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serves as a backup in the event of computer failure. B) The income statement True False. Department of branch 4. Compute and record the Kipley Company's SUTA and FUTA contributions. 401(k) contributions payable 223 ??? With e-Services for Business, you can: Register, close, or re-open an employer payroll tax account. D) General journal numbers Executive employees who are 65 years or older and have high policymaking positions during the two-year period prior to retirement. C) Because payroll represents a liability and an expense of the business. 62. C) Labor reports ls the Federal Government covered under the Civil Rights Act of 1964? Under FMLA, may employers exempt the highest paid 10 percent of the workforce? Health Insurance payable 224 13,618. A) It allows managers to determine the effect of employee labor on departmental profits. Generally, a payroll register lists the following information about each employee: Gross pay Net pay Payroll taxes Employee deductions (e.g., health insurance) Which financial statements are affected in the year 2022? The other hourly employees receive overtime pay when they work more than 35 hours in one week. An employee worked the entire year of 2022 and earned two weeks of vacation as specified in the company's labor agreement. This information is also reflected in summary level entries in the businesss general ledger. How can the information shown in the employees' earnings record be used? Which of the following is an example of a trade association? Single click the box with the question mark to produce a check, In the following payroll transaction, what is the amount of the net pay? Record the health insurance deduction. FICA (Federal Insurance Contributions Act). A) Employee pay accrual and employee pay disbursement Question: Continuing Payroll Problem, 6B: Chapter 6 You have almost completed the Olney Company's Employee Payroll Register for the pay period ending January 8, 20--. False, The General Journal contains records of a firm's financial transactions, which appear It is a monthly schedule depositor. How are employees who do not have bank accounts paid by an employer who uses an electronic fundstransfer system for payroll. What Are Payroll Liabilities? | Definition, How to Track Them, & More Discover a wealth of knowledge to help you tackle payroll, HR and benefits, and compliance. The information in the payroll register forms the basis for entries in the Employee Earnings Records and the General Journal. 7. Which of the following bases for discrimination in employment practices is NOT covered in the Civil Rights Act of 1964? B. D) The same as the chart of accounts What is the amount of the Social Security tax payable? & \text{O} & \text{CO}\\ Explain the use of the "Cumulative" column in the employee's earnings record. FIT Payable-liability Rushing River Boats has the following data in its Social Security tax payable General Ledger Payroll-Operating expense-liability Protection under the provisions of the Age Discrimination in Employment Act begins at what age?? - Michalis M. FICA (FICA is the acronym for Federal Insurance Contribution Act. Recording Payroll and Payroll Liabilities - Accounting In Focus Whether you operate in multiple countries or just one, we can provide local expertise to support your global workforce strategy. 3. Recorded as a liability for the employer in the payroll entry. E. Highest-paid 10% of their workforce. BALANCE DATE DESCRIPTION POST REF. D) Employee pay recording and employer share payroll taxes recording In other words, a payroll register is the document that records all of the details about employees' payroll during a period. (You may select more than one answer. A) Form W- 21 5. A) Form W-4 B) Form W-2 C) Payroll register D) Employee earnings record 28. Quiz 6: Payroll Register, Employee Earning Records, and Accounting FUTA funds are used to pay the state and federal administrative expenses and SUTA funds are used to pay the unemployment compensation benefits to the qualified unemployed workers. Want to read all 11 pages? The Civil Rights Act of 1964 protects all employees from arbitrary dismissal. When specific payroll details are needed, such as during an audit, accountants typically refer to the payroll journal instead of the general ledger. A) It is a list of all persons and companies that the company pays money during a period. 401(k) contributions payable 223 454. What si the primary purpose of the Employee Retirement Income Security Act (ERISA)? In a recent study, 90 percent of the homes in the United States were found to have largescreen TVs. D) the employee's name, social security number, and address Accounting questions and answers. e. None of the above. Raw materials purchases for cash. In this last task, the following steps will be completed. C) Earnings subject to FICA tax Gross pay and net pay. Also, indicate whether the transaction is a cash inflow (CI) or cash outflow (CO), or has no effect on cash (NE). Are FICA taxes levied upon employers only? Sets minimum wage. A) Debit Cash $27,237; Credit Health Insurance Payable $27,237. Solved Required: Complete the payroll register for this pay - Chegg Step 2: Working Hours. D) It is a report that becomes published with other financial reports. answer And double click the box with the question mark to empty the box for a wrong answer. Cross), Give Me Liberty! For each transaction, indicate by letter whether the cash effect of each transaction is reported in a statement of cash flows as an operating (O), investing (I), financing (F), or noncash (NC) activity. & \text{ } & \text{ }\\ Rushing River Boats has the following data in its Social Security tax payable General Ledger Access the definitive source for exclusive data-driven insights on todays working world. 