Question 2The more dependents that are claimed, the less tax is withheld from an employee'spaycheck.TrueFalse

A dependent is an individual who relies on another individual for financial support. Dependents can…

Answered: Question 2 The more dependents that are…

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter8: Payroll Accounting: Employee Earnings And Deductions

Section: Chapter Questions

Problem 3MC

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Q2
S1 – If fringe benefit is given to non-rank and file employees, fringe benefit is generally subject to FBT S2 – If fringe benefit is given to rank and file employees, fringe benefit is subject to withholding tax on compensation. Group of answer choices a. S2 is true b. S1 is true c. Both are false d. Both are true
Question 6: FUTA tax is paid solely by the employer. Answer: A. True В. False
7 S1 – If fringe benefit is given to non-rank and file employees, fringe benefit is generally subject to FBT S2 – If fringe benefit is given to rank and file employees, fringe benefit is subject to withholding tax on compensation. Group of answer choices Both are true S1 is true S2 is true Both are false
Please help me immediately. Thank u
which of the following would be deducted in determining and employees net pay ?
8. S1: Fringe benefit that is exempt from fringe benefit tax is likewise exempt from any other form of income tax. S2: Any amount given by the employer as de minimis to its employees, shall not constitute as deduction upon such employer. Group of answer choices a. Only S1 is true c. Both are true d. Both are false b. Only S2 is true
The QBI deduction will reduce both the income tax and self-employment taxes owed by a self-employed individual. True False
Which is not correct? a) The fringe benefit tax by nature is a final tax. b) The personal expenses of a managerial employee shouldered by the employer are subject to fringe benefit tax. c) Employees do not need to file income tax returns to report the fringe benefit. d) The monetary value of the fringe benefit is multiplied by the fringe benefit tax rate.
6. Which of the following is subject to income tax? A. De minimis benefits B. Income tax paid by the employer in behalf of the employee C. Fringe benefit required by the nature of or necessary to trade business or profession of the employer D. Those granted for the convenience of the employer
FUTA taxes impose on employees and therefore are not deducted from employee wages. A. True B, False
TRUE OR FALSE The fringe benefits tax assumed by the employer is a deductible expense of the recipient managerial employee

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Question 2 The more dependents that are claimed, the less tax is withheld from an employee's paycheck. True False