As of the June 11 pay date, the General Ledger account for Burling Mills has a balance of $14, How are the funds used which are provided by FUTA and SUTA? Payroll Register This is the first task to completing Olney Company's payroll register. The payroll register for Nazir Corporation contained the following totals at the end of July: wages, $139,125; federal income taxes withheld, $35,582; state income taxes withheld, $5,863;. d. At least seven homes have large-screen TVs? (You may select more than one answer. D. 50 Neither The Balance Sheet Nor The Income Statement. B) Credit $1, C) Asset, Copyright 2023 StudeerSnel B.V., Keizersgracht 424, 1016 GC Amsterdam, KVK: 56829787, BTW: NL852321363B01, Campbell Biology (Jane B. Reece; Lisa A. Urry; Michael L. Cain; Steven A. Wasserman; Peter V. Minorsky), Civilization and its Discontents (Sigmund Freud), Chemistry: The Central Science (Theodore E. Brown; H. Eugene H LeMay; Bruce E. Bursten; Catherine Murphy; Patrick Woodward), Educational Research: Competencies for Analysis and Applications (Gay L. R.; Mills Geoffrey E.; Airasian Peter W.), Forecasting, Time Series, and Regression (Richard T. O'Connell; Anne B. Koehler), Brunner and Suddarth's Textbook of Medical-Surgical Nursing (Janice L. Hinkle; Kerry H. Cheever), Principles of Environmental Science (William P. Cunningham; Mary Ann Cunningham), Business Law: Text and Cases (Kenneth W. Clarkson; Roger LeRoy Miller; Frank B. chronologically. 5 pay date: May 5 Payroll Taxes Expense $ 27,671. Next, click on the Insert Debit/Credit button, enter the first account number ( 12) or click on the pop-up Chart of Accounts icon to display a list for selection. Factory payroll costs in cash. At a minimum, payroll registers help businesses: But thats hardly the extent of how beneficial a payroll register can be. For what reason are "distribution" columns sometimes provided in the payroll register? D) Both documents contain details of employee earnings, deductions, and disbursement for a Want more practice questions?Receive instant access to our graded Quick Tests (more than 1,800 unique test questions) when you join AccountingCoach PRO. C) It must remain in balance at all times. \text{11. D) 401(k) contributions What is the term for transferring data from the General Journal to the General Ledger? ADP is a better way to work for you and your employees, so everyone can reach their full potential. The town is considering an ordinance that would prohibit putting Payroll data for the current week are as follows: hours worked, 46; federal income taxwithheld, $110; cumulative earnings for the year prior to this week, $24,500; Social security tax rate, 6% on maximum of $100,000; and Medicare tax rate, 1.5% on all earnings; state unemployment compensation tax, 3.4% on the first $7,000; federal unemployment Ring up sales and take payments in style with the sleek touchscreen Register device Make it mobile Every Register comes with a PAX A920 terminal to use as a mobile credit card reader Add on wireless POS hardware Complete your hardware suite with Bluetooth barcode scanners, receipt printers and cash drawers Hardware that won't hold you back C) Debit Health Insurance Payable $13,618; Credit Cash $13,618. B) It must create an adjusting entry to recognize the payroll accrual. The company does not provide health insurance, paid vacations, or any other benefits. Are newly hired independent contractors covered under federal laws pertaining to new-hire reporting? A payroll register does not include: Multiple Choice Pay period dates. pay date. The higher payroll C) Social Security tax, $746; Medicare tax, $174. 27. Learn how we can make a difference by joining forces to improve the success of the clients we share. B) Both documents contain information about the employee's address and job title. Which of the following is not a provision of FLSA? FICA Taxes Payable-OASDI-liability E. Highest-paid 10% of their workforce. period. 1. D) Transcribing View the full answer. the box with the question mark to produce a check mark for a correct answer and double click Issuance of common stock.} A. The volume of manual paycheck entries can be reduced by continual attention to the underlying causes of transaction errors, so there are fewer payroll errors to be rectified with a manual paycheck. Hours worked. Rate of pay 8. Is it neccessary for an employer who is subject to FICA and FUTA taxes to keep a separate expense account for the taxes under each act? What is your sisters total cost under each of the two plans? Entitled to retirement program even if you're no longer working there. Manage labor costs and compliance with easy time & attendance tools. B. 41. Safe-guards your retirement plans *not required to have a pension plan. Employees with less than a five year tenure of employment. depositor, what entry Should appear on November 15 for the remittance of the month's Social 1. Payroll-Operating expense-liability Generally, a payroll register lists the following information about each employee: Gross pay Net pay Payroll taxes Employee deductions (e.g., health insurance) Get exclusive business insights delivered straight to your inbox. D) Debit Cash, $250,000; Credit R. Sanders Capital, $250,00 0 A) The total of the debits must equal the total of the credits. A credit of $16,250 is recorded on the June 25 Quickly connect ADP solutions to popular software, ERPs and other HR systems. FUTA tax payable 1,322. 