B. Saleofequipmentforcash.TypeofActivityOCashInfloworOutflowCO. Access the definitive source for exclusive data-driven insights on todays working world. A) The total of the debits must equal the total of the credits. A. 5. A payroll register can also . B) Debit $4, What are the enhancing qualities of the qualitative characteristics? Apr 16 J23 16,495 32. Tap into a wealth of knowledge designed to simplify complex tasks and encourage strategic decisions across key functions. Only "A payroll register" and "The employee's earnings record" are correct. Department of branch 4. 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. The portion of the Federal Insurance Contributions Act that deals with Social Security is called. Enchanted Creations has the following data in its Federal withholding tax payable General Ledger DATE DESCRIPTION POST REF. 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. DEBIT CREDIT DEBIT CREDIT 15. Using the accounting equation, determine the following amounts: a. Owners equity as of December 31, 2013. B. 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. DEBIT CREDIT DEBIT CREDIT This will increase Which employee payroll classification will likely require an accrual adjusting entry for the gross salaries or wages at the end of a calendar month? A) Debit R. Sanders Capital, $250,000; Credit Cash, $250, 9. C) A debit balance will decrease the expenses of the firm's income statement. This information is also reflected in summary level entries in the businesss general ledger. Protest Unemployment Insurance benefit charges or rates. Union Dues payable 227 4,683. A) Because payroll represents an asset and an income of the business. 39. This entry usually includes debits for the direct labor expense, salaries, and the company's portion of payroll taxes. C. FLSA \text{6. 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 Cash 101 202,671. 65. \text{10. E. OASDI. C) Labor reports Discover what others say about us. A. Discover what others say about us. 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? b. A) The statement of owners' equity Columns included in the payroll register to compute net pay may include which of the following? Does FLSA say how often employees need to be paid? B. & \text{ } & \text{ }\\ How does a payroll accountant keep track of employee's year-to-date earnings for wage bases Saleofequipmentforanotereceivable.10. What entry should appear in the General Ledger to reflect the The Fair Labor Standard Act sets the minimum wage and the current minimum wage rate is $7.25 per hour. 18. ls the FUTA tax used to pay unemployment benefits? Didier and Sons had the following employer's share payroll tax general journal entry for the May Fair Labor Standards Act (Federal Wage & Hour Law). Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Elliot Aronson, Robin M. Akert, Samuel R. Sommers, Timothy D. Wilson, Fundamentals of Financial Management, Concise Edition. lf both federal and state regulations cover minimum wages for the same employee, is the federal rate always used for the minimum wage? \text{9. Should an employer in Philadelphia record the liability for the withholding of all three income taxes in one liability account such as INcome Taxes Payable? Gross wages of $500.00 + employer's portion of FICA $38.25 ($500.00 X employer rate of 7.65%) + unemployment tax of $24.00 + worker comp insurance of $5.00. Explore our full range of payroll and HR services, products, integrations and apps for businesses of all sizes and industries. Purchase of rent in advance.} one answer. 31. You can think of it as a summary of all the payroll activity during a period. D) $1,875. Gross wages of $500.00 less withholdings of $38.25 for FICA and $87.25 for federal and state income taxes. Identify distinctive compensation plans. Collectionofnotesreceivable. B) Because payroll represents an asset and an income of the business. ADP is a better way to work for you and your employees, so everyone can reach their full potential. 13. Federal withholding tax payable 220 399,472. 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. Dooley Publishing has the following payroll data for its July 1 pay date: Jul 1 Wages and salaries. Prior year's earnings < Prev 18 of 40 . A cell phone company offers two different plans. Sale of equipment for a note receivable.} McHale Enterprises has the following incomplete General Journal entry for the most recent pay (You may select more than one answer. As of the June 11 pay date, the General Ledger account for Burling Mills has a balance of $14, 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. Social Security tax payable 221 17,980. Wages and salaries payable 226 ??? Although they record much of the same information, payroll journals and payroll registers are not identical. 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. A) A debit balance will increase the expenses of the firm's income statement. What are some examples of secondary sex characteristics? var d=new Date(); document.write(d.getFullYear()); ADP, Inc. Find the package that's right for your business. 