The following chart provides information that must be reported at year-end. Under the appropriate form, indicate the correct box letter(s)and/or number(s) and any required codes.INFORMATION RL-T4T4A1Employer-paidmedical/dentalpremiumsWages in lieuof noticeQuébecParentalInsurancePlan insurableearningsRetiringallowanceFederalincome taxQuebecPension Plancontributions

Certainly! Reporting employment-related information at year-end in Canada involves several forms and…

Answered: The following chart provides…

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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PURELY COMPENSATION INCOME EARNER Instructions: 1. Download BIR Forms 1700 AND 2316 Version 2018 at www.bir.gov.ph. Compute the income tax payable, if any. Relevant information: YOU, single and a Filipino citizen, and a resident of Brgy. Talipapa, Quezon City is employed by PA-MINE Corp. located in N. Reyes St., Sampaloc, Manila for the calendar period 2021. During your employment, PA-MINE Corp. was able to apply for your TIN where BIR RDO No. 032 – Manila assigned you Taxpayer Identification No. 123-456-789-0000. PA-MINE Corp.’s TIN No. is 987-654-321-0000. Additional information: Your basic salary is Php 30,000 per month In addition to your basic pay, you received the following: Holiday pay – Php 10,000 Hazard pay – Php 20,000 Overtime pay – Php 20,000 Fixed transportation allowance – Php 10,000 Cost of Living Allowance – Php 20,000 13th month pay – Php 30,000 Other benefits – Php 20,000 De minimis benefit of Php – 20,000 PA-MINE Corp. has deducted the following…
1) Review the following situations and determine the employee's net pay by figuring out what earnings & benefits are subject to Income Tax, Canada/ Quebec Pension Plan, Quebec Parental Insurance Plan (if applicable) and Employment insurance. Make sure to reduce net and taxable income by any applicable voluntary/non statutory deductions as well. All rates should be based on 2022. a) Lawrence works in Alberta and is paid on a bi-weekly basis. He has a claim code of 1 on both his TD1 and TD1AB. He has the following type of earnings, benefits & deductions. He will not max out on CPP or El this pay and will have full deductions. 1) Regular $2,500 ii) Vacation Pay $500 iii) Group Life-Employer paid Taxable benefit $25 iv) RRSP contribution-Employee deduction $300 v) Coffee Fund $5
Use (a) the percentage method and (b) the wage-bracket method to compute the federal income taxes to withhold from the wages or salaries of each employee. Enter all amounts as positive numbers. Round your calculations and final answers to the nearest cent. Use the 2020 Federal income taxes tables for the percentage method table and the wage bracket method table
Section 5-EMPLOYEE DATA: FORM W-4 AND STATE WITHHOLDING 0ALLOWANCE CERTIFICATES How long does a new employee have to submit a completed W-4? How must the employer withhold FIT until the W-4 is received from a new employee? On March 2, 2020, Mischa submits a new W-4. If payday is Friday, what is the date of the first paycheck that must reflect Mischa’s new W-4? On March 23,2020, Paul submits a new W-4. If Paul is paid the last weekday of each month, what is the date of the first paycheck that must reflect Paul’s new W-4? On October 2, 2020, Janet starts a part-time job. She did not owe federal income tax in 2019 and does not expect to earn enough to pay federal income tax for 2020, so she claims exempt from federal income tax withholding on her 2020 Form W-4. Does Janet need to submit a W-4 in 2021? If so, by when—and how does her employer withhold if she does not do this?
Payroll Accounting 2020 by Landin Question: Ed Myers is verifying the accuracy and amount of information contained in the employee records for his employer, Genible Industries. Which of the following items should be present in the employee information? Social Security number. checkedJob title. checkedEmployee address. checkedBirth date, if greater than 19.
Question text The totals from the first payroll of the year are shown below. Total Earnings FICA OASDI FICA HI FIT W/H State Tax Union Dues Net Pay $36,195.10 $2,244.10 $524.83 $6,515.00 $361.95 $500.00 $26,049.22 Journalize the entry to deposit the FICA and FIT taxes.
Question 1: The third-party designee sections in both Form 941 and Form 940 require that the employer select a Answer: А. O username В. O password C. O five-digit PIN D. secret question B.
Question 7: What is the highest number of withholding allowances an employee using the wage-bracket method can claim on a pre-2020 Form W-4? Answer: А. В. С. 10 D. 480
SCHEDULE 1(Form 1040)Department of the Treasury Internal Revenue Service Additional Income and Adjustments to Income ► Attach to Form 1040.► Go to www.irs.gov/Form1040 for instructions and the latest information. OMB No. 1545-0074 2018 AttachmentSequence No. 01 Name(s) shown on Form 1040Noah Yobs Your social security number 123-45-6789 Additional Income 1-9b Reserved . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1-9b 10 Taxable refunds, credits, or offsets of state and local income taxes . . . . . . 10 11 Alimony received . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 12 Business income or (loss). Attach Schedule C or C-EZ . . . . . . . . . . . . . . . 12 13 Capital gain or (loss). Attach Schedule D if required. If not required, check here ► ◻ 13 14 Other gains or (losses). Attach Form 4797 . . . . . . . . . . . . . . . . . . . . . . . . 14 15a…
Provincial health care taxes paid by the employer for their Ontario employees are considered: Select one: taxable allowances non - taxable income
Question 11: Total taxes before adjustments are $7,803.15 and total deposits for the quarter are $7,803.17, and the difference between the amounts is due to rounding. On what line of Form 941 is the difference recorded? Answer: A. O 7 (Current quarter's adjustment for fractions of cents) В. O 11d (Total nonrefundable credits) C. O 13b (Reserved for future use) D. O Differences less than a dollar are not recorded on Form 941.

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