Correct record in a Deferred Compensation Plan - Online Editor

Correct record in Deferred Compensation Plan. Enhance your document editing with DocHub

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How do you record deferred compensation?

Accounts payable represent a liability, or an amount you owe. Liabilities are increased by credits. For accurate accounting books, you must credit your accounts payable the amount of the deferred compensation. This creates a record representing that you still owe the employee money.

What is the journal entry for deferred compensation?

The journal entry is simple. Debit Deferred Compensation Liability for $100,000 (this will zero out the account balance), and credit Cash for $100,000. Taxes on the payment will be paid at this point (by both the corporation and the employee).

How are deferred compensation plans accounted for?

In terms of accounting, deferred compensation is typically recognized as an expense by the company in the period in which the employee performs the service, and it is accrued as a liability on the balance sheet until it is paid out.

What is the deferred compensation rule?

An eligible deferred compensation plan under IRC Section 457(b) is an agreement or arrangement (which may be an individual employment agreement) under which the payment of compensation is deferred (whether by salary reduction or by nonelective employer contribution).

What is the difference between ASC 715 and ASC 710?

Under the ASC 710-10 methodology, most companies expense the entire employer notional contribution and recognize forfeitures as they occur, whereas ASC 715-30 would generally require a turnover assumption to reflect anticipated forfeitures in the benefit liability.

What is ASC Topic 710?

ASC 710 requires an employer to accrue a liability for employees compensation for future absences if all of the following conditions are met: the right vests or accumulates, payment of the compensation is probable, and the amount of the payment can be reasonably estimated.

Which is incorrect concerning a Section 457 deferred compensation plan?

Expert-Verified Answer. The statement that is not correct regarding Section 457 plans is they may allow for special catch-up contributions in the participants last three years of employment prior to retirement.

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Correct record in the Deferred Compensation Plan

Correct record in Deferred Compensation Plan. Enhance your document editing with DocHub

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