18 Employers also use it to: While all of these functions can be accomplished manually, dedicated payroll software provides information at the click of a button, making reporting fast and simple. B) By dollar amount pay date. 220 B) As equity Forbids discrimination in hiring. In a sample of nine homes, what is the probability that: a. All rights reserved.AccountingCoach is a registered trademark. What options might Hazel consider if the Which report contains employer share tax expenses for a period? ls the payroll register used in preparing the Form W-2? It exists in many forms, from manual booklets and ad-hoc registers created in Excel to reports produced by dedicated payroll software. 1. Upload your study docs or become a Course Hero member to access this document Continue to access Term Winter Professor N/A Tags Which of the following is not a provision of ERISA? B) $2,572. & \text{ } & \text{ }\\ & \text{ } & \text{ }\\ & \text{ } & \text{ }\\ What is the amount of the Social Security tax payable? expenses total A) the firm's payroll checking account information Recall that Zachary Fox and Michael Sierra are married, while Calvin Bell and David Alexander . Record the regular hours and the overtime hours worked for each employee, using the time clerk's report as your reference. Department of branch 4. ), What is the total amount of FICA that needs, Earn our Payroll Accounting Certificate of Achievement. Whether you operate in multiple countries or just one, we can provide local expertise to support your global workforce strategy. Feb 15 J A) It should create a reminder about the accrual to ensure accuracy of computations on the next In cases where both Federal and State regulations cover the minimum wage for the same employee, the high of the two rates is always used as the standard minimum wage. What are some examples of secondary sex characteristics? The total of each distribution column shows the total amount of that department's wage expense. FICA (Federal Insurance Contributions Act). 19. Employers can exempt the following employees from the Family and Medical Leave Act. Union Dues payable 227 4,683. D) One side of the equation must equal zero. Protest Unemployment Insurance benefit charges or rates. Medicare tax payable 222 ??? The highest-paid 10 percent of their workforce. Continuing Payroll Problem-B OLNEY COMPANY, INC. BALANCE DATE DESCRIPTION POST REF. Record the journal entry to account for employer payroll taxes based on the totals in the payroll register and the FUTA and SUTA calculations. Saleofequipmentforcash. 14. Although they record much of the same information, payroll journals and payroll registers are not identical. The first answer is provided as an example. A magnifying glass. The payroll register needs to record the hours each employee has served in the firm in a day. The ________ is the master document that contains an employee's marital status, deductions, D) Personnel file Paymentofincometaxes.9. You need to have a record of how many hours your employees have worked, their gross salary, tax withholdings, and all other deductions. D) The transaction appears on page four of the General Journal. You need to purchase a plan for your teenage sister. It records payroll record on each employee separately. C) $12,576. 2. Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer. It 4. D) information about the firm's liabilities \text{9. (You may select more than Medicare tax $ 390. each option. Under FMLA, may an employer substitute an employee's earned paid leave for part of the 12-week family leave? 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. 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. You face specific challenges that require solutions based on experience. 10. 18. Under FLMA, do any states have paid a family leave plan? Title of report 2. C) Garnishment Workers' compensation insurance premiums are paid for by the employees, Workers' compensation insurance premiums vary according to the different degrees of danger in the employees' jobs. The payroll register lists all the employees who earned remuneration, the amount of remuneration, the deductions, and the net amount paid. That's why we've partnered with some of the top athletes in the world. D) A debit balance will increase the income of the firm's income statement. ordinance is passed? True, A debit always decreases the balance of an account. True (California, New Jersey, New York & Rhode Island). (You may select more than one answer. I never regret investing in this online self-study website and I highly recommend it to anyone looking for a solid approach in accounting." What are the main kinds of information contained in a payroll register? Describe the main types of records used to collect payroll data. A) It communicates departmental profitability. Employee SIT Payable-liability C) It should disburse the accrued pay to the employees. McHale Enterprises has the following incomplete General Journal entry for the most recent pay C) It must pay its employees for the wages earned as of that date. Discover what others say about us. C) Form W- A payroll register is a valuable tool that records employee wage information for each pay period and pay date. Purchase of treasury stock.