Assignment 2

1. In a journal entry for employee payroll, what type of account is credited to record each of the amounts withheld from employee earnings? Answer:   A.    Asset     B.    Liability     C.    Revenue     D.    Expense 2. Match the taxes or act to the year it was established. Social Security tax Employee Retirement Income Security Act Patient Protection and Affordable Care Act       2010 1974 1937 3. A _____ sets aside funds to be used for health-care expenses. Answer:   A.    flexible spending account     B.    Payroll Deduction IRA     C.    SIMPLE IRA plan     D.    403(b) plan

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

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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

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Wich is the right answer I put C and it said it was wrong

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

Ronald Roth started his new job as controller with Aerosystems today. Carole, the employee benefits clerk, gave Ronald a packet that contains information on the company’s health insurance options. Aerosystems offers its employees the choice between a private insurance company plan (Blue Cross/Blue Shield), an HMO, and a PPO. Ronald needs to review the packet and make a decision on which health care program fits his needs. The following is an overview of that information.   a) The monthly premium cost to Ronald for the Blue Cross/Blue Shield plan will be $57.73. For all doctor office visits, prescriptions, and major medical charges, Ronald will be responsible for 20 percent, and the insurance company will cover 80 percent of covered charges. The annual deductible is $800.   b) The HMO is provided to employees free of charge. The copayment for doctors’ office visits and major medical charges is $20. Prescription copayments are $10. The HMO pays 100 percent after Ronald’s copayment.…

Ronald Roth started his new job as controller with Aerosystems today. Carole, the employee benefits clerk, gave Ronald a packet that contains information on the company's health insurance options. Aerosystems offers its employees the choice between a private insurance company plan (Blue Cross/Blue Shield), an HMO, and a PPO. Ronald needs to review the packet and make a decision on which health care program fits his needs. The following is an overview of that information. a) The monthly premium cost to Ronald for the Blue Cross/Blue Shield plan will be $52.59. For all doctor office visits, prescriptions, and major medical charges, Ronald will be responsible for 20 percent and the insurance company will cover 80 percent of covered charges. The annual deductible is $720. b) The HMO is provided to employees free of charge. The copayment for doctors' office visits and major medical charges is $10. Prescription copayments are $5. The HMO pays 100 percent after Ronald's copayment. There is no…

Ronald Roth started his new job as controller with Aerosystems today. Carole, the employee benefits clerk, gave Ronald a packet that contains information on the company's health insurance options. Aerosystems offers its employees the choice between a private insurance company plan (Blue Cross/Blue Shield), an HMO, and a PPO. Ronald needs to review the packet and make a decision on which health care program fits his needs. The following is an overview of that information. a) The monthly premium cost to Ronald for the Blue Cross/Blue Shield plan will be $59.79. For all doctor office visits, prescriptions, and major medical charges, Ronald will be responsible for 20 percent, and the insurance company will cover 80 percent of covered charges. The annual deductible is $840. b) The HMO is provided to employees free of charge. The copayment for doctors' office visits and major medical charges is $25. Prescription copayments are $20. The HMO pays 100 percent after Ronald's copayment. There is…

Ronald Roth started his new job as controller with Aerosystems today. Carole, the employee benefits clerk, gave Ronald a packet that contains information on the company's health insurance options. Aerosystems offers its employees the choice between a private insurance company plan (Blue Cross/Blue Shield), an HMO, and a PPO. Ronald needs to review the packet and make a decision on which health care program fits his needs. The following is an overview of that information. a) The monthly premium cost to Ronald for the Blue Cross/Blue Shield plan will be $44.35. For all doctor office visits, prescriptions, and major medical charges, Ronald will be responsible for 25 percent, and the insurance company will cover 75 percent of covered charges. The annual deductible is $540. b) The HMO is provided to employees free of charge. The copayment for doctors' office visits and major medical charges is $15. Prescription copayments are $5. The HMO pays 100 percent after Ronald's copayment. There is…

An archilect who has recently opened an office is concerned about not being able to pay employees' salaries or he office rent it the architect becomes disabled. Which of the following types of policies should this individual purchase? A. Disability Income B. Business Overhead Expense C. Major Medical D. Comprehensive Major Medical

In this week’s discussion, you will have the opportunity to visit the official employment website for the Federal Government: https://www.usajobs.gov/Links to an external site.. Choose one of the categories found under Explore hiring paths. In your response, include the hiring path you selected and discuss one of the following: Job requirements for a position you searched. Must-have skills to apply for the job Are you interested in pursuing a career with the Federal Government? Why or why not? In your response, share how you found information and any relevant links.