction state/territory? Question 15: Union dues are considered a deduction. Answer: Answer: A. O Connecticut A. O cafeteria B. O Ohio B. O insurance C. O Virginia C. O mandatory D. O U.S. Virgin Islands D. O voluntary Question 14: Alejandra owns and operates an appliance store where employees clock in and out for each shift. Per the FLSA, Alejandra rounds employee time worked to the nearest 15-minute increment. On Tuesday this week, Stanley works 4 hours and 9 minutes in the morning and 3 hours and 11 minutes in the afternoon. How does Alejandra record Stanley's time? Answer: A. O 7 hours B. O 7 hours and 15 minutes C. O 7 hours and 20 minutes D. O 7 hours and 30…

Describe the basic requirements for an individual to be classified as an employer or an employee under the Federal Unemployment Tax Act.

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TaxpYer who make after-tax contributions to a qualified employer plan recover their investment cost when they begin to take periodic payments. How is their investment recovered?