What Is the Effect of Payroll-Related Legislation on Payroll Practice

question 57

Multiple Choice

What is the effect of payroll-related legislation on payroll practice?

• A) Legislation explicitly dictates the activities of payroll accountants.
• B) Legislation has prescribed the format and delivery of a payroll system.
• C) Legislation has alleviated the need for a company to design its own payroll system.
• D) Legislation highlights the need for firms to create well-designed payroll systems.

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Definitions:

Filing Jointly

Filing jointly refers to a tax filing status that allows married couples to combine their income and deductions on a single tax return, potentially leading to tax benefits.

Net Book Value

The value of an asset or liability according to a company's balance sheet, deducting depreciation or amortization.

Accumulated Depreciation

Accumulated depreciation is the total amount of depreciation expense that has been recorded against a fixed asset over its useful life to date.

Depreciation Expense

The allocation of the cost of a tangible fixed asset over its useful life, reflecting the consumption or wear and tear of the asset.