Answered: What can a business do to prevent an…

Business

Accounting

What can a business do to prevent an employee from receiving salary in kind

PAYROLL ACCT.,2019 ED.(LL)-TEXT

19th Edition

ISBN:9781337619783

Author:BIEG

Publisher:BIEG

Chapter5: Unemployment Compensation Taxes

Section: Chapter Questions

Problem 1QD: Can the owner of a small business receive unemployment compensation? Explain.

See similar textbooks

Related questions

Q: employee's take-home pay is equal to gross pay less all voluntary deductions. True False

A: As per US federal tax law the employee will get paid of salary after deducting the some taxes that…

Q: How does the pay-as-you-go procedure apply to wage earners? To persons who have income from sources…

A: A tax is a payment levied by the order of Federal, state, or local government agencies and collected…

Q: can you help me how to Explain how an employer can receive a credit against the FUTA tax due.

A: FUTA stands for Federal Unemployment Tax Act under federal law of US. FUTA tax is paid by the…

Q: issues are often encountered in declining executive compensation

A: Executive compensation refers to the compensation for executive officers of a company.

Q: Which of the following is not an approach to financing employee benefits? Select one: a.…

A: Employee benefits refer to the benefits that are provided to the employees over or above the…

Q: proper plan

A: The obligation for collecting and remitting withholding taxes to the Internal Revenue Service lies…

Q: posit for their pay. C. The fringe benefit must be subject to income tax. D. The amount of the…

A: 1 The right answer is D. The amount of the deduction must be listed on the employee's pay advice. 2…

Q: With relation to the acknowledgment of employee benefits, which statement is false? A. The payment…

A: Compensation packages are a type of remuneration provided by businesses to workers in addition to…

Q: What might a company do to prevent an employee from taking wages in kind?

A: Internal control is an important part of every organization. It helps in maintaining the efficiency…

Q: Can the owner of a small business receive unemployment compensation? Explain.

A: Income Taxes- Federal, state, and local governments levy taxes on the gross income of individuals…

Q: Which of the following is not deductible from gross income? Salaries and wages of employees…

A: There are expenses which are deductible from gross income to arrive at net income which is taxable.…

Q: A positive-balance employer has: a. an employee development program that promotes work-life…

A: Answer: Option b

Q: Why is it critical for employers to properly arrange their employees' taxes

A: Introduction : Withholding taxes are collected and sent to the Internal Revenue Service (IRS) by…

Q: What are the challenges do CPA face in terms of their salaries?

A: CPA ( Certified Public Accountant) and their challenges with regards to salaries differ with…

Q: How is self-employment income treated differently than income earned when you work

A: Taxable income: Taxable income can be defined as income derived after adjustment of necessary…

Q: What does Compensation for employee services includes?

A: Introduction Compensation is the cash paid to employees for their service that they provided for the…

Q: When would it be considered that income has arisen in relation to employee benefits?

A: The benefits or perks that are being offered to and given to the employees in addition to their…

Q: for any unused sick leave entitlements if they leave the organisation, whereas in other organisatons…

A: Unused Sick leave entitlements: Each and every employee are allotted sick leaves. If employees do…

Q: Which of the following is subject to income tax? A. De minimis benefits B. Income tax paid by the…

A: SOLUTION EXPLANATION- AS DEFINED BY U.S , INTERNAL REVENUE SERVICE "CONVENIENCE OF EMPLOYER…

Q: Apart from the benefits required by legislation, what benefit can a company expect from offering…

A: Employee benefit are generally the non cash and indirect benefits that are provided in addition to…

Q: Under what conditions should an employer accrue an expense and the related liability for employees’…

A: Accrued Liabilities: Accrued liabilities are those expenses that are incurred but not yet paid.

Q: Some employers will pay out employees for any unused sick-leave entitlements if they leave the…

A: Unused Sick leave entitlements: Each and every employee are allotted sick leaves. If employees do…

Q: FUTA taxes impose on employees and therefore are not deducted from employee wages. A. True B,…

A: Given statement is false.

Q: Why should the employee’s supervisor not distribute paychecks?

Q: Under what circumstances should an employer accumulate a cost and the associated obligation for an…

A: Introduction: Accrued Liabilities: These are expenses that have been incurred but not yet paid.

Q: What do employers do with the money they withhold from workers paychecks

A: Withholding is the proportion of the salary of an employee that is not included in his or her…

Q: What happens to the money withheld from employees' paychecks by their employers?

A: The withheld money from the employees paycheck will be deposited as tax to the government officials…

Q: What are the repercussions of taking profit before the contracting company's obligations have…

A: Financial obligations are the obligations, which are referred to as the responsibility of an…

Question

What can a business do to prevent an employee from receiving salary in kind?

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

What might a company do to prevent an employee from taking wages in kind?
What happens to the money withheld from employees' paychecks by their employers?
Why is it critical for employers to properly arrange their employees' taxes?
Why do people commit fruad in there jobs? what should a manager do if some of its workers committed fraud and been fired and charged criminally.
Why do S Corporation owner/employees generally prefer to pay themselves a low salary for services rendered to the entity?
What must the employer do with unclaimed paychecks?
What is the maximum contribution that an employer can make to an employees SIMPLE account?
What are an employers responsibilities for FICA taxes on: a. Tips reported by employees? b. Wages paid tipped employees?
Can the owner of a small business receive unemployment compensation? Explain.
What two alternative tests are applied to a business in order to judge whether it is an employer and therefore subject to the FUTA tax?
What are the challenges do CPA face in terms of their salaries?
Some employers will pay out employees for any unused sick-leave entitlements if they leave the organisation, whereas in other organisations employees forfeit this entitlement when they leave. Explain how these different types of sick-leave entitlements are treated for accounting purposes.