Assignment 2

Q.Which of the following statement(s) regarding employer health insurance is (are) TRUE? (check all that apply) A. The (Affordable Care ACt) ACA does not force employers to offer health insurance to their employees. B. An employer with 100 employees is subject to a tax penalty if it offers health insurance, but at least one employee buys a policy from an Exchange and receives a tax credit. C. An employer with 75 employees is eligible to a tax credit if it pays at least 50% of the premiums D. An employer with 25 employees will not be subject to tax penalties if it does not offer health insurance to its employees. E.EAn employer with 20 employees is eligible for a partial tax credit if it offers health insurance to its employees (subject to a maximum for the average annual wages).

Which of the following statements regarding workers’ compensation insurance is true?   Group of answer choices a. The federal government is responsible for setting workers’ compensation legislation and regulating the program. b. Workers’ compensation insurance includes only rehabilitation expenses. c. Employees are required to bear half of the entire cost of workers’ compensation insurance. d. Workers’ compensation insurance compensates workers who are injured on the job or become ill through work-related causes. e. Employers who file the most claims pay the lowest premiums on the insurance coverage.

When an employee elects salary reduction for a flexible spending account (FSA) which of the following statements is/are correct? Group of answer choices Under an FSA, dependent care benefits can be provided to a maximum of up to five children. The salary reduction is subject to payroll taxes, but not the employees' income taxes. The money in an FSA account can be used for deductibles, co-payments, and medical expenses, that are covered by the employer's medical plan. If the employee does not use all of the health care salary reduction, the balance may be rolled over to the following year.

Your company hired a new pipe-fitter for the upcoming year. The company owner would like for you to determine the hourly wage for this employee for upcoming jobs. What is the wage fully burdened wage hourly wage rate for the employee based upon the information below? • Base Wage Rate = $32.52/hour • 4 weeks of vacation, sick, and personal leave • Social Security = 6.2% on the first $132,900 • Medicare = 1.45% •FUTA = 0.6% on the first $7,000 SUTA 3.4% on the first $22,000 • Workers' Compensation = $9.77 per $100 • General Liability = 0.78% • Employer Paid Health Insurance = $600 per month • Retirement = 50% match on 7% of wages

Use the sample W-2 below to answer the following question: All of the following employee information is included on a W-2 form EXCEPT... a Employee's social security number 123-45-6789 22222 b Employer identification number (EIN) 987654321 e Employer's name, address, and ZIP code Scoops Ice Cream 123 Main Street Indianapolis, IN 46205 d Control number e Employee's first name and initial Lily M Smith 215 First Street Indianapolis, IN 46205 f Employee's address and ZIP code 15 State Employer's state ID number IN 00122234001 Last name OMB No. 1545-0008 L W-2 Wage and Tax Statement Form Copy 1-For State, City, or Local Tax Department 1 Wages, tips, other compensation 14,450.00 3 Social security wages 14,450.00 5 Medicare wages and tips 14,450.00 7 Social security tips Suff 11 Nonqualified plans 13 14 Other 6 State wages, tips, etc. 17 State income tax 14,450.00 466.74 2020 2 Federal income tax withheld 1080.50 4 Social security tax withheld 895.90 Employee's Social Security Number…

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Please do not give solution in image format thanku If a worker elects to receive retirement benefits before full retirement age,   A. their eligibility for Medicare could be limited if their lifespan is longer than expected   B. they would have to pay an early collection tax on their retirement income   C. benefits are significantly reduced for each year claimed before full retirment age   D. benefits are reduced for each month before full retirement age

1) Review the following situations and determine the employee's net pay by figuring out what earnings & benefits are subject to Income Tax, Canada/ Quebec Pension Plan, Quebec Parental Insurance Plan (if applicable) and Employment insurance. Make sure to reduce net and taxable income by any applicable voluntary/non statutory deductions as well. All rates should be based on 2022. a) Lawrence works in Alberta and is paid on a bi-weekly basis. He has a claim code of 1 on both his TD1 and TD1AB. He has the following type of earnings, benefits & deductions. He will not max out on CPP or El this pay and will have full deductions. 1) Regular $2,500 ii) Vacation Pay $500 iii) Group Life-Employer paid Taxable benefit $25 iv) RRSP contribution-Employee deduction $300 v) Coffee Fund $5

