B) Total overtime earnings Which of the following is true of employee's earnings record? D) Debit Cash, $250,000; Credit R. Sanders Capital, $250,00 0 Payroll journal entries AccountingTools A) $399,472. Which act sets the minimum wage, and what is the current wage rate? Payroll Flashcards | Quizlet Payroll Term 1 / 52 Garnishments are court-ordered amounts that an employer must withhold from an employee's post-tax pay and remit the amount to the appropriate authority. Federal withholding tax $ 3,570. Recall that Zachary Fox and Michael Sierra are married, while Calvin Bell and David Alexander . But if you follow these seven steps, you can learn how to account for payroll with ease. A cell phone company offers two different plans. Jeremy is single with two withholding allowances. This will increase Rushing River Boats has the following data in its Social Security tax payable General Ledger 221 C) Labor reports A) Debit R. Sanders Capital, $250,000; Credit Cash, $250, Federal withholding tax payable 220 $ ??? 28. C) Earnings subject to FICA tax in its Federal withholding tax payable account. The information provided in the payroll register is used primarily to meet the requirements of the Fair Labor Standards Act. C) It should disburse the accrued pay to the employees. At ADP, security is integral to our products, our business processes and our infrastructure. Since Eco Brewers is a monthly schedule Jun 23 Wages and. PAYROLL Flashcards | Quizlet The total of each distribution column shows the total amount of that department's wage expense. The payroll register lists all the employees who earned remuneration, the amount of remuneration, the deductions, and the net amount paid. At a minimum, payroll registers help businesses: But thats hardly the extent of how beneficial a payroll register can be. B) Because payroll represents an asset and an income of the business. 17. \text{14. Factory payroll costs in cash. 3. \text{15. The lower payroll Issuance of bonds.} In a recent study, 90 percent of the homes in the United States were found to have largescreen TVs. Payroll journal entries are used to record the compensation paid to employees. mark to empty the box For a wrong answer. Didier and Sons had the following employer's share payroll tax general journal entry for the May Are pre-hire questions pertaining to religion, gender' national origin' or age allowed if these are bona fide occupational requirements of the job? 14. According to Adam Smith, why do the butcher, brewer, and baker provide food for us to buy? 18 Every state imposes a state unemployment tax on employers in their state. Single click the box with the question e. None of the above. Only "A payroll register" and "The employee's earnings record" are correct. How to do payroll accounting: 7 steps At first glance, payroll accounting can be scary. An employee worked the entire year of 2022 and earned two weeks of vacation as specified in the company's labor agreement. For example, there may be deductions for 401(k) pension plans, health insurance, life insurance, vision insurance, and for the repayment of advances. Recording Payroll and Payroll Liabilities - Accounting In Focus 40. Current period taxable earnings for FICA taxes are as. Fair Labor Standards Act serves as a backup in the event of computer failure. Payroll liabilities In most business organizations, accounting for payroll is particularly important because (1) payrolls often are the largest expense that a company incurs, (2) both federal and state governments require maintaining detailed payroll records, and (3) companies must file regular payroll reports with state and federal governments Who are the winners and who are the losers when the minimum wage is increased? C) SUTA I firmly believe that the well-organized material provided by the PRO account of AccountingCoach has motivated me to excel during the academic year through the MBA program's working assignments and to be much better prepared for my finals. This will increase Recorded as a liability for the employer in the payroll entry. C. Restrictions the employment of child labor. C) It designates where labor is used in a firm. What entry should appear in the General Ledger to reflect the B) Debit Cash $13,618; Credit Health Insurance Payable $13,618. Q08. Want more practice questions?Receive instant access to our graded Quick Tests (more than 1,800 unique test questions) when you join AccountingCoach PRO. These details include the employee id number, the department they belong, their job profile, etc. 3. DEBIT CREDIT DEBIT CREDIT 1. Sometimes you will see all the taxes lumped together into one account called Payroll Taxes Payable. D) Because payroll represents a liability and an expense of the business. $3,825 of employee withholding ($50,000 X 0.0765), Exempt Salaried Employees Paid Semi-monthly. D) General journal numbers D) The balance sheet Payroll registers generally are more detailed than payroll journals and include specific information about each employee. A) Form W- E. Highest-paid 10% of their workforce. Application of overhead to goods in process. 4. B) It facilitates accuracy in employee payroll tax computations. Hence, no need to accrue any salaries. U.S. government T-bills account for 45%45 \%45% of the portfolio, large-company stocks constitute another 40%40 \%40%, and small-company stocks make up the remaining 15%15 \%15%. Purchaseofrentinadvance.4. C) Employee signature 2. Any boxes left with a Collectionofanaccountreceivable.5. D) Payroll register Medicare tax payable 3,197. Garnishment $ 450. Payroll registers include all of the information in a pay period for all employees. It's useful for record-keeping in a business and has legal implications if not kept correctly.. A summary of all payroll activity is an excellent way to look at the payroll register report. Feb 15 J A) Employee pay accrual and employee pay disbursement What is the amount of the 401(k) contributions for the pay date? A) the beginning and ending dates of the pay period A) Debit $1, Hourly-paid employees have their paydays approximately one week after their workweeks and generally the workweek does not end on the last calendar day of the month. False. All rights reserved.AccountingCoach is a registered trademark. Identify distinctive compensation plans. Basic payroll register templates can be found online or created in programs like Excel. These liabilities accompany every payroll you run. 41. 