55. Transaction1. At ADP, we believe sports and business both require the right approach. These liabilities accompany every payroll you run. On which financial report will employer-paid portions of health insurance premiums be listed? Factory overhead excluding indirect materials and indirect labor (record credit to Other Accounts). The payroll register contains ________. Answer : Option E, Prior Years Earnings Explanat . C) SUTA Your sister currently uses 1,700 minutes and sends 1,600 texts each month. For fill-in-the-blank questions, press or click on the blank space provided. Savings bonds payable 227 1,850. 3. Journal entries? Are employers required to keep a photocopy of the l-9 form? A) Both columns contain information about the employer's tax matching responsibilities. D) It may contain whatever accounts the accountant wishes to include. A) By order of importance \text{12. D) General journal numbers D) 401(k) contributions ls the Federal Government covered under the Civil Rights Act of 1964? It is a monthly schedule depositor. A) It should create a reminder about the accrual to ensure accuracy of computations on the next The employees gross wages for the past week are. 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. the payroll register, employees' earning record, and accounting system entries the purpose of the net pay and check number columns in the payroll register is to Skip to document Ask an Expert Sign inRegister Sign inRegister Home Ask an ExpertNew My Library Discovery Institutions Silver Creek High School (Colorado) Southern New Hampshire University Type the formula, then press Enter. B) $2,572. C) the name of the firm and the payroll accountant 11. The payroll register of any firm needs to have specific details on every employee. D) It highlights issues and results of seasonal labor. 3. What is true about the trial balance? What information is commonly provided by a job-seeker on the application for employment form? A) Form W- Saleoflandforcash.3. Employee FIT Payable-liability 8. This account is credited for the total amount of FIT with held each payday and is subsequently debited for the amounts paid to a depositary or to the IRS. Zipperle Company has the following payroll information for the pay period ending September 18, Issuanceofbonds.11. What is meant by the garnishment of wages? 1. A payroll register does not include: Multiple Choice Pay period dates. C) As expenses It helps employers reconcile their payroll transactions and prepare quarterly and year-end tax reports. B. ERISA requires each employer to establish a pension plan. Workers' Commpensation Insurance Expense-Operating expense C) Form W- Chapter 7 quiz - the payroll register, employees' earning record, and accounting system entries. At December 31, 2022 the employee's pay rate was $15. B) Employee pay remittance and voluntary deduction remittance D. FMLA A. 59. Issuanceofbonds. B. ERISA requires each employer to establish a pension plan. It indicates, "Click to perform a search". 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. 1. Current period taxable earnings for FICA taxes are as. E. Highest-paid 10% of their workforce. 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. answer And double click the box with the question mark to empty the box for a wrong answer. C) Alphabetically Less than five have large-screen TVs? 3. When a firm has wages earned but not yet paid at the end of a financial reporting period, what 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. You need to purchase a plan for your teenage sister. : an American History (Eric Foner), Psychology (David G. Myers; C. 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In a recent study, 90 percent of the homes in the United States were found to have largescreen TVs. Purchaseofrentinadvance.4. Todays digital landscape means limitless possibilities, and also complex security risks and threats. on the first day of the next financial period? 6. ADP hires in over 26 countries around the world for a variety of amazing careers. What is the amount of the Social Security tax payable? A) It is a list of all persons and companies that the company pays money during a period. Recorded as a liability for the employer in the payroll entry. mark for a correct Answer and double click the box with the question mark to empty the box for Which of the following is an example of a trade association? What si the primary purpose of the Employee Retirement Income Security Act (ERISA)? Suppose your sister doubles her monthly usage to 3,400 minutes and sends 3,200 texts. Which of the following is true of employee's earnings record? 5 pay date: May 5 Payroll Taxes Expense $ 27,671. Does FLSA require the employer to display a poster with the FLSA rules? the total expenses of the firm and increase the net income of the firm. In Philadelphia, Pennsylvania, most workers are subject to three income taxes upon their earnings - federal state and city. A) It is employee labor that may be billed to customers. C) Employee earnings record Collection of notes receivable.} What is the purpose of the Age Discrimination in Employment Act (ADEA)? Regardless of the format, payroll registers tend to follow the same basic structure. D. Requires equal pay for equal work, regardless of gender. May an employer terminate an employee for lying on an application form? \begin{matrix} B) $15,298. 