1. Which two are considered the most common forms of voluntary benefits? retirement and medical medical...
1. Which two are considered the most common forms of voluntary benefits?
retirement and medical
medical and profit sharing
paid time off and retirement
medical and paid time off
2. The Employee Retirement Income Security Act does not mandate that employers provide retirement plans for their employees.
True
False
Both employer and employee are responsible for paying a set percentage of the employee’s earnings. What is the name of this payroll tax?
Federal Insurance Contributions Act withholdings
Family Medical Leave Act withholdings
Employee Retirement Income Security Act withholdings
Consolidated Omnibus Budget Reconciliation Act withholdings
Homework Answers
1. The correct option is Retirement and medical
2. The correct option is TRUE
3. The correct option is Federal Insurance Contributions Act withholdings
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1. Which two are considered the most common forms of voluntary
benefits?
retirement and medical
medical...
Emily Turnbull, president of Aerobic Equipment Corporation, is concerned about her employees' well-being. The company offers...
Emily Turnbull, president of Aerobic Equipment Corporation, is concerned about her employees' well-being. The company offers its employees free medical, dental, and life insurance coverage. It also matches employee contributions to a voluntary retirement plan up to 5% of their salaries. Assume that no employee's cumulative wages exceed the relevant wage bases. Payroll information for the biweekly payroll period ending January 24 is listed below. Wages and salaries Employee contribution to voluntary retirement plan Medical insurance premiums paid by employer...
Problem 8-4A Record payroll (LO8-3) Vacation Destinations offers its employees the option of contributing up to...
Problem 8-4A Record payroll (LO8-3) Vacation Destinations offers its employees the option of contributing up to 6% of their salaries to a voluntary retirement plan, with the employer matching their contribution. The company also pays 100% of medical and life insurance premiums. Assume that no employee's cumulative wages exceed the relevant wage bases. Payroll information for the first biweekly payroll period ending February 14 is listed below. Wages and salaries Employee contribution to voluntary retirement plan Medical insurance premiums paid...
Problem 8-4A Record payroll (LO8-3) Vacation Destinations offers its employees the option of contributing up to...
Problem 8-4A Record payroll (LO8-3) Vacation Destinations offers its employees the option of contributing up to 6% of their salaries to a voluntary retirement plan, with the employer matching their contribution. The company also pays 100% of medical and life insurance premiums. Assume that no employee's cumulative wages exceed the relevant wage bases. Payroll information for the first biweekly payroll period ending February 14 is listed below. Wages and salaries Employee contribution to voluntary retirement plan Medical insurance premiums paid...
R ACC 203 - 204 Exa... ... 0. The payroll taxes the employer is responsible for...
R ACC 203 - 204 Exa... ... 0. The payroll taxes the employer is responsible for are: a) FICA, SUTA, and FUTA b) FICA, FIT, and Sir. c) FICA, workers compensation, and FIT. d) None of these answers are correct. "1. The FICA rate for an employer is: a) twice the individual rate. b) equal to the employee rate. c) 7.25% d) 6.2% 2. The Federal Unemployment Tax is: a) pald by the cmployer. b) paid by employees c) paid...
TRUE/FALSE 1. Social Security taxes are levied equally on the employee and the employer. 2. Employee...
TRUE/FALSE 1. Social Security taxes are levied equally on the employee and the employer. 2. Employee benefits costs represent expenses to the employer in addition to the direct costs of salaries and wages. .3. Unearned revenues are classified as current liabilities 4. Each time a payroll is recorded, a separate journal entry usually is made to record the employer's FICA and state and federal unemployment taxes. 5. Since Jon Company has very little employee turnover, the company has received a...
Caribbean Tours' total payroll for the month of January was $520,000. The following withholdings, fringe benefits,...
Caribbean Tours' total payroll for the month of January was $520,000. The following withholdings, fringe benefits, and payroll taxes apply: Federal and state income tax withheld $ 52,000 Health insurance premiums paid by employer (payable to Blue Cross) 9,360 Contribution to retirement plan paid by employer (payable to Fidelity) 20,800 FICA tax rate (Social Security and Medicare) 7.65 % Federal and state unemployment tax rate 6.20 % Assume that none of the withholdings or payroll taxes has been paid...
Problem 8-4B Record payroll (L08-3) Emily Turnbull, president of Aerobic Equipment Corporation, is concerned about her...
Problem 8-4B Record payroll (L08-3) Emily Turnbull, president of Aerobic Equipment Corporation, is concerned about her employees' well-being. The company offers its employees free medical, dental, and life insurance coverage. It also matches employee contributions to a voluntary retirement plan up to 7% of their salaries. Assume that no employee's cumulative wages exceed the relevant wage bases. Payroll information for the biweekly payroll period ending January 24 is listed below. Wages and salaries Employee contribution to voluntary retirement plan Medical...
Alamar Petroleum Company offers its employees the option of contributing retirement funds up to 5% of...
