Gig workers generally pay which of the following for their side hustle? SECA? FICA. FUTA. Payroll taxes.
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- Which 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.To determine how much to deduct from the gross pay of Jason Parker, an employee of Jensen Ltd., one would look at the earnings record. O Form TD1. O payroll register. O Form T4.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
- Which of the following methods of payroll calculation offers minimum wage standards and overtime allowances for employees? O a. Differential pay O b. Variable Commission Scale O c. Hourly Rate of pay O d. Salary Plus CommissionWho among the following uses accounting information to know the possible wage increments? a. Bankers Ob. Customers O c. Employees O d. OwnersFelipe's Mexican Restaurant incurred salaries expense of $59,000 for 2024. The payroll expense includes employer FICA tax, in addition to state unemployment tax and federal unemployment tax. Of the total salaries, $16,000 is subject to unemployment tax. Also, the company provides the following benefits for employees: health insurance (cost to the company, $2,400), life insurance (cost to the company, $400), and retirement benefits (cost to the company, 5% of salaries expense). A (Click the icon to view payroll tax rate information.) More info Requirements For all payroll calculations, use the following tax rates and round amounts to the nearest cent: 1. Journalize Felipe's expenses for employee benefits and for payroll taxes. Explanations are not required. Employee: OASDI: 6.2% on first $132,900 earned; Medicare: 1.45% up to $200,000, 2.35% on earnings above $200,000. 2. What was Felipe's total expense for 2024 related to payroll? Employer: OASDI: 6.2% on first $132,900 earned per…
- What are the advantages of using ACH to process payroll as compared to paying employees by cheque.What information is necessary to record payroll transactions? Which account is used to record an employee’s net pay? What features does QBO offer for Payroll?What is the gross salary of this person and what is the JE to record this payroll?
- Which of the following accounts represents the "take-home pay" or "net pay" related to employees? EMPLOYEE BENEFITS PAYABLE OPAYROLL TAX EXPENSE SALARY EXPENSE SALARY PAYABLE TO EMPLOYEESWho among the following uses accounting information to know the possible wage increments? a. Owners b. Customers c. Employees d. BankersWhat is the source of data used to: a. Record the distribution of the payroll. b. Record the employer's payroll taxes.
