& \text{ } & \text{ }\\ 55. For classifying the gross wages and salaries according to the nature of the wage and salary expense. under the Civil Rights Act of 1964, the U.S. Government is classified as an exempt employer. must it do to recognize the liabilities and expenses? It lists payroll information about each employee, such as hours worked, gross pay, deductionsand net pay. Jeremy is single with two withholding allowances. True, Besides containing the supporting data for periodic tax reports, the employee earnings record B) Gross pay Administrating the state unemployment taxes. How will payroll deductions from employees wages for their portion of 401K plans be recorded? B. ERISA Which of the following is true about the fundamental accounting equation? Vacation Benefits Expense-Operating expense 27. 2. He is the sole author of all the materials on AccountingCoach.com. Issuanceofcommonstock.6. The payroll register lists all the employees who earned remuneration, the amount of remuneration, the deductions, and the net amount paid. 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. Whenever employers withhold taxes and deductions from wages, pay employees or deposit tax payments with government agencies, that information should be simultaneously documented in the payroll register. d. Occupational Safety and Health Act 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? 1. Pre-hire questions pertaining to religion, gender, national origin, or age are allowed if: Which of the following forms is used to notify the Payroll Department to add a new employee to the payroll? Which of the following acts levies a tax on employers and employees that is credited to the Federal Old-Age and Survivor's Trust Fund and the Federal Disability Insurance Trust Fund? B) By dollar amount What is your sisters total cost under each of the two plans? & \text{ } & \text{ }\\ What Is A Payroll Register - Forbes Advisor In a recent study, 90 percent of the homes in the United States were found to have largescreen TVs. 1. Protection under the provisions of the Age Discrimination in Employment Act begins at what age?? Switching payroll service providers made easy. Protest Unemployment Insurance benefit charges or rates. Many employers find a payroll register to be an indispensable part of their business because of its ability to help them keep both their payroll records and their budgets in order. How is information that is usually on a paper stub given to an employee if the employer is using electronic paystubs. Federal withholding tax payable 220 $ 2,207. Compute the employer's payroll taxes for the period. Purchase of treasury stock.} CH2 Payroll Acounting CHAPTER 2 Learning Objectives After studying this chapter, students should be able to: 1. B. DATE DESCRIPTION POST REF. Jan 31 J4 420 1, (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 The W-2 provides all of the information required by the Affordable Care Act. These computations are shown in the Employee Payroll Register. Issuance of common stock.} Cash 101 202,671. At a minimum, how often should an administrator furnish a statement of total benefits accrued and accrued benefits that are vested under ERISA? Chapter 6 Review Payroll Flashcards | Quizlet Regardless of the format, payroll registers tend to follow the same basic structure. Jan 31 J4 420 1, Payroll-Operating expense-liability (You may select more than one answer. 1. AIS g Payroll Flashcards | Quizlet Issuanceofbonds. A) Form W-4 B) Form W-2 C) Payroll register D) Employee earnings record 28. A) A debit balance will increase the expenses of the firm's income statement. Hence, no need to accrue any salaries. False. 61. Period covered by the payroll and the pay date. 5. It Enchanted Creations has the following data in its Federal withholding tax payable General Ledger Sometimes you will see all the taxes lumped together into one account called Payroll Taxes Payable. It helps employers reconcile their payroll transactions and prepare quarterly and year-end tax reports. Saleofequipmentforcash. \text{13. Which of the following is not a provision of FLSA? C) Social Security tax, $746; Medicare tax, $174. pay date. Federal withholding tax payable 220 $ 50,725. Payment of employee salaries.