} Issuanceofbonds.11. Multiple Choice Q05 True, Employee earnings records form the link between accounting and the human resources 2. b. Federal Insurance Contribution Act (FICA), Form 941, Employer's Quarterly Federal Tax Return, Form W-3, Transmittal of Wage and Tax Statements, Applicable pay rates (regular or overtime), Review outgoing costs, either per employee or for the entire organization, Track employee deductions and tax withholding amounts, Reconcile payroll expenses to the general ledger, Record and track employee leave time, such as sick, vacation and paid time off (PTO), Validate direct deposit transactions and employer contributions to deferred compensation plans, such as a, Federal income taxes withheld from employee wages, State and local income taxes withheld from employee wages (if applicable), Federal unemployment taxes payable by the employer, State unemployment taxes payable by the employer, State unemployment taxes withheld from employee wages (if applicable), Benefits and other voluntary deductions from employee wages, Employer contributions to benefits and retirement savings plans. Click here to learn more. Type the formula, then press Enter. Which employee payroll classification will likely require an accrual adjusting entry for the gross salaries or wages at the end of a calendar month? D) Credit $. 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. Vacation Benefits Expense-Operating expense 2. Which of the following steps should be taken by the Human Resources Department when hiring new employees? In this last task, the following steps will be completed. 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? C) Labor reports What are the main kinds of information contained in a payroll register? When the firm remits its health insurance premium for this pay date, what is the General Journal The Fair Labor Standards Act is commonly known as the Federal Wage and Hour Law. A) It is employee labor that may be billed to customers. D) As liabilities d. Occupational Safety and Health Act Garnishment $ 450. on the first day of the next financial period? There will also be credits to a number of . D) Credit $30. The ___ is a multicolumn form used to assemble and summarize the data needed at the end of each payroll period. D) Payroll register 7. This will increase the 2. Compute and record the Kipley Company's SUTA and FUTA contributions. At ADP, we believe sports and business both require the right approach. What portions of an employee's wages are exempt from a federal tax levy. Loantoanotherfirm. The basic entry (assuming no further breakdown of debits by individual department) is: There may be a number of additional employee deductions to include in this journal entry. D) Form 941 What is the primary purpose of a labor report? Requirements: Record the deduction for group insurance. e. None of the above. The employee's earnings records is used in preparing the employees' W-2 forms. When a firm has wages earned but not yet paid at the end of a financial reporting period, what Find payroll and retirement calculators, plus tax and compliance resources. Whenever employers withhold taxes and deductions from wages, pay employees or deposit tax payments with government agencies, that information should be simultaneously documented in the payroll register. 21 \text{6. Paymentofalong-termnotepayable. What is the total amount of FICA that needs to be remitted by an employer in 2023 for an employee earning $50,000? Payment of employee salaries.} 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. 1. Read the latest news, stories, insights and tips to help you ignite the power of your people. Deductions. At December 31, 2022 the employee's pay rate was $15. Want more exclusive business insights like this delivered to your inbox? pay B) Total overtime earnings A) By order of importance How can the information shown in the employees' earnings record be used? Does every state have state unemployment laws? Protection under the provisions of the Age Discrimination in Employment Act begins at what age?? the total incomes of the firm and decrease the net income of the firm. They must disclose to the job applicant that they are seeking an investigative report. The lower payroll Enter the debit amount to clear the existing credit to Payroll Cash from the first journal entry above. A payroll liability can include wages an employee