when payday is after the end of the month. Apart from the recording of payroll and payment to employees, what other payroll related journal entries would be recorded? Additional liability accounts for accrued salaries, accrued hourly wages, accrued holiday pay, and accrued paid time off could also appear, depending on the timing of the end of the period and the types of employees and benefits with which the company operates, A report that contains details about the number of hours worked and wages paid to employees, designates where the labor is used within the company The purpose of a labor report is to do what? other garnishment.. Social Security tax 8. C) SUTA Taxes Payable debit to cash, credit to liability. d. union dues. Multiple choice question. A description is sometimes included. 7. (B) in states without a state income tax. (C) IRS Form W-3 E) None of the above. B) False, 15. medicare tax payable (1time) Which law governs the fiduciary responsibility that employers have with regards to employees' payroll deductions? A) True True Although the garnishment would be deducted from the employee's pay, the business is responsible (liable) for remitting the deduction to the creditor. C) Wages Expense B) False, 8. B) Payroll Taxes What account would be classified as a liability account? The production-volume variance is written off to cost of goods sold. 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. Payroll transactions are recorded in the General Journal and posted to General Ledger accounts. credit to cash, debit to liability. T F, 10. (9). Allocate employee expenses to specific accounts Q. Multiple choice question. Wages Payroll, Which of the following items would require an adjusting entry at the end of each accounting period? Did you update the employees' earning records? Employees FIT Payable. A) Garnishment for child support payments \text{Over 90 days}&\text{\hspace{5pt}15,330}&\text{25\\\%}\\ preparing the payroll register. c.Employees who earn more than $44,000 per year salaries and wages expense. False, When remitting or depositing federal income taxes, the employer credits the cash account. A) FUTA Tax Expense-Cash Entering the payroll journal entry. Tax withholding and remittance True a. the expense has already been recorded. Entering the transactions in the general ledger. When the I-999 forms for the restaurant's employees were reviewed, none were found for the six aliens. c. are the earnings remaining after withholding income taxes and other amounts required by law. e.None of these choices are correct. Multiple choice question. You purchased 200 shares of Smiley Incorporated, a small but profitable company. completing Forms W-2. (D) is the gross earnings for one quarter. true or false:Payroll taxes withheld represent a liability for an employer until payment is made. general accounting, Fritz Industries accrued payroll state withholding of $1,234 for the current payroll. adjusted in the next month. Employer taxes, Shared taxes (D) all of these. 26. Lowest 7 percent. A) True Until the amounts withheld from employee salaries are paid by the employer, they are recorded as: salaries and wages payable. -employees are paid b.Vesting conveys to employees the right to share in the retirement fund in the event they are terminated before the normal retirement age. True 7. report an individual EE's regular time & OT; promote analysis of payroll expenses. c. Vacation Benefits Expense is debited, and Vacation Benefits Payable is credited. Social Security Tax Payable B. b.The Fair Labor Standard Act sets the minimum wage and the current minimum wage rate is $7.25 per hour. When payroll spans two months. Salaries Payable (B) net earnings journal entry and page number. Multiple choice question. The adjusting entry to record the accrued vacation pay at the end of an accounting period includes credits to the tax withholding liability accounts. Amounts listed on Employees' Earnings Records are used to facilitate computations and to verify accuracy of Form 941, 940, 944, and W-2/W-3. expenditures or expenses A. (D) tax fulfillment. (A) December 31 of the current year. (D) state unemployment tax owed. A computerized cash payments system that transfers funds without the use of checks, currency, or other paper documents. (C) FUTA earnings How good is your target country in enforcing the rule of law of the country? In recording the monthly adjusting entry for accrued wages at the end of the True -Employee receives an advance of their pay \text { Billings during the year } & 380,000 & 1,620,000 \\ 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. Define the process of "posting." 3 general ledger postings. E) preparing the payroll register. Employer only taxes. A) True Garnishment for child support payments c. It facilitates accuracy in employee personnel records. A state tax used to pay benefits to unemployed workers is: a. are what is left over after the employee pays rent and utilities. a.