Payroll-what it means to you

Assignment Help Accounting Basics

Reference no: EM13980751

Payroll: What it Means to You - REQUIRED posting

Actions for 'Payroll: What it Means to You - REQUIRED posting'

Previous weeks discussed Current Liabilities and Payroll Accounting; please post comments on your experience with any elements of payroll.

Some ideas to consider:

1. Do you receive a form 1099? Why should you receive a higher hourly rate than if you were issued a W-2 Form (this relates to the self-employment tax of 14.3% based on 7.65% as the withholding from the employee and the match paid by the employer as payroll taxes).

2. W-2's must be mailed to employees by January 31 each year. The employer must submit W-2 information to the government no later than February 28 each year. What are some the challenges doing this?

3. If you work for a company and have the ability to sign checks, you may have a liability for unpaid payroll taxes. How comfortable are you with this responsibility?

4. If you work for a company that is not properly submitting payroll taxes, this usually does not affect your withholding values. What do you think of this as a concern for small businesses?

5. At some point, you've probably have filled out a W-4, where you declare the amount of exemptions you wish to claim related to your Federal Tax withholding obligation. What are the financial consequences you need to think about as you complete the W-4?

Reference no: EM13980751

Questions Cloud

What output levels do constant returns to scale occur : Consider the values in the following table for the Winsome Widget Factory. Winsome Widget Factory Output Long Run Average Total Cost 0 ------------------ 5 170 10 110 15 85 20 83 25 78 30 75 35 75 40 80 45 82 50 97, Over what output levels do econ..

About the annual rate of return : Suppose you are still committed to owning a $150,000 Ferrari. If you believe your mutual fund can achieve a 10.25% annual rate of return, and you want to buy the car in 10 years on the day your turn 30, how much must you invest today?

Fully depreciated by the straight-line method : Flatte Restaurant is considering the purchase of a $9,100 soufflé maker. The soufflé maker has an economic life of five years and will be fully depreciated by the straight-line method. The machine will produce 1,550 soufflés per year, with each costi..

Apply or exemplify ideas and information to your own life : Read two readings and apply or exemplify ideas and information to your own life

Payroll-what it means to you : Do you receive a form 1099? Why should you receive a higher hourly rate than if you were issued a W-2 Form (this relates to the self-employment tax of 14.3% based on 7.65% as the withholding from the employee and the match paid by the employer as p..

What expectations about future inflation levels : The nominal yield on 10 year treasury bonds is currently ~4.9%. If an investor wishes to earn at least a 3.5% real before tax rate of return on her capital, what expectations about future inflation levels must she hold in order to willingly hold 1..

How circular flow diagram relates : Explain how the circular flow diagram relates to the current economic situation. Using the circular flow diagram, explain a way that your family interacts in the factor market and a way that it interacts in the products market.

Define the contemporary international division of labour : What do you understand by the term "contemporary international division of labour"? In your answer discuss how it is affecting patterns of production and distribution both between and within the developing and developed worlds.

What is the company days sales in receivables : A company has net income of $186,000, a profit margin of 7.9%, and an accounts receivable balance of $123,840. Assuming 70% of sales are on credit, what is the company's days' sales in receivables?

User Account

All Pages