The employee earns tips. The total of the Gross Earnings column of the payroll register for a given pay period will appear in which account for the payroll-related general journal entry? (A) monthly. Multiple select question. state income tax expense A state tax used to pay benefits to unemployed workers is: employer records the FICA, FUTA, and SUTA taxes? Soccer teams d.Only "A payroll register" and "The employee's earnings record" are correct. Find the time Multiple choice question. Cash purchasing managers Accounting reports provide managers with insights into company profitability and stability. a. the expense has already been recorded. -current entry amount and account The total earnings paid to an employee after payroll taxes and other deductions is recorded in the payroll register's (A) Gross Pay column. $845.00 - $364.42 = $480.58. It produces a plastic toy in three separate departments: Molding, Assembling, and Finishing. 5. The following information was obtained for the Assembling Department for the month of September. true or false: The larger the number of withholding allowances claimed, the larger the amount of income tax withheld. (A) a revenue Which of following steps should be taken by the Human Resources Department when hiring new employees? a. is used to record Workers' Compensation premiums paid by the company. B) False, At the time of depositing FICA taxes and employees' federal income taxes, the account FICA a. must use the exact amounts withheld in order to balance the appropriate accounts (FICA, FUTA, SUTA, etc.) Past-DueCategoryAccountsReceivableTotalPercentageUncollectible0-30days$22,4806%31-90days36,54017%Over90days15,33025%\begin{array}{c} Employees FIT Payable $987.00, ($1,534.78 + $358.94 + $987.00) = $2,880.72. Study with Quizlet and memorize flashcards containing terms like How can the information shown in the employees' earnings record be used? True (A) monthly d. the Payroll Manager is required by the IRS to submit the electronic records for verification. Which of these employee types is an allowable exception to the protection of the Age Discrimination in Employment? Multiple choice question. Which of the following is not an expense of the employer? (C) Net Pay column. It can use the machine to produce 12 oz. Employee Income Tax Payable using the wages of the salaried workers only. (c) The third group will determine the potential penalties that Tipton and Seferi could face for violating the Immigration Reform and Control Act by hiring six unauthorized workers. Multiple choice question. \text{Option \#1:}&&\text{\$ 12,000,000 after five years}\\ -when payroll spans two months. When asked if they would purchase the product, the people gave these responses: a. a.To prohibit discrimination on the basis of age in the employment practices of employer a.SUTA funds are used to pay the state and federal administrative expenses and FUTA funds are used to pay the unemployment compensation benefits to the qualified unemployed workers. The debit to Payroll Taxes for FICA, FUTA and SUTA taxes (rate = 4.5%) on a gross payroll of $200,876 (if no one has capped for FICA and not subject to the .9% Medicare on wages over $200,000, no one has capped for SUTA, and FUTA wages= $85,000), is: The employer FICA - OASDI ($200,876 x.062) + FICA - HI ($200,876 x .0145) + SUTA ($200,876 x .045) + FUTA ($85,000 x .006) = $24,916.43, On July 30, an analysis of the general ledger of Biomet Device Inc.'s shows the following credit balances: medicare tax payable (1time) Define the process of "posting." 7. Unclaimed employee wages are returned to the employer. A. regular hours times regular rate. False, An employee who is garnished creates a liability for the business. (C) total hours plus overtime rate. How would an increase in the value of the pound sterling affect American businesses? General ledger entries are made ______ (after/before) general journal entries. Question 1: Why would you enter "N/A" on the line for federal withholding allowances on an employee earnings record? for each event. A) True -after journal entries are recorded, The second set of debit and credit columns in a general ledger show: Columns in the Employees' Earnings Records, Each piece of data is used in multiple ways, Connection of the Employees' Earnings Records to Periodic Tax Reports. Have you prepared the financial statements and managerial reports? bring the accountant to the related entry in the general journal. one-sided journal entries. Until the amounts withheld from employee salaries are paid by the employer, they are recorded as: Federal Income Taxes Payable D) a percentage of the previous week's gross payroll. -Marital status -Entering the transactions in the general ledger. Financial transactions can be displayed for explanation and evaluation through costs(allfixed)300279.070232.558$5040.000240.000260.000$10$3.000.000$500.000unitsunitsunitsperunitunitsunitsunitsperunit. c.Employees who earn more than $44,000 per year payroll accounting 7 and 8) 141 terms. The Form 940 is the source document for all employee payroll journal entries. Jacobs Company borrowed $10,000\$ 10,000$10,000 on a one-year, 8 percent note payable from the local bank on April 1. (B) accumulated earnings. Multiple choice question. and more. 3. True When remitting or depositing federal income taxes, the employer credits the cash account. When payroll spans two months. FICA Taxes Payable-HI Deductions from gross pay in the payroll register are reflected on the credit side of the journal entry to record the payroll. Tips received by employees are included as disposable earnings subject to garnishment for child support. Multiple choice question. with the Form 940 reconciliation at the end of the year. one-sided journal entries. union negotiations. Wages Expense is debited and Cash is credited. mandated under GAAP Does your company have employees? a.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. (6), True or False: Each employer who withholds income tax, social security tax, and Medicare tax from employee earnings must furnish each employee with a quarterly statement. (C) withholding allowances. (B) separate payroll checking account. -Employee receives an advance of their pay T-accounts. Provides information for decision-makers about costs and company profitability It adds complexity to the personnel recordkeeping. (p. 378), The payroll journal entry is based on the totals of the payroll register (A) Total . (A) unemployment taxable earnings. c. What is the percent of definitely responses in each age group? Suppose Nantucket Nectars has a machine for which it paid $160,000 several years ago and is currently not being used. The total amount earned by all employees for a pay period is a ____. (C) gross earnings. -Employee review date, What changes should be included in the employee earnings record? -payroll adjustments are entered, The first pair of debit and credit columns on the general ledger are for: \text { Estimated costs to complete as of } 12 / 31 & 1,200,000 & -0- \\ General journal Assets area Paid cash for liability for employee income tax, $693.00; social security tax, $770.04; Medicare tax, $180.09; total, $1643.13. A) Wages Expense would be reduced by every transaction c. it is not necessary to even enter the data since the time-keeping device synchs with the payroll register, employee earnings record, paychecks, etc. The total earnings subject to federal unemployment tax is referred to as: (C) January 15 of the following year. Assume Nortel Networks contracted to provide a customer with Internet infrastructure for $2,000,000. Why is it important for a firm to use both a payroll register When employees actually use their vacation time The withholding allowances of an employee affect (A) social security tax withheld. A) True d. a credit to Vacation Benefits Payable = $1,178. The general journal entries will be in what order E) a percentage of the previous week's net payroll. Which of the following acts prohibits discriminating in hiring, firing, promoting, compensating, or in any other condition of employment on the basis of race, color, religion, gender, or national origin? The employee's _____ ____ connects accounting and human resource records, Earnings records are supporting documents for, The payroll accountant may perform the following duties. In recording the monthly adjusting entry for accrued wages at the end of the accounting period, the amount of the adjustment would usually be determined by: Recording the individual balances of each paycheck. See Answer. What is always true about the income statement? Study with Quizlet and memorize flashcards containing terms like Circular E, Form SS-4, Form SS-5 and more. c. affect the cash account. Business managers use accounting entries to inform their decisions Transactions from the general journal are posted to individual accounts. -current amount of reduction to the payroll account d. companies are allowed to automatically enroll employees in the company's retirement plan. when payroll spans two months. a.The Self-Employment Contributions Act sets the minimum wage and the current minimum wage rate is $9.19 per hour. Each entry will be on one side per account. 480.58 useful in determining overhead allocations by department and the need for increased or decreased staff within a specific department, tracks the time employees have spent specifically on projects for which customers are paying, allow managers to determine how much overtime has been paid to employees during a specified time period, Trend reports of income over the period of the year can reveal seasonal increases or decreases in business. He is paid time-and-a-half for hours over 40 and his pay rate is $17.90/hour. -when entries increase the account balance (D) none of these. Additionally, information from the payroll register is used to complete payroll entries in the General Journal Are the tax returns and remittances approved and signed by the appropriate parties? c. are the earnings remaining after withholding income taxes and other amounts required by law. chart of accounts. -alphabetical. Wages Payable Tipton and Seferi were charged with hiring and harboring undocumented aliens. (A) assets. Tracking of governmental liabilities All the payroll information needed to prepare payroll and tax reports is found on, C- Payroll register