If pension expense recognized in a period exceeds the current amount funded by the employer, what kind of account arises, and how should it be reported in the financial statements? If the reverse occurs'that is, current funding by the employer exceeds the amount recognized as pension expense'what kind of account arises, and how should it be reported?

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: The employer has an obligation to provide future benefits for:     A. Defined benefit pension…

A: Defined benefit and defined contribution are the  retirement pension plan

Q: Which of the following is not a procedure in accounting for defined contribution plans?…

A: A defined-contribution plan refers to the type of retirement plan under which the employees add up a…

Q: The Employee Retirement Income Security Act (ERISA) requires that companies fund defined-benefit…

A: The post-retirement benefits will be benefits, other than annuity disseminations, paid to…

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: Can Employee's expenses (Unreimbursed) be itemized

A: Unreimbursed expenses are defined as those expenses that are not given to you by employers. These…

Q: increases the Employee Benefit Expense?

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

Q: Which of the following would not be reported on a plan's statement of fiduciary net position? A.)…

A: Lets understand the basics. Statement of fiducary net position is similar like a statement of…

Q: es a SIMPLE IRA have a matching contribution from the employer to the employee?  Yes or No.

A: Simple IRA refers to the savings incentive match plan for the employees of the company which is a…

Q: 1. Which of these is NOT a regulation set forth within ERISA? Answer:   A.    Employees must be…

A: You have posted multiple un-interlinked questions, so as per our policy only first question will be…

Q: If a company takes funds from it's pension fund for operating purposes it is in violation of what…

A: The regulation mentioned in Employee Retirement Income Security Act , 1974 as amended "ERISA" titles…

Q: Contributions of the employer for the benefit for the benefit of the employee to retirement,…

A: Income tax:    It is the amount a person is liable to pay on the earned amount in an accounting…

Q: Life insurance premiums shall be reported as a deductible expense for financial reporting purposes…

A: The outlay which is an ordinary outlay and helps in the normal revenue generation of the business is…

Q: Which payroll taxes are the responsibility of the employee and which are the responsibility of the…

A: Introduction: Payroll taxes: Payroll taxes are levied on both employers and employees and are…

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

A: An advance to employee means to pay the salary or money to such employee before the due date.

Q: Were you correct that the pension liability is not reported in the balance sheet? What is the…

A: Pension refers to the accumulated amount of money that is added during the employment period of an…

Q: An increase in OCI related to plan assets occurs when:   Select one: a. The accumulated benefit…

A: The information given is a question related to Plan Assets and Deferred Obligation Accounting.

Q: Record the employer's benefit expense.

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

Q: If a pension plan is both contributory and qualified, it is

A: First let us understand the key terms in the question. Pension plan- A Pension plan is an…

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: ERISA serves to protect retirement benefits of which employees? Select one: a. Private sector, but…

A: Retirement benefits refer to the benefits that are payable as a pension scheme to the members at…

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

A: The correct answer is Option (d).

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: Describe what factors contribute to the pension benefit obligation. Discuss the effect of the…

A: A projected benefit obligation (PBO) is an actuarial calculation of how much money a firm will…

Q: Which payroll taxes are the employee’s responsibility and which are the employer’s responsibility?

A:

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

A: Introduction Pension plan assets are defined as the assets bought using contributions from pension…

Q: Pension benefits contributed by the employer affects both the projected benefit obligation and…

A: A projected benefit obligation (PBO) is an actuarial measurement of what a company will need at…

Q: Accounting theory and standards faced with many problems in measurement, recognition's and disclose…

A: Accounting Standards:- These are the principles set for the framing of the financial reports of a…

Q: An employer invests money to establish a fund of money to pay future nonqualified deferred…

A: future nonqualified deferred compensation plan benefits received by an employee is not exempt from…

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: Why didn't the FASB cover both types of postretirement benefits'pensions and healthcare'in the…

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

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: How do U.S. GAAP and IFRS differ with regard to reporting gains and losses from changing assumptions…

A: Definition: Pension plan: It refers to a plan that is formulated to provide earnings to the…

Employee Benefits

In an organization employees are the most important resource and most important asset. They can lead an organization to the sky or can be the reason for unsuccessful of business. Therefore, it is very much important that employees of an organization should be satisfied by the environment of the organization and most importantly with the salary, wages incentives, etc.