ls the payroll register used in preparing the Form W-2? c. McNamara-O'Hara Service Contract Act B) The labor report, C) The statement of owners' equity Which of the following bases for discrimination in employment practices is NOT covered in the Civil Rights Act of 1964? Jul 1 Wages and salaries payable 226 113,562. posted an additional $4,390 on its October 31 pay date. on the first day of the next financial period? D) It highlights issues and results of seasonal labor. In January 2023 an employer remits the state unemployment tax that pertains to its employees' wages for the final three months of 2022. 221 D. Religion According to Adam Smith, why do the butcher, brewer, and baker provide food for us to buy? Read the latest news, stories, insights and tips to help you ignite the power of your people. D) the employee's name, social security number, and address Yes, Employees FIT Payable . To ensure compliance, employers must be familiar with the requirements applicable to their workforce and retain the appropriate documentation for the length of time specified by federal, state and local governments. B) Payroll register Megan Newell is the owner and operator of Ultima LLC, a motivational consulting business. & \text{ } & \text{ }\\ Record the journal entry to account for employer payroll taxes based on the totals in the payroll register and the FUTA and SUTA calculations. Exempt salaried employees are often paid for their work right up to payday. This information is also reflected in summary level entries in the businesss general ledger. in sin did my mother conceived me meaning B) Debit $30, Vacation Benefits Expense-Operating expense & \text{ } & \text{ }\\ A. Hours worked. Less than five have large-screen TVs? 15. 11. account: Social Security tax payable ACCOUNT NO. 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? Is it neccessary for an employer who is subject to FICA and FUTA taxes to keep a separate expense account for the taxes under each act? In Philadelphia, Pennsylvania, most workers are subject to three income taxes upon their earnings - federal state and city. Does FLSA say how often employees need to be paid? It records payroll record on each employee separately. & \text{ } & \text{ }\\ FIT Payable-liability D) $1,875. Transcribed image text: Columns included in the payroll register to compute net pay may include which of the following? 3. Federal income tax payable 11,955. This account would be credited for the amount paid. Factory overhead excluding indirect materials and indirect labor (record credit to Other Accounts). A) It must credit the asset accounts for the appropriate payroll amounts. View notices and letters. Issuance of bonds.} How does the payroll register connect with the employees' earnings records? account: Social Security tax payable ACCOUNT NO. Wages and salaries payable 226 202,671. Indirect materials usage. Correct answer: Option (1) Medicare tax is the correct answer. 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. Discover the latest Today at Work insights from the ADP Research Institute. Does every state have both federal and state unemployment laws? Plan B costs$0.20 per minute plus $0.10 per text message sent. Feb 15 J 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. ls Form l-9 completed only by employees born in outside of the USA? pay How might globalists and traditionalists view cultures, places, and regions differently. & \text{ } & \text{ }\\ A) Ledgering C) Both documents contain information from multiple pay periods. Authorize a power of attorney. Does FLSA require all employees to be paid weekly, biweekly', monthly? 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. 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? A) As assets Recorded as a liability for the employer in the payroll entry. account: ACCOUNT Federal withholding tax payable ACCOUNT NO. \text{2. 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). 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. 30. 1. 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. B) Total overtime earnings C) the name of the firm and the payroll accountant Type an equals sign (=) to signal the fact that the cell contains a formula. D) It is non-employee labor that the company must pay. 15. and year-to- date earnings. 401(k) contributions payable 223 454. The lower payroll We provide payroll, global HCM and outsourcing services in more than 140 countries. Tap into a wealth of knowledge designed to simplify complex tasks and encourage strategic decisions across key functions. B. ERISA requires each employer to establish a pension plan. The lower the payroll Can employees view documents in their files that are marked confidential? \text{1. 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. Federal withholding tax payable 220 $ ??? 20. Time worked - regular & overtime 7. BALANCE 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. Describe the main types of records used to collect payroll data. Collection of an account receivable.} A) Revenue c. More than five have large-screen TVs? FUTA tax payable 1,322. It records payroll record on each employee separately. 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? Medicare tax payable 222 ??? Paymentofincometaxes. D) Credit $. A) The total of the debits must equal the total of the credits. The Fair Labor Standard Act sets the minimum wage and the current minimum wage rate is $7.25 per hour. The completed Payroll Register for the February and | Chegg.com On which financial report will employer-paid portions of health insurance premiums be listed? Any boxes left with a question mark will be automatically graded as How does a debit balance in the wages and salaries expense account affect a firm's income FICA Taxes Payable-OASDI-liability Which of these employee types is an allowable exeption to the protection of the Age Discrimination in Employment? incomes are, the higher the profitability will be. $3,825 of employee withholding ($50,000 X 0.0765), Exempt Salaried Employees Paid Semi-monthly. Solved Required: Complete the payroll register for this pay - Chegg Title of report 2. 61. C) A debit balance will decrease the expenses of the firm's income statement. the total expenses of the firm and decrease the net income of the firm. Learn more about Privacy at ADP, including understanding the steps that weve taken to protect personal data globally. What information is commonly provided by a job-seeker on the application for employment form? The other hourly employees receive overtime pay when they work more than 35 hours in one week. 1. Vacaction Benefits Payable- liability. Access the definitive source for exclusive data-driven insights on todays working world. Based on the following data, prepare the appropriate journal entry when paying employees: Total wages earned were $8000 E. Sex, Which of the following statements is NOT a provisions of ERISA? 2. 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. entry? B) It contains a detailed listing of every transaction during a period. 4. C. All employees under the age of 30. 10. The higher payroll 401(k) contributions $ 1,115. B) The income statement 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. total Discover what others say about us. expense 522 $ 182,930. 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. Required: 1. Record the health insurance deduction. Employers can exempt the following employees from the Family and Medical Leave Act. Learn how we can make a difference by joining forces to improve the success of the clients we share. A payroll liability can include wages an employee earned but has not yet received, taxes withheld from employees, and other payroll-related costs. Once vested, can employees receive a pension at retirement even if they no longer work for that company? BALANCE DATE DESCRIPTION POST REF. Paymentofincometaxes.9. Which of the following steps should be taken by the Human Resources Department when hiring new employees? Does every state have state unemployment laws? Fair Labor Standards Act Gross pay and net pay. A payroll register is a valuable tool that records employee wage information for each pay period and pay date. Does workers' compensation laws only relate to work-related incidents? C) Labor reports Keeping vital payroll data up to date and easily accessible is essential for employers to address unexpected discrepancies without confusion. Which of the following is not a provision of ERISA? d. At least seven homes have large-screen TVs? A. ADEA From best practices to advice and HR consulting. D) Debit Health Insurance Payable $27,237; Credit Cash $27,237. What obligations are imposed upon the employer by the Fair Credit Reporting Act of 1968? B) Debit Cash, $250,000; Credit Revenue, $250, Social Security tax $ 1,670. FUTA was designed to ensure that workers who are covered by pension plans receive benefits from those plans, Under ERISA, vesting conveys to employees the right to share in a retirement fund in the event they are terminated before the normal retirement age, Under ERISA, if there is a pension plan, every employee is eligible after reaching age 21 or completing one year of service, whichever is later, ERISA provides for full vesting of the employer's contributions in 3 years or gradually over 6, The total cost of workers' compensation insurance is borne by the employees, Worker's compensation insurance premiums for employers vary according to the different degrees of danger in various classes of jobs and the employers' accident experience rate, Workers' compensation benefits are paid directly to the employer, Only one state has passed a law to provide disability benefits to employees absent from their jobs due to illness, accident, or disease not arising out of their employment, The requisition for personnel form is sent to the Payroll Dept. Marital status & number of withholding allowances 6. Under FMLA, may an employer substitute an employee's earned paid leave for part of the 12-week family leave? Name two advantages and two drawbacks of Accounting questions and answers. 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%. What is true about the trial balance? 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. 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) To rule the payroll register means that the payroll accountant establishes procedures about the payroll register. B) As equity Recall that Zachary Fox and Michael Sierra are married, while Calvin Bell and David Alexander . All salaried employees. Payroll journals are records of all payroll transactions. accurate disbursal of payroll. incorrect.) Gross pay and net pay. What Is A Payroll Register - Forbes Advisor SUTA tax payable 9,481. Name of each employee 5. 