A supervisory employee has the following benefits 13th month and other benefits 40,000.00 De minimis within their limits 35,000.00 Excess de minimis benefits 10,000.00 Other fringe benefits 40,000.00 Compute the amount of fringe benefits (monetary value) subject to fringe benefit tax 85,000 O 76,923 O 50,000 O 73,259

A supervisory employee has the following benefits 13th month and other benefits 40,000.00 De minimis within their limits 35,000.00 Excess de minimis benefits 10,000.00 Other fringe benefits 40,000.00 Compute the amount of fringe benefits (monetary value) subject to fringe benefit tax 85,000 O 76,923 O 50,000 O 73,259

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question 23: Identify the contribution limit for each item. First Social Security wage base $142,800 DROP HERE 2021 Social Security wage base S6,000 DROP HERE 2021 annual contribution to 401(k) and 403(b) plans $3,000 DROP HERE 2021 Payroll Deduction IRA (employees under age 50) $19,500 DROP HERE
Martin Services Company provides their employees vacation benefits and a defined contribution pension plan. Employees earned vacation pay of $39,500 for the period. The pension plan requires a contribution to the plan administrator equal to 9% of employee salaries. Salaries were $750,000 during the period. Hide a. Provide the journal entry for the vacation pay. Hide b. Provide the journal entry for the pension benefit.
Employee Net Pay Kenneth Inverness's weekly gross earnings for the week ended April 22 were $1,000, and his federal income tax withholding was $180. Assuming the social security rate is 6% and Medicare is 1.5%, what is Kenneth's net pay? Note: If required, round your answer to two decimal places. All work saved.
If an employee has received over one million dollars in supplemental earnings for the year, any further supplemental earnings should be withheld a.at a 22% withholding rate. b.using the wage bracket method. c.at a 37% withholding rate. d.using the aggregate method.
Reimbursement of costs covered by employees on behalf of the employer such as travel expenses and meal allowances Multiple Choice Must be reported on a T4 to the Caneda Revenue Agency Increase the employee's taxable income Are reported as part of gross wages Typically are paid through Accounts Payoble and do not impact deductions Must be below $300 per person per calendar year
6., RST Company offers a qualified retirement plan. Each employee contributes 4 percent of his or her pretax income to the plan, and RST matches each employee's contribution. An employee's benefit at retirement is determined by his or her account balance at the time of retirement. What type of retirement plan does RST offer? a. Defined contribution plan. b. Defined benefit, flat percentage of annual earnings c. Defined benefit, unit-credit formula. d. Defined benefit, flat dollar amount for all employees
FICA defines all of the following as wages except: Group of answer choices Total cash tips of $15 received by a tipped employee in the month of May Standby payments First six months of sick pay Year-end bonuses Employee's social security taxes paid for by the employer
Question 32: What statement about Form l-9 is accurate? Answer: A. O The employee submits one or two documents to verify employment eligibility. В. O It was significantly revised and expanded in 2020. C. O A company submits this to request an EIN. D. O It is also referred to as Publication 15. Question 33: Match each incentive plan to its definition. Profit-sharing Employee receives a portion of the company's profits after exceeding a predetermined level DROP HERE Employee may purchase shares of the business after meeting predetermined goals Stock options DROP HERE Sabbaticals Paid leave after working a predetermined number of years DROP HERE Monies received for reaching a specific sales/production goal Cash incentives DROP HERE Question 34: Rachel is a server at a family restaurant in Omaha, NE. As a tipped employee, she receives an hourly wage that is less than the federal minimum wage. This week, her combined hourly wages and tips was less than the federal minimum wage. What happens…
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7. Since an employee works 43 hours in a regular week of 40, with an hourly wage of S 10 and receives double pay for hours worked in excess of 40, determines: 7.1 Gross income 7.2 7% income tax 6.20% contribution to Social Security 7.3 7.4 1.45% contribution to health care 7.5 Net income For this same situation, determine the employer's payroll contribution 7.6 6.20% contribution to Social Security 7.7 1.45% contribution to health care 4.40% state unemployment 7.8 7.9 0.60% federal unemployment 7.10 0.60% Temporary disability insurance Total employer contribution 7.11
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