Issuance of bonds.} entry? The information in the payroll register forms the basis for entries in the Employee Earnings Records and the General Journal. Calculate regular and overtime pay. Chapter 7 quiz - the payroll register, employees' earning record, and accounting system entries. C) It allows payroll employees to divert funds into faux accounts. one answer. Saleofequipmentforanotereceivable. A) Employee pay accrual and employee pay disbursement \text{10. C) It is non-traceable labor that a company must absorb as overhead. C) Credit $1, DATE DESCRIPTION POST REF. Paymentofincometaxes.9. A magnifying glass. 55. accurate disbursal of payroll. the box With the question mark to empty the box for a wrong answer. You need to purchase a plan for your teenage sister. How does a debit balance in the wages and salaries expense account affect a firm's income A) Debit R. Sanders Capital, $250,000; Credit Cash, $250, Sale of equipment for a note receivable.} Type an equals sign (=) to signal the fact that the cell contains a formula. A) It is employee labor that may be billed to customers. Does FLSA require all employees to be paid weekly, biweekly', monthly? A payroll register can also . Employee benefits, flexible administration, business insurance, and retirement plans. D) information about the firm's liabilities D. Requires equal pay for equal work, regardless of gender. C) Form W- Learn how we can make your work easier. Purchaseoftreasurystock.14. Saleofequipmentforanotereceivable.10. All salaried employees. Any boxes left with a question mark will be automatically graded as Learn more about the senior executives who are leading ADPs business. expenses are, the lower the profitability will be. File, adjust, and print returns and reports. Sale of land for cash.} D. FMLA Dont just take our word for it. ADP is a better way to work for you and your employees, so everyone can reach their full potential. In what order are accounts presented on the trial balance? At the end of its accounting period, December 31, 2013, Ultima has assets of $942,000 and liabilities of$584,000. * Does the ADEA quit protecting employees after the age of 70? B) General Journal FICA Taxes payable-HI-liability 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. Administrating the state unemployment taxes. $3,825 of employee withholding ($50,000 X 0.0765), Exempt Salaried Employees Paid Semi-monthly. Security taxes? A) It is the fourth entry in the General Journal on that date. Q09. How might globalists and traditionalists view cultures, places, and regions differently. Purchaseofinventory.7. c. More than five have large-screen TVs? This will increase the B) As equity Were reimagining what it means to work, and doing so in profound ways. 21 February 7 Journalize the employer . D. 50 In January 2023 an employer remits the state unemployment tax that pertains to its employees' wages for the final three months of 2022. b. B) Both documents contain information about the employee's address and job title. Any Boxes left with a question mark will be automatically graded as incorrect.) 1. B) It is an individual register maintained for each employee, listing of all the payroll information. C) Employee earnings record Paymentofanaccountpayable.15. A company may occasionally print manual paychecks to employees, either because of pay adjustments or employment terminations. 2. BALANCE D) $1,875. We now offer 10 Certificates of Achievement for Introductory Accounting and Bookkeeping. account: ACCOUNT Federal withholding tax payable ACCOUNT NO. Collection of notes receivable.} must it do to recognize the liabilities and expenses? (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 A) Because payroll represents an asset and an income of the business. Executive employees who are 65 years or older and have high policymaking positions during the two-year period prior to retirement. Entitled to retirement program even if you're no longer working there. \text{13. D) The transaction appears on page four of the General Journal. Rushing River Boats has the following data in its Social Security tax payable General Ledger 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. 10. C) Social Security tax, $746; Medicare tax, $174. Prior year's earnings < Prev 18 of 40 . ADP and the ADP logo are registered trademarks of ADP, Inc. All other marks are the property of their respective owners. E. 65, Which of the following is not a provision of the Fair Labor Standards Act? & \text{ } & \text{ }\\ McHale Enterprises has the following incomplete General Journal entry for the most recent pay True, Payroll accruals reflect the amount of payroll paid but not earned at the end of the financial May an employer terminate an employee for lying on an application form? Whether you operate in multiple countries or just one, we can provide local expertise to support your global workforce strategy. Gross pay and net pay. 16. A) $399,472. After recording this entry, reverse it at the beginning of the following accounting period, and then record the actual payroll expense (as just described under the "Primary Payroll Journal Entry" section whenever it occurs. 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. ls the Federal Government covered under the Civil Rights Act of 1964? the payroll? 