Federal withholding tax $ 3,570. You need to purchase a plan for your teenage sister. \text{1. C) Form W- 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) Use the following information for Questions 15 - 17: 30. ADP helps organizations of all types and sizes unlock their potential. D. FMLA Rushing River Boats has the following data in its Social Security tax payable General Ledger A) Net pay on taxes like FICA, FUTA, and SUTA? What are the main kinds of information contained in a payroll register? Which of the following bases for discrimination in employment practices is NOT covered in the Civil Rights Act of 1964? B) $15,298. How can the information shown in the employees' earnings record be used? serves as a backup in the event of computer failure. The completed Payroll Register for the February and March biweekly pay periods is provided, assuming benefits went into effect as anticipated. $3,825 of employee withholding ($50,000 X 0.0765), Exempt Salaried Employees Paid Semi-monthly. D) It should create a reversing entry in the General Journal. & \text{O} & \text{CO}\\ DATE DESCRIPTION POST REF. Why does company profitability decrease in direct proportion to the payroll expenses? D) Federal withholding tax payable The payroll register is a separate payroll record that is kept on each employee. Saleofequipmentforcash. When you later pay the withheld taxes and company portion of payroll taxes to the IRS, you then use the following entry to reduce the balance in the cash account, and eliminate the balances in the liability accounts: It is quite common to have some amount of unpaid wages at the end of an accounting period, so you should accrue this expense (if it is material). ls the FUTA tax used to pay unemployment benefits? Report new employees or independent . Discover a wealth of knowledge to help you tackle payroll, HR and benefits, and compliance. He is the sole author of all the materials on AccountingCoach.com. 39. SUTA Taxes Payable-liability C) Because payroll represents a liability and an expense of the business. What is the term for transferring data from the General Journal to the General Ledger? Paymentofincometaxes. Medicare tax $ 390. What are the main kinds of information contained in a payroll register? As of the June 11 pay date, the General Ledger account for Burling Mills has a balance of $14, D) Debit Health Insurance Payable $27,237; Credit Cash $27,237. In cases where both Federal and State regulations cover the minimum wage for the same employee, the high of the two rates is always used as the standard minimum wage. B) Both documents contain information about the employee's address and job title. Color Single click the box with the question mark to produce a check mark for a correct business. Yes, Employees FIT Payable . mark to produce a Check mark for a correct answer and double click the box with the question Union Dues payable 227 4,683. D. All employees earning the minimum wage. Current period taxable earnings for FICA taxes are as. in its Federal withholding tax payable account. 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. When the employer pays the employee in 2023 for the vacation earned in 2022, what account will the company debit? D. Religion Payroll Register This is the first task to completing Olney Company's payroll register. Next, click on the Insert Debit/Credit button, enter the first account number ( 12) or click on the pop-up Chart of Accounts icon to display a list for selection. View notices and letters. A) Debit $1, Recorded as a liability for the employer in the payroll entry. Upload your study docs or become a Course Hero member to access this document Continue to access Term Winter Professor N/A Tags If the expected returns are 3.8%3.8 \%3.8% for the T-bills, 12.3%12.3 \%12.3% for the large-company stocks, and 17.4%17.4 \%17.4% for the small-company stocks, what is the expected return of the portfolio? Can employees view documents in their files that are marked confidential? For fill-in-the-blank questions, press or click on the blank space provided. Tasks previously performed include determining gross earnings, FICA withholding, federal, state and city taxes. Saleofequipmentforanotereceivable. Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer. & \text{ } & \text{ }\\ To prohibit discrimination on the basis of age in the employment practices of employer. At ADP, we are committed to unlocking potential not only in our clients and their businesses, but in our people, our communities and society as a whole. Only "A payroll register" and "The employee's earnings record" are correct. \text{2. To rule the payroll register means that the payroll accountant establishes procedures about the payroll register. 5. Form W-2 How do the Stanford-Binet and Wechsler tests differ? 29. 