} Payroll liabilities are any type of payment related to payroll that a business owes but has not yet paid. C) As expenses Recall that Zachary Fox and Michael Sierra are married, while Calvin Bell and David Alexander . B) $15,298. What is the amount of the 401(k) contributions for the pay date? Suppose your sister doubles her monthly usage to 3,400 minutes and sends 3,200 texts. The Federal Insurance Contributions Act covers restrictions on the employment of child labor. A) It is a list of all persons and companies that the company pays money during a period. Payroll liabilities In most business organizations, accounting for payroll is particularly important because (1) payrolls often are the largest expense that a company incurs, (2) both federal and state governments require maintaining detailed payroll records, and (3) companies must file regular payroll reports with state and federal governments What is the primary purpose of a labor report? B) It is employee labor that does not pertain to labor on customer jobs. PAYROLL Flashcards | Quizlet On which financial report will employer-paid portions of health insurance premiums be listed? To enter a formula manually, follow these steps: Move the cell pointer to the cell that you want to hold the formula. Who are the winners and who are the losers when the minimum wage is increased? How does a payroll accountant keep track of employee's year-to-date earnings for wage bases A) Medicare tax Information available through a secured web sit, kiosk, or interactive voice response system. 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. True, In the General Ledger, the debit column reflects the balance of the account. C) Cross-referencing Who pays the social security taxes that are levied by the Federal Insurance Contributions Act? 3. Click the card to flip Definition 1 / 66 True Click the card to flip Flashcards Learn Test Match Created by lauraberth67 Terms in this set (66) Does every state have state unemployment laws? During the past week, the employee worked 50 hours. C) It is non-traceable labor that a company must absorb as overhead. B) It depicts the ideal distribution of labor in a firm. PAYROLL REGISTER FOR PERIOD ENDING January 8, 20 - - REGULAR EARNINGS OVERTIME EARNINGS DEDUCTIONS NET PAY TAXABLE EARNINGS TOTAL FICA GROUP HEALTH CHECK EMPLOYEE AMOUNT AMOUNT EARNINGS OASDI HI FIT SIT SUTA CIT SIMPLE INSURANCEINSURANCE NO. 33. Take your organization to the next level with tools and resources that help you work smarter, regardless of your businesss size and goals. You need to purchase a plan for your teenage sister. C) Credit $1, An employee worked the entire year of 2022 and earned two weeks of vacation as specified in the company's labor agreement. A) Employee pay accrual and employee pay disbursement The current minimum wage set by the Fair Labor Standards Act is $7.25 per hour, The FLSA imposes no record keeping requirements on employers, The employer is required by the FLSA to display a poster that informs employees of the provisions of the law, All states have set their minimum wage to be the same as the Federal government, Under the Federal Insurance Contributions Act, the Medicare portion of the tax is only paid by the employer, The FLSA provides health insurance for the aged and disabled(medicare), The tax paid to the federal government for unemployment taxes is used for paying state and federal administrative expenses of the unemployment program, The Self-Employment Contributions Act imposes a tax on the net earnings from self-employment derived by an individual from any trade or business, Each state imposes an income tax on employees that is 2 percent of gross wages, Only six states do not impose a state unemployment tax on employers in their state, One of the provisions of coverage of the Civil Rights Act is that the employer must have 15 or more workers, Title VII of the Civil rights Act protects all employees from arbitrary dismissal, By the use of executive orders, the federal government has banned discrimination in employment on government contracts, Employers not subject to Title VII coverage may come within the scope of the Civil Rights Act by reason of a contract or subcontract involving federal funds, Under the Civil Rights Act of 1964, the U.S. government is classified as an exempt employer, An exemption to the protection that the Age Discrimination in Employment Act provides for all workers over 40 involves executives who are 65 or older and who have held high policy making positions during the 2 year period prior to retirement, Under the Federal Personal Responsibility and Work Opportunity Reconciliation Act, every employer is required to report the name, address, and social security number of each new employee to the appropriate state agency, Form I-9 must be completed by each new hire, Employers are now required to photocopy new employees' form I- 9 documents, In order for the Walsh-Healey Public Contracts Act to protect laborers for contractors who furnish materials to any agency of the U.S., the contract amount must be at least $10,000, Under FMLA, the time off must be used in one uninterrupted period of time. A. A) It must credit the asset accounts for the appropriate payroll amounts. 