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Can an employee not be paid although the person has accrued time?
Wiki User
∙ 13y ago
All employees must be paid. All US states have payday laws specifying how frequently pay but be distributed.
"Accrued time" usually refers to vacation or sickleave earned and banked month by month.
Wiki User
∙ 13y ago
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If an employee retires on December 31 and still has vacation time left does the employee get paid for accrued time or do they lose it?
It really depends on the organization. Some companies pay the employee for accrued time, while others do not. He/she should check with the Human Resources Department.
What happens if an accrued liability for salaries is not recorded?
If an accrued liability is not recorded, then it is not a liability on the balance sheet. Not sure if the employee's could sue - that's a legal question - but if it was paid at a later date then it would be an expense at the time the liability was paid. If you mean to ask - what happens if an accrued liability for salaries is not paid, or is not timely paid - then the IRS can deny the deduction.
What is accrued income?
An accrued income can be simply defined as an income that have been accumulated for a specific period of time without been paid. For example employee wages that was delayed either by omission or by an error.
What are the examples of accrued expenses?
Accrued expense refers to an expense that has been incurred but not yet paid. Examples of accrued expense items might be interest that has accrued on an outstanding note that has not been paid, and taxes that have accrued but not yet been paid.
Is Accrued tax a liability?
YES! Accrued taxes are usually due to payroll.Example: employees that get paid by period may have that period partially split at the end of the year. Lets say an employee paid biweekly with one week of the pay period falling in this year and the other in the next. At year end there will be an accrued tax liability for those FICA taxes due for the portion that has not yet been paid, but that has accrued as a liability. Remember this is a principle in accrual accounting!!!
What is the person being paid called?
Employee or contractor.
Is a CEO an employee?
Typically, if a person is paid by a company, he or she is an employee of that company. Under that definition, a CEO would be considered an employee.
An accrued expense such as accrued wages can best be described as an amount?
not paid and currently matched with earnings.
When does an accrued expense have to be paid?
An accrued expense is an accounting expense that is recognized in the books but has not yet been paid. It is usually a current expense. An accrued expense is paid when the due date for payment has reached, for example, wages are accounted for in the books before they are paid, but are usually paid either on a monthly or weekly basis depending on the policies of the company.
What is the balance identifier for accrued expenditures paid?
E
What is the difference between an accrued and a provision?
i must say accrued and provision is two different things,accrued is something paid to you but you can spend it,concerning provision is not the same.
Can an employer refuse to give the employee his earned vacation time off and not to pay them?
Under "normal" employment termination curcumstances, this question depends entirely on the state in which you work in. Different states have different regulations which will contribute to the outcome of your earned vacation pay. In many states, employers are required by law to pay an employee accrued vacation time, regardless of whether you quit, or are fired. Your "earned" vacation time is looked upon exactly as that - "EARNED", so it is considered a payable and taxable. There are states however where there are no provisions, and the outcome of whether you receive pay for accrued time is entirely up to your employer. In a case such as this, you have to consider the following factors: * Does the state require pay for unused vacation time at all (some states just simply do not require this)? * Was there an agreement which entitles the employee to be paid for accrued time off? * Was there an agreement which DOES NOT entitle the employee to be paid for accrued time off? * What is listed in the employee handbook? -HR Monkey-
