Statement 1: For a rank and file employee, excess de minimis benefits shall form part of his taxable regular compensation.
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Statement 1: For a rank and file employee, excess de minimis benefits shall form part of his taxable regular compensation. Statement 2: For a managerial employee, excess de minimis benefits shall form part of his 13th month pay and other benefits.
A. Both statements are true
B. Both statements are false
C. Only statement 1 is true
D. Only statement 2 is true
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- WCB premiums are deducted from an employee's pay. Question 5 options: True False9. Sick pay benefits that are related to an employee's services already rendered, whose payment is probable and the amount reasonably estimated, must be accrued and recognized as a current liability if the obligation relates to rights that Accumulate Vest а. No No b. No Yes с. Yes No d. Yes YesThe following information pertains to X's defined benefit pension plan: Prepaid pension cost at the start of the year Current service cost Interest expense related to plan Actual income on plan assets P2,000 19,000 38,000 22,000 52,000 40,000 Past service cost Current year contribution 3) In its current year Balance sheet, what amount should X report as pension cost? a. 45,000 b. 49,000 C. 67,000 d. 87,000
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- S1 – If fringe benefit is given to non-rank and file employees, fringe benefit is generally subject to FBT S2 – If fringe benefit is given to rank and file employees, fringe benefit is subject to withholding tax on compensation. Group of answer choices a. S2 is true b. S1 is true c. Both are false d. Both are trueWhich of the following is/are true with regard to accounting for short-term employee benefits? Unpaid short-term benefits are reported as accrued under current liabilities at an undiscounted value. If the payment exceeds the undiscounted amount of the benefits, the excess is reported as prepayment under current assets. The benefits are reported as an expense under profit or loss, unless another standard requires or permits the cost of the benefits to be capitalized. Group of answer choices Only statement 1. All statements are true. Only statement 3. Only statement 2.1. It refers to all remuneration for services performed by an employee for his employer under an employee-employer relationship unless exempted by the NIRC and pertinent laws. Salary Gross compensation Net compensation Any of the above 2.Statement 1: To compute the taxable compensation, compensations which are exempted from income taxation must be excluded from the gross compensation. Statement 2: The gross compensation technically includes taxable and non-taxable compensation. Both statements are true Both statements are false Only statement 1 is true Only statement 2 is true 3. Statement 1: The mandatory contributions such as the SSS, Philhealth, Pag-ibig may be reduced or removed by agreement of the employer and employee. Statement 2: In case employee agrees to increase his mandatory contributions to more than what the law requires, the excess contribution over the amount required by law shall still form part of the…
- With relation to the acknowledgment of employee benefits, which statement is false? A. The payment due in return for services provided by workers during the period is the cost to be recognized in the period for post- employment benefits. B. Rather than when the benefit is paid or payable, the cost of providing employee benefits should be recognized in the period during which the benefit is received by the employee. C. In the case of short-term employee benefits, the undiscounted amount of the benefits anticipated to be paid in relation to the service provided by workers in a period should be recorded in that period. d. The business should acknowledge the estimated cost of service years. Of profit-sharing and incentive payments when, and only when, it has a legal or constructive responsibility to do so because of previous events and a trustworthy estimation of the probable cost can be formed.FICA taxes are a mandatory deduction from employee earnings, and are also imposed upon employers as an expense. 11. 12. True FalseUnreimbursed employee expenses are deductible. a. True 6. False