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What payroll deduction does not go into the general operating fund?
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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.
What accounting problems arise if an internal service fund is operating at a loss?
If the internal service fund has positive operating income, expenditures reported in the general fund exceed the true cost of operating the government. If it is negative, the general fund understates the true cost of operating the government and net assets are effectively shifted from the internal service fund to the fund balance of the general fund.
What accounting problem arises if an Internal service fund is operated at a significant loss?
If the internal service fund has positive operating income, expenditures reported in the general fund exceed the true cost of operating the government. If it is negative, the general fund understates the true cost of operating the government and net assets are effectively shifted from the internal service fund to the fund balance of the general fund.
What accounting problems arise if an internal service fund is operated at a significant profit?
Additional problems arise if the internal service fund has significant positive (or negative) operating income. Operating income is the excess of service revenues over the costs of providing the service (i.e., operating expenses). Consider the case of an internal service fund servicing police, fire, and other vehicles used in departments reported in the General Fund. If the internal service fund has positive operating income, the expenditures reported in the General Fund exceed the true cost of operating the government. If these amounts are significant over periods of time, some of the accumulated surplus (fund balance) of the General Fund is effectively shifted to the internal service fund (net assets).
Is medicare funded by state or government?
State governments do not fund Medicare - rather, it is paid by workers and their employers through payroll deduction. Medicaid is co-funded by States and Federal government.
Will Republicans use funds from social security to fund the tax cut?
There is no evidence to suggest that Republicans intend to use funds from Social Security to fund the tax cut. Social Security operates on its own funding system through payroll taxes and has a separate trust fund specifically designated for it. Any changes to Social Security funding would require separate legislation.
Which two fund types would you typically find in operating environments?
Operating budget - other (fund type L) and Reimbursement accounting - operating budget funds (fund type M)
Does the employer have to pay into the unemployment fund in the state they do business in?
Employers pay into the unemployment fund in the "liable state" where they have their payroll. It is based on the payroll, so that is the state they have the obligation.
If salary is less than 10000 then no tax deduction and 4 percent of salary will be deducted as Well-fare fund every month?
i) If salary is less than 10,000 then no tax deduction and 4% of salary will be deducted as Well-fare fund every month.
What are some similarities and differences between a general fund and a special revenue fund?
The General Fund and Special Revenue Funds generally perform the same types of operating services. They are both governmental type funds and therefore use the same measurement focus and basis of accounting to account for and report on their activities. They differ in that the General fund accounts for revenues and other financing sources raised to provide for all day-to-day-operating activities, whereas Special Revenue Funds are used to account for a specific revenue source that must be used only to finance a specified activity
What are some similarities and differences between a general fund and special revenue fund?
The General Fund and Special Revenue Funds generally perform the same types of operating services. They are both governmental type funds and therefore use the same measurement focus and basis of accounting to account for and report on their activities. They differ in that the General fund accounts for revenues and other financing sources raised to provide for all day-to-day-operating activities, whereas Special Revenue Funds are used to account for a specific revenue source that must be used only to finance a specified activity
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).
