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: What account is debited when journalizing the payment of payro Salary Expense Payroll Tax Expense…

A: Payroll Payroll is the procedure for paying employees of an organization. It entails gathering the…

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

A: Taxable income is business income that is subject to taxation. Taxable income is defined differently…

Q: Regarding the federal income tax withholding tables, the amount of each employee's earnings withheld…

A: The amount you withhold for each of your employees is likely to vary since the total federal income…

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: 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: Money paid by a company to help cover needed and unforeseen expenses

A: Insurance are the protection for unseen events. It is a measure  used for hedging against the risk.…

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: Statement 1: Life insurance premiums shall be reported as a deductible expense for financial…

A: Tax is the liability that person owes to the government.

Q: Which of the following does NOT apply to both a W−2 and a W−​3?     A. Reports the total amount of​…

A: IRS forms W-2 and W-3 both are submitted by the employer to Social Security Administration and both…

Q: A.    State Income Tax Withholding     B.    Social Security

A: Payroll refers to the form of compensation provided by a company to its employees for the work done…

Q: Federal income taxes are subject to a maximum amount per employee per year. True False

A: The federal income tax the tax  charge in  United States of America only animal learning of…

Q: What is the combined amount (in percent) of the employee and employer Social Security tax rate?…

A: Social Security tax (SST) is a part of Federal Insurance Contributions Act. It is charged on both…

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

A:

Q: In a payroll journal entry, a credit to Federal Withholding Tax Payable indicates a.Federal taxes…

A: Solution: In payroll journal entry, Payroll expense are debited, amount paid to employee is credited…

Q: How much is the total gross income? * How much is regular itemized deductions from gross income? *…

A: Net taxable income is the amount of money left over after all operational costs and itemized…

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: Some payroll taxes are paid by both employees and employers. Others are paid only by employers.…

A: Some payroll taxes are borne by both employer and employee while some are paid only by employees or…

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: Identify the major payroll tax forms and describe the purpose of each.

A: Payroll tax refers to the percentage which is withheld from the pay or salaries of the employee…

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: 12. All of the following payroll taxes are levied against the employer, except for: a. FICA taxes…

A: Tax: Tax is a financial charge imposed by the county's government on the income of the person, and…

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: Which of the following journal entries is recorded for the payment of employees' state income tax…

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

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

A: Step 1: Step 2: