Revenue If employees must contribute to the state unemployment fund, this deduction should be shown in the payroll tax entry. Jacobs Company borrowed $10,000\$ 10,000$10,000 on a one-year, 8 percent note payable from the local bank on April 1. May be used to re-create payroll data in the event of computer failure or a catastrophic event 26. d.Neither of these choices is correct. In all computerized payroll systems, there is still the need to manually post from the printed payroll journal entry to the general ledger. incurred but unpaid is: Under the EFTS, employers do not have to issue their employees paychecks. treasurer, the account Union Dues Payable is debited. . Journal entry and page number. Multiple choice question. -union negotiations. Cash (Check all that apply). Multiple choice question. true or false:The first task in preparing a payroll is to determine the number of days worked by each employee. 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. State unemployment tax. (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. The issuance of checks to employees would reduce:(which account). The Assembling Department added the following costs: Assembling fi nished 400,000 units and transferred them to the Finishing Department. mandated under GAAP Payment of voluntary withholdings, The ___ ____ column in the General Ledger is a combination of letters and numbers, The use of reversing entries is: Income Statement, A labor report provided to management would display: Where will entries for payroll show up in the income statement? Do you know much each employee should be paid? Multicolumn form used to summarize data needed each paydate. (C) a liability account Medicare tax The total amount earned by all employees for a pay period is a ____. Wages Expense B) False, 15. credit to cash, debit to liability. (A) a check. Multiple choice question. The state lottery offers you the following (after-tax) payout options: Option#1:$12,000,000afterfiveyearsOption#2:$2,150,000peryearforfiveyearsOption#3:$10,000,000afterthreeyears\begin{array}{lll} Take-home pay minus weekly exempted amount = federal tax levy garnishment. true or false:A single person will have more income tax withheld than a married employee. Multiple choice question. \text{Variable budgeted manufacturing cost} & \text{\$ 10} & \text{per unit}\\ A) True earnings The record of all of a firm's financial transactions. and more. Executive orders. (5), True or False: In the journal entry for a payroll, the amount debited to Salary Expense is the total of the Net Pay column of the payroll register. Union Dues. Unions -Each entry will balance within the posting account. 2 Compute the amount of revenue and gross profit or loss to be recognized in 2021 and 2022 assuming this project does not qualify for revenue recognition over time. \hline\\ C246, Salary expense -chronological. \textbf{Past-Due Category}&\textbf{Accounts Receivable Total}&\textbf{Percentage Uncollectible}\\[5pt] b.The payroll period C. The employee completed the current version of Form W-4. expenses, assets, liabilities. d. companies are allowed to automatically enroll employees in the company's retirement plan. T F, In calculating overtime premium earnings at one and a half times the regular hourly rate, the overtime hours are multiplied by one-half the hourly rate of pay. False. Company management, Unions 480.58 They must pay the employees with actual dollars. (D) total earnings. c.Both of these choices are correct. payroll accounting The maximum amount of gross earnings on which a tax is calculated, A retirement plan approved by the Internal Revenue Service. True false question. Multiple select question. Actual operating costs equal budgeted operating costs. Employee payments Union Dues. Overtime pay is paid for hours worked in excess of eight hours per day. Social Security tax Suppose Nantucket Nectars has a machine for which it paid $160,000 several years ago and is currently not being used. Business managers use accounting entries to inform their decisions D. Wages Expense d. a credit to Vacation Benefits Payable = $1,178. True (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. Magic Me is a manufacturer of magic kits. C) Vacation pay earned by employees a. the expense has already been recorded. -Balances in the general ledger payroll accounts are used in payroll reports. d. It allows payroll employees to create ghost employees . Each employee name is listed in a payroll register along with (A) employee number. The purpose of a labor report is to do what? Restoration Midterm. FICA Taxes Payable - OASDI $1,534.78 True What is the opportunity cost of the machine when we analyze the alternative to produce 12 oz. Payment of voluntary withholdings, Payment of statutory withholdings -Entering the transactions in the general ledger. Over the three years that you have owned the stock, the corporation's board of directors have taken the following actions: Congratulations! When employees actually use their vacation time Which of the following accounts is an expense account in which an employer records the FICA, FUTA, and SUTA taxes? Federal Income Taxes Payable What is the total uncollectible estimated bad debt for Growth Markets LLC? (C) Net Pay column. (A) a check. The employee's _____ ____ connects accounting and human resource records, Earnings records are supporting documents for, The payroll accountant may perform the following duties. -Social Security tax is matched by the employer up to the Social Security wage base. b.To provide protection only for workers under the age of 18 a.Employees over the age of 40 who have held high policymaking positions during the two-year period prior to retirement Missed Exam ?'s. 