22 Questions
What is the purpose of transferring the number of hours worked each day from the time card to the payroll register?
To record the regular earnings of each employee
What is the primary purpose of a semi-monthly payroll register?
To record the salaries of employees who earn fixed monthly salaries
What is income tax computed as?
The product of a tax rate times the taxable income
What is the purpose of making deductions from an employee's earnings?
To fulfill government requirements
What is the term for the total amount before any deduction?
Gross earnings
What is the frequency of payment for employees who earn fixed monthly salaries?
Semi-monthly
What is the primary objective of the TRAIN LAW in the Philippines?
To simplify the current tax system
What is the Social Security System (SSS) fund used for?
To provide social insurance, retirement, and other benefits to employees and workers
Who is responsible for deducting the SSS contribution from the employee's salary?
The employer
What is the purpose of the SSS contribution?
To provide private employees and their families protection against disability, sickness, old age, and death
What is one of the benefits of the TRAIN LAW to individual taxpayers?
More tax exemptions available
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
What is the maximum monthly salary that is used as the basis for computing PhilHealth contributions?
₱70,000
How much is the fixed monthly PhilHealth contribution for employees earning ₱10,000 and below?
₱350
What is the percentage used to compute PhilHealth contributions?
3.5%
Who shares the PhilHealth contribution equally?
Employee and employer equally
What is the purpose of PhilHealth?
To provide affordable health services to Filipinos
How is the PhilHealth contribution computed for employees earning more than ₱10,000?
As a percentage of the monthly salary
What is the cutoff salary for the fixed monthly PhilHealth contribution?
₱10,000
When will the maximum monthly salary for computing PhilHealth contributions increase to ₱100,000?
2024
What is the purpose of the PhilHealth contribution table?
To compute the PhilHealth contribution
Who is responsible for paying the PhilHealth contribution?
Employee and employer equally
This quiz covers the payroll procedures, including labor cost, payroll registers, and calculating regular earnings, overtime premium earnings, and total earnings. It also touches on government benefits related to payroll.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free