the employee earnings record quizlet the employee earnings record quizlet
payroll report interface. general accounting, Fritz Industries accrued payroll state withholding of $1,234 for the current payroll. Take-home pay minus weekly exempted amount = federal tax levy garnishment. The average daily pay for Tortuga Travel's employees = $589. social security tax payable 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. General journal entries are the original ____ ____ for payroll events to be recorded in the accounting system. In other terms, a payroll . A) Garnishment for child support payments ACC 301 - Chapter 14 "Stockholders' Equity", Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Fundamentals of Financial Management, Concise Edition, Don Herrmann, J. David Spiceland, Wayne Thomas, Lecture 7 - biological basis of language Part. Which of following steps should be taken by the Human Resources Department when hiring new employees? preparing the payroll register. Multiple choice question. Did you prepare remittances for the mandatory and voluntary deductions? None of the above, The entry to deposit FICA taxes and federal income taxes withheld involves all of the following accounts except: d. -Transactions from the general journal are posted to individual accounts. (D) IRS Form W-3. T F, In the case of multiple wage attachments, a garnishment for a student loan has priority over any department breakdown of labor cost, What can cause a journal entry to post on only one side (either debit or credit)? salaries and wages payable. The amount on the employee earnings record used to determine if certain payroll taxes apply to an employee's earnings is (A) net pay. a. can take 50% of an employee's disposable income for child support payments. Multiple choice question. (C) IRS Form W-3 (A) monthly A computer error could cause B) False, 3. a.They must disclose to the job applicant that they are seeking an investigative report. . Taxes Payable is credited for the total taxes owed (FICA, FUTA, and SUTA). c. state taxes. -account number and date, Where will entries for payroll show in the trial balance? debit card based accounts. true or false: Total earnings are sometimes referred to as net pay. Shared taxes b.The Fair Labor Standard Act sets the minimum wage and the current minimum wage rate is $7.25 per hour. What are the arguments for giving separate accounting recognition to the conversion feature of debentures? Expenses area, Which of the following transactions would cause an asset to appear on the balance sheet related to payroll? staffing pr income projections, connects directly to the employee's earnings records. c.Both employee & employer Assume Nortel Networks contracted to provide a customer with Internet infrastructure for $2,000,000. Have you disbursed the employees' pay? mandated under GAAP B) a government student loan Withholding's for a 401(k) plan (A) assets. \hline\\ D) a percentage of the previous week's gross payroll. (C) IRS Form W-2 In accrual accounting, there may also be end-of-period entries to accrue for payroll earned by the employees. c. When the affiliate company reports net income. A) True It can use the machine to produce 12 oz. b.Vesting conveys to employees the right to share in the retirement fund in the event they are terminated before the normal retirement age. False, False bottles of its 100% juices. c.ERISA requires that all companies offer private pension plans. C246, Salary expense -lifetime balance in the payroll account, What are the common components of the posting reference state income tax expense C) using the wages of the salaried workers only. 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. The withholding allowances of an employee affect (A) social security tax withheld. With the passage of the Pension Protection Act of 2006: (C) gross earnings. Did you journalize and post the employees' payroll transaction? SURVEY . Multiple select question. general journal entries. b. should discharge any employee receiving a wage garnishment. Trial Balance Provides information for decision-makers about costs and company profitability Why is it important for a firm to use both a payroll register Automated entries, Identify the users of financial statements. a. is used to record Workers' Compensation premiums paid by the company. property tax audit. -Employee supervisor Have you prepared the financial statements and managerial reports? 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. A) True B) False, 9. c.Employees who earn more than $44,000 per year b. variable, depending upon county that the levy originates. Multiple select question. 13. 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. B) False, 6. Medicare Tax Payable, Paid cash for semimonthly payroll; total payroll, $3,066.00, less employee income tax, $182.00, social security tax, and medicare tax. Direct deposit of paychecks can be forced on employees in every state. -when new entries reduce the account balance a percentage of the previous week's gross payroll. a. An employer: completing the journal entry to record the payroll. 12. \text{Option \#3:}&&\text{\$ 10,000,000 after three years}\\ (p. 390), To record the payment of federal unemployment tax, the account debited is . Financial statements for a company are prepared according to GAAP. In all computerized payroll systems, there is still the need to manually post from the printed payroll journal entry to the general ledger. d.None of these choices are correct. Who pays the social security taxes that are levied by the Federal Insurance Contributions Act? (B) a receipt. C) FICA tax--OASDI T F, When union dues that have been withheld from employees' wages are turned over to the union Under the FLSA, what information concerning employees' wages must be maintained by the employer? d. a credit to Vacation Benefits Payable = $1,178. 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. 