Payroll Procedures Chapter 5

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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?

To fulfill government requirements (A) Signup and view all the answers

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

Gross earnings (A) Signup and view all the answers

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

Semi-monthly (D) Signup and view all the answers

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

To simplify the current tax system (C) Signup and view all the answers

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

To provide social insurance, retirement, and other benefits to employees and workers (D) Signup and view all the answers

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

The employer (B) Signup and view all the answers

What is the purpose of the SSS contribution?

To provide private employees and their families protection against disability, sickness, old age, and death (A) Signup and view all the answers

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

More tax exemptions available (C) Signup and view all the answers

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

Php 10,000 to 8 Million per year (B) Signup and view all the answers

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

₱70,000 (D) Signup and view all the answers

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

₱350 (B) Signup and view all the answers

What is the percentage used to compute PhilHealth contributions?

3.5% (D) Signup and view all the answers

Who shares the PhilHealth contribution equally?

Employee and employer equally (D) Signup and view all the answers

What is the purpose of PhilHealth?

To provide affordable health services to Filipinos (D) Signup and view all the answers

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

As a percentage of the monthly salary (D) Signup and view all the answers

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

₱10,000 (A) Signup and view all the answers

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

2024 (C) Signup and view all the answers

What is the purpose of the PhilHealth contribution table?

To compute the PhilHealth contribution (A) Signup and view all the answers

Who is responsible for paying the PhilHealth contribution?

Employee and employer equally (A) Signup and view all the answers