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Is there any percentage deduction on non statutory deductions for an employee?
Wiki User
∙ 9y ago
Yes
Wiki User
∙ 9y ago
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What are types of payroll deductions?
Deduction from employees, Earnings for employees, Employee statutory deductions, Employers statutory contributions, Gratuity, Loans and advances and Reimbursement to employees are the types of payroll deductions
What are non statutory deductions?
its a voluntary deduction from the pay of employee. like:1.subscription to trade union 2.contributions to a pension scheme 3.deductions under holiday pay schemes etc. a.r.
What are non-statutory deductions?
its a voluntary deduction from the pay of employee. like:1.subscription to trade union 2.contributions to a pension scheme 3.deductions under holiday pay schemes etc. a.r.
Are Social Security Administration taxable wages reduced by pretax deduction?
It depends on the deduction. Most common deductions such as medical premiums reduce SS taxable wages. But salary-deferal types of deductions do not. For example, employee contributions to a 401lk or Simple IRA do not reduce SS taxable wages.
David needs to create a new spreadsheet that will help him determine the payroll deductions for each employee. Which function would he use when he wants the spreadsheet to decide a deduction based on?
nested IF statement
What is the T4 RL1?
Every year employers in Canada are required to withhold, report and remit the statutory deductions taken from their employees' pay. These deductions should be reported to the federal government by the last day of February of the following year. The employers must report the amount paid to the employee and the statutory deductions withheld, from the employee on slip known as a federal T4 or T4A slip. In addition to federal government withholding, and remittance requirements by the Quebec employers, the Quebec employers must also report and remit Quebec Statutory deductions withheld during the year to Ministere du Revenu du Quebec by the last day of February of the following year. These amounts with held by the Quebec employers are reported on the Quebec Releve 1 (RL-1). The main difference between T4 and RL-1 is that T4s are used to report federal statutory deductions collected and remitted by the employers in Quebec and rest of the Canada, where RL-1 is used to report Quebec provincial taxes and statutory deductions withheld only for the Minsitere du Revenu du Quebec.
What is the journal entries for salary is paid to him?
The journal entries for salary payments are (Dr = debit, Cr = credit): Dr Salary Expense (P&L) - Gross Salary Cr Expense Deduction A/c (Bal Sheet) - Salary Deductions Cr Cash (Bal Sheet) - Net Salary paid to employee Then when the salary deductions are paid over, usually the following month the entries are: Dr Expense Deduction A/c (Bal Sheet) - Salary Deductions Cr Cash (Bal Sheet) - Salary Deductions
What is the total percentage of income that will be withheld from any employee's paycheck for Social Security and Medicare taxes?
For 2012, the Social Security (FICA) deduction is 6.2%; the Medicare deduction is 1.45%, for a total of 7.65%. The employer pays the same percentages.
An employee earns 8.25 an hour In 30 hours how much has the employee made?
The employee has grossed $247.50 before taxes and other deductions.
What is an employee earnings record?
It is a record of all the earnings and deductions an employee had for a specific period of time. The record has information pertaining to pay rate, paid hours, type of pay, what deductions were taken from pay such as taxes and deductions. It also contains dates of pay periods and pay dates.
What is a payroll deduction?
A payroll deduction is an amount held from an employee's earnings - typically income tax, National Insurance, Pension Fund Contributions etc.
Is provident fund a part of direct wages or an overhead?
Pf deduction from your direct wage direct wage-your basic salary (12 percent deduction from employee,13.61 from employer).
