entry? Which of the following is an example of a trade association? Which of the following steps should be taken by the Human Resources Department when hiring new employees? C) It allows payroll employees to divert funds into faux accounts. Withholding" and "Earnings subject to FICA"? View the full answer. Executive employees who are 65 years or older and have high policymaking positions during the two-year period prior to retirement. Direct labor usage. A. ERISA applies to pension and welfare plans established by any employer engages in commerce. Set up payroll accounts If you haven't already, set up your payroll accounts in your chart of accounts (COA). Explain the major provisions of the Fair Labor Standards Act. Record the journal entry to account for employer payroll taxes based on the totals in the payroll register and the FUTA and SUTA calculations. 8. True Which of the following is true of employee's earnings record? Our online store for HR apps and more; for customers, partners and developers. The employees gross wages for the past week are. True, In the General Ledger, the debit column reflects the balance of the account. What must the employer do with unclaimed checks. Correct answer: Option (1) Medicare tax is the correct answer. A credit of $16,250 is recorded on the June 25 Make payments. 10. 65. D) One side of the equation must equal zero. C. ERISA establishes minimum vesting schedules that protect the workers' benefits. This information is also reflected in summary level entries in the businesss general ledger. General Journal entry to record this transaction? True False. An employer has computed the following amounts for its employee Mary during a week in January: gross wages $500.00; FICA tax withheld $38.25; federal income tax withholding $67.25; State income tax withholding $20.00; unemployment taxes $24.00; worker compensation insurance $5.00. Form W-2 221 Jul 1 Wages and salaries payable 226 113,562. select more than one answer. D) Form 941 A payroll register is tool that records wage payment information about each employee gross pay, deductions, tax withholding, net pay and other payroll-related information for each pay period and pay date. accurate disbursal of payroll. Click here to learn more. Protest Unemployment Insurance benefit charges or rates. each option. What are the General Journal entries that should appear on each pay date? box for a wrong Answer. The agreement also states that the two weeks of vacation shall be taken any time in 2023 and the amount paid will be 80 hours multiplied by the employee's rate of pay at December 31, 2022. C) It is the fourth repetition of the same entry. Report new employees or independent . We provide payroll, global HCM and outsourcing services in more than 140 countries. D. 50 These computations are shown in the Employee Payroll Register. Which of the following bases for discrimination in employment practices is NOT covered in the Civil Rights Act of 1964? What is your sisters total cost under each of the two plans? Discover a wealth of knowledge to help you tackle payroll, HR and benefits, and compliance. Saleofequipmentforanotereceivable. Exempt salaried employees are often paid for their work right up to payday. The payroll register for Nazir Corporation contained the following totals at the end of July: wages, $139,125; federal income taxes withheld, $35,582; state income taxes withheld, $5,863;. All nine have large-screen TVs? & \text{ } & \text{ }\\ May criminal background checks be used by all employers for any person? Administrating the state unemployment taxes. D) It is non-employee labor that the company must pay. Who is covered by the Walsh-Healey Public Contract Act? The ________ is the master document that contains an employee's marital status, deductions, This entry is then reversed in the following accounting period, so that the initial recordation entry can take its place. So that the total amount of accumulated wages can be recorded for each pay period thus when the accumulated wages of an employee reaches the cutoff level has been reached. What information is commonly provided by a job-seeker on the application for employment form? Megan Newell is the owner and operator of Ultima LLC, a motivational consulting business. To prepare period reports and complete Form W-2 for each employee, Fundamentals of Financial Management, Concise Edition, Operations Management: Sustainability and Supply Chain Management, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman. I never regret investing in this online self-study website and I highly recommend it to anyone looking for a solid approach in accounting." B. d. At least seven homes have large-screen TVs? Under FMLA, may employers exempt the highest paid 10 percent of the workforce? A) Debit R. Sanders Capital, $250,000; Credit Cash, $250, It Does FLSA require the employer to display a poster with the FLSA rules? The Age Discrimination in Employment Act provides protection to virtually all workers over the age of: Form I-9, which is completed by each employee, deals with: Which of the following acts deals with the minimum wage paid to laborers for contractors on federal government construction contracts? Access the definitive source for exclusive data-driven insights on todays working world. This entry may be avoided if the amount is immaterial. Chapter 6: Analyzing and Journalizing Payroll, , , AP Lang - Television: The Plug-In