Review For FPC PAYTRAIN Calculations Exam With Complete Solution (100% Correct)

Review For FPC PAYTRAIN Calculations Exam With Complete Solution (100% Correct) PTI mails all of its employees' paychecks on December 31, 2018. For tax purposes, in what year will the December 31, 2018 payment be recorded? - CORRECT ANSWER-The correct answer is: 2019. If PTI only mails checks to employees on December 31, 2018 and does not provide the option for the employee to receive pay on December 31, 2018, the employees will not receive their paychecks until after January 1, 2019. As the payments are received in 2019, the payments will appear on the 2019 Form W-2. How does imputed income impact an employee's net pay? - CORRECT ANSWER-Imputing income reduces employees' net pay by increasing taxes. The employee does not receive additional pay in the form of cash