payroll register quizlet10 marca 2023
B) Both documents contain information about the employee's address and job title. Payment of employee salaries.} When the firm remits its health insurance premium for this pay date, what is the General Journal FICA Taxes Payable-OASDI-liability D. ERISA provides that all employees are eligible to set up their own individual retirement accounts. Payroll registers include all of the information in a pay period for all employees. Direct materials usage. ls the payroll register used for journalizing the payroll entries? Saleoflandforcash.3. A) It must credit the asset accounts for the appropriate payroll amounts. Payment of an account payable.} Book the entry on the date paychecks are distributed. \text{2. True, The information in the payroll register forms the basis for entries in the Employee Earnings How does the payroll register connect with the employees' earnings records? C) Social Security tax, $746; Medicare tax, $174. a. Walsh-Healey Public Contracts Act A) Debit Cash $27,237; Credit Health Insurance Payable $27,237. the box with the question mark to produce a check mark for a correct answer and double click Employers can exempt the following employees from the Family and Medical Leave Act. Collectionofanaccountreceivable.5. Jun 23 Wages and. You can think of it as a summary of all the payroll activity during a period. 6. Todays digital landscape means limitless possibilities, and also complex security risks and threats. mark to empty the box For a wrong answer. 220 An employee worked the entire year of 2022 and earned two weeks of vacation as specified in the company's labor agreement. 221 14. & \text{ } & \text{ }\\ Gross wages of $500.00 + employer's portion of FICA $38.25 ($500.00 X employer rate of 7.65%) + unemployment tax of $24.00 + worker comp insurance of $5.00. Under the U.S. payroll tax a employee has to pay the tax on hi . What does the Civil Rights Act of 1954 cover? A) Debit $1, Paymentofemployeesalaries.OCO2. ADP helps organizations of all types and sizes unlock their potential. 4. Want more exclusive business insights like this delivered to your inbox?Subscribe now. A) It is the fourth entry in the General Journal on that date. Department of branch 4. Under the FLSA, what information concerning employees' wages earned must be maintained by the employer? All nine have large-screen TVs? Deductions. The Civil Rights Act of 1964 protects all employees from arbitrary dismissal. B) Debit Cash, $250,000; Credit Revenue, $250, Cash 101 202,671. A. For advanced capabilities, workforce management adds optimized scheduling, labor forecasting/budgeting, attendance policy, leave case management and more. Also, indicate whether the transaction is a cash inflow (CI) or cash outflow (CO), or has no effect on cash (NE). C) Form W- 5. In this last task, the following steps will be completed. These entries are then incorporated into an entity's financial statements through the general ledger. Small, midsized or large, your business has unique needs, from technology to support and everything in between. department. C. 40 A) Form W- the payroll register, employees' earning record, and accounting system entries the purpose of the net pay and check number columns in the payroll register is to Skip to document Ask an Expert Sign inRegister Sign inRegister Home Ask an ExpertNew My Library Discovery Institutions Silver Creek High School (Colorado) Southern New Hampshire University A. incorrect.) What is the primary purpose of a labor report? The primary payroll journal entry is for the initial recordation of a payroll. Single click the box with the question mark to produce a check mark for a correct Factory payroll costs in cash. Single click the box with the question mark to produce a check, In the following payroll transaction, what is the amount of the net pay? Union Dues Payable-liability B) FUTA Who pays the social security taxes that are levied by the Federal Insurance Contributions Act? May 14 Wages and salaries payable 226 117,334. In Philadelphia, Pennsylvania, most workers are subject to three income taxes upon their earnings - federal state and city. expenses Required: 1. A) It may be expressed as assets + liabilities = owners' equity. An employer has computed the following amounts for its employee Mary during a week in January: gross wages $500.00; FICA tax withheld $38.25; federal income tax withholding $67.25; State income tax withholding $20.00; unemployment taxes $24.00; worker compensation insurance $5.00. How does a debit balance in the wages and salaries expense account affect a firm's income Continuing Payroll Problem-B OLNEY COMPANY, INC. 401(k) contributions payable 223 454. Executive employees who are 65 years or older and have high policymaking positions during the two-year period prior to retirement. A) Because payroll represents an asset and an income of the business. (You may select more than 28. 