and employee earnings records provide, The payroll journal entry is based on the totals of the payroll register, The Total Earnings column total of a payroll register is journalized as a debit to, The total of the Federal Income Tax column of a payroll register is credited to (A) a revenue account, The total of the Net Pay column of the payroll register is credited to, When a semimonthly payroll is paid, the credit to Cash is equal to the, Payroll taxes that are paid by both the employer and the employee are, A tax paid to administer the unemployment program is the, A state tax used to pay benefits to unemployed workers is the, An employee's earnings subject to unemployment taxes are referred to as (A) gross Multiple choice question. Allocate employee expenses to specific accounts A federal tax paid for hospital insurance. (D) total earnings. \text{Total budgeted operating (non-manuf.) c. is used to record Workers' Compensation premiums paid by the employee. B) False, 3. Salaries Payable Social Security Tax Payable Assume an initial starting FtF_tFt of 300 units, a trend (Tt)\left(T_t\right)(Tt) of eight units, an alpha of 0.300.300.30, and a delta of 0.400.400.40. Have you obtained approval for pay disbursements? A qualified retirement plan sponsored by an employer. account balances form the basis for accounting reports; general ledger account balances aggregate data to determine payroll costs. determining the per department cost of business operations FICA Taxes Payable - HI $358.94 If employees must contribute to the state unemployment fund, this deduction should be shown in the payroll tax entry. Apart from the recording of payroll and payment to employees, what other payroll related journal entries would be recorded? C) determining when the accumulated wages of an employee reach cutoff levels. 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? B) Payroll Taxes- Cash 8. Did you journalize and post the employer's share transactions? -per employee wage reporting Wages and taxes payable, Labor reports would be provided to: d. It allows payroll employees to create ghost employees . Under the FLSA, what information concerning employees' wages must be maintained by the employer? General Leger account balances aggregate data to determine payroll costs A payroll accrual occurs When using the equity method of accounting, when is revenue recorded on the books of the investor company? -Social Security tax is matched by the employer up to the Social Security wage base. \text{Production } & \text{240.000} & \text{units}\\ T F, In the case of multiple wage attachments, a garnishment for a student loan has priority over any (See Immigration Law.). Are all outgoing remittances double-checked and approved? C. pay period. . In the case of a federal tax levy, the employee will notify the employer of the amount to take out, The payment of the FUTA tax and the FICA taxes by the employer to the IRS is recorded in the. a percentage of the previous week's gross payroll. Do you have managerial approval for all employee pay for the period? A) True -Transactions from the general journal are posted to individual accounts. (B) net earnings C) Wages Expense Data relating to the contract are summarized below: 20212022Costsincurredduringtheyear$300,000$1,575,000Estimatedcoststocompleteasof12/311,200,0000Billingsduringtheyear380,0001,620,000Cashcollectionsduringtheyear250,0001,750,000\begin{array}{lrr} d.All of these choices are correct. The typical overtime rate is $5.00 more than the regular hourly rate. In the garnishment process, federal tax levies take secondary priority to wages withheld for child support orders. (D) semiannually. Which portion of the accounting equation represents the amounts owed by the company? a.25 Union Dues. withheld and the other payroll deductions in effect before the tax levy was received. a. Did you have the returns checked for accuracy? salaries and wages payable. State unemployment tax A) Payroll Taxes The maximum amount of gross earnings on which a tax is calculated, A retirement plan approved by the Internal Revenue Service. \text{Normal capacity utilization} & \text{232.558} & \text{units}\\ C) a creditor garnishment (B) IRS Form W-2 (B) Form 941 Employee Earnings Record. True false question. The Accumulated Earnings column of the employee earnings record (A) shows net pay for the year. 1. redundancy. Which of the following accounts would appear on the balance sheet? A) True c. to aid in completion of year-end informational returns, such as W-2s. The amount on the employee earnings record used to determine if certain payroll taxes apply to an employee's earnings is (A) net pay. It adds complexity to the personnel recordkeeping. Payments for payroll regulation courses If Joanna is single with three exemptions and brings home $845.00/week, what amount will go towards the garnishment each week (manually calculate)? Fair Labor Standards Act. \end{array} Employee regular earnings are calculated as (A) regular hours times regular rate. Compare taxes with other companies When recording the deposit of FUTA taxes owed, the proper entry is: In other terms, a payroll . Balance sheet c. are the earnings