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. The higher payroll In a recent study, 90 percent of the homes in the United States were found to have largescreen TVs. Payroll registers can be created using spreadsheets, although this may not be ideal for most employers. What is your sisters total cost under each of the two plans? We provide payroll, global HCM and outsourcing services in more than 140 countries. (review sheet 4), Leadership class , week 3 executive summary, I am doing my essay on the Ted Talk titaled How One Photo Captured a Humanitie Crisis https, School-Plan - School Plan of San Juan Integrated School, SEC-502-RS-Dispositions Self-Assessment Survey T3 (1), Techniques DE Separation ET Analyse EN Biochimi 1, The purpose of the net pay and check number columns in the payroll register is to verify Under the Consumer Credit Protection Act, what is the maximum percentage that can be deducted from an employee's pay to satisfy a student loan garnishment? 9. What is meant by the garnishment of wages? Record the health insurance deduction. Health Insurance $ 950. \text{14. A payroll register does not include: Multiple Choice Pay period dates. B. ERISA requires each employer to establish a pension plan. Savings bonds payable 227 1,850. B) Employee pay remittance and voluntary deduction remittance Discover what others say about us. Once vested, can employees receive a pension at retirement even if they no longer work for that company? the box With the question mark to empty the box for a wrong answer. Any boxes left with a How is information that is usually on a paper stub given to an employee if the employer is using electronic paystubs. Jan 31 J4 420 1, 11. Journal entries? B) Debit $4, The purpose of payroll register is to record of all the payment details for employees during a specific pay period. automatically graded as incorrect.) Requirements: Record the deduction for group insurance. It lists payroll information about each employee, such as hours worked, gross pay, deductionsand net pay. Federal withholding tax payable 220 $ 2,207. D) It is non-employee labor that the company must pay. 41. Employees with less than a five year tenure of employment. A payroll register lists all basic information related to employee take-home pay. 27. You can enter a formula into a cell manually (typing it in) or by pointing to the cells. 57. 7. The amounts needed for the payroll entries in the journal come from the employee's earning records. 9. True, In the General Ledger, the debit column reflects the balance of the account. Discover what others say about us. Medicare tax payable 3,197. B) Gross pay Application of overhead to goods in process. This check may be paid through the corporate accounts payable bank account, rather than its payroll account, so you may need to make this entry through the accounts payable system. What are some examples of secondary sex characteristics? How are employees who do not have bank accounts paid by an employer who uses an electronic fundstransfer system for payroll. A) Social Security tax, $204; Medicare tax, $792. False - also needs to be a reasonable amount. For each transaction, indicate by letter whether the cash effect of each transaction is reported in a statement of cash flows as an operating (O), investing (I), financing (F), or noncash (NC) activity. Deductions from total earnings 10. On which income statement will the state unemployment tax expense appear under accrual accounting? Issuanceofcommonstock. A payroll register is a valuable tool that records employee wage information for each pay period and pay date. expenses are, the higher the profitability will be. D) Debit Cash, $250,000; Credit R. Sanders Capital, $250,00 0 Purchase of inventory.} 16. Zipperle Company has the following payroll information for the pay period ending September 18, A) It communicates departmental profitability. D) Company website A. ADEA \text{11. 61. ), What is the total amount of FICA that needs, Earn our Payroll Accounting Certificate of Achievement. account: Social Security tax payable ACCOUNT NO. C) Garnishment 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. total D) the employee's name, social security number, and address Want more practice questions?Receive instant access to our graded Quick Tests (more than 1,800 unique test questions) when you join AccountingCoach PRO. Record the journal entry to account for employer payroll taxes based on the totals in the payroll register and the FUTA and SUTA calculations. * Protest Unemployment Insurance benefit charges or rates. B) As equity May criminal background checks be used by all employers for any person? Collectionofnotesreceivable. accurate disbursal of payroll. below deck mediterranean 2022 cast. 60. 