480.58 Multiple select question. Each employee name is listed in a payroll register along with (A) employee number. Period totals are also included True False, The Form 940 is the source document for all employee payroll journal entries. (D) all of these. In recording the monthly adjusting entry for accrued wages at the end of the account Which of the following are processes that occur in most payroll accounting systems? The adjusting entry to record accrued vacation pay for two days includes: when payday is after the end of the month. Which basic records are generated in most payroll accounting systems? true or false:The investment income in a Roth IRA is not subject to federal income taxes when withdrawn. What is the purpose of the Age Discrimination in Employment Act (ADEA)? A reversing entry would Payroll Taxes. True False, An accounting firm would pay higher Workers' Compensation Insurance premiums than a steel mill because their employee wages would be higher. The total earnings paid to an employee after payroll taxes and other deductions is recorded in the payroll register's (A) Gross Pay column. d. companies are allowed to automatically enroll employees in the company's retirement plan. A) True Jacobs Company borrowed $10,000\$ 10,000$10,000 on a one-year, 8 percent note payable from the local bank on April 1. (C) federal unemployment tax owed. (B) transfer payment. -Employee receives an advance of their pay d.None of these choices are correct. A) True true or false: The larger the number of withholding allowances claimed, the larger the amount of income tax withheld. T F, The only portion of wages that are exempt from a federal tax levy is: -journal entries to post one-sided. Allocate employee expenses to specific accounts Vacation pay earned by employees Employee regular earnings are calculated as ____. A posting reference in the general ledger should When a dividend is received from the affiliate. 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? A) True d.All of these choices are correct. true or false:The first task in preparing a payroll is to determine the number of days worked by each employee. 2. Prepare absorption costing-based income statements for Magic Me Corporation using theoretical capacity, practical capacity, and normal capacity utilization as the denominator levels. d. companies are allowed to automatically enroll employees in the company's retirement plan. a. is used to record Workers' Compensation premiums paid by the company. -when payday is before the end of the month. d. the account "Vacation Benefits Expense" is accrued. -debit state withholding $1,234, The second set of debit and credit balances in a general ledger will: Every general journal entry will have at least Entering the payroll journal entry. (See Immigration Law.). (2), True or False: The employer social security tax rate is different than the employee social security tax rate. b.To provide protection only for workers under the age of 18 Do you have managerial approval for all employee pay for the period? T F, For child support garnishments, tips are considered part of an employee's disposable earnings. Accounts Payable - The date of the transaction is attached. M52, payroll taxes expense If Dr. (C) special purposes account. Report an individual employees regular time and over time Ways the general ledger is different from the general journal include: Accounting principles assist in the classification of payroll costs and organizational performance. Which of the following accounts is an expense account in which an employer records the FICA, FUTA, and SUTA taxes? Payment of voluntary withholdings, The ___ ____ column in the General Ledger is a combination of letters and numbers, The use of reversing entries is: The purpose of a labor report is to do what? Gross earnings. and more. a. The process of transferring amounts from the general journal to the general ledger is called posting. \end{array} Federal withholding tax, Social Security tax Company management, Unions Entering the transactions in the general ledger. Multiple choice question. The general journal entries will be in what order Earnings records are supporting documents for preparing reports required by state unemployment compensation laws. C. Payroll Taxes -employees earn wages (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. It uses absorption costing based on standard costs and reports the following data for 2017: Theoreticalcapacity300unitsPracticalcapacity279.070unitsNormalcapacityutilization232.558unitsSellingprice$50perunitBeginninginventory40.000unitsProduction240.000unitsSalesvolume260.000unitsVariablebudgetedmanufacturingcost$10perunitTotalbudgetedfixedmanufacturingcosts$3.000.000Totalbudgetedoperating(non-manuf.) c.Both of these choices are correct. -bank reconciliation. 7. Which amounts on the payroll register reduce Federal withholding tax but are not deducted for FICA tax computations? (C) January 15 of the following year. general ledger entries. At a minimum, how often should an administrator furnish a statement of total benefits accrued and accrued benefits that are vested under ERISA? 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. bottles of juice cocktails? (D) is the gross earnings for one quarter. create the need for more entries. When using the equity method of accounting, when is revenue recorded on the books of the investor company? Entering the transactions in the general ledger. \text { Billings during the year } & 380,000 & 1,620,000 \\ C. The employee completed the current version of Form W-4. (B) marital status. A) Wages Expense Which of the following taxes would be included in the employer related payroll entry? \textbf{Past-Due Category}&\textbf{Accounts Receivable Total}&\textbf{Percentage Uncollectible}\\[5pt] (1) . (C) salary expense. c. are the earnings remaining after withholding income taxes and other amounts required by law. The employee earns tips. None of the above. Type of entry Show your work. B. A qualified retirement plan that allows tax-free withdrawals from the account. Under the Affordable Care Act, which employers are required to provide insurance coverage for all full-time employees and their dependents? Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Fundamentals of Financial Management, Concise Edition, Jeffrey Jaffe, Randolph W. Westerfield, Stephen A. Ross, Module 10: Influences on Real Estate Values. The general ledger contains information about the individual accounts used in general journal transactions Why is the operating income under normal capacity utilization lower than the other two scenarios? true or false: A business is required by law to withhold certain payroll taxes from employee salaries. all income & expense accounts are included in the report; only accounts w/ balances @ the end of the period are included. In each pay period, the payroll information for each employee is recorded on his or her employee earnings record. C) determining when the accumulated wages of an employee reach cutoff levels. True false question. SUTA Taxes Payable Cash, When recording the deposit of FUTA taxes owed, the proper entry is: (a) The first group will develop an argument that Tipton and Seferi were guilty of hiring and harboring illegal aliens. B. Using an automated entry, the payroll accountant would record transactions through a. (9). Tax Expense is debited for both the employees' and the employer's portions of the FICA taxes. The Federal Insurance Contributions Act. (D) January 31 of the following year. The typical overtime rate is $5.00 more than the regular hourly rate. Which of the following is not an expense of the employer? d. they are used to determine where cumulative wages are in relationship to wage bases (caps) for various taxes, such as OASDI, FUTA and SUTA. If Joanna is single with three exemptions and brings home $845.00/week, what amount will go towards the garnishment each week (manually calculate)? a.The total additions to or deductions from wages General ledger entries are made ______ (after/before) general journal entries. c. affect the cash account. d.None of these choices are correct. (B) net earnings Experts are tested by Chegg as specialists in their subject area. should be retained and destroyed at the same interval as other accounting records, A chronological record of a firms financial transactions, A record of a firm's financial transactions, grouped by account incurs as an expense each payday? tax filing support. The total earnings subject to federal unemployment tax is referred to as: b.11 (B) separate payroll checking account. There are no price, spending, or efficiency variances. Study with Quizlet and memorize flashcards containing terms like True, False, False and more. Payment of voluntary withholding, When payday is after the end of the month B. -Recording the individual balances of each paycheck. account balances form the basis for accounting reports; general ledger account balances aggregate data to determine payroll costs. payroll report interface. A) True Wages and taxes expenses B) Federal Income Taxes Payable (B) liabilities. Owners' Equity D. Wages Expense (B) total hours divided by regular rate. state income tax expense What taxes would be monitored for maximum withholding amounts through the payroll register? Multiple select question. False, The employers' OASDI portion of FICA taxes is included as part of the payroll tax entry, but the Soccer teams b.ERISA ensures that workers covered by state and federal government pension plans receive benefits from those plans in accordance with their credited years of service with their employers. Executive orders. \end{matrix} Record used in preparing employee's W-2. Employee taxes Multiple choice question. Employees' Earnings Records serve as an audit trail. 401k contributions payable, SS tax payable. False, 27. B) False, At the time of depositing FICA taxes and employees' federal income taxes, the account FICA Multiple select question. Tags: Question 11 . -Supervisor change When payroll spans two months. Garnishments True Payment of statutory withholdings Have you prepared the appropriate tax returns? Other Quizlet sets. 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. -A description is sometimes included. Payment of voluntary withholdings, Payment of statutory withholdings earnings The financial investment and any accumulated profits or losses of the owner of a firm. -Pay rate, In financial accounting, the fundamental accounting equation is. B) False, 8. The reports are identical and provide necessary redundancy. Multiple choice question. (b) How long does it take for yyy to reach 505050? a.The employer Carmen Gaetano worked 46 hours during this pay week. Study with Quizlet and memorize flashcards containing terms like How can the information shown in the employees' earnings record be used? 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? true or false:Businesses use payroll records to inform employees of their annual earnings and to prepare payroll reports for the government. -before journal entries are recorded d. Vacation Benefits Payable is debited. general journal entries. True Although the garnishment would be deducted from the employee's pay, the business is responsible (liable) for remitting the deduction to the creditor. When the initial payroll journal entries are created, the accountant would debit the: Employer related payroll entries would include: Shared employer-employee taxes A payroll register is a record of employee hours worked, gross pay, net pay, deductions, and payroll date for a pay period. The Form 940 is the source document for all employee payroll journal entries. c. employees can be required to participate in an employer's pension plan. medicare tax payable (1time) True process of transferring amounts from the journal to the ledger is called posting; debit to an account in a journal transaction is a debit to that account in the ledger; ledger contains info about the individual accounts used in the journal transactions. (B) in states without a state income tax. adjusted when employees are paid. Study with Quizlet and memorize flashcards containing terms like . \text{Production } & \text{240.000} & \text{units}\\ Study with Quizlet and memorize flashcards containing terms like All the payroll information needed to prepare payroll and tax reports is found on (A) Form W-4 and the employee earnings record (B) Form W-4 and the payroll register (C) the payroll register and the employee earnings record (D) Form W-4. 5. c. Vacation Benefits Expense is debited, and Vacation Benefits Payable is credited. Payments to sales taxing authorities Where will entries for payroll show up in the income statement? Multiple choice question. T F, 28. -posting date and posting time Have you computed their voluntary deductions? red sox vs twins prediction, decrease the surplus population analysis genius, bluestacks x vs bluestacks 5,