Alamar Petroleum Company offers its employees the option of contributing retirement funds up to 5% of their salaries, with the contribution being matched by Alamar. The company also pays 80% of medical and life insurance premiums. Deductions relating to these plans and other payroll information for the first biweekly payroll period of February are listed as follows: Wages and salaries $ 2,100,000 Employee contribution to voluntary retirement plan 85,000 Medical insurance premiums 43,000 Life insurance premiums 9,100 Federal income...
Problem 8-4B Record payroll (L08-3) Emily Turnbull, president of Aerobic Equipment Corporation, is concerned about her...
Problem 8-4B Record payroll (L08-3) Emily Turnbull, president of Aerobic Equipment Corporation, is concerned about her employees' well-being. The company offers its employees free medical, dental, and life insurance coverage. It also matches employee contributions to a voluntary retirement plan up to 7% of their salaries. Assume that no employee's cumulative wages exceed the relevant wage bases. Payroll information for the biweekly payroll period ending January 24 is listed below. Wages and salaries Employee contribution to voluntary retirement plan Medical...
Alamar Petroleum Company offers its employees the option of contributing retirement funds up to 5% of...
Alamar Petroleum Company offers its employees the option of contributing retirement funds up to 5% of their salaries, with the contribution being matched by Alamar. The company also pays 75% of medical and life insurance premiums. Deductions relating to these plans and other payroll information for the first biweekly payroll period of February are listed as follows: Wages and salaries Employee contribution to voluntary retirement plan Medical insurance premiums Life insurance premiums Federal income taxes to be withheld Local income...
Emily Turnbull, president of Aerobic Equipment Corporation, is concerned about her employees' well-being. The company offers its employees free medical, dental, and life insurance coverage. It also matches employee contributions to a voluntary retirement plan up to 5% of their salaries. Assume that no employee's cumulative wages exceed the relevant wage bases. Payroll information for the biweekly payroll period ending January 24 is listed below. Wages and salaries Employee contribution to voluntary retirement plan Medical insurance premiums paid by employer...
Problem 8-4A Record payroll (LO8-3) Vacation Destinations offers its employees the option of contributing up to 6% of their salaries to a voluntary retirement plan, with the employer matching their contribution. The company also pays 100% of medical and life insurance premiums. Assume that no employee's cumulative wages exceed the relevant wage bases. Payroll information for the first biweekly payroll period ending February 14 is listed below. Wages and salaries Employee contribution to voluntary retirement plan Medical insurance premiums paid...
Problem 8-4A Record payroll (LO8-3) Vacation Destinations offers its employees the option of contributing up to 6% of their salaries to a voluntary retirement plan, with the employer matching their contribution. The company also pays 100% of medical and life insurance premiums. Assume that no employee's cumulative wages exceed the relevant wage bases. Payroll information for the first biweekly payroll period ending February 14 is listed below. Wages and salaries Employee contribution to voluntary retirement plan Medical insurance premiums paid...
R ACC 203 - 204 Exa... ... 0. The payroll taxes the employer is responsible for are: a) FICA, SUTA, and FUTA b) FICA, FIT, and Sir. c) FICA, workers compensation, and FIT. d) None of these answers are correct. "1. The FICA rate for an employer is: a) twice the individual rate. b) equal to the employee rate. c) 7.25% d) 6.2% 2. The Federal Unemployment Tax is: a) pald by the cmployer. b) paid by employees c) paid...
TRUE/FALSE 1. Social Security taxes are levied equally on the employee and the employer. 2. Employee benefits costs represent expenses to the employer in addition to the direct costs of salaries and wages. .3. Unearned revenues are classified as current liabilities 4. Each time a payroll is recorded, a separate journal entry usually is made to record the employer's FICA and state and federal unemployment taxes. 5. Since Jon Company has very little employee turnover, the company has received a...
Problem 8-4B Record payroll (L08-3) Emily Turnbull, president of Aerobic Equipment Corporation, is concerned about her employees' well-being. The company offers its employees free medical, dental, and life insurance coverage. It also matches employee contributions to a voluntary retirement plan up to 7% of their salaries. Assume that no employee's cumulative wages exceed the relevant wage bases. Payroll information for the biweekly payroll period ending January 24 is listed below. Wages and salaries Employee contribution to voluntary retirement plan Medical...
Problem 8-4B Record payroll (L08-3) Emily Turnbull, president of Aerobic Equipment Corporation, is concerned about her employees' well-being. The company offers its employees free medical, dental, and life insurance coverage. It also matches employee contributions to a voluntary retirement plan up to 7% of their salaries. Assume that no employee's cumulative wages exceed the relevant wage bases. Payroll information for the biweekly payroll period ending January 24 is listed below. Wages and salaries Employee contribution to voluntary retirement plan Medical...
Alamar Petroleum Company offers its employees the option of contributing retirement funds up to 5% of their salaries, with the contribution being matched by Alamar. The company also pays 75% of medical and life insurance premiums. Deductions relating to these plans and other payroll information for the first biweekly payroll period of February are listed as follows: Wages and salaries Employee contribution to voluntary retirement plan Medical insurance premiums Life insurance premiums Federal income taxes to be withheld Local income...
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