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. management/department heads Unions A deduction from total earnings for each person legally supported by a taxpayer, including the employee. Which of these employee types is an allowable exception to the protection of the Age Discrimination in Employment? a. must use the exact amounts withheld in order to balance the appropriate accounts (FICA, FUTA, SUTA, etc.) d. a credit to Vacation Benefits Payable = $1,178. mandated under GAAP medicare tax payable, Recorded employer payroll tax expense for the semimonthly pay period ended april 15. The average daily pay for Tortuga Travel's employees = $589. Multicolumn form used to summarize data needed each paydate. 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? c.10 -journal entry and account number Based on 1740 responses, what is the percent of each response? unemployment tax payable-state (multiply salary expense by 5.4%). Multiple choice question. D) Salaries Payable 4. Yields the data needed for financial reports Overtime pay is paid for hours worked in excess of eight hours per day. employee earnings record. -alphabetical. The payroll register, Employees' Earning Records and Accounting System Entries. FUTA taxes payable D. (D) tax withholding form. Production supervisor Copy and complete the chart. (B) payroll journal. How does a payroll accountant use the information in the General Ledger? b. are the part of the paycheck used to pay taxes. a. can take 50% of an employee's disposable income for child support payments. staffing pr income projections, connects directly to the employee's earnings records. d.Only "A payroll register" and "The employee's earnings record" are correct. and more. Study with Quizlet and memorize flashcards containing terms like Which column exists in the employees' earnings records but not in the payroll register?, What is the connection between the employees' earnings records and payroll tax reporting?, A debit increases which of the following types of accounts? None of the above. -department breakdown of labor cost, billiable and nonbillable time 6. An accounting firm would pay higher Workers' Compensation Insurance premiums than a steel mill because their employee wages would be higher. Tracking of governmental liabilities A debit to an account in a general journal transaction is a debit to that account in the general ledger \text{Option \#3:}&&\text{\$ 10,000,000 after three years}\\ Add. remove the accrual from the account balances. Magic Me is a manufacturer of magic kits. The payroll register is used by employers in completing Forms W-2. The source document for paying employee income tax and social security and Medicare tax is: dividends, expenses, assets. (D) January 31 of the following year. Study with Quizlet and memorize flashcards containing terms like The _____ is a multicolumn form used to assemble and summarize the data needed at the end of each payroll period. A) True FUTA Taxes Payable E. FUTA Tax Expense \text{Practical capacity} & \text{279.070} & \text{units}\\ d.None of these choices are correct. FUTA Taxes Payable, The entry made at the end of the accounting period to record wages c. must pay federal tax levies before any other deduction. D. Wages Expense -bank reconciliation. -Recording the individual balances of each paycheck. Business managers use accounting entries to inform their decisions A) Payroll Taxes Assuming you can earn 6% on your funds, which option would you prefer? (D) semiannually. D) a percentage of the previous week's gross payroll. The purpose of a labor report is to do what? Tipton and Seferi were charged with hiring and harboring undocumented aliens. -billable and nonbillable time Recording the individual balances of each paycheck. In this case, "J" means that the original entry may be found in the General Journal, A relationship, specifically financial, built on trust between a trustee and a beneficiary, any unpaid liabilities will be reported in the current liability section. \text{Total budgeted operating (non-manuf.) Wages payable determined by: \text{31-90 days}&\text{\hspace{5pt}36,540}&\text{17\\\%}\\ salaries and wages expense. Do you have managerial approval for all employee pay for the period? a.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. Multiple select question. b.The Federal Personal Responsibility and Work Opportunity Reconciliation Act of 1996 What obligations are imposed upon the employer by the Fair Credit Reporting Act of 1968? Payment of voluntary withholdings, True or false: The general ledger is the point where information gets entered into the accounting system database. B) False, FICA Taxes PayableHI is a liability account in which is recorded the liability of the employer Union Dues. Identify some of the groups of users. (A) monthly (B) an expense account Suppose the learning rate is Taxes Payable is credited for the total taxes owed (FICA, FUTA, and SUTA). c. are the earnings remaining after withholding income taxes and other amounts required by law. Who pays the social security taxes that are levied by the Federal Insurance Contributions Act? b. 