Payroll Procedures Chapter 5
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Questions and Answers

What is the purpose of transferring the number of hours worked each day from the time card to the payroll register?

  • To determine the overtime premium earnings
  • To make deductions from the employee's earnings
  • To compute the net pay of each employee
  • To record the regular earnings of each employee (correct)

    • What is the primary purpose of a semi-monthly payroll register?

  • To compute the gross earnings of each employee
  • To determine the overtime premium earnings
  • To record the salaries of employees who earn fixed monthly salaries (correct)
  • To make deductions from the employee's earnings

    • What is income tax computed as?

  • The total earnings of each employee
  • The product of a tax rate times the taxable income (correct)
  • The difference between the gross earnings and net pay
  • The sum of regular earnings and overtime premium earnings

    • What is the purpose of making deductions from an employee's earnings?

    <p>To fulfill government requirements</p> Signup and view all the answers

    What is the term for the total amount before any deduction?

    <p>Gross earnings</p> Signup and view all the answers

    What is the frequency of payment for employees who earn fixed monthly salaries?

    <p>Semi-monthly</p> Signup and view all the answers

    What is the primary objective of the TRAIN LAW in the Philippines?

    <p>To simplify the current tax system</p> Signup and view all the answers

    What is the Social Security System (SSS) fund used for?

    <p>To provide social insurance, retirement, and other benefits to employees and workers</p> Signup and view all the answers

    Who is responsible for deducting the SSS contribution from the employee's salary?

    <p>The employer</p> Signup and view all the answers

    What is the purpose of the SSS contribution?

    <p>To provide private employees and their families protection against disability, sickness, old age, and death</p> Signup and view all the answers

    What is one of the benefits of the TRAIN LAW to individual taxpayers?

    <p>More tax exemptions available</p> Signup and view all the answers

    What is the range of compensation levels under the new Income tax tables for 2024 and beyond?

    <p>Php 10,000 to 8 Million per year</p> Signup and view all the answers

    What is the maximum monthly salary that is used as the basis for computing PhilHealth contributions?

    <p>₱70,000</p> Signup and view all the answers

    How much is the fixed monthly PhilHealth contribution for employees earning ₱10,000 and below?

    <p>₱350</p> Signup and view all the answers

    What is the percentage used to compute PhilHealth contributions?

    <p>3.5%</p> Signup and view all the answers

    Who shares the PhilHealth contribution equally?

    <p>Employee and employer equally</p> Signup and view all the answers

    What is the purpose of PhilHealth?

    <p>To provide affordable health services to Filipinos</p> Signup and view all the answers

    How is the PhilHealth contribution computed for employees earning more than ₱10,000?

    <p>As a percentage of the monthly salary</p> Signup and view all the answers

    What is the cutoff salary for the fixed monthly PhilHealth contribution?

    <p>₱10,000</p> Signup and view all the answers

    When will the maximum monthly salary for computing PhilHealth contributions increase to ₱100,000?

    <p>2024</p> Signup and view all the answers

    What is the purpose of the PhilHealth contribution table?

    <p>To compute the PhilHealth contribution</p> Signup and view all the answers

    Who is responsible for paying the PhilHealth contribution?

    <p>Employee and employer equally</p> Signup and view all the answers

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