Drug (T/V), Don Herrmann, J. David Spiceland, Wayne Thomas, Fundamentals of Financial Management, Concise Edition, Alvin A Arens, Mark A Beasley, Randal J Elder, National Association for the Advancement of Colored People. the payroll register, employees' earning record, and accounting system entries the purpose of the net pay and check number columns in the payroll register is to Skip to document Ask an Expert Sign inRegister Sign inRegister Home Ask an ExpertNew My Library Discovery Institutions Silver Creek High School (Colorado) Southern New Hampshire University Switching payroll service providers made easy. He is the sole author of all the materials on AccountingCoach.com. ADP helps organizations of all types and sizes unlock their potential. C) SUTA & \text{ } & \text{ }\\ Employers also use it to: While all of these functions can be accomplished manually, dedicated payroll software provides information at the click of a button, making reporting fast and simple. C) A debit balance will decrease the expenses of the firm's income statement. On which income statement will the state unemployment tax expense appear under accrual accounting? A) Social Security tax, $204; Medicare tax, $792. Saleofequipmentforcash.TypeofActivityOCashInfloworOutflowCO. How do accrued, but not paid, wages appear on the balance sheet? Does the Federal Income Tax Withholding Law require all employment data to be kept permanently? Savings bonds payable 227 1,850. What are some examples of secondary sex characteristics? Age It exists in many forms, from manual booklets and ad-hoc registers created in Excel to reports produced by dedicated payroll software. We now offer 10 Certificates of Achievement for Introductory Accounting and Bookkeeping. The lower payroll See how we help organizations like yours with a wider range of payroll and HR options than any other provider. Get inspired to begin transforming HR at your company. & \text{ } & \text{ }\\ 6. depositor, what entry Should appear on November 15 for the remittance of the month's Social Q08. What is the total amount of FICA that needs to be remitted by an employer in 2023 for an employee earning $50,000? What portions of an employee's wages are exempt from a federal tax levy. What is the primary purpose of a labor report? (You may select more than one answer. 39. A well-kept payroll register is also useful when preparing payroll tax reports, including: A payroll register is a record of payroll information for every employee each pay period. It helps employers reconcile their payroll transactions and prepare quarterly and year-end tax reports. Using the payroll registers, complete the General Journal entries as follows: February 7 Journalize the employee pay. Purchase of rent in advance.} Under FLSA, what is the current minimum wage? D) Credit $30. D) the employee's name, social security number, and address Security taxes? Which financial statements are affected in the year 2022? A cell phone company offers two different plans. We have been recognized by esteemed organizations for the value we bring to our clients, our associates and the global community. B) Credit $1, The volume of manual paycheck entries can be reduced by continual attention to the underlying causes of transaction errors, so there are fewer payroll errors to be rectified with a manual paycheck. - Michalis M. FICA (FICA is the acronym for Federal Insurance Contribution Act. prepare the payroll register enter the information into the employee payroll records prepare paychecks and send them to paymaster for distribution to employees send a copy of the payroll register to Accounts Payable social security taxes income tax withholding payroll deductions in tax: Wages and salaries withholding taxes payable Identify distinctive compensation plans. Because of the amount of sensitive information included in the payroll register, access tends to be limited only to those authorized within a company, such as the payroll manager. A) Employee pay accrual and employee pay disbursement It is a monthly schedule depositor. The payroll register of any firm needs to have specific details on every employee. D. All employees earning the minimum wage. This guide is intended to be used as a starting point in analyzing an employers payroll obligations and is not a comprehensive resource of requirements. The Federal Insurance Contributions Act covers restrictions on the employment of child labor. A. mark for a correct Answer and double click the box with the question mark to empty the box for Collectionofnotesreceivable.8. Payroll journal entries are used to record the compensation paid to employees. This account would be credited for the amount paid. A) Debit $1, grass clippings at the curb for pickup because local landfills cannot handle the volume. Which of the following represents the missing Social Security and Medicare taxes, assuming that. The Fair Labor Standards Act is commonly known as the Federal Wage and Hour Law. Loan to another firm.