South-Western Federal Taxation 2019: Comprehensive, Loose-leaf Version, 42nd + CengageNOWv2, 2 term Printed Access with Access
42nd Edition
ISBN: 9781337813525
Author: Jr William H. Hoffman
Publisher: Cengage Learning
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How is self-employment income treated differently than income earned when you work for an employer?
What do employers do with the money they withhold from workers paychecks
Which of the following taxes would be deducted in determining an employee’s net pay?
a. FUTA taxes
b. SUTA taxes
c. FICA taxes
d. all are correct
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- What is the maximum contribution that an employer can make to an employees SIMPLE account?arrow_forwardWhat must the employer do with unclaimed paychecks?arrow_forwardWhich of the following is not deducted from an employee’s salary? a. FICA taxes.b. Unemployment taxes.c. Income taxes.d. Employee portion of insurance and retirement payments.arrow_forward
- What are an employers responsibilities for FICA taxes on: a. Tips reported by employees? b. Wages paid tipped employees?arrow_forwardIn accounting for labor costs, what is the distinction between the accounting treatment for regular pay and overtime premium pay?arrow_forwardWhen it comes to employee wages, gross pay refers to the whole amount earned before deductions. Choose one of the following options: True or False.arrow_forward
- What is a description of loss of self-employment income statment? Give examplearrow_forwardUnder the FLSA, what information concerning employees' wages earned must be maintained by the employer?arrow_forwardTRUE OR FALSE A minimum wage earner who is also earning a self-employment income is exempt from income tax on the entire incomearrow_forward
- How is the Self-Employment (SE) tax calculated? What types of income are subject to the SE taxarrow_forwardWhich of the following is not deductible from gross income? Salaries and wages of employees Entertainment, amusement and recreation expenses Rental expenses Bribes, kickbacks and other similar payments ANSWER:arrow_forwardUnder what conditions should an employer accrue an expense and the related liability for employees’ compensation for future absences? How do company custom and practice affect the accrual decision?arrow_forward
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