earned but has not yet received, taxes withheld from employees, and other payroll-related costs. Complete the Regular Earnings columns (Rate per Hour and Amount) for hourly employees. Megan Newell is the owner and operator of Ultima LLC, a motivational consulting business. What are the General Journal entries that should appear on each pay date? An employee worked the entire year of 2022 and earned two weeks of vacation as specified in the company's labor agreement. C) Credit $4, C) It designates where labor is used in a firm. Security taxes? C. 40 & \text{ } & \text{ }\\ Correct answer: Option (1) Medicare tax is the correct answer. C) Credit $1, Employee FIT Payable-liability TransactionTypeofActivityCashInfloworOutflow1. ADP hires in over 26 countries around the world for a variety of amazing careers. Yes, Employees FIT Payable . Of the items in the following list, which one (s) should appear in a payroll register? B) It is always expressed as assets = liabilities - owners' equity. ADP helps organizations of all types and sizes unlock their potential. answer And double click the box with the question mark to empty the box for a wrong answer. automatically graded as incorrect.) Switching payroll service providers made easy. box for a wrong Answer. What does the term "billable time" mean as it pertains to payroll accounting? & \text{ } & \text{ }\\ 34. B) FUTA D) Social Security tax, $188; Medicare tax, $805. CH2 Payroll Acounting CHAPTER 2 Learning Objectives After studying this chapter, students should be able to: 1. 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. 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? Wages and salaries payable 226 ??? under the Civil Rights Act of 1964, the U.S. Government is classified as an exempt employer. B) tax remittance information A well-kept payroll register is also useful when preparing payroll tax reports, including: A payroll register is a record of payroll information for every employee each pay period. Under FMLA, the time must be used in one uninterrupted period of time. Dont just take our word for it. Which of the following is true about the fundamental accounting equation? When the employer pays the employee in 2023 for the vacation earned in 2022, what account will the company debit? Here is the payroll journal entry to record the payment of the paycheck: Payroll Journal Entry Example 1 Notice the Wage Expense is debited for the gross pay. 4. A) Debit R. Sanders Capital, $250,000; Credit Cash, $250, Listed below are several transactions. Suppose your sister doubles her monthly usage to 3,400 minutes and sends 3,200 texts. In what order are accounts presented on the trial balance? & \text{ } & \text{ }\\ What special accounts must usually be opened in the general ledger to record payroll tax entries? Collectionofanaccountreceivable. Federal withholding tax payable 220 $ 50,725. D) The same as the chart of accounts Purchaseofinventory.7. C) It allows payroll employees to divert funds into faux accounts. Fast, easy, accurate payroll and tax, so you can save time and money. Harold Averkamp (CPA, MBA) has worked as a university accounting instructor, accountant, and consultant for more than 25 years. 56. Regardless of the format, payroll registers tend to follow the same basic structure. The payroll register contains ________. Are FICA taxes levied upon employers only? C) Labor reports Health Insurance payable 224 8,375. From best practices to advice and HR consulting. He is the sole author of all the materials on AccountingCoach.com. SUTA tax payable 9,481. In other words, a payroll register is the document that records all of the details about employees' payroll during a period. Attend webinars or find out where and when we can connect at in-person events. Which of the following best describes the purpose of the payroll register? 53. Discover how easy and intuitive it is to use our solutions. This entry usually includes debits for the direct labor expense, salaries, and the company's portion of payroll taxes. B) Debit $30, C) Payroll accounts do not appear on the trial balance because of their changeable nature. C. Restrictions the employment of child labor. Protection under the provisions of the Age Discrimination in Employment Act begins at what age? E. All of the above are provisions of ERISA. 8. Laborers for contractors who furnish materials, supplies, articles, and equipment to any agency of the United States, provided the minimum contract amount is $10,000. On which financial report will employer-paid portions of health insurance premiums be listed? 401(k) contributions payable 223 ??? on taxes like FICA, FUTA, and SUTA? 1. Compute the employer's payroll taxes for the period. 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. C) the name of the firm and the payroll accountant ERISA ensures that workers covered by private pension plans receive benefits from those plans in accordance with their credited years of service with their employers.
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