401(k) contributions $ 1,115. 11. Discover what others say about us. (You may select more than one answer. department. Payment of a long-term note payable.} E. All are provisions of FLSA. Define hours worked. 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. Use the following information for Questions 19 - 20: February 7 Journalize the employer . True Which of the following is true of employee's earnings record? Explain the use of the "Cumulative" column in the employee's earnings record. Wages and salaries payable 226 202,671. A) Form W-4 B) Form W-2 C) Payroll register D) Employee earnings record 28. A) It is employee labor that may be billed to customers. Chapter 7 quiz - the payroll register, employees' earning record, and accounting system entries. A) Because payroll represents an asset and an income of the business. Sets minimum wage. 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. 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. Social Security tax $ 1,670. Employees with less than a five year tenure of employment. During this process, employers reconcile their payroll transactions and make sure that their accounting and recordkeeping practices comply with regulations. C) A debit balance will decrease the expenses of the firm's income statement. Paymentofemployeesalaries.OCO2. Single click the box with the question mark to produce a In this last task, the following steps will be completed. D) It highlights issues and results of seasonal labor. Hours worked. There will also be credits to a number of . A) The statement of owners' equity Gross pay and net pay. Which employee payroll classification will likely require an accrual adjusting entry for the gross salaries or wages at the end of a calendar month? The Age Discrimination in Employment Act provides protection to virtually all workers over the age of: Form I-9, which is completed by each employee, deals with: Which of the following acts deals with the minimum wage paid to laborers for contractors on federal government construction contracts? Solved A payroll register does not include: Multiple Choice - Chegg Discover the latest Today at Work insights from the ADP Research Institute. To which items is information from the payroll register transferred? Saleoflandforcash.3. For what reason are "distribution" columns sometimes provided in the payroll register? A) Net pay 18. To prohibit discrimination on the basis of age in the employment practices of employer. Solved Columns included in the payroll register to compute - Chegg d. Occupational Safety and Health Act SUTA Taxes Payable-liability Explain the major provisions of the Fair Labor Standards Act. At December 31, 2022 the employee's pay rate was $15. ADP helps organizations of all types and sizes unlock their potential. D. ERISA provides that all employees are eligible to set up their own individual retirement accounts. the total expenses of the firm and decrease the net income of the firm. Listed below are several transactions. 2. With e-Services for Business, you can: Register, close, or re-open an employer payroll tax account. Assume that the company uses the accrual method of accounting. FUTA Taxes Payable-liability D) Company website Which of the following is true about the fundamental accounting equation? A) Social Security tax, $204; Medicare tax, $792. Payroll register and employees' earnings records are important payroll accountant tools Tracking of governmental liabilities Yields the data needed for financial reports Provides information for decision-makers about costs and company profitability Accounting system entries record all payroll-related activity Quiz 6: Payroll Register, employees Earning Records, and Accounting CH2 Payroll Acounting CHAPTER 2 Learning Objectives After studying this chapter, students should be able to: 1. Gross pay and net pay. 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. All salaried employees. Are FICA taxes levied upon employers only? B) Employee pay remittance and voluntary deduction remittance 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. Transfer of finished jobs to the finished goods inventory. mark for a correct Answer and double click the box with the question mark to empty the box for C) Alphabetically The portion of the Federal Insurance Contributions Act that deals with Social Security is called. Any boxes Left with a question mark will be automatically graded as incorrect.) Under the Consumer Credit Protection Act, what is the maximum percentage that can be deducted from an employee's pay to satisfy a student loan garnishment? For superior accuracy, many smalland largebusinesses rely on automated digital payroll solutions, such as those offered by ADP, which can integrate with accounting software and other programs. We now offer 10 Certificates of Achievement for Introductory Accounting and Bookkeeping. The following totals for the month of April were taken from the payroll incorrect.) The first answer is provided as an example. Transcribed image text: Columns included in the payroll register to compute net pay may include which of the following? 9. Under FMLA, the time must be used in one uninterrupted period of time. I never regret investing in this online self-study website and I highly recommend it to anyone looking for a solid approach in accounting." tax Remittance on February 15? Payroll journals are records of all payroll transactions. 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. A) Revenue A. Harold Averkamp (CPA, MBA) has worked as a university accounting instructor, accountant, and consultant for more than 25 years. Continuing payroll problem b olney company inc - Course Hero the total expenses of the firm and increase the net income of the firm. Raw materials purchases for cash. On December 1, 20XX, Riley Sanders invested $250,000 to open Sanders Enterprises. Protest Unemployment Insurance benefit charges or rates. B. AIS g Payroll Flashcards | Quizlet The payroll register needs to record the hours each employee has served in the firm in a day. Correct answer: Option (1) Medicare tax is the correct answer. Paymentofalong-termnotepayable. Fair Labor Standards Act (Federal Wage & Hour Law). It helps employers reconcile their payroll transactions and prepare quarterly and year-end tax reports. A. ADEA Solved Record the journal entry to account for employer - Chegg Less than five have large-screen TVs? Heartland Register the All-in-one POS System | Heartland 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? 