(A) monthly 3. Payment of voluntary withholding, When payday is after the end of the month (C) employee accounts payable record. Social Security tax the master document accountants use to track employees' marital status, deductions (mandatory, voluntary, and mandated), and year-to-date earnings 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. Government officials c.Laborers for contractors who furnish materials, supplies, articles, and equipment to any agency of the United States, provided the minimum contract amount is $2,000. Study with Quizlet and memorize flashcards containing terms like In each pay period, the payroll information for each employee is recorded on his or her employee earnings record, The payroll register provides all the payroll information needed to prepare a payroll, A business deposits the total of gross wages in a separate payroll checking account and more. A state tax used to pay benefits to unemployed workers is: Write your answers in simplest terms. T-accounts. dividends, expenses, assets. The employee earns more than the federal. c. is used to record Workers' Compensation premiums paid by the employee. d. a credit to Vacation Benefits Payable = $1,178. Magic Me is a manufacturer of magic kits. \text { Billings during the year } & 380,000 & 1,620,000 \\ (1) . incurred but unpaid is: - Designated to inform managers and department heads. The employee's _____ ____ connects accounting and human resource records earnings record Earnings records are supporting documents for Multiple choice question. general ledger entries. d. the Payroll Manager is required by the IRS to submit the electronic records for verification. Multiple select question. -Balances in the general ledger payroll accounts are used in payroll reports. 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? When the company pays for the state taxes withheld from the employee, the entry would be: Entering transactions in the general ledger. A) True state income tax expense following except: Employee taxes A) a federal tax levy all income & expense accounts are included in the report; only accounts w/ balances @ the end of the period are included. c.Both of these choices are correct. and more. assets, liabilities, equity. b. is used to record the company's' liability to injured workers. 2020, to record compensation expense, if any, in 2020. c. Prepare the entry on December 31, 2020, assuming that all 150,000 SARs are exercised. (D) semiannually. 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. E) FUTA Tax Expense- FUTA Taxes Payable, 19. Balances in the general ledger payroll accounts are used in payroll reports If employees must contribute to the state unemployment fund, this deduction should be shown in the payroll tax entry. 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. Payment of voluntary withholdings payroll register employee's earnings record employee history record personnel record, The information provided in the payroll register is used primarily to meet the requirements of the Fair Labor Standards Act. (p. 387), Each employer is required by law to report payroll taxes on an -Employer matches 401(k) contributions What is the original entry point for payroll information into the accounting system? D. payroll. a. D) preparing reports required by state unemployment compensation laws. -bring the accountant to the next entry in the general ledger. . c. It facilitates accuracy in employee personnel records. create the need for fewer entries. A debit to an account in a general journal transaction is a debit to that account in the general ledger What obligations are imposed upon the employer by the Fair Credit Reporting Act of 1968? medicare tax payable, Recorded employer payroll tax expense for the semimonthly pay period ended april 15. M52, payroll taxes expense Antidiscrimination orders for employees with contracts involving federal funds. Restoration Midterm. adjusted in the next month. False, Which of the following accounts will appear on the balance sheet? salaries and wages payable. False. Each employer must file a _________ federal tax return showing the federal income tax, social security tax, and Medicare tax due the government. Tipped employee. (B) Total Earnings column. Federal Income tax Federal income tax is withheld from employee earnings (A) only in those states electing to do so. The first pair of debit and credit columns on the general ledger are for: The second set of debit and credit columns in the general ledger show: The cash based business will show an increase in payroll expenses when: In a manufacturing environment, which of the employees time would be considered entirely directly billable? False. Direct deposit of paychecks can be forced on employees in every state. union negotiations. Fair Labor Standards Act. An employer: a. Which of the following is not an expense of the employer? What is f(x)f(x)f(x) ? B) False, Net pay" is sometimes known as "take-home" pay. Federal Income Tax The purpose of a labor report is to do what? Multiple choice question. When a dividend is received from the affiliate. The reports are identical and provide necessary redundancy. (C) total hours plus overtime rate. Ways the general ledger is different from the general journal include: -when new entries reduce the account balance (A) a revenue 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. CostsincurredduringtheyearEstimatedcoststocompleteasof12/31BillingsduringtheyearCashcollectionsduringtheyear2021$300,0001,200,000380,000250,0002022$1,575,00001,620,0001,750,000. A) Garnishment for child support payments The cash based businesses will show an increase in payroll expenses when: d. and an employee earnings record? a business form used to record details affecting payments made to an employee. The total pay due for a pay period before deductions is ____. a percentage of the previous week's net payroll. a. wages for child support. True Examples of payroll related liabilities include: Garnishments collecting the time sheets for the days accrued. 