11. A) $1,582. The Fair Labor Standard Act sets the minimum wage and the current minimum wage rate is $7.25 per hour. Administrating the state unemployment taxes. A(n) ________ is a collection of cash and other items that are used in the operation of the 2. 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) Debit $1, SUTA Taxes Payable-liability Get exclusive business insights delivered straight to your inbox. These entries are then incorporated into an entity's financial statements through the general ledger. B) Debit $4, Your portfolio has three asset classes. Collection of an account receivable.} A) Revenue B. Comprehensive payroll and HR software solutions. If you are recording it directly into the general ledger or the payroll journal, then use the same line items already noted for the primary payroll journal entry. Exempt salaried employees are often paid for their work right up to payday. Any boxes left with a question mark will be automatically graded as 16. What does the Civil Rights Act of 1954 cover? A cell phone company offers two different plans. 7. Marital status & number of withholding allowances 6. Deductions. The primary journal entry for payroll is the summary-level entry that is compiled from the payroll register, and which is recorded in either the payroll journal or the general ledger. C) Debit Health Insurance Payable $13,618; Credit Cash $13,618. What obligations are imposed upon the employer by the Fair Credit Reporting Act of 1968? < Prey 18 of 40 Pay period dates. 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 "I am an engineer pursuing an MBA diploma and accounting & financial economics have been a huge challenge for me to overcome. (You may select more than one answer. Solved Columns included in the payroll register to compute - Chegg Saleofequipmentforanotereceivable. If a firm accrues the payroll due but not paid at the end of a financial period, what should it do Are pre-hire questions pertaining to religion, gender' national origin' or age allowed if these are bona fide occupational requirements of the job? Using the payroll registers, complete the General Journal entries as follows: February 7 Journalize the employee pay. Q08. What is the current minimum wage under FLSA? A) It may be expressed as assets + liabilities = owners' equity. What is the amount of the 401(k) contributions for the pay date? What is a payroll register? | Heartland 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;. \begin{matrix} a wrong answer. mark for a correct Answer and double click the box with the question mark to empty the box for Does FLSA say how often employees need to be paid? How does a debit balance in the wages and salaries expense account affect a firm's income Wages and salaries-Operating expense-debit Loantoanotherfirm. Report changes to your business. The holder of any unclaimed property must file a report after a specified sttutory period and then surrender the money to the stte as abandoned property. Deductions. When the employer pays the employee in 2023 for the vacation earned in 2022, what account will the company debit? 221 ls Form l-9 completed only by employees born in outside of the USA? Payment of an account payable.} Learn more about the senior executives who are leading ADPs business. What is the role of enhancing qualities in the conceptual framework? Under the U.S. payroll tax a employee has to pay the tax on hi . Verify the date and enter General as the reference. : an American History (Eric Foner), Psychology (David G. Myers; C. Nathan DeWall), Biological Science (Freeman Scott; Quillin Kim; Allison Lizabeth), The Methodology of the Social Sciences (Max Weber), the payroll register, employees' earning record, and accounting system entries, Chapter 5 quiz - employee net pay and pay methods, compute social security and medicare tax withholding, Chapter 4 quiz - fringe benefits and voluntary deductions, different between pre-tax and post-tax, Lab Calendar [CHEM 2551-HYB01] Spring 2021, Chapter 6 quiz - employer payroll taxes and labor planning, Conic Sections - Lecture notes Chapter 6 Notes, Emotional and Cultural Intelligence (D082), Introduction To Computer And Information Security (ITO 310), Professional Application in Service Learning I (LDR-461), Advanced Anatomy & Physiology for Health Professions (NUR 4904), Principles Of Environmental Science (ENV 100), Operating Systems 2 (proctored course) (CS 3307), Comparative Programming Languages (CS 4402), Business Core Capstone: An Integrated Application (D083), Bates Test questions The Thorax and Lungs, Student-HTN-Atherosclerosis Unfolding Reasoning, ATI System Disorder Template Heart Failure, Lesson 17 Types of Lava and the Features They Form, Wong s Essentials of Pediatric Nursing 11th Edition Hockenberry Rodgers Wilson Test Bank, Test Out Lab Sim 2.2.6 Practice Questions, The tenpoint plan of the new world order-1, Piling Larang Akademik 12 Q1 Mod4 Pagsulat Ng Memorandum Adyenda at Katitikan ng Pulong ver3, The cell Anatomy and division. Tap into a wealth of knowledge designed to simplify complex tasks and encourage strategic decisions across key functions. B. ERISA requires each employer to establish a pension plan. See how we help organizations like yours with a wider range of payroll and HR options than any other provider. Hours worked. 