Question 1: What should an employer use to complete Form W-3? Answer: A. O Employee earnings records В. Payroll registers С. O Form 1096 D. Form W-2s Question 2: How is self-employment income calculated? Answer: A. O Self-employment income = Revenue В. O Self-employment income = Revenue + Expenses С. Self-employment income = Revenue - Expenses D. Self-employment income = Expenses Question 3: A flexible spending account is a common type of _ Answer: A. cafeteria plan В. medical plan C. retirement plan D. mandatory deduction

Q: How to calculate FIT on payroll register? What is the equation or numbers I am supposed to use to…

A: Before calculating payroll taxes, the employees will need to complete these new employee documents,…

Q: 7 What are utilities, property taxes, and insurance all examples of? A O Contract contingencies. BO…

A: We first needs to understand all the terms given in the question to answer the question. Contract…

Q: Explain the difference between accrued and prepaid expenses with illustrative examples.

A: Accrued expenses are those expenses which have been incurred but not yet paid out. For example, a…

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: what should be withheld from a bonus in the year it is paid?

A: Explanation and correct answer is given below,

Q: ccounting" What are you looking for in terms of compensation and benefits?

A: Accounting is the process of measuring, processing, and communicating financial information about an…

Q: What is Revenue Recognition Companies should recognize revenue in the accounting period in which a…

A: Revenue: The entire amount of money received from the sales related to the main operation of the…

Q: On what information return is the employment income of an individual reported?   Question 10…

A: Answer: Employment income and other income are to be reported in the return.

Q: [The following information applies to the questions displayed below.] The following information is…

A: Journal Entry :— It is an act of recording transactions in books of account when transaction…

Q: MacroApps Corporation's disclosure notes for the year ending June 30, 2020, included the following…

A: An Employee Stock Purchase Plan (ESPP) is a company-sponsored initiative that enables qualified…

Q: What is self-employment income? Also, what are business-related expenses? And how are they used in…

A: Individual accounting is the process of managing and recording financial transactions for an…

Q: Question 13 Which of the following are paid by the employer? ☐ A. SUTA taxes B. FUTA taxes C. Social…

A: Before we answer the question, let's understand what each of these taxes are:SUTA taxes (State…

Q: Which of the following is business income for NOL purposes?    Interest earned on savings account.…

A: If your deductions for the year are more than your income for the year, you may have a net operating…

Q: How to calculate gross pay and net pay for employees.

A: Gross pay: Gross pay includes the employee’s share of social security taxes, Medicare taxes, and…

Q: 1. Using the minimum wage presumption, what is the net earnings?  Minimum wage of $7.25.

A: Net earnings refer to the amount of income that an individual or entity receives after deducting all…

Q: How do you report self-employment income?

A: Self-Employment is the business or profession a person does for himself and not for others. A…

Q: Entry Explanation F 1 2 3 لنا 4 5 6 7 8 9 10 11 12 A F H D A G C H E D Cash Accounts Receivable…

A: The journal entries are prepared to keep the record of day to day transactions of the business on…

Q: Pumpkin Ltd. received the following information from its pension plan trustee concerning their…

A: Pension planThe amount put aside by the employee from his salary for benefiting at the time of…

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: Which one of the following expenses is exempt from the payment of GST?

A: In gst interest service is exempt so not gst needs to be paid on payment of interest.Also in gst…

Q: The employment income of an individual is reported on ________ slip, while investment income are…

A: Investment income is money received in interest payments, dividends, capital gains realized with the…

Q: Two methods of accounting for uncollectible accounts are the     Question 40 options:   allowance…

A: Uncollectible accounts means the debt which has become bad i.e. bad debts. The account receivable…

Payroll Entries

Payroll is a comprehensive record of employees that are paid by the company. Payroll classifies employees into various categories according to their function and pays scale (basic wage, allowance, income tax, other taxes, employee loans, etc.). Payroll processes form the bedrock of every organization as it contains sensitive information on the ‘wage and paycheck’ portion of the company’s strength—its employees. The organization needs to keep a track of the employees currently on the payroll, the net payout for the company, the record of transactions related to the employees including deductions and payroll taxes to identify the liability and its effect on the balance sheet (and other financial statements). Payroll records also include qualitative factors such as the conduct of the employee.