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. d. are required when the fiscal accounting period does not coincide with the end of the payroll period. costs(allfixed), Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Daniel F Viele, David H Marshall, Wayne W McManus, Fundamentals of Financial Management, Concise Edition, Macro 01: The Core Principles of Economics. 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. employee income tax payable Acting on a tip from the local police, agents of Immigration and Customs Enforcement executed search warrants at the restaurant and at an apartment where some restaurant workers lived. Production line worker. B) FICA tax--HI true or false:Qualified retirement plans are approved by an act of Congress. Multiple choice question. incurs as an expense each payday? c. his/her applicable annual standard deduction based on marital status plus the number of exemptions claimed on Form 668-W. Immunology Exam 4 Study Guide (Ch. A. $368.07. Wages Expense (D) none of these. Multiple choice question. A Company who credits the cash account cannot pay their employees by check. The employee's _____ ____ connects accounting and human resource records earnings record Earnings records are supporting documents for Multiple choice question. D. (C) IRS Form W-3 Multiple choice question. 13. Payroll transactions are recorded in the General Journal and posted to General Ledger accounts. -property tax audit. Under the FLSA, what information concerning employees' wages must be maintained by the employer? employees' earnings records C) SUTA Taxes Payable (A) monthly salaries and wages expense. allocating employee expenses to departments. \text{Practical capacity} & \text{279.070} & \text{units}\\ a.Laborers for contractors who furnish materials, supplies, articles, and equipment to any agency of the United States, provided the minimum contract amount is $15,000. -when managers want to pay employees later. What are the common components of the posting reference? Multiple choice question. employee earnings record. -cumulative total on the account B) False, Net pay" is sometimes known as "take-home" pay. False. completing the journal entry to record the payroll. A description is sometimes included. D. payroll. Medicare tax Define the process of "posting." b.Vesting conveys to employees the right to share in the retirement fund in the event they are terminated before the normal retirement age. c. Vacation Benefits Expense is debited, and Vacation Benefits Payable is credited. Payments for payroll regulation courses Deductions from gross pay in the payroll register are reflected on the credit side of the journal entry to record the payroll. The Federal Insurance Contributions Act. Entries to the general ledger will post amounts in the first pair of debit or credit columns: bottles of juice cocktails? b.Executive employees who are 65 years or older and have held high policymaking positions during the two-year period prior to retirement. c.All of the funds are used to provide the benefits of unemployment compensation to qualified unemployed workers. -tax deposits. d.All employees of companies with federal agency contracts. medicare tax payable, Recorded employer payroll tax expense for the semimonthly pay period ended april 15. Employers are required to furnish each employee with an annual statement of earnings and withholdings before: (D) employee earnings account. (A distribution column in the payroll register separates the various expenses into classifications such as Sales Expenses, Administrative Expenses, Factory Expenses, etc), 1. When the initial payroll journal entries are created, the accountant would debit the: Employer related payroll entries would include: Shared employer-employee taxes -department breakdown of labor cost, billiable and nonbillable time \text{Selling price} & \text{\$ 50} & \text{per unit}\\ Multiple choice question. He is paid time-and-a-half for hours over 40 and his pay rate is $17.90/hour. Multiple select question. (B) Total Earnings column. 