1. Accounting principles assist in the classification of payroll costs and organizational performance. Payroll records serve as backup for Did you prepare tax deposits and have them checked for accuracy? (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. -by account type. (A) a check. 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. Multiple choice question. Provides information for decision-makers about costs and company profitability create the need for more entries. False, An employee who is garnished creates a liability for the business. b. are only necessary when employees are paid in cash at the end of the year. What is the second line in the general journal entry used for? In all computerized payroll systems, there is still the need to manually post from the printed payroll journal entry to the general ledger. The amount that an employee is allowed to keep as take-home pay when a federal tax levy is in play is: when payroll spans two months. -Employer social security tax 4. redundancy. mandated under GAAP C. The employee completed the current version of Form W-4. (C) annually. Multiple choice question. Prepare a production cost report using the weighted-average method. unnecessary under GAAP true or false: The larger the number of withholding allowances claimed, the larger the amount of income tax withheld. -per employee wage reporting Garnishments -when payday is before the end of the month. It produces a plastic toy in three separate departments: Molding, Assembling, and Finishing. common stockholders Prepare a partial balance sheet to show how the information related to this contract would be presented at the end of 2021 assuming this project does not qualify for revenue recognition over time. True false question. The employees' gross earnings are posted to which General Journal account? T F, The employer keeps track of each employee's accumulated wages in the employee's earnings record. B) False, The employee's earnings record provides information for each of the The employee's earnings record provides information for each of the following except: 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. Wages Payable Closing entries a. they are part of the payroll package required to be sent to the IRS on an annual basis. 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. Liabilities area a. is used to record Workers' Compensation premiums paid by the company. Other Quizlet sets. Business managers use accounting entries to inform their decisions Overtime pay is paid for hours worked in excess of eight hours per day. -department breakdown of labor cost, billiable and nonbillable time a percentage of the previous week's gross payroll. d. It allows payroll employees to create ghost employees . liabilities or liability, Apart from the recording of payroll and payment to employees, what other payroll related journal entries would be recorded? 13. 401k contributions payable, SS tax payable. credit to cash, debit to liability. \text { Estimated costs to complete as of } 12 / 31 & 1,200,000 & -0- \\ \end{matrix} -refer to the employee being paid in the general journal. State unemployment tax 401(k) contributions expense Payroll costs represent an expense of the business. D. FUTA Taxes Payable Assume Nortel Networks contracted to provide a customer with Internet infrastructure for $2,000,000. A qualified retirement plan sponsored by an employer. Employees FIT Payable $987.00, ($1,534.78 + $358.94 + $987.00) = $2,880.72. and more. general ledger entries. What is always true about the income statement? (A) unemployment taxable earnings. E) FUTA Tax Expense- FUTA Taxes Payable, 14. -bank reconciliation. -debit state withholding $1,234, The second set of debit and credit balances in a general ledger will: Amounts withheld from employees' wages for health insurance are credited to a liability account. the need for increased or decreased staff within a department, determining market price for company products, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Fundamentals of Financial Management, Concise Edition, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield. Did you update the employees' earning records? adjusted when employees are paid. Gross earnings. Highest 50 percent c. Highest 5 percent, d. Highest 80 percent e. Lowest 10 percent f. Middle 50 percent, g. Lowest 93 percent h. Middle 95 percent i. Social Security Tax Payable d.All employees of companies with federal agency contracts. FIT Payable The issuance of checks to employees would reduce:(which account). Are the tax returns and remittances approved and signed by the appropriate parties? Using an automated entry, the payroll accountant would record transactions through May be used to re-create payroll data in the event of computer failure or a catastrophic event 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. requires deduction from employee paychecks . c. are the earnings remaining after withholding income taxes and other amounts required by law. T F, For the purpose of a federal tax levy, the IRS defines take-home pay as the gross pay less taxes Jacobs Company borrowed $10,000\$ 10,000$10,000 on a one-year, 8 percent note payable from the local bank on April 1. Multiple choice question. There are no price, spending, or efficiency variances. For each choice of denominator level, the budgeted production cost per unit is also the cost per unit of beginning inventory. Past-DueCategoryAccountsReceivableTotalPercentageUncollectible0-30days$22,4806%31-90days36,54017%Over90days15,33025%\begin{array}{c} with the Form 940 reconciliation at the end of the year. TheoreticalcapacityPracticalcapacityNormalcapacityutilizationSellingpriceBeginninginventoryProductionSalesvolumeVariablebudgetedmanufacturingcostTotalbudgetedfixedmanufacturingcostsTotalbudgetedoperating(non-manuf.) See Answer. c. What is the percent of definitely responses in each age group? (B) is the total earnings since the first of the year. b. Tips received by employees are included as disposable earnings subject to garnishment for child support. E) None of the above. -current entry amount and account SUTA Taxes Payable $383.69 (D) Total Deductions column. The account balances form the basis for accounting reports. computer backup. Employees' Earnings Records serve as an audit trail. employer records the FICA, FUTA, and SUTA taxes? Take-home pay minus weekly exempted amount = federal tax levy garnishment. False. C) SUTA Taxes Payable (A) December 31 of the current year. \hline\\ computer backup. 