1. Type an equals sign (=) to signal the fact that the cell contains a formula. Protection under the provisions of the Age Discrimination in Employment Act begins at what age?? Using the payroll registers, complete the General Journal entries as follows: February 7 Journalize the employee pay. D) Personnel file Dont take our word for it. True, The information in the payroll register forms the basis for entries in the Employee Earnings Issuance of common stock.} C) Debit $ The higher payroll On October 15, Eco Brewers had a balance of $4,390 in its Social Security tax payable account. Wages and salaries-Operating expense-debit C) Labor reports Using the payroll register, compute the employee gross pay and net pay using 35 hours as the standard workweek for all employees except Mary Shangraw, who works 20 hours per week and receives overtime for any time worked past that point. A) the beginning and ending dates of the pay period A) It is a list of all persons and companies that the company pays money during a period. Paymentofanaccountpayable. This will increase the C) It must remain in balance at all times. expenses are, the lower the profitability will be. But if you follow these seven steps, you can learn how to account for payroll with ease. a wrong answer. C) It is a worksheet that accountants use to ensure payroll accuracy. We have credited a liability account for each of the tax amounts. Saleoflandforcash.3. C) Cross-referencing Plan A costs $80 per month for unlimited talk and text. Our online store for HR apps and more; for customers, partners and developers. each option. True False. Copyright 2023 AccountingCoach, LLC. Laborers for contractors who furnish materials, supplies, articles, and equipment to any agency of the United States, provided the minimum contract amount is $10,000. Federal withholding tax payable 220 $ ??? FUTA Taxes Payable-liability The holder of any unclaimed property must file a report after a specified sttutory period and then surrender the money to the stte as abandoned property. Its best practice to audit payroll every pay period. This entry usually includes debits for the direct labor expense, salaries, and the company's portion of payroll taxes. DEBIT CREDIT DEBIT CREDIT C) Payroll accounts do not appear on the trial balance because of their changeable nature. A payroll register is the record for a pay period that lists employee hours worked, gross pay, net pay, deductions, and payroll date. e. None of the above. This sort of regular data-entry routine, when strictly adhered to, can help ensure accurate payroll records. True, Employee earnings records form the link between accounting and the human resources Employee SIT Payable-liability Information available through a secured web sit, kiosk, or interactive voice response system. Deductions. A payroll liability can include wages an employee earned but has not yet received, taxes withheld from employees, and other payroll-related costs. 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. B) It depicts the ideal distribution of labor in a firm. Discover the latest Today at Work insights from the ADP Research Institute. Fair Labor Standards Act 1. This entry usually includes debits for the direct labor expense, salaries, and the company's portion of payroll taxes. At a minimum, payroll registers help businesses: But thats hardly the extent of how beneficial a payroll register can be. Payroll register and employees' earnings records are important payroll accountant tools Tracking of governmental liabilities Yields the data needed for financial reports Provides information for decision-makers about costs and company profitability Accounting system entries record all payroll-related activity Medicare tax payable 222 ??? Gross wages of $500.00 less withholdings of $38.25 for FICA and $87.25 for federal and state income taxes. Ring up sales and take payments in style with the sleek touchscreen Register device Make it mobile Every Register comes with a PAX A920 terminal to use as a mobile credit card reader Add on wireless POS hardware Complete your hardware suite with Bluetooth barcode scanners, receipt printers and cash drawers Hardware that won't hold you back The basic entry (assuming no further breakdown of debits by individual department) is: There may be a number of additional employee deductions to include in this journal entry. Every state imposes a state unemployment tax on employers in their state. Under FMLA, the time must be used in one uninterrupted period of time. 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? D) Garnishments, Which columns might an employer include to facilitate employer-share payroll tax General Plan B costs$0.20 per minute plus $0.10 per text message sent. 14. pay date. The town is considering an ordinance that would prohibit putting BALANCE \text{12. Employers can exempt the following employees from the Family and Medical Leave Act. 38. A) $2,253. lf both federal and state regulations cover minimum wages for the same employee, is the federal rate always used for the minimum wage? 10. under the Civil Rights Act of 1964, the U.S. Government is classified as an exempt employer. Read the latest news, stories, insights and tips to help you ignite the power of your people. \end{matrix} Learn more about Privacy at ADP, including understanding the steps that weve taken to protect personal data globally. 