Explain Employee benefit plans.

Q: How to determine the estimated net cost of benefits to the employer?

A: In an organizational setting, when business activities are carried out it results in some benefits…

Q: Explain The various employee benefits in an organization: 1-Social Security : 2-Workers'…

A: The payments which is made by employers to its employees that are beyond the wages paid. Typically,…

Q: Provide strategies you can suggest that may assist in maximizing the age pension entitlement.

A: Retirement planning" is the process of preparing financially for a comfortable and secure…

Q: Is recover compensation within? compensation Inco ne ontion from in uranoe

A: Recovery compensation refers to the recover or regain through the agency of government against all…

Q: increases the Employee Benefit Expense?

A: Employee benefit expense means Benefits/Compensation provided to the employee other than by way of…

Q: What is fully funded pension plan?

A: A pension plan is termed as a retirement amount, which an individual receives from their insurance…

Q: How to calculate salaries payable

A: Salaries payable can be defined as the liability account containing the amount of salaries, if any,…

Q: How important is the actuaries role is in pension accounting?

A: Pension accounting is a critical area of financial reporting for pension plans. The role of the…

Q: difference between Wages and Salary?

A: Wages and salaries are the remuneration paid to the employees by the employer for their contribution…

Q: Understand the interrelationships among the elements that constitute a definedbenefit pension plan

A: Defined benefit pension plans are the retirement designs that include providing a fixed and…

Q: The components of postretirement benefit expense are similar to the components of pension expense.…

A: Other postretirement benefits: The postretirement benefits which are provided by employers, other…

Q: What exactly is a social contract, and how does it relate to the legitimacy of an organization?

A: The Answer :

Q: When is an employer-employee relationship exist?

A: Definition:

Q: When a company pays employee healthcare, that is usually considered what kind of activity? a.…

A: Cash activities related to net income are included in operating activities.Cash activities related…

Q: Differentiate between a defined contribution pensionplan and a defined benefit pension plan. Explain…

A: Pension plan: Pension plan is the plan devised by corporations to pay the employees an income after…

Q: Define benefit pension plans.

A: Pension plan Pension plan is an agreement between the employer and employee. After the retirement of…

Q: Distinguish fundamentally between a defined contribution and a defined benefit pension plan.

A: Given : This question tells about Distinguish between a defined contribution pension plan and a…

Q: Describe the Components of Pension Expense.

A: Pension fund: A fixed sum of money is receivable in future or after the age of retirement, which the…

Q: Record the employer's benefit expense.

A: Payroll taxes are defined as the amounts collected by the government or revenue collection authority…

Q: Define the term payroll register.

A:

Q: Which type of pension plan would you prefer to be covered under (i.e., defined benefit, defined…

A: In this there are many types of pension plans available and each have own characteristics.

Q: Explain the fundamental differences between a defined contribution pension plan and a defined…

A: Defined contribution plan and defined benefit plan are the two types of pension plans.In a defined…

Q: Discuss the fundamentals of pension plan accounting.

A: Pension is a retirement plan available with employees. An employer makes contributions for…

Q: Why are employees considered assets to an organization?

A: INTRODUCTION: Assets are items that you possess and can sell for money. An asset is any resource…

Q: What is ESOP, employee stock ownership plan?

A: Introduction: ESOP plans are intended at developing the performance of the corporation and uprising…

Q: Differences Between Being Self-Employed and Employed ?

A: Individuals who are self-employed work for themselves, managing their own enterprises or offering…

Q: In general, how can an employer choose an appropriate discount rate for its pension plan? What…

A: Step 1: The Discount rate to be selected must be in consideration with the ability of the company to…

Q: Define Employee Retirement Income Security Act (ERISA)

A: The 1974 Employee Retirement Income Security Act secures American pension resources by enforcing…

Q: What purpose does the individual employee earnings record serve?

A:

Q: Roth savings incentive n simplified emplovo

A: the correct answer is option (B)  Saving incentive match plan for employees

Q: Define prior service cost. How is it reported in the financial statements? How is it included in…

A: Pension:  A pension is a type of retirement plan in which an employer makes a contribution to a pool…

Q: What is overfunded pension plan?

A: Overfunded pension plan It is the company’s plan related to the retirement of an individual that has…

Q: What are the payroll system's general tasks?

A: Payroll is the amount paid by business to the employees in the form of compensation for the given…

Financial and legal aspects of employment

Federal and state legislation, regulation of all labor laws, and government-imposed employment law all contribute to a legal environment. Employment law governs the relationship between employer and employee. Labor laws govern the relationship between employee groups such as labor unions and their employers. Many employment laws have been enacted by the government to protect the financial rights and interests of employees. To protect an individual's employment, the United States Department of Labor has enacted 180 worker protection laws. It also covers financial and workplace safety laws such as minimum wage requirements, parental leave benefits, paid leave benefits, social security, and discrimination.