Question
1. Why is it necessary to classify employees by kind of work performed when computing the cost of workers' compensation insurance? 2. What accounts are
1. Why is it necessary to classify employees by kind of work performed when computing the cost of workers' compensation insurance?
2. What accounts are debited and credited when an employer records the electronic transfer of FICA taxes and federal income taxes that have been withheld?
3. How is the amount of accrual entry for the portion of a weekly payroll that is accrued at the end of an accounting period determined?
4. When are expenses of benefits such as vacation pay and retirement pay recorded? Explain.
5. What payroll-related expenses does an employer incur because of its employees?
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