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: Suppose the learning rate is Wages Expense is debited and Cash is credited. A federal tax paid for hospital insurance. FUTA Taxes Payable, The entry made at the end of the accounting period to record wages Assets B) False, 29. Shared taxes remove the accrual from the account balances. expenses, assets, liabilities. (9). B) False, 18. 401(k) contributions expense A distribution column in a payroll register separates payroll expenses into classifications such as FUTA, SUTA and net payroll. The letters denote which journal the entry correlates. SURVEY . Union Dues. A. 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} Under the Affordable Care Act, which employers are required to provide insurance coverage for all full-time employees and their dependents? (C) IRS Form W-3 -company breakdown of supply usage Multiple select question. Compute the amount of revenue and gross profit or loss to be recognized in 2021 and 2022 assuming Nortel recognizes revenue over time according to percentage of completion. a.To prohibit discrimination on the basis of age in the employment practices of employer. (C) gross earnings. (D) in all 50 states. Multiple choice question. b. the account "Vacation Benefits Expense" is credited. The chart below shows the hourly pay and hours worked for Trilton Company's Wages expense, On which accounting reports would payroll-related assets appear? employee earnings record. FICA Taxes Payable-OASDI The following accounts receivable information pertains to Growth Markets LLC. 9. Where will entries for payroll show up in the income statement? Wages Expense (B) separate payroll checking account. and more. a.25 Which of these accounts shows the total gross earnings that the employer d.Only "A payroll register" and "The employee's earnings record" are correct. (3), True or False: The timing of payroll tax payments is based on the amount owed. (p. 378), The payroll journal entry is based on the totals of the payroll register (A) Total . 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. for each event. The employee's _____ ____ connects accounting and human resource records, Earnings records are supporting documents for, The payroll accountant may perform the following duties. Douglas Toys is a manufacturer that applies the weighted-average process costing method to account for costs of production. one-sided journal entries. Tipton and Seferi were charged with hiring and harboring undocumented aliens. Multiple choice question. a.They must disclose to the job applicant that they are seeking an investigative report. Employer taxes, Shared taxes (p. 389), The form used to report annual earnings and payroll taxes for all employees to the Social Security Administration is the The Form 940 is the source document for all employee payroll journal entries. The general ledger contains information about the individual accounts used in general journal transactions -journal entry and page number, letter and number -Entering the transactions in the general ledger. What is the purpose of the Age Discrimination in Employment Act (ADEA)? Experts are tested by Chegg as specialists in their subject area. (A distribution column in the payroll register separates the various expenses into classifications such as Sales Expenses, Administrative Expenses, Factory Expenses, etc), 1. \text{Option \#2:}&&\text{\$\hspace{7pt}2,150,000 per year for five years}\\ (B) total hours divided by regular rate. (B) payroll . The account "Workers' Compensation Insurance Expense": Multiple select question. Entries to the general ledger will post amounts in the first pair of debit or credit columns: purchasing managers 480.58 Multiple choice question. accounting period, the amount of the adjustment would usually be (A) tax reimbursement. journal entry and page number. It adds complexity to the personnel recordkeeping. Study with Quizlet and memorize flashcards containing terms like True, False, False and more. 4. d. companies are allowed to automatically enroll employees in the company's retirement plan. Multiple select question. Production line worker. Entering the transactions in the general ledger. (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. Employee Income Tax Payable Allocate employee expenses to specific accounts Until the amounts withheld from employee salaries are paid by the employer, they are recorded as: 1 general ledger posting. Multiple choice question. Salaries Payable 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. -before journal entries are recorded -Marital status regular earnings plus overtime earnings. 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? B) FICA tax--HI Expenses area, Which of the following transactions would cause an asset to appear on the balance sheet related to payroll? Recording the individual balances of each paycheck. (C) total hours plus overtime rate. C) Wages Expense Payroll register. -chronological. disposable earnings. (A) a check. What are the common components of the posting reference? EE retirement income security act (ERISA). 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.
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