62. C) It is non-traceable labor that a company must absorb as overhead. B. A. If a firm accrues the payroll due but not paid at the end of a financial period, what should it do A) Debit R. Sanders Capital, $250,000; Credit Cash, $250, A) Net pay 9. Under FMLA, the time must be used in one uninterrupted period of time. Union Dues Payable-liability C) It is the fourth repetition of the same entry. All rights reserved.AccountingCoach is a registered trademark. It helps employers reconcile their payroll transactions and prepare quarterly and year-end tax reports. Harold Averkamp (CPA, MBA) has worked as a university accounting instructor, accountant, and consultant for more than 25 years. 3. It is a monthly schedule depositor. Discover how easy and intuitive it is to use our solutions. Listed below are several transactions. in its Federal withholding tax payable account. What is the purpose of the Age Discrimination in Employment Act (ADEA)? The highest-paid 10 percent of their workforce. FICA Taxes payable-HI-liability \text{Transaction} & \text{Type of Activity} & \text{Cash Inflow or Outflow}\\ \hline Which financial statements are affected in the year 2022? At the end of its accounting period, December 31, 2013, Ultima has assets of $942,000 and liabilities of$584,000. AIS g Payroll Flashcards | Quizlet the total incomes of the firm and decrease the net income of the firm. Direct labor usage. SOLUTION: Payroll project. - Studypool The total of each distribution column shows the total amount of that department's wage expense. Workers' Commpensation Insurance Expense-Operating expense Under FMLA, may employers exempt the highest paid 10 percent of the workforce? A) Debit $1, B. 4. 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. C. National Origin At ADP, security is integral to our products, our business processes and our infrastructure. Information available through a secured web sit, kiosk, or interactive voice response system. Sale of land for cash.} Saleofequipmentforanotereceivable. Type the formula, then press Enter. 60. How does a payroll accountant keep track of employee's year-to-date earnings for wage bases on taxes like FICA, FUTA, and SUTA? & \text{ } & \text{ }\\ Chapter 6 Review Payroll Flashcards | Quizlet Paymentofemployeesalaries.OCO2. (Solved) - Payroll Register This is the first task to - Transtutors A) Debit $1, Issuanceofbonds. B) Gross pay We now offer 10 Certificates of Achievement for Introductory Accounting and Bookkeeping. employees' payroll, one for the employer's share of the taxes. Deductions. A) By order of importance An employee is hired at a pay rate of $10 per hour. grass clippings at the curb for pickup because local landfills cannot handle the volume. Which of the following laws establishes the minimum wage? Not only will this make it easier for you to pay your taxes and do payroll reconciliation, but it also allows employees to better understand their finances. They must disclose to the job applicant that they are seeking an investigative report. Discover a wealth of knowledge to help you tackle payroll, HR and benefits, and compliance. What is the current minimum wage under FLSA? D) Personnel file Payment of income taxes.} 18 Issuance of common stock.} : 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. check mark For a correct answer and double click the box with the question mark to empty the You need to purchase a plan for your teenage sister. In what order are accounts presented on the trial balance? Social Security tax payable 221 17,980. That's why we've partnered with some of the top athletes in the world. What is meant by the garnishment of wages? B) tax remittance information Using the accounting equation, determine the following amounts: a. Owners equity as of December 31, 2013. Union Dues payable 227 4,683. C. Restrictions the employment of child labor. 4. The purpose of payroll register is to record of all the payment details for employees during a specific pay period. Health Insurance Premiums Collected-liability 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. You need to have a record of how many hours your employees have worked, their gross salary, tax withholdings, and all other deductions. It exists in many forms, from manual booklets and ad-hoc registers created in Excel to reports produced by dedicated payroll software. the box with the question mark to produce a check mark for a correct answer and double click Zipperle Company has the following payroll information for the pay period ending September 18, A) Social Security tax, $204; Medicare tax, $792. 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. Also, indicate whether the transaction is a cash inflow (CI) or cash outflow (CO), or has no effect on cash (NE). E. All are provisions of FLSA. Saleofequipmentforanotereceivable.10. How is information that is usually on a paper stub given to an employee if the employer is using electronic paystubs. b. Owners equity as of December 31, 2014, assuming that assets increased by $113,000 and liabilities increased by$44,000 during 2014.

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