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, Employer payroll taxes are business expenses, The employer social security tax rate is different than the employee social security tax rate, Federal unemployment insurance laws require that employers and employees pay taxes for unemployment compensation, The transaction to record employer payroll taxes expense is journalized at the end of the quarter, Each employer is required by law to periodically report the payroll taxes withheld from employee salaries, The timing of payroll tax payments is based on the amount owed, Form W-2 reports an employee's annual earnings and the withholdings for federal income, social security, and Medicare taxes, 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, The tax base for Medicare tax is the same as the tax base for social security tax, If the tax base for calculating unemployment taxes is $7,000 and an employee's accumulated earnings are $6,500.00, and the employee earns another $1,500.00, the amount of new earnings subject to unemployment tax is $1,500.00, Some employers must deposit payments for withheld employees' federal income tax and social security and Medicare taxes on the next banking day, Each employer who withholds income tax, social security tax, and Medicare tax from employee earnings must furnish each employee with a quarterly statement, Until the amounts withheld from employee salaries are paid by the employer, they are recorded as, The payment of payroll taxes to the government is referred to as a, The total earnings subject to federal unemployment tax is referred to as, Each employer must file a _________ federal tax return showing the federal income tax, social security tax, and Medicare tax due the government, Employers are required to furnish each employee with an annual statement of earnings and withholdings before (A) December 31 of the current year, The source document for paying employee income tax and social security and Medicare tax is, During the month following each calendar quarter, In general, employers are required to pay state unemployment taxes, The source document for paying state unemployment tax is, A state tax used to pay benefits to unemployed workers is, John David Jackson, Patricia Meglich, Robert Mathis, Sean Valentine. \text { Cash collections during the year } & 250,000 & 1,750,000 (B) accumulated earnings. \text{Normal capacity utilization} & \text{232.558} & \text{units}\\ Payroll costs represent an expense of the business. Restoration Midterm. general journal entries. (B) marital status. The information contained within each row of the payroll register is transferred to the employees' earnings records. 5. Why is it important for a firm to use both a payroll register Study with Quizlet and memorize flashcards containing terms like Which column exists in the employees' earnings records but not in the payroll register?, What is the connection between the employees' earnings records and payroll tax reporting?, A credit increases which of the following types of accounts? In general, employers are required to pay state unemployment taxes: at the employer's discretion. False, Which of the following accounts will appear on the balance sheet? Fair Labor Standards Act. -chronological. Assume Nortel Networks contracted to provide a customer with Internet infrastructure for $2,000,000. computer backup. When the company pays for the state taxes withheld from the employee the entry would be (2), True or False: The employer social security tax rate is different than the employee social security tax rate. b. the standard deduction of the taxpayer. T F, The information needed in preparing a journal entry to record the wages earned, deductions from wages, and net amount paid each payday is obtained from the payroll register. Provides information for decision-makers about costs and company profitability Payroll Taxes Vacation Benefits Payable is credited. determining the per department cost of business operations (D) accumulated earnings. -Entering the transactions in the general journal. The following information was obtained for the Assembling Department for the month of September. B) $161.10 What is f(x)f(x)f(x) ? C) Payroll Taxes- FUTA Taxes Payable Which of the following are processes that occur in most payroll accounting systems? 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. The time of peak efficiency is the time when the learning rate is maximized. (B) is the total earnings since the first of the year. (A) IRS Form W-4 -Transactions in general ledger accounts are the source for general journal entries. The account balances form the basis for accounting reports. Prepare a production cost report using the weighted-average method. -cumulative total on the account . T F, 28. account balances form the basis for accounting reports; general ledger account balances aggregate data to determine payroll costs. B) Withholdings for a 401(k) plan B) False, 6. 