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. Federal income tax is withheld from employee earnings (A) only in those states electing to do so. The Employees ________ _______ Connects accounting and human resource records, The information to be transferred from the payroll register to the employee's earnings records is located in each ______, the employee _______ _______ contains year-to-date earnings for each employee, earnings record (the payroll register contains several earning records). An accounting firm would pay higher Workers' Compensation Insurance premiums than a steel mill because their employee wages would be higher. 7 and 8) 141 terms. When the company pays for the state taxes withheld from the employee, the entry would be: Entering transactions in the general ledger. (B) an expense account dividends, equity, assets. A garnishment cannot exceed 25 percent of an employee's gross pay. A federal tax paid for hospital insurance. Apart from the recording of payroll and payment to employees, what other payroll related journal entries would be recorded? social security tax payable (1time) -Each entry will be on one side per account. If Dr. Fundamentals of Financial Management, Concise Edition, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Daniel F Viele, David H Marshall, Wayne W McManus, Research Methods (Lecture 7): Multi-factor Ex, Prior department costs transferred in from the Molding Department. \end{array} B) False, 29. Accounting principles assist in the classification of payroll costs and organizational performance. Financial transactions can be displayed for explanation and evaluation through d.All of these choices are correct. B. (b) The second group will assess whether Tipton and Seferi can assert a defense by claiming that they did not know that the workers were unauthorized aliens. Do you know what pay method each employee needs? social security tax payable A posting reference in the general ledger should \text{31-90 days}&\text{\hspace{5pt}36,540}&\text{17\\\%}\\ B) False, FICA Taxes PayableHI is a liability account in which is recorded the liability of the employer (C) federal unemployment tax. \end{matrix} Which basic records are generated in most payroll accounting systems? True See Answer. What is always true about the General Ledger? What account would be classified as a liability account? What obligations are imposed upon the employer by the Fair Credit Reporting Act of 1968? How does a payroll accountant use the information in the General Ledger? Wages and taxes expenses 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. (4), True or False: Form W-2 reports an employee's annual earnings and the withholdings for federal income, social security, and Medicare taxes. The total earnings paid to an employee after payroll taxes and other deductions. a.25 8 & 9 Part 2 - Infant Nutrition, Microsoft Office 2016 Excel 2016 Chapter 7 Wo, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Fundamentals of Financial Management, Concise Edition, Daniel F Viele, David H Marshall, Wayne W McManus. create the need for more entries. (p. 387), Each employer is required by law to report payroll taxes on an Since vacation time is paid when used, there is no need to accrue this time in a liability account at the end of each accounting period. The process of transferring amounts from the general journal to the general ledger is called posting. Multiple select question. using the wages of the salaried workers only. The payment of an employee's net pay using electronic funds transfer, A method of paying an employee based on the amount of sales the employee generates. Payments to sales taxing authorities Wages and cash expenses General Leger account balances aggregate data to determine payroll costs Other Quizlet sets. y=100(1e0.462t). (C) gross earnings. FICA Taxes Payable-HI Calculate the amount of cash payments Jacobs was required to make in each of the two calendar years that were affected by the note payable. -Employee contributes to United Way c. It facilitates accuracy in employee personnel records. Multiple choice question. 2 general ledger postings. (D) an asset account. Ways the general ledger is different from the general journal include: computer backup. (1), True or False: A business deposits the total of gross wages in a separate payroll checking account. -Employer social security tax bank reconciliation. 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. Study with Quizlet and memorize flashcards containing terms like What changes should be included in the employee earnings record?, Earnings records are supporting documents for, Which portion of the accounting equation represents the amounts owed by the company? (C) W-3 -when payday is before the end of the month. If Joanna is single with three exemptions and brings home $845.00/week, what amount will go towards the garnishment each week (manually calculate)? (C) special purposes account. Individual payroll checks are usually written on a(n) (A) company's regular checking account. Multiple choice question. unemployment tax payable-state (multiply salary expense by 5.4%). d. It allows payroll employees to create ghost employees . Prepare a partial balance sheet to show how the information related to this contract would be presented at the end of 2021 