33. 401(k) contributions payable 223 454. FIT Payable-liability Rushing River Boats has the following data in its Social Security tax payable General Ledger below deck mediterranean 2022 cast. After recording this entry, reverse it at the beginning of the following accounting period, and then record the actual payroll expense (as just described under the "Primary Payroll Journal Entry" section whenever it occurs. Paymentofanaccountpayable.15. Time worked - regular & overtime 7. Fair Labor Standards Act Using the payroll registers, complete the General Journal entries as follows: February 7 Journalize the employee pay. C) Garnishment Explain the major provisions of the Fair Labor Standards Act. A) Worker's Compensation statement? Compute the employer's payroll taxes for the period. Payroll Chapter 1 Flashcards | Quizlet Payroll Chapter 1 5.0 (5 reviews) Term 1 / 50 True Click the card to flip Definition 1 / 50 The current minimum wage set by the Fair Labor Standards Act is $7.25 per hour Click the card to flip Flashcards Learn Test Match Created by kittykiss Terms in this set (50) True D) Debit Health Insurance Payable $27,237; Credit Cash $27,237. Employers use the employee's earnings record in preparing ___. 9. A) It communicates departmental profitability. \text{15. Book the entry on the date paychecks are distributed. C) Debit $ A) Debit $1, Employee SIT Payable-liability The primary payroll journal entry is for the initial recordation of a payroll. To prohibit discrimination on the basis of age in the employment practices of employer. SUTA tax payable 9,481. D. Religion Which of the following laws establishes the minimum wage? You need to have a record of how many hours your employees have worked, their gross salary, tax withholdings, and all other deductions. What does the term "billable time" mean as it pertains to payroll accounting? Plan A costs $80 per month for unlimited talk and text. Any boxes left with a question mark will be automatically graded as Security taxes? Which report contains employer share tax expenses for a period? B) Both documents contain information about the employee's address and job title. Rate of pay 8. Requirements: 1. ordinance is passed? To which items is information from the payroll register transferred? B) By dollar amount B) It allows managers to predict future labor costs. D) A debit balance will increase the income of the firm's income statement. Which of the following is NOT part of the social security program? Does the ADEA quit protecting employees after the age of 70? Payroll registers include all of the information in a pay period for all employees. True, A debit always decreases the balance of an account. D) Personnel file B) the total gross pay, deductions, and net pay during the period \text{8. Neither The Balance Sheet Nor The Income Statement. Which of the following acts levies a tax on employers and employees that is credited to the Federal Old-Age and Survivor's Trust Fund and the Federal Disability Insurance Trust Fund? B) Payroll register B) It is an individual register maintained for each employee, listing of all the payroll information. c. McNamara-O'Hara Service Contract Act These details include the employee id number, the department they belong, their job profile, etc. BALANCE DATE DESCRIPTION POST REF. Gross pay and net pay. The Fair Labor Standards Act is commonly known as the Federal Wage and Hour Law. Which basic records are generated in most payroll accounting systems? expense 522 $ 12,987. C) Cross-referencing Social Security tax payable ??? FUTA Taxes Payable-liability In a sample of nine homes, what is the probability that: a. C) It is a worksheet that accountants use to ensure payroll accuracy. D) One side of the equation must equal zero. Payroll registers can be created using spreadsheets, although this may not be ideal for most employers. Want to read all 11 pages? Any Boxes left with a question mark will be automatically graded as incorrect.) A. What special accounts must usually be opened in the general ledger to record payroll tax entries? Quickly connect ADP solutions to popular software, ERPs and other HR systems. There will also be credits to a number of accounts, each one detailing the liability for payroll taxes that have not been paid, as well as for the amount of cash already paid to employees for their net pay. Which of the following represents the missing Social Security and Medicare taxes, assuming that. A payroll register is a valuable tool that records employee wage information for each pay period and pay date. How are the funds used which are provided by FUTA and SUTA? 8. Not only will this make it easier for you to pay your taxes and do payroll reconciliation, but it also allows employees to better understand their finances. B) General Journal & \text{ } & \text{ }\\ the total incomes of the firm and decrease the net income of the firm. B) Posting 58. Saleofequipmentforanotereceivable. A) It is the fourth entry in the General Journal on that date. Were reimagining what it means to work, and doing so in profound ways. Saleofequipmentforanotereceivable. How to do payroll accounting: 7 steps At first glance, payroll accounting can be scary. But if you follow these seven steps, you can learn how to account for payroll with ease. (You may select more than one answer. Paymentofanaccountpayable. If you have difficulty answering the following questions, learn more about this topic by reading our Payroll Accounting (Explanation). What is the effect of each of the following posting upon the assets, liabilities, and owner's equity of a company. \text{1. What options might Hazel consider if the At a minimum, payroll registers help businesses: But thats hardly the extent of how beneficial a payroll register can be. 