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? tax filing support. dividends, equity, assets. b.The payroll period The Federal Insurance Contributions Act. Have you computed their voluntary deductions? False, An employee who is garnished creates a liability for the business. Payment of statutory withholdings (C) a liability account False. Did you have the returns checked for accuracy? Have you completed the payroll register? Tax Expense is debited for both the employees' and the employer's portions of the FICA taxes. The project began in 2021 and was completed in 2022. When a dividend is received from the affiliate. (A) a check. -Marital status True False, An accounting firm would pay higher Workers' Compensation Insurance premiums than a steel mill because their employee wages would be higher. T F, When union dues that have been withheld from employees' wages are turned over to the union The general journal entries will be in what order \end{array} B) False, The employee's earnings record provides information for each of the 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.25 False. In recording the monthly adjusting entry for accrued wages at the end of the accounting period, the amount of the adjustment would usually be determined by: b. and an employee earnings record? The employee earnings records form the link between the ____ and ____ _____ departments. 7 and 8) 141 terms. debit card based accounts. Which act sets the minimum wage, and what is the current wage rate? -Social Security tax is matched by the employer up to the Social Security wage base. The time required to verify and fill a common prescription at a neighborhood pharmacy is normally distributed with a mean of 10 minutes and a standard deviation of 3 minutes. The employee's earnings record provides information for each of the following except: determining when the accumulated wages of an employee reach cutoff levels. Using an automated entry, the payroll accountant would record transactions through D. all of the above. (A) assets. (a) What is yyy after 111 hour (t=1)(t=1)(t=1)? costs (all fixed)} & \text{\$ 500.000}\\ Withholding's for a 401(k) plan \text{Sales volume} & \text{260.000} & \text{units}\\ Multiple choice question. T F, When recording the employer's payroll taxes, a liability account entitled Employers Payroll C) FICA tax--OASDI Nicole Tipton and Sadik Seferi owned and operated a restaurant in Iowa. 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. T F, Federal tax levies are not subject to the limits imposed on garnishments under the Consumer d. under ERISA, must withhold pension and retirement benefits before any other deduction. -credit state withholding $1,234 Show your work. Multiple choice question. (C) January 15 of the following year. c. his/her applicable annual standard deduction based on marital status plus the number of exemptions claimed on Form 668-W. laurencbezzant. A business form used to record details affecting payments made to an employee is a(n) (A) employee earnings record. D) FUTA Taxes Payable- Cash \end{matrix} The information needed in preparing a journal entry to record the wages earned, deductions from wages, and net amount paid each payday is obtained from the payroll register. 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. What is the total uncollectible estimated bad debt for Growth Markets LLC? (B) a receipt. At September 30, 200,000 units were still in work-in-process inventory. Multiple choice question. In all computerized payroll systems, there is still the need to manually post from the printed payroll journal entry to the general ledger. f(x)=0.1(10+12x0.6x2)f^{\prime}(x)=0.1\left(10+12 x-0.6 x^2\right) \quadf(x)=0.1(10+12x0.6x2) for 0x250 \leq x \leq 250x25. True false question. Multiple choice question. . The total amount earned by all employees for a pay period is a ____. Multiple choice question. Assets area When recording the deposit of FUTA taxes owed, the proper entry is: -journal entries to post backward. $368.07. Study with Quizlet and memorize flashcards containing terms like True, False, False and more. (2), True or False: Employer payroll taxes are business expenses. Wages Expense is debited and Cash is credited. At the time that the entry is made to record the employers payroll taxes, the SUTA tax is recorded at the net amount (0.6%). (B) January 1 of the following year. B) Payroll Taxes- Cash Douglas Toys is a manufacturer that applies the weighted-average process costing method to account for costs of production. Letter and number state income tax expense d. are the earnings paid for optional employee benefits. The adjusting entry to record accrued vacation pay for two days includes: 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. Employee's earning record. (D) IRS Form 941. Federal Income Tax Automated entries, Identify the users of financial statements. -Employee review date, What changes should be included in the employee earnings record? d. a credit to Vacation Benefits Payable = $1,178. Multiple select question. treasurer, the account Union Dues Payable is debited. property tax audit. Where will entries for payroll show up in the income statement? The employee earns more than the federal. The cash based businesses will show an increase in payroll expenses when: d. The process of transferring amounts from the general journal to the general ledger is called posting. Income Statement, A labor report provided to management would display: regular earnings plus overtime earnings. If there are employees who have taken payroll advances, which are amounts to be repaid by the employee, these will show in the current assets section. 