2. This entry usually includes debits for the direct labor expense, salaries, and the company's portion of payroll taxes. DEBIT CREDIT DEBIT CREDIT \text{7. Requirements: Record the deduction for group insurance. Any boxes left with a Correct answer: Option (1) Medicare tax is the correct answer. B) Payroll register Application of overhead to goods in process. Which act covers employee pension and welfare plan.? Record the journal entry to account for employer payroll taxes based on the totals in the payroll register and the FUTA and SUTA calculations. What is your sisters total cost under each of the two plans? How will payroll deductions from employees wages for their portion of 401K plans be recorded? What does the term "billable time" mean as it pertains to payroll accounting? Loantoanotherfirm. 221 *Graph the equation using the slope and $y$-intercept, as in the Previous Examples. Cash 101 117,334. Report changes to your business. 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? The purpose of payroll register is to record of all the payment details for employees during a specific pay period. Protection under the provisions of the Age Discrimination in Employment Act begins at what age?? Safe-guards your retirement plans *not required to have a pension plan. 66. Manage labor costs and compliance with easy time & attendance tools. D. All employees earning the minimum wage. \ Complete the Regular Earnings columns (Rate per Hour and Amount) for hourly employees. & \text{ } & \text{ }\\ Are pre-hire questions pertaining to religion, gender' national origin' or age allowed if these are bona fide occupational requirements of the job? d. At least seven homes have large-screen TVs? C) Credit $4, Cash 101 202,671. ordinance is passed? Make payments. The payroll register is a separate payroll record that is kept on each employee. It helps employers reconcile their payroll transactions and prepare quarterly and year-end tax reports. Regardless of the format, payroll registers tend to follow the same basic structure. B) It allows managers to predict future labor costs. automatically graded as incorrect.) Discover a wealth of knowledge to help you tackle payroll, HR and benefits, and compliance. C) Debit $ D) General journal numbers Are unions and employment agencies covered under the Civil Rights Act of 1964? Which of the following is not a provision of FLSA? Sometimes you will see all the taxes lumped together into one account called Payroll Taxes Payable. \text{5. This information is also reflected in summary level entries in the businesss general ledger. Collectionofnotesreceivable.8. A) Both documents contain year-to-date totals of taxes. 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? To which items is information from the payroll register transferred? 27. D) It adds complexity to the payroll register. False. 40. Purchaseofrentinadvance.4. B) A debit balance will increase the expenses of the firm's income statement. Payment of a long-term note payable.} Continuing Payroll Problem-B OLNEY COMPANY, INC. Federal withholding tax payable 220 399,472. An employee is hired at a pay rate of $10 per hour. BALANCE Under the Affordable care Act, does the insurance provided by the employer only need to meet an affordability test? For fill-in-the-blank questions, press or click on the blank space provided. D) It highlights issues and results of seasonal labor. A) It communicates departmental profitability. D) Social Security tax, $188; Medicare tax, $805. Issuanceofcommonstock. Q08. Does every state have state unemployment laws? in sin did my mother conceived me meaning What is the total amount of FICA that needs to be remitted by an employer in 2023 for an employee earning $50,000? Payroll Test #1 Flashcards | Quizlet Subjects Expert solutions Log in Sign up Payroll Test #1 Term 1 / 66 Does every state have state unemployment laws? Its easier to keep accurate payroll records and run reports quickly with payroll software. On which income statement will the state unemployment tax expense appear under accrual accounting? What special accounts must usually be opened in the general ledger to record payroll tax entries? According to Adam Smith, why do the butcher, brewer, and baker provide food for us to buy? D) Debit $8. < Prey 18 of 40 Pay period dates. B) FUTA employees' payroll, one for the employer's share of the taxes. on the first day of the next financial period? NAME MARITAL STAT. So that the total amount of accumulated wages can be recorded for each pay period thus when the accumulated wages of an employee reaches the cutoff level has been reached. 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? Record the regular hours and the overtime hours worked for each employee, using the time clerk's report as your reference. Payroll Register This is the first task to completing Olney Company's payroll register. Switching payroll service providers made easy. & \text{ } & \text{ }\\ 14. 6. \text{2. \text{1. A) $1,582. Direct labor usage. mark for a correct Answer and double click the box with the question mark to empty the box for C. Restrictions the employment of child labor. 8. e. None of the above. B) Debit $30, Quickly connect ADP solutions to popular software, ERPs and other HR systems. Todays digital landscape means limitless possibilities, and also complex security risks and threats. 