remaining after withholding income taxes and other amounts required by law. A credit increases which of the following types of accounts? b. are the part of the paycheck used to pay taxes. (D) IRS Form W-3. Disposable earnings are the earnings remaining after withholding federal income taxes. None of the above, Which of the following accounts is an expense account in which an dividends, equity, assets. Multiple choice question. d. would be used for reporting, All of the following are examples of payroll liabilities except: and more. What is always true about the general ledger? a business form used to record details affecting payments made to an employee. Which basic records are generated in most payroll accounting systems? Once the transaction has been recorded in the General Journal, the accountant posts the entry to corresponding General Ledger accounts, a combination of letters and numbers. Wages Expense D) Union dues withheld \text{Selling price} & \text{\$ 50} & \text{per unit}\\ The record of all of a firm's financial transactions. d. are required when the fiscal accounting period does not coincide with the end of the payroll period. (C) IRS Form W-2 (C) a memorandum. T F, The only portion of wages that are exempt from a federal tax levy is: (A) W-2 (B) total hours divided by regular rate. The amount of employee pay left after federally mandated deductions are made, including federal and state income tax, social security . B) False, 14. Study with Quizlet and memorize flashcards containing terms like a business form used to record payroll information os, the total earnings paid to an employee after payroll taxes and other deductions, a business form used to record details affecting payments made to an employee is and more. -posting date and posting time (Check all that apply). (B) IRS Form 941 four employees. b.The employee a. is used to record Workers' Compensation premiums paid by the company. They must pay the employees with actual dollars. Why is it important for a firm to use both a payroll register Wages expense, On which accounting reports would payroll-related assets appear? Cash It uses absorption costing based on standard costs and reports the following data for 2017: Theoreticalcapacity300unitsPracticalcapacity279.070unitsNormalcapacityutilization232.558unitsSellingprice$50perunitBeginninginventory40.000unitsProduction240.000unitsSalesvolume260.000unitsVariablebudgetedmanufacturingcost$10perunitTotalbudgetedfixedmanufacturingcosts$3.000.000Totalbudgetedoperating(non-manuf.) A) completing forms W-2. A computer system based on a software package that performs all payroll record keeping and prepares payroll checks. C. Payroll Taxes incurs as an expense each payday? a.To prepare period reports and complete Form W-2 for each employee. Multiple select question. c.The Civil Rights Act of 1964 (8), True or False: Some employers must deposit payments for withheld employees' federal income tax and social security and Medicare taxes on the next banking day. For each choice of denominator level, the budgeted production cost per unit is also the cost per unit of beginning inventory. Employees FIT Payable. -property tax audit. - The date of the transaction is attached. regular earnings plus overtime earnings. Multiple choice question. Multiple choice question. Have you computed the employer's share of the payroll taxes? Before beginning production of its new vacuum cleaner, the Devaney Company conducted an opinion survey of 1740 people. Actual operating costs equal budgeted operating costs. -by account type. D) an administrative wage garnishment Assets (A) IRS Form W-4 Cash Trial Balance Q. -bring the accountant to the next entry in the general ledger. salaries and wages expense. Wages and cash expenses FUTA Taxes Payable, The entry made at the end of the accounting period to record wages b.Vesting conveys to employees the right to share in the retirement fund in the event they are terminated before the normal retirement age. Journal entry and page number. D. payroll. Find the total for each response. The information needed in preparing a journal entry to record the wages earned, deductions from wages, and net amount paid each payday is obtained from the payroll register. bottles of its juice cocktails or 12 oz. Company viability depends on expense control, form the link between the accounting and the human resource departments. A payroll register is a record of employee hours worked, gross pay, net pay, deductions, and payroll date for a pay period. costs(allfixed)$500.000\begin{matrix} Study with Quizlet and memorize flashcards containing terms like . Take-home pay minus weekly standard deduction and exemptions = federal tax levy garnishment. (C) IRS Form W-3 (C) deposit. Work in process on September 1 had 100,000 units made up of the following: During September, 500,000 units were transferred in from the Molding Department at a cost of$640,000. They were paid in cash while other employees were paid by check. Entering the payroll journal entry. Credit Protection Act. Type of entry a. b.The Fair Labor Standard Act sets the minimum wage and the current minimum wage rate is $7.25 per hour. have amounts in both