Explain the tax implications of compensation in the form of salary and wages from the perspective...
Question:
Explain the tax implications of compensation in the form of salary and wages from the perspective of the employee and employer.
Compensation of Salaries and Wages:
Wages and salaries can be defined as the remuneration that is payable to the workers for the work they have done on employers, or for the services given. Basically, the employee is required to pay all the dues of the employees and withhold nothing, apart from that what is allowed by the law, these withholding are things such as income taxes, social contributions and they are paid directly to the respective authorities on behalf of the employee.
Answer and Explanation: 1
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View this answerRepresentatives are burdened with a salary at the usual salary rate.
Representatives use Form W-4 to provide their managers with retention data....
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Understanding Employee Compensation
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Chapter 13 / Lesson 14
25K
Compensation is typically disbursed to employees in exchange for services rendered throughout the course of employment. Learn about direct employee compensation, indirect employee compensation, and the differences between monetary and non-monetary forms of compensation.
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