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? C) Debit Health Insurance Payable $13,618; Credit Cash $13,618. Federal withholding tax payable 220 $ 2,207. Current period taxable earnings for FICA taxes are as. For what reason are "distribution" columns sometimes provided in the payroll register? From best practices to advice and HR consulting. The primary payroll journal entry is for the initial recordation of a payroll. & \text{ } & \text{ }\\ Under the Affordable Care Act, which employers are required to provide insurance coverage for all full-time employees and for their dependents? Neither The Balance Sheet Nor The Income Statement. A. How do accrued, but not paid, wages appear on the balance sheet? Social Security tax payable 221 17,980. Can employees view documents in their files that are marked confidential? Generally, a payroll register lists the following information about each employee: Gross pay Net pay Payroll taxes Employee deductions (e.g., health insurance) An employee worked the entire year of 2022 and earned two weeks of vacation as specified in the company's labor agreement. There may be an accrued wages entry that is recorded at the end of each accounting period, and which is intended to record the amount of wages owed to employees but not yet paid. Small, midsized or large, your business has unique needs, from technology to support and everything in between. Payroll registers also provide aggregate employee information at a glance, which can be helpful when depositing tax payments, filing tax returns and performing other basic accounting tasks. Name of each employee 5. Accounting questions and answers. A) Form W-4 B) Form W-2 C) Payroll register D) Employee earnings record 28. 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. \text{6. True Which of the following is true of employee's earnings record? C) Labor reports B) Payroll register What are the enhancing qualities of the qualitative characteristics? C) Employee pay disbursement and voluntary deduction remittance The amounts needed for the payroll entries in the journal come from the employee's earning records. \text{15. Copyright 2023 AccountingCoach, LLC. Upload your study docs or become a Course Hero member to access this document Continue to access Term Winter Professor N/A Tags Payroll journals are records of all payroll transactions. How does a payroll accountant keep track of employee's year-to-date earnings for wage bases If a firm accrues the payroll due but not paid at the end of a financial period, what should it do Does FLSA say how often employees need to be paid? At a minimum, payroll registers help businesses: But thats hardly the extent of how beneficial a payroll register can be. Use the following information for Questions 15 - 17: Wages and salaries payable 226 117,334. 19. 2. 15. Single click ls the payroll register used for journalizing the payroll entries? General Journal entry to record this transaction? A) It must credit the asset accounts for the appropriate payroll amounts. Employee FIT Payable-liability What obligations are imposed upon the employer by the Fair Credit Reporting Act of 1968? 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. Recorded as a liability for the employer in the payroll entry. The following data is for the January 19 pay date for Waryzbok Inc.: Jan 19 Wages and salaries. During this process, employers reconcile their payroll transactions and make sure that their accounting and recordkeeping practices comply with regulations. 39. Paymentofalong-termnotepayable.13. Federal withholding tax payable 220 $ ??? Collection of an account receivable.} View the full answer. 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 a wrong answer. Payroll registers show employers just how much money they need to set aside for payroll expenses, such as the following: In the event of an audit, these records of payroll expenses can help make the process as pain-free as possible. Plan A costs $80 per month for unlimited talk and text. Collectionofanaccountreceivable. C) $1,715. We have credited a liability account for each of the tax amounts. posted an additional $4,390 on its October 31 pay date. 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. Define hours worked. statement? A payroll register does not include: Multiple Choice Pay period dates. 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? You need to have a record of how many hours your employees have worked, their gross salary, tax withholdings, and all other deductions. Savings bonds payable 227 1,850. Want more exclusive business insights like this delivered to your inbox? Saleoflandforcash. Paymentofemployeesalaries.2. B) Equity 4. \text{8. What portions of an employee's wages are exempt from a federal tax levy. 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. Tasks previously performed include determining gross earnings, FICA withholding, federal, state and city taxes. lf both federal and state regulations cover minimum wages for the same employee, is the federal rate always used for the minimum wage? C) It is a report designed for external stakeholders. 59. 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. Issuanceofbonds. Union Dues Payable-liability The information provided in the payroll register is used primarily to meet the requirements of the Fair Labor Standards Act. Jul 1 Wages and salaries payable 226 113,562. True, In the General Ledger, the debit column reflects the balance of the account. lf an investigative consumer report is used in an employment decision, does the employer need to tell the individual? Medicare tax payable 222 ??? Health Insurance payable 224 13,618. Forbids discrimination in hiring. 30. Chapter 6: Analyzing and Journalizing Payroll, , , AP Lang - Television: The Plug-In Drug (T/V), Don Herrmann, J. David Spiceland, Wayne Thomas, Fundamentals of Financial Management, Concise Edition, Alvin A Arens, Mark A Beasley, Randal J Elder, National Association for the Advancement of Colored People.
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