Question 49 Which of the following statements are true? Only business meals for the convenience of the employer are deductible. Business meals that qualify are subject to the cutback adjustment at 50 All business meals are fully deductible at 100%. usiness meals for employees are never deductible.
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Question 49
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- the answer for a) sholud be either 0,25,75 or 100% b) Yes, because this causes Saturday, Sunday and Monday to be nonbusiness days or No, because this causes Saturday and Sunday to be business day c) Under part a) and b) what percentage of the airfare is deductible either 25, 50, 80, all or noneQuestion 9: What is NOT a portion of an employer's payroll tax expense? Answer: A. O Federal unemployment tax B. O Social Security tax C. O Medicare tax D. O Federal income tax Question 10: Match each act with the year it was passed into law. 1996 Personal Responsibility and Work Opportunity Reconciliation 1938 Immigration Reform and Control Fair Labor Standards 1986 Question 3: A flexible spending account is a common type of Answer: A. O cafeteria plan B. O medical plan C. O retirement plan D. O mandatory deduction Question 33: Match each incentive plan to its definition. Profit-sharing Employee receives a portion of the company's profits after exceeding a predetermined level DROP HERE Stock options Employee may purchase shares of the business after meeting predetermined goals DROP HERE Sabbaticals Paid leave after working a predetermined number of years DROP HERE Cash incentives Monies received for reaching specific sales/production goal DROP HERE Question 34: Rachel is a server at a…Question 1: Which of the following statements regarding Social Security tax is false? Answer: А. O Social Security tax is also referred to as OASDI tax because it was initially established to benefit retired employees, survivors of employees, and disabled employees. В. O Social Security tax was first levied on employees in 1937. С. O All earnings of an employee that exceed the taxable wage base in a single year are not subject to Social Security tax. D. O Contributions to cafeteria plans are not taxable for Social Security tax.
- 6-13A.LO2 In oregon, employers who are covered by the state workers' compensation law withhold employee contributions from the wages of covered employees for the worker's benefit fund at the rate of 1.4cents for each hour or part of an hour that the worker is employed.Evry covered employee is also assessed 1.4 cents per hour for each worker employed for each hour or part of an hour. The employer-employee contribution for workers' conpensation are collected monthly,quarterly,annually by the employer's insurance carrier,according to a schedule agreed upon by the employer and the carrier. The insurance carrier remits the contribution to the state's worker's compensation department. Cortez Company,a covered employer in Oregon, turns over the employer -employee workers' compensation contributions to its insurance carrier by the 15th of each month for the preceding month.During the month of July,the number of full-time employee-hours worked by the company's employees was 8,270;the number of…Discuss the Fringe Benefits Tax (FBT) implications of the following cases (a) – (e):(Note - No calculations are needed. Only answer whether the employer is liable for FBT or not andwhy or why not)(a) An employer provides a Christmas lunch at a local restaurant, costing $1,000, for 10 of its keyemployees. (b) A sporting club, which pays its honorary treasurer an honorarium of $5,000 per year, providinga car to him. The car is used 90% for club business. The treasurer has a full-time job at the localhospital. ( (c) An employer gives each of its 15 staff a leg ham each valued at $60 for Christmas. (d) An employer allows its staff to take home their laptop computers. It is estimated that only halfthe work done at home is business related. (e) A company director, not in receipt of any remuneration from the company, uses the company’stwo-tonne truck while undertaking renovations to his own home4G ". 10:11 O O B 01:58:42 Remaining Multiple Choice An employee has a gross compensation income of P350,000 in 2019. His employer deducted P3,000 SSS, P1,750 Philhealth, P4,500 Home Development Mutual Fund, P2,800 union dues and P60,000 creditable withholding tax. Compute for the gross taxable compensation income of the employee: P277,950 P337,950 P340,750 P350,000 1 of 60 II
- If an employee takes a customer to lunch and discusses business, can the employee deduct the cost of a meal? Explain. C O A. Employees can no longer deduct any portion of the cost of meals and entertainment. O B. Employees can deduct 50% of the entire cost. O C. Employees can deduct 50% of their own meals and entertainment that are business related but none of the cost of the customer's meal. O D. Employees can deduct 50% of their own meals and entertainment that are business related as well as 100% of the cost of the customer's meal.Question 3 A reason for coffee or social fund is so that employees can have celebratory gatherings without having ? Question 4 The tax deductible RRSP limit for 2019 was: • a) 27,500 b) 32,500 c) 29,500 d) 30,500 e) 26,500 Question 5 Typically you should not garnish more than 50% of an employee's wages. • True False Question 6 Its mandatory that employers pay benefits premiums on behalf of their employees. True FalseQuestion 3: How much FUTA tax would an employer in a non-credit-reduction state owe if an employee has earned $6,400 to date and has current period taxable pay of $1,500? Answer: A. O $3.60 В. O 59 C. O $36 D. O $90
- Which of the following statements about the FICA tax is not true? a. The income amount subject to the Social Security portion of FICA tax has increased significantly over the years. b. No FICA taxes are required to be paid by employees or employers in 2020 due to COVID c. The FICA tax is composed of two parts, Social Security and Medicare. xd. Self-employed individuals pay self-employment taxes. Oe. Wages subject to FICA tax that are received by a self-employed individual reduce the individual's maximum Social Security tax base.1. Who assigns the SUTA tax rate to an employer? Answer: A. The Internal Revenue Service B. The state in which the employer is located C. The Social Security Administration D. The American Payroll Association 2. What is the due date for the first quarter FUTA tax? Answer: A. April 30 B. March 30 C. April 15 D. None of these options 3. Match each tax with its associated feature. SUTA Self-employment Social Security and Medicare The employer presently matches the amount employees pay. If net SE income is below $400, no tax is due. The number of laid-off employees may affect it.16. If you have an employee no exempt with $64,500 yearly salary, with 1 withholding single and biweekly pay, how much the employer need to deduct in income tax? A. $396.89 B. $410.20 C. $580.30 D. $590.01 L