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). D) It is a report that becomes published with other financial reports. Should an employer in Philadelphia record the liability for the withholding of all three income taxes in one liability account such as INcome Taxes Payable? ls the written record sent to the Payroll Department telling them that a new employee should be added to the payroll called a hiring notice? Under the Family and Medical Leave Act, employers can exempt an employee who has not worked for the employer for at least one year and has worked for the company for at least 1,250 hours in the last year. C) Labor reports Deductions. Payroll registers include all of the information in a pay period for all employees. 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. (You may select more than one answer. Solved Required: Complete the payroll register for this pay - Chegg C) Employee earnings record Payroll Accounting - 12-04 Short Version - Cengage C. National Origin C) It is the fourth repetition of the same entry. E. All of the above are provisions of ERISA. 15. What is the purpose of the Age Discrimination in Employment Act (ADEA)? B. ERISA requires each employer to establish a pension plan. 1. A) Revenue Define hours worked. Hours worked. & \text{ } & \text{ }\\ 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--. Which of the following records lists all employees who earn remuneration, the amount of remuneration, the deductions, and the net amount paid for each payroll period? May an employer terminate an employee for lying on an application form? C) Employee pay disbursement and voluntary deduction remittance Sale of land for cash.} Any boxes Left with a question mark will be automatically graded as incorrect.) A) It communicates departmental profitability. check mark For a correct answer and double click the box with the question mark to empty the Authorize a power of attorney. How are employees who do not have bank accounts paid by an employer who uses an electronic fundstransfer system for payroll. 4. Discover the latest Today at Work insights from the ADP Research Institute. False, The General Journal contains records of a firm's financial transactions, which appear B) Debit Cash $13,618; Credit Health Insurance Payable $13,618. The payroll register contains ________. & \text{ } & \text{ }\\ 1. See Answer. General Journal entry to record this transaction? Which report contains employer share tax expenses for a period? Most office supply stores also carry books that are formatted specifically to record payroll information. Why does company profitability decrease in direct proportion to the payroll expenses? B. You can think of it as a summary of all the payroll activity during a period. How do the Stanford-Binet and Wechsler tests differ? pay In what order are accounts presented on the trial balance? D. 50 select more than one answer. Employees with less than a five year tenure of employment. That's why we've partnered with some of the top athletes in the world. 40. Paymentofanaccountpayable.15. *Graph the equation using the slope and $y$-intercept, as in the Previous Examples. The primary payroll journal entry is for the initial recordation of a payroll. \text{7. 2. What is your sisters total cost under each of the two plans? question mark Will be automatically graded as incorrect.) ls the payroll register used in preparing the Form W-2? Use the following information for Questions 19 - 20: 6. 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. Current period taxable earnings for FICA taxes are as. B. A cell phone company offers two different plans. serves as a backup in the event of computer failure. Click here to learn more. What obligations are imposed upon the employer by the Fair Credit Reporting Act of 1968? accurate disbursal of payroll. Payment of an account payable.} Jan 19 Wages and salaries payable 226 8,134. Columns included in the payroll register to compute net pay may include which of the following? It is a monthly schedule depositor. At ADP, we believe sports and business both require the right approach. A) Employee earnings record Records and the General Journal. Sale and delivery of finished goods to customers for cash (record unadjusted cost of sales). B) General Journal Rate of pay 8. C. ERISA establishes minimum vesting schedules that protect the workers' benefits. Does workers' compensation laws only relate to work-related incidents? B) the total gross pay, deductions, and net pay during the period Read more about the author. Under FLSA, what is the current minimum wage? How does the payroll register connect with the employees' earnings records? PAYROLL REGISTER Upload your study docs or become a Course Hero member to access this document Continue to access End of preview. A) Worker's Compensation 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? B) Debit $30, Copyright statement? ls the payroll register used for journalizing the payroll entries? so that the new employee can be properly added to the payroll, Employment application forms are usually discarded when the applicant is hired. An employee is hired at a pay rate of $10 per hour. Employee Earnings Record: What It Is and How to Use It Which of the following laws establishes the minimum wage? Recorded as a liability for the employer in the payroll entry. the box with the question mark to produce a check mark for a correct answer and double click Plan A costs $80 per month for unlimited talk and text. 