The final phase of the accounting process is generating financial statements (D), which summarize all accounting activities.
Transactions (A), journal entries (B), and general ledger (C) occur earlier in the process.
Reference:
Payroll Accounting Standards (Payroll.org)

* Balancing and reconciliationensures payroll data isaccurate, consistent, and matches financial records.
* Gap analysis(A) is used to compare actual vs. expected performance.
* Evaluating system performance(C) focuses on efficiency, not data verification.
* Periodic auditing (D)is important but not the primary method of payroll validation.
References:
* Payroll Balancing & Reconciliation Guidelines (Payroll.org)

Comprehensive and Detailed Explanation:
When a natural disaster occurs, the first priority of any employer should be to ensure the safety and well- being of employees.
Step 1: Confirm employee safety - Employers should account for all employees and provide immediate assistance if needed.
Step 2: Assess business operations impact - Once employees are safe, the employer can begin securing records and office space.
Option A is incorrect because accessing payroll records is important but secondary to employee safety.
Option C is incorrect because temporary housing is not the employer's primary responsibility.
Option D is incorrect because securing office space is a later step in disaster recovery.
Reference:
FEMA - Emergency Preparedness Guidelines for Businesses
Payroll.org - Disaster Recovery for Payroll Operations

* Step 1: Calculate Medicare Tax
* Medicare rate: 1.45% up to $200,000; 2.35% for amounts above $200,000
* Medicare tax: ($2,500 × 2.35%) = $58.75
* Step 2: Calculate FITW using the Optional Flat Rate (22%)
* $2,500 × 22% = $550.00
* Total tax liability = $550.00 + $58.75 = $606.75
References:
* IRS Publication 15-B (Fringe Benefits Taxation)