An employer who is subject to FUTA must file form 940  with the federal government. Normally, the form must be filed by February 1 ; however if all deposits are made on a timely basis, the form may be filed by February 10 . The total taxable wages are computed by deducting  exempt payments and wages paid to each employee in excess of _____________ from  the total wages paid during the year.

Q: An employer files which of the following forms with the IRS quarterly to report federal wages paid…

A: Solution Taxes is mandatory levied by the government entity on the corporations and Individuals.…

Q: The following salaried employees of Mountain Stone Brewery in Fort Collins, Colorado, are paid…

A: The percentage method has no wage or allowance limit. therefore firm can use it if the employee's…

Q: Issue:  Under the Federal Insurance Contributions Act (FICA) every person is an employer if the…

A: 1) a) Federal Insurance commitments act is a US law that orders charge demand on the pay rates Wages…

Q: The payroll register of Seaside Architecture Company indicates $980 of social security taxes and…

A: Withheld tax applicable to employment income. A withheld tax is a type of income tax which paid to…

Q: Groupe Alimentaires is preparing the 2020 year-end information slips for their employees. Claire had…

A:

Q: Federal withholding taxes and social security taxes are normally paid __________.…

A: The question is asking about the frequency of payment for federal withholding taxes and social…

Q: Rent payments that are processed through a third-party net work after March 11, 2021, should be…

A: GIVEN   Rent payment that are proceed through a 3rd party network after March 11,2021 should be…

Q: Milligan's Millworks pays its employees weekly. Use the wage-bracket tables from Appendix C to…

A: salary dropped to at least $ 830 but less than $ 854 and exemption = 4. salary falls at least $ 1178…

Q: Federal withholding taxes and social security taxes are normally paid quarterly by the employee.…

A: The objective of the question is to determine the frequency of payment for federal withholding taxes…

Q: Independently considering each of the following statements regarding Form W-2 (Wage and Tax…

A: The employer makes deductions from the employee’s salary and therefore there is some legal…

Q: In 2019, household employees are not required to pay FICA taxes on cash payments of less than $2,100…

A: Tax: Tax refers to a compulsory payment or a contribution to the state revenue, levied by the…

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A: Employees wages and salaries are subject to federal income tax and other social security taxes.…

Q: In Oregon, employers who are covered by the state workers' compensation law withhold employee…

A: Workers’ compensation insurance: This is the insurance provided by the employer’s to compensate the…

Q: I am working on the chapter 7 payroll project for cengage and I don't know how to do Holdiay pay for…

A: Payroll register: Payroll register can be defined as the hard copy or a register that records all…

Q: Ann is an employee of Nike She is paid her monthly salary of $10,000 on December 31, 2023. Personal…

A: DateAccountDebit ($)Credit ($)Dec 31, 2023Salary Expense10,000Dec 31, 2023Income Tax Payable…

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Q: The Federal Insurance Contributions Acta.  requires employer FICA liabilities to be recorded upon…

A: The correct answer is Option (d).

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A: Since the questions asked are different,As per our guidelines ,we are allowed to answer only…

Q: The payroll of Grich Company for September 2022 is as follows:   Total payroll was $960,000, of…

A: Journal Entry is the primary step to record the transaction in the books of accounts. The increase…

Q: If Form 941-V is utilized, the amount shown on line 2 of the form must agree with the amount…

A: 1. Answer: Option (c)   2. Answer: Option (a); if there is an annual liability for Social Security,…

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A: Employee payroll register is a book in which all the records of all the employees for the particular…

Q: 8. In a proceeding under Chapter 7, which of the following claims incurred within 30 days of the…

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Q: For 2021; An employer may provide an employee with a reimbursement of up to _________ of qualified…

A: These are deductions available to the taxpayers from their taxable income. These tax deductions will…

Q: The maternity leave pay under RA 11210, otherwise known as the 105-Day Expanded Maternity Leave Law,…

A: Solution Maternity leave means leave given to a women when she is pregnant and have a baby.

Q: When filing Form 941, when must a Schedule B be completed? If you need to report an adjustment in…

A: Lets understand the basics. Form 941 schedule B is a supplementary form of the form 941.  It is need…

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A: INTRODUCTION: Withholding helps the payer to manage their tax burden gradually rather than owing a…

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A: Net defined benefit liability denotes the deficit or surplus between the defined benefit obligations…

Q: The payroll of Swifty Company for September 2019 is as follows. Total payroll was $ 444,000, of…

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Q: er opened Quik-Stop Market on January 2, 2019. The business is subject to FICA taxes. At the end of…

A: FICA Tax - A payroll tax is required to be deducted from employees' paychecks under the Federal…

Q: liability for employees' compensation for future

A: A liability shall be accrued if it is to be settled in the near future.

Q: List the required employee payroll withholding deductions, and provide the tax rate for each.

A: Payroll withholding deduction: The amounts which the employer withheld from employees’ gross pay to…

Q: The amount of compensation subject to OASDI tax is correctly defined as Select one: a. all amounts…

A: OASDI (Old Age, Survivors, and Disability Insurance program) tax is a tax levied by IRS on all…

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A: FUTA, the Federal Unemployment Tax Act, requires employers to pay a tax that funds the unemployment…

Q: Mullen Company pays its employees every other Friday, December 31, 2020, was a Sunday. On Friday,…

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Payroll Entries

Payroll is a comprehensive record of employees that are paid by the company. Payroll classifies employees into various categories according to their function and pays scale (basic wage, allowance, income tax, other taxes, employee loans, etc.). Payroll processes form the bedrock of every organization as it contains sensitive information on the ‘wage and paycheck’ portion of the company’s strength—its employees. The organization needs to keep a track of the employees currently on the payroll, the net payout for the company, the record of transactions related to the employees including deductions and payroll taxes to identify the liability and its effect on the balance sheet (and other financial statements). Payroll records also include qualitative factors such as the conduct of the employee.