How do I account for an advance to an employee and the resulting deduction?

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: Under what conditions must an employer accrue a liabilityfor the cost of compensated absences?

A:

Q: What should be acknowledged in the employee written permission for employer optional deductions?

A: When an employer wishes to make optional deductions from an employee's wages or salary, it's…

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

A: FUTA stands for Federal Unemployment Tax Act under federal law of US. FUTA tax is paid by the…

Q: circumstances where the agent is granted compensation ?

A: The agents are appointed to perform or execute the functions on behalf of the principles, their…

Q: Record the employer's benefit expense.

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

Q: Which of the following taxes would be deducted in determining an employee’s net pay? a. FUTA taxes…

A: Net pay: It can be defined as the amount that is taken by an employee to its home in the form of…

Q: Which of the following is not deductible from gross income? Salaries and wages of employees…

A: There are expenses which are deductible from gross income to arrive at net income which is taxable.…

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: Why must pay rate information be a part of an employee’s payroll file? A.  As a means of tracking…

A: Pay rate refers to the amount of money an employee is paid for performing a specific job or task…

Q: What are the benefits provided by Employee Retirement Income Security Act?

A: The Employee Retirement Income Security Act is an organizational law that recognizes the minimum…

Q: When would it be considered that income has arisen in relation to employee benefits?

A: The benefits or perks that are being offered to and given to the employees in addition to their…

Q: e any examples of payroll deductions and describe them?

A:

Q: Under what conditions should an employer accrue an expense and the related liability for employees’…

A: Accrued Liabilities: Accrued liabilities are those expenses that are incurred but not yet paid.

Q: Which of the following amounts paid by an employer to an employee is not subject to withholding? Oa.…

A: Given : Multiple options  a) Salary  b) Travel expense reimbursements from an accountable plan c)…

Q: Is GST/HST deducted from gross taxable income before income taxes are applied to an employee's…

A: GST is a consumption tax imposed on the supply of goods and services. It is designed to be a…

Q: What is law of Indemnity? Explain the rights and duties of indemnifier and indemnity holder with…

A: The law of indemnity specifies that a person takes the guarantee of any act of the party that causes…

Q: Which of the following is not deducted from an employee’s salary? a. FICA taxes.b. Unemployment…

A: Payroll tax The costs incurred by an employer to pay the employee for his labor, including other…

Q: Which of the following items is exempt from including into the assessable income for salaries tax…

A: Correct option is D.  End of contract gratuities     Explanation:

Q: How does accounting for postretirement benefits similar in most respects to accounting for pension…

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

Q: Which of the following is an indicator that an employee benefit is provided in exchange for…

A: The question is related Employee benefits. As per employee benefits  It requires recognition of the…

Q: Which of the following is/are true with regard to accounting for short-term employee benefits?…

A: Short-term employee benefits refer to those employee benefits that are supposed to be sorted out…

Q: Under what circumstances should an employer accumulate a cost and the associated obligation for an…

A: Introduction: Accrued Liabilities: These are expenses that have been incurred but not yet paid.

Q: PV of DBO – Jan. 1, 20x1 2,000,000 FVPA– Jan.1, 20x1 1,800,000 PV of DBO – Dec. 31, 20x1 2,900,000…

A: An cost is the decrease in asset value as it is used to produce income. If the asset will be…

Q: Agarwal, Incorporated, has a 40-day average collection period and wants to maintain a minimum cash…

A: A cash budget is a budget that provides information about the company's projected cash inflows and…

Q: What are the issues involved in determining if signing a bonus is an asset or an expense?

A: Accounting is primarily concerned with identifying, recording, measuring, summarizing transactions…