Income Tax: Introduction The tax statutes in India: Income Tax Act‚ 1961 Income Tax Rules‚ 1962 Amendments made by Finance Acts decisions of Supreme Court decisions of respective High Court decisions of Income Tax Appellate Tribunals Notifications and circulars issued by Central Board of Direct Taxes (CBDT) Assessee 2 (7) “assessee” means a person by whom any tax is payable and includes— • A person by whom any tax
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hour. • Each employee qualifies to earn overtime at a rate of 1.5 of his or her hourly rate for every hour greater than 40 hours. • Each employee will have a standard 7.65% deduction for social security • Each employee will have a standard 14.00% deduction for Federal Taxes • Each employee will have a standard 5.33% deduction for State Taxes Explain how you will structure and format your worksheet‚ including titles‚ column headings‚ and formulas to calculate payroll variables for each employee
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Learning outcomes and assessments criteria. 1. Know the statutory responsibilities and right of the employees and employers within own area of work. 1.1 List the aspects of employment covered by law. Minimum wage‚ Health and Satety‚ Redundancy and dismissal‚ Discrimination‚ Data protection‚ Disability discrimination. 1.2 List the main features of current employment legislations. Health and Safety at Work Act 1974 It is the duty of the employer to ensure it is safe for all staff to work in their
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the net income of most companies‚ and they are subject to laws and regulations. The primary mission of the payroll department is to ensure that all employees are paid accurately and timely with the correct withholdings and deductions‚ and to ensure the withholdings and deductions are remitted in a timely manner. Because of the self-policing nature of the accounts and the regulatory restrictions of the Internal Revenue Service and the Department of Labor‚ controls over payroll are normally stronger
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outside the home and the dependant received child care services. During the tax year‚ 2010‚ the Petersan’s sold their primary residence for $520‚000.A line by line review of the Petersan’s tax return will show the appropriate treatment of income‚ deductions‚ child care expense and the sale of a primary residence. The first step is to determine the taxpayers filing status and then which is the appropriate form to use in the preparation of the tax return. According to the Internal Revenue Service‚ the
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major irregularities that might not be noticed by others within their spectrum of duties. 16-35 Question on Internal Controls Questionnaire Misstatement if NO Answer Test of Controls if YES Answer Are pay rates‚ payroll deductions‚ and
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D. All of the statements are correct. 5) Which of the following is an advantage of a sole proprietorship over other business forms? A. Low tax rates on dividends B. Ease of formation C. Tax-exempt treatment of fringe benefits D. The deduction for compensation paid to the owner 6) Which of the following statements is correct? A. S shareholders are taxed on their proportionate share of earnings that are distributed. B. S shareholders are taxed on their proportionate share of earnings
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processing. The Computerized Payroll System is a window based program especially design to facilitate and simplify the monthly preparation of general payroll and related reports allows faster and more accurate computation of monthly pay‚ income‚ deduction‚ and net salary. Faster and less-resource-computing generation of general payroll related reports. Computerized payroll should contain the following features. Graphical‚ Unit Interface‚ Interactive and menu-driven program‚ Systematic Maintenance
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CHAPTER 7 Payroll Project L E A R N IN G O BJ E C T IV E S Chapter 7 consists of a simulation‚ or practice set‚ for payroll accounting. You will apply the knowledge acquired in this course to practical payroll situations. This simulation is a culmination of the information presented in the textbook. After completing this chapter‚ you should be able to: 1 2 3 4 5 6 Prepare payroll registers. Maintain employees’ earnings records. Journalize and post payroll and payroll tax entries. Complete
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proceeded by the mind. The issues are whether our knowledge is reasonable knowledge or knowledge builds on the fallacies of the different ways of reasoning. Deduction giving is a more solid conclusion and little knowledge as induction giving us a more solid knowledge and a little conclusion‚ whereas informal reasoning is lying between both deduction and induction. I’m going to approach by writing the ways of knowing and areas of knowledge‚ after that I’m going to start my arguments from deductive to
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