Payroll Accounting and Other Selected Business Transactions

Question 1

It represents compensation paid to employees and workers.

Answer 1

Payroll

Question 2

Salaries:___, wages: _____

Answer 2

Monthly or semi-monthly basis; daily, hourly or piece rate.

Question 3

a tabular form prepared by the Accounting Department to determine the take-home pay of employees and workers.

Answer 3

Payroll Sheet

Question 4

5 columns found in the payroll sheet

Answer 4

1. Empoyee’s/Worker’s name
2. Gross pay (salary/wage earned for a certain period.)
3. Deductions for payroll liabilities
4. Net pay or take-home pay
5. Signature signifying receipt of salary/wage by the employee/worker

Question 5

not the actual amount to be received by an employee or worker due to the 5 payroll liabilities

Answer 5

gross pay

Question 6

Income tax basis

Answer 6

Tax Reform for Acceleration and Inclusion or Train law.

Question 7

Current SS contribution rate

Answer 7

13% of the monthly salary credit not exceeding P20,000 and this is being shared by the employer (8.5%) and the employee (4.5%) up to a basic maximum basic pay of P20,000

Question 8

PhilHealth rate

Answer 8

3.5 Premium rate (10,000-70,000)

Shared by ER and EE for 50-50

Question 9

HDMF/ Pag-ibig

Answer 9

Pagtutulungan sa KinabukasanL Ikaw, Bangko, Industriy at Gobyerno. (RA 9679) A.K.A HDMF law 2009