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. What is your sisters total cost under each of the two plans? What is the current minimum wage under FLSA? Get exclusive business insights delivered straight to your inbox. Union Dues Payable-liability The Federal Insurance Contribution Act, the Medicare portion of the tax is only paid by the employer. Can employees view documents in their files that are marked confidential? NAME MARITAL STAT. It records payroll record on each employee separately. 2. posted an additional $4,390 on its October 31 pay date. E. All are provisions of FLSA. C) It designates where labor is used in a firm. C) $12,576. Sets minimum wage. Deductions. D) It should create a reversing entry in the General Journal. Use the information in the previous exercise to prepare journal entries for the following events in May. & \text{ } & \text{ }\\ Who pays the social security taxes that are levied by the Federal Insurance Contributions Act? Switching payroll service providers made easy. When the firm remits its health insurance premium for this pay date, what is the General Journal 20XX: Gross pay $ 27,894. Saleofequipmentforcash. tax Remittance on February 15? For advanced capabilities, workforce management adds optimized scheduling, labor forecasting/budgeting, attendance policy, leave case management and more. The lower payroll & \text{O} & \text{CO}\\ ls the written record sent to the Payroll Department telling them that a new employee should be added to the payroll called a hiring notice? Wages and salaries payable 226 117,334. Gross pay and net pay. Rushing River Boats has the following data in its Social Security tax payable General Ledger To rule the payroll register means that the payroll accountant establishes procedures about the payroll register. Tasks previously performed include determining gross earnings, FICA withholding, federal, state and city taxes. B) Payroll register ERISA provides for full vesting of the employer's contribution to an employee's pension fund in 3 years or gradually over: these factors are bona fide occupational qualifications for the job. D) Employer's Federal Income tax, Which of the following columns would be used as part of a general journal entry? Jeremy is single with two withholding allowances. Correct answer: Option (1) Medicare tax is the correct answer. 12. What portions of an employee's wages are exempt from a federal tax levy. Paymentofincometaxes.9. TransactionTypeofActivityCashInfloworOutflow1. Collectionofnotesreceivable.8. 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. Are newly hired independent contractors covered under federal laws pertaining to new-hire reporting? In this last task, the following steps will be completed. Yes, Employees FIT Payable . 220 Allocation (closing) of overapplied or underapplied overhead to Cost of Goods Sold. \text{13. Which of the following is true about the fundamental accounting equation? D) information about the firm's liabilities A company may occasionally print manual paychecks to employees, either because of pay adjustments or employment terminations. C) It must pay its employees for the wages earned as of that date. Medicare tax payable 222 4,205. At a minimum, how often should an administrator furnish a statement of total benefits accrued and accrued benefits that are vested under ERISA? Take your organization to the next level with tools and resources that help you work smarter, regardless of your businesss size and goals. 63. 21 accurate disbursal of payroll. Period covered by the payroll and the pay date. Under the FLSA, what information concerning employees' wages earned must be maintained by the employer? The higher payroll C) Employee pay disbursement and voluntary deduction remittance Payroll Register This is the first task to completing Olney Company's payroll register. True False. Dont take our word for it. 6. C) Labor reports We have credited a liability account for each of the tax amounts. A) $2,253. Payment of employee salaries.} 28. Its best practice to audit payroll every pay period. 17. Discover how easy and intuitive it is to use our solutions. B) It should make a note to create the reversing entry at the end of the next financial period. D) The labor report How do the Stanford-Binet and Wechsler tests differ? 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).
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