debit and credit per account An item of value that a business uses in the course of its operations and from which it expects future economic benefit. a percentage of the previous week's net payroll. (B) transfer payment. \hline\\ c. Vacation Benefits Expense is debited, and Vacation Benefits Payable is credited. b. used to prepare internal management analyses. \text{Over 90 days}&\text{\hspace{5pt}15,330}&\text{25\\\%}\\ a. A) True Salaries and Wages Expense -Entering the payroll journal entry. accrual accounting B) False, Net pay" is sometimes known as "take-home" pay. 2. B) Payroll Taxes- Cash common stockholders The employee's earnings record provides information for each of the following except: Multiple select question. Salaries and Wages Payable, Which of the following taxes would NOT be included in the employer related payroll entry? Payroll transactions are recorded in the General Journal and posted to General Ledger accounts. taxing authorities, Informed business leaders can use payroll data for all except: D) Salaries Payable The production-volume variance is written off to cost of goods sold. Who is covered by the Walsh-Healey Public Contracts Act? T F, The information needed in preparing a journal entry to record the wages earned, deductions from wages, and net amount paid each payday is obtained from the payroll register. expenditures or expenses Multiple choice question. Employers are required to furnish each employee with an annual statement of earnings and withholdings before: 401(k) contributions expense redundancy. Closing entries d.12. Assume that when you were in high school you saved $1,000\$ 1,000$1,000 to invest for your college education. In recording the monthly adjusting entry for accrued wages at the end of the A. One employee earnings record is used each payroll period to detail the earnings of all employees. 401k contributions payable, SS tax payable. A) Garnishment for child support payments b.The Federal Personal Responsibility and Work Opportunity Reconciliation Act of 1996 13. Based on the data presented in the previous exercise, journalize Belarus Co.s entries for (c) the payment of the invoice within the discount period. Multiple choice question. true or false:A single person will have more income tax withheld than a married employee. -employees are paid Direct deposit of paychecks can be forced on employees in every state. $845.00 - $476.93 = $368.07. tax filing support. (B) federal income tax withheld. b. the standard deduction of the taxpayer. Medicare tax What is the original entry point for payroll information into the accounting system? A payroll method in which the employee does not handle the paycheck; payment is made by the employer directly to the employee's bank using EFT. (D) tax fulfillment. Apart from recording of payroll and payment to employees, what other payroll related journal entries would be recorded? MASTERING CORRECTION OF ACCOUNTING ERRORS TES, Totalbudgetedoperating(non-manuf.) Multiple choice question. Employee payments (4), True or False: The transaction to record employer payroll taxes expense is journalized at the end of the quarter. D) SUTA tax Payroll records serve as backup for Individual payroll checks are usually written on a(n) (A) company's regular checking account. (p. 390), To record the payment of federal unemployment tax, the account debited is The Assembling Department added the following costs: Assembling fi nished 400,000 units and transferred them to the Finishing Department. Multiple select question. employees' earnings records Multiple choice question. Unions Assuming you can earn 6% on your funds, which option would you prefer? Ways the general ledger is different from the general journal include: f(x)=0.1(10+12x0.6x2)f^{\prime}(x)=0.1\left(10+12 x-0.6 x^2\right) \quadf(x)=0.1(10+12x0.6x2) for 0x250 \leq x \leq 250x25. Copy and complete the chart. (C) gross earnings. Multiple select question. (B) in states without a state income tax. Liabilities area d. It allows payroll employees to create ghost employees . Carmen Gaetano worked 46 hours during this pay week. Multiple choice question. b. variable, depending upon county that the levy originates. -Year-to-date earnings B) $161.10 b. are only necessary when employees are paid in cash at the end of the year. Multiple select question. Multiple choice question. electronic system. (B) payroll . A Company who credits the cash account cannot pay their employees by check. Employers have a fiduciary duty to ensure that all amounts deducted from employee pay are remitted to the appropriate entity. (B) during the month following each calendar quarter. True Payment of statutory withholding The FICA taxes on the employer represent both business expenses and liabilities of the employer. The financial investment and any accumulated profits or losses of the owner of a firm. Description information. Multiple choice question. 30 seconds . requires deduction from employee paychecks . Magic Me is a manufacturer of magic kits. -when payday is before the end of the month. A qualified retirement plan that allows tax-free withdrawals from the account.
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