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;. Todays digital landscape means limitless possibilities, and also complex security risks and threats. What is the purpose of the Age Discrimination in Employment Act (ADEA)? ls the payroll register used in preparing the Form W-2? 1. Want to read all 11 pages? Purchaseoftreasurystock. 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. 11. 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. 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 Want more exclusive business insights like this delivered to your inbox? 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. It exists in many forms, from manual booklets and ad-hoc registers created in Excel to reports produced by dedicated payroll software. A) A debit balance will increase the expenses of the firm's income statement. Rate of pay 8. Whether you operate in multiple countries or just one, we can provide local expertise to support your global workforce strategy. D) It highlights issues and results of seasonal labor. Wages and salaries payable 226 117,334. Sale of equipment for cash.} NAME MARITAL STAT. After recording this entry, reverse it at the beginning of the following accounting period, and then record the actual payroll expense (as just described under the "Primary Payroll Journal Entry" section whenever it occurs. Cash 101 117,334. A(n) ________ is a collection of cash and other items that are used in the operation of the B) Employee earnings record Those who have not worked at least one year and at least 1,250 hours in the previous 12 months for the company. Collectionofanaccountreceivable. Social Security tax payable 221 17,980. False. Complete the Regular Earnings columns (Rate per Hour and Amount) for hourly employees. The lower payroll The Fair Labor Standard Act sets the minimum wage and the current minimum wage rate is $7.25 per hour. It It indicates, "Click to perform a search". The payroll register of any firm needs to have specific details on every employee. D) The balance sheet Use the information in the previous exercise to prepare journal entries for the following events in May. B) General Journal 54. 58. (You may select more than one answer. Book the entry on the date paychecks are distributed. It records payroll record on each employee separately. Which of these employee types is an allowable exeption to the protection of the Age Discrimination in Employment? C) Employee pay disbursement and voluntary deduction remittance There will also be credits to a number of accounts, each one detailing the liability for payroll taxes that have not been paid, as well as for the amount of cash already paid to employees for their net pay. Comprehensive payroll and HR software solutions. question mark Will be automatically graded as incorrect.) 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. These details include the employee id number, the department they belong, their job profile, etc. When a firm has wages earned but not yet paid at the end of a financial reporting period, what Employers use the employee's earnings record in preparing ___. 2. Records and the General Journal. & \text{ } & \text{ }\\ Social Security tax payable 221 10,517. Purchaseofrentinadvance.4. Which of the following best describes the purpose of the payroll register? Simplify and unify your HCM compliance processes. Administrating the state unemployment taxes. Wages and salaries payable 226 202,671. Federal income tax payable 11,955. 15. File, adjust, and print returns and reports. The payroll register contains ________. 66. Paymentofanaccountpayable.15. Who is covered by the Walsh-Healey Public Contract Act? department. Under the FLSA, what information concerning employees' wages earned must be maintained by the employer? Transfer of finished jobs to the finished goods inventory. These entries are then incorporated into an entity's financial statements through the general ledger. ls Form l-9 completed only by employees born in outside of the USA? Union Dues Payable-liability A) Employee earnings record C) $12,576. What special accounts must usually be opened in the general ledger to record payroll tax entries? must it do to recognize the liabilities and expenses? The following data is for the January 19 pay date for Waryzbok Inc.: Jan 19 Wages and salaries. Are unions and employment agencies covered under the Civil Rights Act of 1964? D) information about the firm's liabilities
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