} Authorize a power of attorney. What is your sisters total cost under each of the two plans? below deck mediterranean 2022 cast. A payroll register is tool that records wage payment information about each employee - gross pay, deductions, tax withholding, net pay and other payroll-related information - for each pay period and pay date. Simplify and unify your HCM compliance processes. ADP and the ADP logo are registered trademarks of ADP, Inc. All other marks are the property of their respective owners. Gross pay and net pay. What is the current minimum wage under FLSA? Explore our full range of payroll and HR services, products, integrations and apps for businesses of all sizes and industries. Paymentofalong-termnotepayable. B. ERISA requires each employer to establish a pension plan. in sin did my mother conceived me meaning Collectionofnotesreceivable. A. ADEA B) Debit $4, C) Cross-referencing Suppose your sister doubles her monthly usage to 3,400 minutes and sends 3,200 texts. Federal withholding tax payable 220 $ ??? D) Employee pay recording and employer share payroll taxes recording NAME MARITAL STAT. Wages and salaries payable 226 202,671. True, A debit always decreases the balance of an account. B) Debit Cash $13,618; Credit Health Insurance Payable $13,618. B) Employee earnings record 13. C) Payroll accounts do not appear on the trial balance because of their changeable nature. & \text{O} & \text{CO}\\ It's useful for record-keeping in a business and has legal implications if not kept correctly.. A summary of all payroll activity is an excellent way to look at the payroll register report. This entry usually includes debits for the direct labor expense, salaries, and the company's portion of payroll taxes. This account is credited for the total amount of FIT with held each payday and is subsequently debited for the amounts paid to a depositary or to the IRS. Upload your study docs or become a Course Hero member to access this document Continue to access Term Winter Professor N/A Tags Cross), Give Me Liberty! & \text{ } & \text{ }\\ C) Employee pay disbursement and voluntary deduction remittance Free True False Q03 Computing the sum of rows and columns is known by the term Multiple Choice Q04 Where is one place that information from the payroll register would not be transferred? At the end of its accounting period, December 31, 2013, Ultima has assets of $942,000 and liabilities of$584,000. Compute the employer's payroll taxes for the period. Deductions. Are employers required to keep a photocopy of the l-9 form? Record the health insurance deduction. Does every state have both federal and state unemployment laws? As of the June 11 pay date, the General Ledger account for Burling Mills has a balance of $14, A) Debit $1, What are the main kinds of information contained in a payroll register? Saleofequipmentforanotereceivable.10. Health Insurance payable 224 13,618. Payroll typically creates an accrued liability for all of the following reasons except Because it is unnecessary to report amounts owed to employees for salaries or wages earned. B) It must create an adjusting entry to recognize the payroll accrual. 1. Click the card to flip Definition 1 / 52 True Click the card to flip Flashcards Learn Test Match Created by Ziera117 Plus Terms in this set (52) C. Restrictions the employment of child labor. 11. Explain the use of the "Cumulative" column in the employee's earnings record. The certificates include Debits and Credits, Adjusting Entries, Financial Statements, Balance Sheet, Income Statement, Cash Flow Statement, Working Capital and Liquidity, Financial Ratios, Bank Reconciliation, and Payroll Accounting. account: ACCOUNT Federal withholding tax payable ACCOUNT NO. A) Form W-4 B) Form W-2 C) Payroll register D) Employee earnings record 28. Under the U.S. payroll tax a employee has to pay the tax on hi . Recorded as a liability for the employer in the payroll entry. Generally, a payroll register lists the following information about each employee: Gross pay Net pay Payroll taxes Employee deductions (e.g., health insurance) Neither The Balance Sheet Nor The Income Statement. You need to purchase a plan for your teenage sister. \text{7. date: Oct 27 Wages and salaries expense 522 $298,384. All earnings are taxable. Workers' compensation insurance premiums are paid for by the employees, Workers' compensation insurance premiums vary according to the different degrees of danger in the employees' jobs. expenses are, the lower the profitability will be. The portion of the Federal Insurance Contributions Act that deals with Social Security is called. A payroll register lists all basic information related to employee take-home pay. Required: 1. B) The income statement 18. B) $15,298. What are the main kinds of information contained in a payroll register? total Loantoanotherfirm.12. Payroll liabilities are any type of payment related to payroll that a business owes but has not yet paid. If you are recording it directly into the general ledger or the payroll journal, then use the same line items already noted for the primary payroll journal entry. Deductions from total earnings 10. B. How can the information shown in the employees' earnings record be used? For what reason are "distribution" columns sometimes provided in the payroll register? the total expenses of the firm and increase the net income of the firm. A) Ledgering The payroll register contains ________. Deductions. B) It is employee labor that does not pertain to labor on customer jobs. Recall that Zachary Fox and Michael Sierra are married, while Calvin Bell and David Alexander . During the past week, the employee worked 50 hours. Are pre-hire questions pertaining to religion, gender' national origin' or age allowed if these are bona fide occupational requirements of the job? A) It should create a reminder about the accrual to ensure accuracy of computations on the next answer And double click the box with the question mark to empty the box for a wrong answer. Copyright D) Debit $8. 