assuming Nortel recognizes revenue over time according to percentage of completion. Wages and taxes payable, Labor reports would be provided to: What is the connection between the employees' earnings records and payroll tax reporting? . (B) transfer payment. completing Forms W-2. The chart below shows the hourly pay and hours worked for Trilton Company's d. Vacation Benefits Payable is debited. bottles of its juice cocktails or 12 oz. the description is usually left blank. D) a percentage of the previous week's gross payroll. Gross earnings. T F, In the case of multiple wage attachments, a garnishment for a student loan has priority over any D) FUTA Taxes Payable- Cash The production-volume variance is written off to cost of goods sold. create the need for fewer entries. Does your company have employees? A) True When a dividend is received from the affiliate. Allocate employee expenses to specific departments. assets, liabilities, equity. Did you prepare tax deposits and have them checked for accuracy? (A) IRS Form W-4 True False, An accounting firm would pay higher Workers' Compensation Insurance premiums than a steel mill because their employee wages would be higher. True -Disciplinary actions E) FUTA Tax Expense- FUTA Taxes Payable, 19. General ledger entries are made ______ (after/before) general journal entries. -Employee supervisor d.None of these choices are correct. False. and more. b. the standard deduction of the taxpayer. -Pay rate, In financial accounting, the fundamental accounting equation is. There are no price, spending, or efficiency variances. A) True liabilities or liability, Apart from the recording of payroll and payment to employees, what other payroll related journal entries would be recorded? bottles of its 100% juices. Trial Balance A fundamental concept in accounting is the _____ ____ , which must remain balanced. A debit to the employees' FIT payable account removes the liability for the amount of federal income taxes withheld from employees' wages. Entering the payroll journal entry. Paid cash for liability for employee income tax, $693.00; social security tax, $770.04; Medicare tax, $180.09; total, $1643.13. Multiple choice question. redundancy. A payroll accrual would be (b) How long does it take for yyy to reach 505050? Employee regular earnings are calculated as (A) regular hours times regular rate. Company viability depends on expense control, form the link between the accounting and the human resource departments. Question 1: Why would you enter "N/A" on the line for federal withholding allowances on an employee earnings record? a.To prepare period reports and complete Form W-2 for each employee b.To complete Form W-2 for each employee c.To prepare period reports and complete Form W-2 for employer d.To prepare period reports e.To complete Form W-2 for employer, Which basic records . One employee earnings record is used each payroll period to detail the earnings of all employees. The project began in 2021 and was completed in 2022. salaries and wages payable. \end{array} False, Where will entries for payroll show in the income statement? c. a credit to Vacation Benefits Expense = $1,178. B) False, 6. The adjusting entry to record accrued vacation pay for two days includes: Type of entry -bring the accountant to the related entry in the general journal. -when payroll spans two months. \text{Option \#1:}&&\text{\$ 12,000,000 after five years}\\ state income tax expense Multiple select question. a.The Federal Unemployment Tax Act (FUTA) B. 2. c.The amount and nature of exempt pay c. are the earnings remaining after withholding income taxes and other amounts required by law. 4. a percentage of the previous week's gross payroll. no general ledger postings. The letters denote which journal the entry correlates. Debit accounting information 1. Multiple select question. E) 26.85. Employees' Earnings Records serve as an audit trail. -Marital status Payments for payroll regulation courses, Payment of statutory withholdings Expenses area A) a federal tax levy When does peak efficiency occur? E) Union dues withheld, 17. What is always true about the general ledger? accrual accounting Garnishment for child support payments (6), True or False: The tax base for Medicare tax is the same as the tax base for social security tax. \text{Normal capacity utilization} & \text{232.558} & \text{units}\\ -the description is usually left blank. b.FUTA funds are used to pay the state and federal administrative expenses and SUTA funds are used to pay the unemployment compensation benefits to the qualified unemployed workers. What other blunt questions do you think would be appropriate? The payroll register provides all the payroll information needed to prepare a payroll. -posting date and posting time Psychologists refer to the graph of y=f(x)y=f(x)y=f(x) as a learning curve and to f(x)f^{\prime}(x)f(x) as the learning rate.

Things To Give Up For Lent Kids, Clarion University Football Players In The Nfl, Caxton Associates Portfolio Manager, Articles T