Question 32: What statement about Form l-9 is accurate?Answer:A.O The employee submits one or two documents to verify employment eligibility.В.O It was significantly revised and expanded in 2020.C.O A company submits this to request an EIN.D.O It is also referred to as Publication 15.Question 33: Match each incentive plan to its definition.Profit-sharingEmployee receives a portion of the company's profitsafter exceeding a predetermined levelDROP HEREEmployee may purchase shares of the business aftermeeting predetermined goalsStock optionsDROP HERESabbaticalsPaid leave after working a predetermined number ofyearsDROP HEREMonies received for reaching a specific sales/productiongoalCash incentivesDROP HEREQuestion 34: Rachel is a server at a family restaurant in Omaha, NE. As a tipped employee, she receives an hourly wage that is less than the federal minimumwage. This week, her combined hourly wages and tips was less than the federal minimum wage. What happens next?Answer:A.O Rachel's employer pays her additional wages to compensate for the deficit.В.O Additional pooled tips must be allocated to Rachel to compensate for the deficit.C.O This circumstance is acceptable, so no action is necessary.D.O Her employer may be required to pay her additional wages, depending on her total earnings in subsequent weeks.Question 35: Match each mandatory deduction with its description.Federal income taxHealth insurance for individuals 65 and older or withcertain disabilitiesDROP HERELocal income taxTo fund governmental operations in a municipalityDROP HEREMedicare taxProvides benefits to temporarily disabled employeesDROP HEREState disability insuranceUsed by a wide range of governmental agenciesDROP HEREQuestion 37: Match each retirement plan with the correct matching statement.Referred to as a Tax-Sheltered Annuity Plan and availableonly to employees of specific institutions or organizations401(k)DROP HEREA defined-contribution retirement plan with a tax-deferred,set amount withheld each pay period403(b)DROP HEREThe simplest retirement plan, often used by self-employed individualsSIMPLE IRADROP HEREPayroll Deduction IRAA retirement plan designed for small business employeesDROP HEREQuestion 38: Match each tax with its wage base (income threshold) amount.FUTALevied on the first $7,000 of taxable earningsDROP HERESUTAWage base ranges from $7,000 to S56,500DROP HERESelf-employmentLevied in full on the first $142,800 of net SE incomeDROP HERE

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Question 32: What statement about Form I-9 is accurate? Answer: A. The employee submits one or two documents to verify employment eligibility. 3. O It was significantly revised and expanded in 2020. O A company submits this to request an EIN. D. It is also referred to as Publication 15.

Question 32: What statement about Form I-9 is accurate? Answer: A. The employee submits one or two documents to verify employment eligibility. 3. O It was significantly revised and expanded in 2020. O A company submits this to request an EIN. D. It is also referred to as Publication 15.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Nadeem BSC is a civil engineering company. It started work on to civil engineering projects during the year ended 31 December 2020. The nature of both contracts is that the customer controls the asset as the project goes forward. Work is certified by a surveyor as performance obligations are completed. The following figures relate to those projects at the end of the reporting period. Qadim Bypass Hidd Mall BD’000 BD’000 Contract Price 18,000 16,000 Costs incurred to date 2,800 5,800 Estimated costs to completion 11,200 10,400 Value of work certified to date 5,600 6,000 Progress billing 5,200 6,800 An old disused oil well has been discovered under the site for the Hidd Mall and the costs of dealing with this have been taken into account in the calculation of estimated costs to completion. Nadeem BSC’s lawyers are reasonably confident that the customer will have to bear the additional costs which will be incurred in stabilising…