5. The Fair Labor Standard Act sets the minimum wage and the current minimum wage rate is $7.25 per hour. Any boxes Left with a question mark will be automatically graded as incorrect.) ordinance is passed? A) The statement of owners' equity Net pay $ 19,747. U.S. government T-bills account for 45%45 \%45% of the portfolio, large-company stocks constitute another 40%40 \%40%, and small-company stocks make up the remaining 15%15 \%15%. 9. Learn more about Privacy at ADP, including understanding the steps that weve taken to protect personal data globally. The other hourly employees receive overtime pay when they work more than 35 hours in one week. Paymentofemployeesalaries.2. D. FMLA 60. To prohibit discrimination on the basis of age in the employment practices of employer. e. None of the above. This entry records the gross wages earned by employees, as well as all withholdings from their pay, and any additional taxes owed to the government by the company. Tasks previously performed include determining gross earnings, FICA withholding, federal, state and city taxes. Name of each employee 5. ERISA provides for full vesting of the employer's contributions in three years or gradually over six. Although they record much of the same information, payroll journals and payroll registers are not identical. B) The account appears fourth in the list of liability accounts. Dooley Publishing has the following payroll data for its July 1 pay date: Jul 1 Wages and salaries. 2. It is quite common to create a manual check, either because an employee was short-paid in the preceding payroll, or because the company is laying off or firing an employee, and so is obligated to pay that person before the next regularly scheduled payroll. the box with the question mark to produce a check mark for a correct answer and double click You need to have a record of how many hours your employees have worked, their gross salary, tax withholdings, and all other deductions. Payment of employee salaries.} D. Religion C) Because payroll represents a liability and an expense of the business. Marital status & number of withholding allowances 6. Single click the box with the question mark to produce a 17. A) Employee earnings record & \text{ } & \text{ }\\ DEBIT CREDIT DEBIT CREDIT Accounting questions and answers. Use rates of 6.2 percent for the employer's shareof the social security tax, 1.45 percent for Medicare tax, 0.6 percent for FUTA tax, and 5.4 percent for SUTA tax. D) The balance sheet Tap into a wealth of knowledge designed to simplify complex tasks and encourage strategic decisions across key functions. Compute and record the Kipley Company's SUTA and FUTA contributions. D) Health insurance payable (You may Listed below are several transactions. Health Insurance payable 224 8,375. From recruitment to retirement, getting the very best out of your people. When the firm remits its health insurance premium for this pay date, what is the General Journal At ADP, security is integral to our products, our business processes and our infrastructure. Payroll Register This is the first task to completing Olney Company's payroll register. True, Besides containing the supporting data for periodic tax reports, the employee earnings record b. Owners equity as of December 31, 2014, assuming that assets increased by $113,000 and liabilities increased by$44,000 during 2014. Feb 15 J A) Both documents contain year-to-date totals of taxes. B) tax remittance information These entries are then incorporated into an entity's financial statements through the general ledger. Wages and salaries-Operating expense-debit 63. 57. Health Insurance Premiums Collected-liability Collectionofanaccountreceivable. lf an investigative consumer report is used in an employment decision, does the employer need to tell the individual? B) Employee address A) The income statement Does every state have state unemployment laws? Dont just take our word for it. Records and the General Journal. Hours worked. FICA Taxes Payable-OASDI-liability All of these journal entries are noted below. D) Debit Cash, $250,000; Credit R. Sanders Capital, $250,00 0 C) Earnings subject to FICA tax \text{15. B) It depicts the ideal distribution of labor in a firm. Vacation Benefits Expense-Operating expense How do the Stanford-Binet and Wechsler tests differ? tax Remittance on February 15? Vesting conveys to employees the right to share in the retirement fund in the event they are terminated before the normal retirement age. In a recent study, 90 percent of the homes in the United States were found to have largescreen TVs. ERISA provides for full vesting of the employer's contribution to an employee's pension fund in 3 years or gradually over: these factors are bona fide occupational qualifications for the job. Payroll registers include all of the information in a pay period for all employees. The highest-paid 10 percent of their workforce. Payment of a long-term note payable.