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Solution for McGraw-Hill's Taxation of Individuals and Business Entities 7th Edition Chapter 16, Problem 1

by Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie W
758 Solutions 19 Chapters 34345 Studied ISBN: 9781259334870 Taxation 5 (1)

Chapter 16, Problem Discussion_Questions 1 : 1. Define the following terms: payroll cost, payroll...

1. Define the following terms: payroll cost, payroll cost control, controllable expenses, income statement, indirect payroll costs, social security tax, Medicare tax, payroll cost budget, work schedule.

Step-By-Step Solution

1. Payroll cost – This is the total dollar amount spent on payroll in a foodservice operation.

Payroll cost control – This is the process of meeting cost targets by establishing a payroll budget, properly organizing the work place, hiring correctly, reducing employee turnover, scheduling, and comparing actual costs to projected costs with the intent of reducing variances.

Controllable expenses – A type of variable expense that management has the direct responsibility to control.

Income statement – A statement that lists revenues, expenses, and profits over a period of time

Indirect payroll costs – These are costs associated with payroll that are mandated by law such as FICA taxes or offered as an employee benefit.

Social Security Tax – A tax upon all wages paid

Medicare Tax – A social security tax that is used to pay Medicare benefits

Payroll cost budgets – This is a planned estimate of expenses expressed in dollar amounts

or as a percentage of sales.

Work schedule – This is a form or template used to list the people and the hours they work.

 

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