27. C) Social Security tax, $746; Medicare tax, $174. B) tax remittance information Payroll accounting | Payroll journal entries AccountingTools D. FMLA Exempt salaried employees are often paid for their work right up to payday. What options might Hazel consider if the What is a payroll register? | Heartland Cross), Give Me Liberty! D) Health insurance payable 16. Learn more about Privacy at ADP, including understanding the steps that weve taken to protect personal data globally. Issuanceofcommonstock.6. Under FLMA, do any states have paid a family leave plan? B) It is an individual register maintained for each employee, listing of all the payroll information. Purchaseoftreasurystock. : an American History (Eric Foner), Psychology (David G. Myers; C. 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Type an equals sign (=) to signal the fact that the cell contains a formula. 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. Questions pertaining to religion, gender, national origin, or age are allowed on application forms when these are bonafide occupational qualifications for a job. It records payroll record on each employee separately. May an employer terminate an employee for lying on an application form? The Federal Insurance Contributions Act covers restrictions on the employment of child labor. Sale and delivery of finished goods to customers for cash (record unadjusted cost of sales). Generally, a payroll register lists the following information about each employee: Gross pay Net pay Payroll taxes Employee deductions (e.g., health insurance) What obligations are imposed upon the employer by the Fair Credit Reporting Act of 1968? Payroll Accounting 2018 CH 7 Flashcards | Quizlet D) The transaction appears on page four of the General Journal. and year-to- date earnings. Who is covered by the Walsh-Healey Public Contract Act? What is the role of enhancing qualities in the conceptual framework? May criminal background checks be used by all employers for any person? 12. FICA Taxes payable-HI-liability To ensure compliance, employers must be familiar with the requirements applicable to their workforce and retain the appropriate documentation for the length of time specified by federal, state and local governments. Wages and salaries payable 226 117,334. Use the following information for Questions 15 - 17: What is the B) Credit $1, Find payroll and retirement calculators, plus tax and compliance resources. var d=new Date(); document.write(d.getFullYear()); ADP, Inc. Find the package that's right for your business. The ___ is a multicolumn form used to assemble and summarize the data needed at the end of each payroll period. On which income statement will the state unemployment tax expense appear under accrual accounting? What is a use of a firm's labor trend reports? It is quite common to create a manual check, either because an employee was short-paid in the preceding payroll, or because the company is laying off or firing an employee, and so is obligated to pay that person before the next regularly scheduled payroll. B) Gross pay 8. Chapter 7 quiz - the payroll register, employees' earning - StuDocu a. Walsh-Healey Public Contracts Act B) It should make a note to create the reversing entry at the end of the next financial period. D) information about the firm's liabilities 53. 10. Payroll registers can be created using spreadsheets, although this may not be ideal for most employers. Deductions from total earnings 10. When you later pay the withheld taxes and company portion of payroll taxes to the IRS, you then use the following entry to reduce the balance in the cash account, and eliminate the balances in the liability accounts: It is quite common to have some amount of unpaid wages at the end of an accounting period, so you should accrue this expense (if it is material). B) By dollar amount Purchaseoftreasurystock.14. Allocation (closing) of overapplied or underapplied overhead to Cost of Goods Sold. ERISA provides for full vesting of the employer's contributions in three years or gradually over six. Payroll Accounting (Practice Quiz) Print PDF For multiple-choice and true/false questions, simply press or click on what you think is the correct answer. For multiple-choice and true/false questions, simply press or click on what you think is the correct answer. B) Payroll register 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. Accounting questions and answers. An employee is hired at a pay rate of $10 per hour. ordinance is passed? You can enter a formula into a cell manually (typing it in) or by pointing to the cells. Rate of pay 8. must it do to recognize the liabilities and expenses? Under the Family and Medical Leave Act, employers can exempt an employee who has not worked for the employer for at least one year and has worked for the company for at least 1,250 hours in the last year. Two complete payroll-related General Journal entries are recorded each pay period: one for the employees' payroll,one for the employer's share of the taxes. Indirect materials usage. C) Garnishment 220 Payroll Flashcards | Quizlet 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) Transcribing 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. Were reimagining what it means to work, and doing so in profound ways. & \text{ } & \text{ }\\ Time worked - regular & overtime 7. A payroll register is tool that records wage payment information about each employee gross pay, deductions, tax withholding, net pay and other payroll-related information for each pay period and pay date. Collectionofnotesreceivable.8. Comprehensive payroll and HR software solutions. E. Sex, Which of the following statements is NOT a provisions of ERISA? A) Worker's Compensation Set up payroll accounts If you haven't already, set up your payroll accounts in your chart of accounts (COA). For fill-in-the-blank questions, press or click on the blank space provided. Discover how easy and intuitive it is to use our solutions. PAYROLL REGISTER Upload your study docs or become a Course Hero member to access this document Continue to access End of preview.
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