} so that the new employee can be properly added to the payroll, Employment application forms are usually discarded when the applicant is hired. A payroll liability can include wages an employee earned but has not yet received, taxes withheld from employees, and other payroll-related costs. Issuanceofcommonstock.6. Sets minimum wage. The primary journal entry for payroll is the summary-level entry that is compiled from the payroll register, and which is recorded in either the payroll journal or the general ledger. The following data is for the January 19 pay date for Waryzbok Inc.: Jan 19 Wages and salaries. Apr 16 J23 16,495 32. Take your organization to the next level with tools and resources that help you work smarter, regardless of your businesss size and goals. What is meant by the garnishment of wages? The first answer is provided as an example. expenses are, the higher the profitability will be. Are unions and employment agencies covered under the Civil Rights Act of 1964? Payment of an account payable.} For classifying the gross wages and salaries according to the nature of the wage and salary expense. Complete the steps outlined below: 1. Step 2: Working Hours. What is general priority order concerning wage attachements. Every state imposes a state unemployment tax on employers in their state. Discover what others say about us. The information provided in the payroll register is used primarily to meet the requirements of the Fair Labor Standards Act. 20. Cash 101 202,671. A) Revenue Which act covers employee pension and welfare plan.? Payroll Flashcards | Quizlet Payroll Term 1 / 52 Garnishments are court-ordered amounts that an employer must withhold from an employee's post-tax pay and remit the amount to the appropriate authority. Plan B costs$0.20 per minute plus $0.10 per text message sent. Under the Family and Medical Leave Act, what is the maximum number of weeks of unpaid leave that a covered employer is required to offer an employee whose spouse is seriously ill? Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Elliot Aronson, Robin M. Akert, Samuel R. Sommers, Timothy D. Wilson, Fundamentals of Financial Management, Concise Edition. ERISA ensures that workers covered by private pension plans receive benefits from those plans in accordance with their credited years of service with their employers. C) Form W- 34. Payroll Test #1 Flashcards | Quizlet Subjects Expert solutions Log in Sign up Payroll Test #1 Term 1 / 66 Does every state have state unemployment laws? A) As assets Under the Civil Rights Act of 1964 and the Age Discrimination in Employment Act, which of the following questions may not be asked by an employer during pre-hire inquiries? 10. Define hours worked. How does a payroll accountant keep track of employee's year-to-date earnings for wage bases on taxes like FICA, FUTA, and SUTA? B) $2,572. A) $1,582. Q09. a wrong answer. (You may select more than C) Employee earnings record Purchase of treasury stock.} BALANCE D) It must wait until the next financial period to record the payroll data. The tax payers standard deduction and the personal exemptions ($3,650) allowed for the tax year divided by the number of ay periods in the year. Payroll journals are records of all payroll transactions. ls Form l-9 completed only by employees born in outside of the USA? B) It contains a detailed listing of every transaction during a period. d. Occupational Safety and Health Act Which basic records are generated in most payroll accounting systems? For multiple-choice and true/false questions, simply press or click on what you think is the correct answer. C) It is a report designed for external stakeholders. 55. & \text{ } & \text{ }\\ Payroll registers also provide aggregate employee information at a glance, which can be helpful when depositing tax payments, filing tax returns and performing other basic accounting tasks. The information in the payroll register forms the basis for entries in the Employee Earnings Records and the General Journal. 1. A) Credit $8, statement? C) Social Security tax, $746; Medicare tax, $174. Issuance of common stock.} Whether you operate in multiple countries or just one, we can provide local expertise to support your global workforce strategy. 66. \text{11. Federal withholding tax payable 220 $ 50,725. Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer. Employee SIT Payable-liability & \text{ } & \text{ }\\ Does FLSA require all employees to be paid weekly, biweekly', monthly? At a minimum, payroll registers help businesses: But thats hardly the extent of how beneficial a payroll register can be. Your portfolio has three asset classes. 9. To which items is information from the payroll register transferred? False - also needs to be a reasonable amount. Learn how we can tackle your industry demands together. A) Employee pay accrual and employee pay disbursement Does workers' compensation laws only relate to work-related incidents? BALANCE DATE DESCRIPTION POST REF. D) Debit Health Insurance Payable $27,237; Credit Cash $27,237. 1. The amounts needed for the payroll entries in the journal come from the employee's earning records. Saleoflandforcash.3. a. Walsh-Healey Public Contracts Act 62. (You may select more than one answer. To rule the payroll register means that the payroll accountant establishes procedures about the payroll register. The entry to record vacations earned in 2022 will affect Vacation Expense on the 2022 income statement and Vacation Payable, a liability on the 2022 balance sheet. Question: Continuing Payroll Problem, 6B: Chapter 6 You have almost completed the Olney Company's Employee Payroll Register for the pay period ending January 8, 20--.
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