Following are payroll deductions for Mars Co. Classify each payroll deduction as either a voluntary or involuntary deduction. Payroll Deduction

Q: Net Pay is equal to: Multiple Choice Gross pay minus deductions for federal and state income taxes…

A: After payroll deductions, the remuneration that employees get varies; some may be elective while…

Q: The 0.9 percent Medicare tax applies to: a.Earned income b.Tax exempt income c.Gain on the sale of a…

A: Medicare tax is an additional tax. It has been introduced since 2013 as part of the Affordable Care…

Q: An employer's payroll tax expense would include:

A: The correct answer is: (C) FUTA, SUTA, Social Security and Medicare taxes FUTA (Federal Unemployment…

Q: Question 11: Which statement regarding the calculation of taxes is accurate?

A: Q 11  Correct answer is Option D Reason - Because the tax are computed on net income after deducting…

Q: Which of the following is true regarding Social Security benefits? a.Up to 100 percent of S

A: Social Security benefits are a government-administered retirement, disability, and survivor benefit…

Q: Which of the following journal entries is recorded in a general journal for the payment of the State…

A: The objective of the question is to identify the correct journal entry for the payment of the State…

Q: For each of the listed payroll-related taxes, indicate whether they generally apply to employees…

A: Payroll taxes are taxes paid to Internal Revenue Service (IRS) and withheld, charged or levied on…

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: Which of the following statements is not a benefit of using a Tax-Free Savings Account (TFSA) for…

A: Contributions to a tax-free savings account are not tax deductible.

Q: Question 7: Contributions to which of the following retirement plans are subject to federal income…

A: When employees are paid their paycheck, certain amounts will be withheld as federal income tax. This…

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: Which of the following is not considered by an actuary when determining the annual contribution to a…

A: The correct answer with explanations are as follows.

Q: Which payroll tax is imposed on both the employee and the employer? a. federal income tax b.…

A: Payroll taxes are levied on salaries and self-employment income by the federal government, and the…

Q: Identify generally what is defined as taxable wages by the Federal Unemployment Tax Act.

A: FUTA is the federal unemployment tax. These are the payroll taxes that help to fund the unemployment…

Q: Medical Insurance, a pre-tax deduction? Thank you,

A: Payroll deductions are wages withheld from an employee’s total earnings for the purpose of paying…

Q: Which of the following taxes has a ceiling and is only paid by the employer? Group of answer choices…

A: Income taxes is the amount that is charged by the government on the income earned by an individual…

Q: 1- Compute pension expense for 2019 Service cost Interest cost Actual return - plant assets +/-…

A: Pension expenditure is the amount that a business charges to expenditure in relation to its arrears…

Q: Taxpayers who make after-tax contributions to a qualified employer plan recover their investment…

A: Taxpayer who makes after tax contribution to a qualified employer plan recover their investment…

Q: Cash basis taxpayers deduct rental expenses that apply to a future tax year in the year the expenses…

A: Cash basis taxpayer means the tax payer who report expense and revenue on cash basis and not on…

Q: For each employee listed, use the percentage method to calculate federal income tax withholding,…

A: SOLUTION-   AN INCOME TAX  IS A TAX IMPOSED ON INDIVIDUALS OR ENTITIES IN RESPECT OF THE INCOME…

Q: The deposit made by an employer for federal payroll taxes includes         FICA…

A: The question is asking about the components of the federal payroll taxes that an employer is…

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

A: The correct answer is Option (d).

Q: According to PAS for Accounting and Reporting by Retirement Benefit Plans, which of the following…

A: Retirement Benefit Plans are financial arrangements set up by employers to provide retirement income…

Q: The number assigned to employers by the IRS for use in submitting and reporting tax payments is: O…

A: The Indian Revenue Service (IRS) is the largest Group A Central Service. It is one of the most…

Q: Which of the following would be considered a tax benefit or advantage of a qualified retirement…

A: Answer:   Option 4.

Q: The cash benefits provided by Social Security come from:   Question 13 options:…

A: The objective of the question is to identify the source of cash benefits provided by Social…

Q: Which amounts on the payroll register reduce Federal withholding tax but are not deducted for FICA…

A: A tax is a mandatory fee or financial charge that a government imposes on a person or a business in…

Q: Paloma Company has four employees. FICA Social Security taxes are 6.2% of the first $137,700 paid to…

A: Payroll taxes is the amount that is held by the employer from the employees' earnings and pay it to…

Q: Under a nonqualified pension plan, I. the yearly earnings on the pension plan assets are taxable…

A: Non qualified  Pension Plan are Non qualified because it does not comply with Employee Retirement…

Q: The portion of FICA taxes designated as Medicare is paid by a.employees only. b.the employer and the…

A: FICA is a U.S. federal payroll tax. FICA stands for The Federal Insurance Contributions Act.

Q: For all payroll calculations, use the following tax rates and round amounts to the nearest cent.…

A: Step 1: Step 2:

Q: To journalize the payment of Medicare taxes to the IRS, the correct entry would be O a. debit…

A: Analysis of the accounts involved:Medicare Tax Payable: This account increases when you owe Medicare…

Q: Which of the following is a payroll liability?          Question 43 options:   a)  The net pay…

A: SOLUTION-   PAYROLL LIABILITIES  ARE ANY TYPE OF PAYMENT RELATED TO PAYROLL THAT A BUSINESS OWES BUT…

Q: For each employee listed, use the percentage method to calculate federal income tax withholding,…

A: Income tax refers to the amount charged by the government from the individuals and organizations on…

Q: What type of defined contribution plan allows participants to contribute after-tax amounts to their…

A: Ans.  a. Roth 401(k)

Q: Lois works for Marian Transport in Québec and is paid $2,541.13 semi-monthly. Her employer provides…

A: Christine's Net pay: $2754.36

Q: Which of the following is not an item deducted from salary expense to arrive at net pay? Multiple…

A: Tax liability is the amount of money in the form of tax debt  you owe to tax authorities . In other…

Q: Which of the following would appear on payroll tax Form 941? State unemployment tax State Income…

A: Form 941 of payroll taxes is used by employers to report income taxes, Social Security tax, or…

Q: Compute for the tax due of the following individuals using the RA 10963 tax table. Show…

A: In the United States of America, the taxable income is all gross income of the entity that includes…

Q: For 2018, the Social Security portion of the FICA tax is imposed at a rate of (not including any…

A: Social security amount total rate financed is 12.4%. For 2018 the social security portion of the…

Q: which of the following taxpayers is required to pay an additional 10% tax on their early…

A: The taxpayers who are under the age of 59 and a half years old are required to pay an additional 10%…

Q: Household income for purpose of the premium tax credit includes all of the following except: a. AGI…

A: Household income is the combined net income of all the members of specific household above the set…

Q: Unions dues, vacation account, 401k, insurance, subtracted from gross pay Options are: personal…

A: Law provides certain deductions that are deducted from the gross pay to achieve net pay.

Q: For each employee listed, use the wage-bracket method to calculate federal income tax withholding,…

A: In the given question we are required to calculate Federal, State, and Local Income Tax Withholding…