After evaluating the information provided by the employees of La Nueva Era bookstore: Determine the amounts that must be reported in the employees' W2.Calculate the Social Security and Medicare payment that the employer must make.Calculate the state unemployment that the employer must pay at the rate of 6% of the first $ 10,000 the employee earns.Make the entries to the wage related to the debts contracted with the different agencies in contributions by the employer. Employee Name Weekly salary Retirement payment Juan del Pueblo $1,250.00 $21.93 Ramonita Ramírez $950.00 $37.12 Brenda Montalvo $1,100.00 $88.00 Camilo Monge $590.00 $23.02 Jorge Emmanueli $860.00 $92.00 Mariel Estrada $1,020.00 $48.00 Emanuel Reyes $750.00 $25.60 Ernesto Ramírez $640.00 $26.40 Daniela Morales $1,000.00 $32.68 Ángel Carrasquillo $860.00 $68.80

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As part of the most recent collective bargaining agreement with employees, an employer must offer medical insurance at "reasonable, non-profit rates." The employer plans to self-insure in place of using a private insurance company. Statistical evidence suggests that the average household currently spends $450 per year for medical bills and $80 for health screening and routine check-ups. Administrative costs are expected to average $30 per family. The collective bargaining agreement dictates that the plan's coverages and rates be fixed for a period of two years. The auditor considers the choice of the plan to be extremely important. Consequently, the auditor has asked you to evaluate the three proposals listed below. Proposal A would charge a $350 premium with no deductible. Coverage is extended to pre-existing conditions, but to cover the non-deductible clause, health screening and routine check-ups are not covered. Proposal B charges a $250 premium with a $200 deductible. The…

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a. Into which type of account are employer's payroll contributions entered? i. Asset Expense Revenue Retained Earnings ii. iii. iv. b. What type of account is the Employee Advances account? i. Asset ii. iii. iv. c. What is the employer premium amount for Employment Insurance? i. 3.3 times the employee premium ii. iii. iv. Liability Equity Expense ii. iii. iv. d. What is the employer contribution amount for Canada Pension Plan (CPP)? The same as amount as the employee's premium i. The same amount as the employee premium 1.4 times the employee premium None of the above iii. iv. 3.3 times the employee's premium 1.2 times the employee's premium 1.6% of the employee's premium e. The payroll taxes are remitted to the i. ii. Ontario Revenue Agency Ministry of Finance Canada Revenue Agency Receiver General of Canada

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.

Please help figuring wages, social security wages, medicare wages, and state wages Leda, Incorporated is located at 433 Augusta Road, Caribou, Maine, 04736, phone number 207-555-1212. The Federal EIN is 54-3910394, and it has a Maine Revenue Services number of 3884019.   Required: Owner Kieran Leda has asked you to prepare Form W-2 for each of the following employees of Leda, Incorporated as of December 31, 2022. Name and Address Payroll information Nova C. Niehaus122 Main Street, #3Caribou, ME 04736SSN: 477-30-2234Dependent Care Benefit: $1,930.00 Total 2022 wages: $34,833.53401(k) contribution: $1,069.06Section 125 contribution: $1,630.00Federal income tax withheld: $2,022.27Social Security tax withheld: $2,058.62Medicare tax withheld: $481.45State Income tax withheld $1,863.80

6. Allison will need to take 12 weeks off without pay for medical reasons. Which federal act protects her job if she works for a company that has 50 or more employees? OFamily and Medical Leave Act OMand sory Retirement Act OSarbanes-Oxley Act OVocational Rehabilitation Act Untitled document..pdf PDF rch 耳 hp