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. Type of entry Jacobs Company borrowed $10,000\$ 10,000$10,000 on a one-year, 8 percent note payable from the local bank on April 1. True \text{Beginning inventory} & \text{40.000} & \text{units}\\ Multiple choice question. Multiple choice question. expenses, assets, liabilities. c.Both of these choices are correct. True remove the accrual from the account balances. Did you transmit the tax returns and remittances? 401(k) contributions expense -lifetime balance in the payroll account, What are the common components of the posting reference d. It allows payroll employees to create ghost employees . Prepare absorption costing-based income statements for Magic Me Corporation using theoretical capacity, practical capacity, and normal capacity utilization as the denominator levels. The amount of employee pay left after federally mandated deductions are made, including federal and state income tax, social security . Owners' Equity A) True If actual demand turned out to be 288 , calculate the forecast for the next period. The chart below shows the hourly pay and hours worked for Trilton Company's Medicare tax What is always true about the General Ledger? 401(k) contributions expense -Transactions from the general journal are posted to individual accounts. The following accounts receivable information pertains to Growth Markets LLC. Employee Income Tax Payable Do you know much each employee should be paid? The employees' gross earnings are posted to which General Journal account? (C) federal unemployment tax. (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. In a payroll register having labor cost distribution columns, the total of each distribution column shows the amount of the gross wages or salaries for a particular department's wage expense. (8), True or False: Some employers must deposit payments for withheld employees' federal income tax and social security and Medicare taxes on the next banking day. state income tax expense Study with Quizlet and memorize flashcards containing terms like . Company viability depends on expense control, form the link between the accounting and the human resource departments. -the description is usually left blank. Credit Protection Act. A credit increases which of the following types of accounts? When employees take vacation and use vacation time: Examples of payroll related liabilities include: Garnishments with the Form 940 reconciliation at the end of the year. An employer will use the payroll register to keep track of an employee's accumulated wages. C) determining when the accumulated wages of an employee reach cutoff levels. 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) False, 14. Federal Income tax -letter and number one-sided journal entries. Cash Option#1:Option#2:Option#3:$12,000,000afterfiveyears$2,150,000peryearforfiveyears$10,000,000afterthreeyears. Shared taxes False, The employers' OASDI portion of FICA taxes is included as part of the payroll tax entry, but the The total earnings paid to an employee after payroll taxes and other deductions is recorded in the payroll register's (A) Gross Pay column. Union dues withheld (B) total hours divided by regular rate. Disposable earnings are the earnings remaining after withholding federal income taxes. Balances in the general ledger payroll accounts are used in payroll reports You may assume that f(0)=0f(0)=0f(0)=0. Which of the following are true about the general ledger? general ledger entries. employee review. Define the process of "posting." taxing authorities, Informed business leaders can use payroll data for all except: Which of the following does not describe a purpose of the employee's earnings records? Labor reports for more than one year could provide: seasonal labor requirements 3. d. the Payroll Manager is required by the IRS to submit the electronic records for verification. Have you prepared the appropriate tax returns? If Dr. When does peak efficiency occur? -when new entries reduce the account balance B) Payroll Taxes- Cash a.The Self-Employment Contributions Act sets the minimum wage and the current minimum wage rate is $9.19 per hour. a. Have you disbursed the employees' pay? Have you computed their payroll taxes properly? The employees' earnings records are the link between accounting and human resources and contain information from the payroll register. T-tables. Accounting reports provide managers with insights into company profitability and stability. b. are only necessary when employees are paid in cash at the end of the year. -journal entry and page number, letter and number -Disciplinary actions The payment of payroll taxes to the government is referred to as a Why is it important for a firm to use both a payroll register T F, For child support garnishments, tips are considered part of an employee's disposable earnings. 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} Expenses area -current entry amount per account type -journal entries to post to unknown accounts
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