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- 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 correctUnder IAS 19 Employee Benefits, how is actuarial gain or loss handled? amount falling outside the corridor is amortized over the remaining service life of employees and is taken to the profit or loss. recognized in full in other comprehensive income. amount falling outside the corridor is amortized over the remaining service life of employees and is taken to the other comprehensive income. recognized in full in profit or loss.Which of the following fringe benefits is taxable? a. use of on-premise athletic facility b. qualified employee discounts c. membership in a country club d. job-placement assistance e. reduced tuition for education
- What are the non-mandarory benefits of employees in the philippines ? and decribe each.Which of the following disclosures of post-employment benefits would NOT be required? O the assumptions and rates used in calculating the benefit obligation O the amount of the actuarial liability for short-term benefits such as paternity leave O a description of the accounting and funding policies followed O the cost of post-employment benefits during the periodClassify each of the following independent statements as applying to a "Defined Contribution plan", "Defined Benefit plan", "Both" or "Neither" by selecting from the dropdown list. Type of Plan The amount to be received at retirement depends on actuarial calculations. Defined Benefit plan a. b. Forfeitures can be allocated to the remaining participants' accounts. c. Requires greater reporting requirements and more actuarial and administrative costs. d. May exclude employees who begin employment within five years of normal retirement age. e. Annual addition to each employee's account may not exceed the smaller of $58,000 or 100% of the employee's salary. f. The final benefit to a participant depends upon investment performance.
- Which of the following items is exempt from including into the assessable income for salaries tax purposes? Select one: a. Leave pay b. Commission c. Compensation for termination of employment not provided in the contract d. End of contract gratuities1. What loan from the federal government given to individual states is used to provide unemployment benefits to state residents? Answer: A. SUTA Advances B. FUTA Advances C. Title XII Advances D. Title 15 Advances 2. The SUTA tax rate is determined by an employer’s _____. Answer: A. credit reduction B. FUTA tax rate C. experience rating D. Medicare tax rate 3. Identify each item as associated with Form 1099-NEC, Form 1096, or both. A. Displays earnings for one individual Form 1099-NEC Form 1096 Both B. Displays earnings for multiple individuals Form 1099-NEC Form 1096 Both C. Requires a signature Form 1099-NEC Form 1096…In computing the taxable income of a compensation income earner, what is deducted from his total (overall) compensation to derive at the taxable compensation income? a. Allowable deductions b. Non-taxable compensation c. Both a and b d. No deduction allowed
- Identify which is taxable? A. Proceeds of life insurance received by heirs B. Excess amount received over premiums paid by insured upon surrender of policy C. Compensation for personal injuries of an employee D. Indemnification for moral damagesMedicaid is provided to certain individuals and families with low income or resources. Which of the following items is not counted towards the income requirements? a. Housing assistance provided by the federal government O b. Social Security benefits O c. Pension Income O d. Veteran's benefits provided by the federal government.Define each of the given and describe the different EXCLUSIONS FROM GROSS INCOME: Proceeds of life insurance policy Amount received by the insured as a return of premium Gift, bequest, or descent Compensation for injuries or sickness Income exempt under treaty Retirement benefits, pensions, gratuities, etc.