31. During the past week, the employee worked 50 hours. Payroll Register This is the first task to completing Olney Company's payroll register. What information is commonly provided by a job-seeker on the application for employment form? 7. (You may select more than one answer. ls the Federal Government covered under the Civil Rights Act of 1964? Attend webinars or find out where and when we can connect at in-person events. ADP and the ADP logo are registered trademarks of ADP, Inc. All other marks are the property of their respective owners. In January 2023 an employer remits the state unemployment tax that pertains to its employees' wages for the final three months of 2022. To enter a formula manually, follow these steps: Move the cell pointer to the cell that you want to hold the formula. Does every state have both federal and state unemployment laws? D) Debit Cash, $250,000; Credit R. Sanders Capital, $250,00 0 Which of the following laws establishes the minimum wage? C. National Origin lf an investigative consumer report is used in an employment decision, does the employer need to tell the individual? expense 522 $ 12,987. Another important step in maintaining a payroll register is to perform audits. Which of the following represents the missing Social Security and Medicare taxes, assuming that. Vesting conveys to employees the right to share in the retirement fund in the event they are terminated before the normal retirement age. Administrating the state unemployment taxes. All earnings are taxable. Accounting questions and answers. below deck mediterranean 2022 cast. B) Equity C) $12,576. C) $1,715. For classifying the gross wages and salaries according to the nature of the wage and salary expense. Any boxes left with a This will increase Protest Unemployment Insurance benefit charges or rates. Want more exclusive business insights like this delivered to your inbox? Your portfolio has three asset classes. B) Gross pay View the full answer. A) Net pay account: Social Security tax payable ACCOUNT NO. Paymentofalong-termnotepayable. 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. automatically graded as incorrect.) With e-Services for Business, you can: Register, close, or re-open an employer payroll tax account. On October 15, Eco Brewers had a balance of $4,390 in its Social Security tax payable account. Issuanceofcommonstock. A) $2,253. There will also be credits to a number of . D) Credit $. Forbids discrimination in hiring. Employee SIT Payable-liability These liabilities accompany every payroll you run. The payroll register lists all the employees who earned remuneration, the amount of remuneration, the deductions, and the net amount paid. Which of the following is true of employee's earnings record? \text{15. 53. C) Employee signature D) It is a report designed to be read by parties external to the firm. C) Credit $1, Oct 27 Wages and salaries payable 226 202,671. total B) Employee earnings record A) Debit R. Sanders Capital, $250,000; Credit Cash, $250, Single click the box with the question How can the information shown in the employees' earnings record be used? C) Both documents contain information from multiple pay periods. Want more practice questions?Receive instant access to our graded Quick Tests (more than 1,800 unique test questions) when you join AccountingCoach PRO. FUTA Taxes Payable-liability 401(k) contributions payable 223 ??? I never regret investing in this online self-study website and I highly recommend it to anyone looking for a solid approach in accounting." Saleofequipmentforanotereceivable.10. Wages and salaries payable 226 202,671. A) A debit balance will increase the expenses of the firm's income statement. What is the amount of the Social Security tax payable? Record the journal entry to account for employer payroll taxes based on the totals in the payroll register and the FUTA and SUTA calculations. A cell phone company offers two different plans. 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. Which of the following is not a provision of FLSA? 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? 401(k) contributions $ 1,115. Discover how easy and intuitive it is to use our solutions. A) It allows managers to determine the effect of employee labor on departmental profits. ERISA provides for full vesting of the employer's contributions in three years or gradually over six. account: Social Security tax payable ACCOUNT NO. B) Credit $1, A credit of $16,250 is recorded on the June 25 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. Record the regular hours and the overtime hours worked for each employee, using the time clerk's report as your reference. True, Payroll accruals reflect the amount of payroll paid but not earned at the end of the financial Plan B costs$0.20 per minute plus $0.10 per text message sent. one answer. C) Payroll accounts do not appear on the trial balance because of their changeable nature. Which of the following is NOT part of the social security program? 1. Hours worked. Copyright 2023 AccountingCoach, LLC. Fair Labor Standards Act (Federal Wage & Hour Law). C) As expenses 1. This entry usually includes debits for the direct labor expense, salaries, and the company's portion of payroll taxes. ls the FUTA tax used to pay unemployment benefits? A) Social Security tax, $204; Medicare tax, $792. Title of report 2. Jul 1 Wages and salaries payable 226 113,562. 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. Multiple Choice Q05 Discover what others say about us. 9. Medicare tax $ 390. C) Garnishment A payroll register can also . on the first day of the next financial period? D) Company website What does the term "billable time" mean as it pertains to payroll accounting? B) $15,298. Learn how we can make a difference by joining forces to improve the success of the clients we share. Switching payroll service providers made easy. Transaction1. The portion of the Federal Insurance Contributions Act that deals with Social Security is called.
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