can you help me how to Explain how an employer can receive a credit against the FUTA tax due.

Q: Identify two different types of deductions that an employer is required to subtract from a

A: There are several deductions from paycheck but two are absolutely necessary other are optional.

Q: What payroll taxes is the employer responsible for paying?

A: Employer payroll taxes: The taxes which the employer must pay to the employees with their salaries…

Q: Which of the following is paid by both the employer and the employee? Group of answer choices Social…

A: Payroll tax: Payroll taxes refer to the taxes which are equally contributed by employees and…

Q: what is omar's self-employment tax liability?

A: The applicable self-employment tax rate on Omar's net earnings from self-employment is 2.9% because…

Q: How to calculate FIT on payroll register? What is the equation or numbers I am supposed to use to…

A: Before calculating payroll taxes, the employees will need to complete these new employee documents,…

Q: How does the pay-as-you-go procedure apply to wage earners? To persons who have income from sources…

A: A tax is a payment levied by the order of Federal, state, or local government agencies and collected…

Q: What is the term for the employer's mandatory payroll taxes that the government has written into…

A: A payroll tax is a percentage withheld from an employee's pay by an employer who pays it to the…

Q: The account that should be credited for the total income tax withheld from employee's earnings is ○…

A: The objective of the question is to identify the correct account that should be credited when the…

Q: Which of the following taxes is paid by the employee only? Choose the best answer. Group of answer…

A: Tax is compulsory payment made by the assessee to the government .

Q: Explain what an experience or merit rating is and how it affects the amount paid by an employer for…

A: State Unemployment Insurances taxes: These are the taxes paid by the employer to the credit of the…

Q: Which payroll tax is levied on both employers and employees? Both employees and employers are…

A: The payroll tax is required to be remitted to the government on the behalf of employee and is…

Q: 1. What loan from the federal government given to individual states is used to provide unemployment…

A:

Q: Employees are subject to taxes withheld from their paychecks.a. List the federal taxes withheld from…

A: Payroll: The total payment that a company is required to pay to its employee for the services…

Q: Which of the following taxes is part of payroll deductions for an employee's earnings and paid by…

A:

Q: Which tax is NOT withheld from an employee?  Select one: Federal tax State tax Mortgage tax All of…

A:

Q: In what account are the employer's payroll taxes recorded?         Payroll Tax…

A: The objective of the question is to identify the account in which an employer's payroll taxes are…

Q: Which of the following is not an employer payroll tax?

A: Federal income tax is the liability of the employee to pay tax on the income and is deductible from…

Q: at is the proper way to record an advance to an employee as well as

A: A salary advance is nothing more than a loan that you can give to an employee. The advance is…

Q: the registered taxpayer is required to prepare an own invoice to report the output tax on imported…

A: In the context of Value Added Tax (VAT) or Goods and Services Tax (GST), output tax refers to the…

Q: Identify and describe the followings that are exempted from taxation. a. Some persons based on…

A: Income tax- Income tax refers to the tax that is levied on the earnings/ income of a person or…

Q: Which of the following is NOT a valid use of Form 990-1? O Request credit for certain excise taxes…

A: Filling out Form 990-T is how exempt organizations:declare any unrelated business revenue.Determine…

Q: How does the Federal Unemployment Tax Act affect your place ofwork or prospective career?

A: The Federal Unemployment Tax Act (FUTA) is a United States federal law that imposes a federal…

Q: What is the tax implication in jamaica if the employment is one of contract of service rather than…

A: The question is asking about the tax implications in Jamaica for two different types of employment…

Q: What are the advantages of using ACH to process payroll as compared to paying employees by cheque.

A: ACHACH = automated clearing houseACH is an electronic network where people are allowed to directly…

Q: The account that should be credited for the total income tax withheld from employee's earnings is o…

A: The objective of the question is to identify the correct account that should be credited when the…

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.