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;. 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. 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. C) Alphabetically Purchaseoftreasurystock.14. 12. Didier and Sons had the following employer's share payroll tax general journal entry for the May True Which of the following is true of employee's earnings record? Employee benefits, flexible administration, business insurance, and retirement plans. Basic payroll register templates can be found online or created in programs like Excel. ls Form l-9 completed only by employees born in outside of the USA? The highest-paid 10 percent of their workforce. Are newly hired independent contractors covered under federal laws pertaining to new-hire reporting? 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. Prior year's earnings < Prev 18 of 40 . 401(k) contributions $ 1,115. D) Payroll register To rule the payroll register means that the payroll accountant establishes procedures about the payroll register. D) Because payroll represents a liability and an expense of the business. ), What is the total amount of FICA that needs, Earn our Payroll Accounting Certificate of Achievement. You need to have a record of how many hours your employees have worked, their gross salary, tax withholdings, and all other deductions. False - also needs to be a reasonable amount. DEBIT CREDIT DEBIT CREDIT Withholding" and "Earnings subject to FICA"? 34. D) Debit Cash, $250,000; Credit R. Sanders Capital, $250,00 0 The accrual entry, as shown next, is simpler than the comprehensive payroll entry already shown, because you typically clump all payroll taxes into a single expense account and offsetting liability account. What is the current minimum wage under FLSA? The Federal Insurance Contribution Act, the Medicare portion of the tax is only paid by the employer. A magnifying glass. Social Security tax $ 1,670. 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. What is a payroll register? | Heartland Health Insurance $ 950. C) Earnings subject to FICA tax 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. 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? Listed below are several transactions. When the firm remits its health insurance premium for this pay date, what is the General Journal A) Credit $8, Set up payroll accounts If you haven't already, set up your payroll accounts in your chart of accounts (COA). 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. mark to produce a Check mark for a correct answer and double click the box with the question Identify distinctive compensation plans. Enter the debit amount to clear the existing credit to Payroll Cash from the first journal entry above. A) the beginning and ending dates of the pay period Your sister currently uses 1,700 minutes and sends 1,600 texts each month. The portion of the Federal Insurance Contributions Act that deals with Social Security is called. B) Employee pay remittance and voluntary deduction remittance In Philadelphia, Pennsylvania, most workers are subject to three income taxes upon their earnings - federal state and city. Collectionofanaccountreceivable. Payroll registers are typically a series ofsimple charts (one for each employee during a given pay period) that include such information as: Note that payroll recordkeeping laws differ across jurisdictions. Employers can exempt the following employees from the Family and Medical Leave Act. February 7 Journalize the employer . Wages and salaries payable 226 117,334. < Prey 18 of 40 Pay period dates. Requirements: 1. C) Because payroll represents a liability and an expense of the business. The higher payroll It records payroll record on each employee separately. below deck mediterranean 2022 cast. Learn how we can tackle your industry demands together. \text{2. \text{1. 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. 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. Under FLMA, do any states have paid a family leave plan? For superior accuracy, many smalland largebusinesses rely on automated digital payroll solutions, such as those offered by ADP, which can integrate with accounting software and other programs. D. Religion 2. This sort of regular data-entry routine, when strictly adhered to, can help ensure accurate payroll records. 