ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -What is Supplementary Information? Supplementary information is any information presented in addition to the financial statements that is not necessary to fairly present the financial statements. This information may be presented with the financials or in a separate document.

Detailed explanation-2: -Supplemental wages are payments paid to employees in addition to their normal pay. Overtime, bonuses, commissions, and other benefits are among them.

Detailed explanation-3: -It makes you value money and use it optimally. Taking up a side hustle to earn supplementary income helps you gain confidence by taking you out of your shell. Students may be used to a more sheltered and protected life. However, when you start working, you get a chance to step into the real world.

Detailed explanation-4: -Your employer withholds a flat 22% (or 37% if over $1 million). This percentage method is also used for other supplemental income such as severance pay, commissions, overtime, etc. Supplemental wages are still taxed Social Security, Medicare, and FUTA taxes.