19. How to do payroll accounting: 7 steps At first glance, payroll accounting can be scary. The following totals for the month of april were - Course Hero What is the Whether you operate in multiple countries or just one, we can provide local expertise to support your global workforce strategy. Social Security tax payable 221 17,980. in its Federal withholding tax payable account. Paymentofemployeesalaries.2. False, Two complete payroll-related General Journal entries are recorded each pay period: one for the What is the role of enhancing qualities in the conceptual framework? a wrong answer. Payroll Accounting (Practice Quiz) Print PDF For multiple-choice and true/false questions, simply press or click on what you think is the correct answer. pay date. 53. C) Form W- True, Employee earnings records form the link between accounting and the human resources 11. Deductions. Paymentofanaccountpayable. C) The balance sheet Garnishment $ 450. Every state imposes a state unemployment tax on employers in their state. Medicare tax $ 390. At ADP, security is integral to our products, our business processes and our infrastructure. Q09. 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? A(n) ________ is a collection of cash and other items that are used in the operation of the What are the main kinds of information contained in a payroll register? 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. A payroll register can also . A credit of $16,250 is recorded on the June 25 54. On October 15, Eco Brewers had a balance of $4,390 in its Social Security tax payable account. Form W-2 C. All employees under the age of 30. A) By order of importance The purpose of payroll register is to record of all the payment details for employees during a specific pay period. 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. SUTA tax payable 9,481. : an American History (Eric Foner), Psychology (David G. Myers; C. Nathan DeWall), Biological Science (Freeman Scott; Quillin Kim; Allison Lizabeth), The Methodology of the Social Sciences (Max Weber), the payroll register, employees' earning record, and accounting system entries, Chapter 5 quiz - employee net pay and pay methods, compute social security and medicare tax withholding, Chapter 4 quiz - fringe benefits and voluntary deductions, different between pre-tax and post-tax, Lab Calendar [CHEM 2551-HYB01] Spring 2021, Chapter 6 quiz - employer payroll taxes and labor planning, Conic Sections - Lecture notes Chapter 6 Notes, Emotional and Cultural Intelligence (D082), Introduction To Computer And Information Security (ITO 310), Professional Application in Service Learning I (LDR-461), Advanced Anatomy & Physiology for Health Professions (NUR 4904), Principles Of Environmental Science (ENV 100), Operating Systems 2 (proctored course) (CS 3307), Comparative Programming Languages (CS 4402), Business Core Capstone: An Integrated Application (D083), Bates Test questions The Thorax and Lungs, Student-HTN-Atherosclerosis Unfolding Reasoning, ATI System Disorder Template Heart Failure, Lesson 17 Types of Lava and the Features They Form, Wong s Essentials of Pediatric Nursing 11th Edition Hockenberry Rodgers Wilson Test Bank, Test Out Lab Sim 2.2.6 Practice Questions, The tenpoint plan of the new world order-1, Piling Larang Akademik 12 Q1 Mod4 Pagsulat Ng Memorandum Adyenda at Katitikan ng Pulong ver3, The cell Anatomy and division. Although they record much of the same information, payroll journals and payroll registers are not identical. Tap into a wealth of knowledge designed to simplify complex tasks and encourage strategic decisions across key functions. Saleoflandforcash. & \text{ } & \text{ }\\ 41. Which of the following best describes the purpose of the payroll register? A. C) It is a report designed for external stakeholders. Purchase of inventory.} A) Debit $1, 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? They must disclose to the job applicant that they are seeking an investigative report. A payroll register is the record for a pay period that lists employee hours worked, gross pay, net pay, deductions, and payroll date. C) Employee signature Does FLSA require all employees to be paid weekly, biweekly', monthly? C) It should disburse the accrued pay to the employees. 4. FUTA tax payable 1,322. Under the Affordable care Act, does the insurance provided by the employer only need to meet an affordability test? Purchaseofinventory. Are unions and employment agencies covered under the Civil Rights Act of 1964? FICA Taxes Payable-OASDI-liability 64. C) Payroll accounts do not appear on the trial balance because of their changeable nature. Union Dues payable 227 4,683. 9. A payroll liability can include wages an employee earned but has not yet received, taxes withheld from employees, and other payroll-related costs. 9. Upload your study docs or become a Course Hero member to access this document Continue to access Term Winter Professor N/A Tags Record the journal entry to account for employer payroll taxes based on the totals in the payroll register and the FUTA and SUTA calculations.
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