6. Q09. ERISA provides for full vesting of the employer's contributions in three years or gradually over six. and year-to- date earnings. How do accrued, but not paid, wages appear on the balance sheet? prepare the payroll register enter the information into the employee payroll records prepare paychecks and send them to paymaster for distribution to employees send a copy of the payroll register to Accounts Payable social security taxes income tax withholding payroll deductions in tax: Wages and salaries withholding taxes payable Direct materials usage. A) Net pay ordinance is passed? The certificates include Debits and Credits, Adjusting Entries, Financial Statements, Balance Sheet, Income Statement, Cash Flow Statement, Working Capital and Liquidity, Financial Ratios, Bank Reconciliation, and Payroll Accounting. How does a payroll accountant keep track of employee's year-to-date earnings for wage bases on taxes like FICA, FUTA, and SUTA? It exists in many forms, from manual booklets and ad-hoc registers created in Excel to reports produced by dedicated payroll software. You need to purchase a plan for your teenage sister. What options might Hazel consider if the PAYROLL REGISTER Upload your study docs or become a Course Hero member to access this document Continue to access End of preview. FUTA Taxes Payable-liability the total expenses of the firm and decrease the net income of the firm. Federal withholding tax payable 220 $ 2,207. Want more practice questions?Receive instant access to our graded Quick Tests (more than 1,800 unique test questions) when you join AccountingCoach PRO. Employers use the employee's earnings record in preparing ___. Any boxes left with a Continuing payroll problem b olney company inc - Course Hero Focus on what matters most by outsourcing payroll and HR tasks, or join our PEO. The payroll register needs to record the hours each employee has served in the firm in a day. Hence, no need to accrue any salaries. This entry usually includes debits for the direct labor expense, salaries, and the company's portion of payroll taxes. entry? automatically graded as incorrect.) 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. D) Credit $. 58. D. All employees earning the minimum wage. C) Employee pay disbursement and voluntary deduction remittance 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? 14. 19. Sale of land for cash.} The payroll register lists all the employees who earned remuneration, the amount of remuneration, the deductions, and the net amount paid. & \text{ } & \text{ }\\ A) The income statement They must disclose to the job applicant that they are seeking an investigative report. the total expenses of the firm and increase the net income of the firm. & \text{ } & \text{ }\\ Ch. 1 Payroll Flashcards | Quizlet \text{Transaction} & \text{Type of Activity} & \text{Cash Inflow or Outflow}\\ \hline The completed Payroll Register for the February and March biweekly pay periods is provided, assuming benefits went into effect as anticipated. 29. 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. mark to produce a Check mark for a correct answer and double click the box with the question At a minimum, how often should an administrator furnish a statement of total benefits accrued and accrued benefits that are vested under ERISA? A) The total of the debits must equal the total of the credits. Savings bonds payable 227 1,850. 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. Which act sets the minimum wage, and what is the current wage rate? For the entry on January 31, what does the J4 signify? What are some examples of secondary sex characteristics? Small, midsized or large, your business has unique needs, from technology to support and everything in between. D) information about the firm's liabilities File, adjust, and print returns and reports. A) Ledgering in sin did my mother conceived me meaning D) It may contain whatever accounts the accountant wishes to include. What must the employer do with unclaimed checks. May an employer terminate an employee for lying on an application form? Which basic records are generated in most payroll accounting systems? Want more exclusive business insights like this delivered to your inbox?Subscribe now. c. McNamara-O'Hara Service Contract Act The payroll register lists all the employees who earned remuneration, the amount of remuneration, the deductions, and the net amount paid. Saleoflandforcash. Use rates of 6.2 percent for the employer's shareof the social security tax, 1.45 percent for Medicare tax, 0.6 percent for FUTA tax, and 5.4 percent for SUTA tax. B) Debit Cash, $250,000; Credit Revenue, $250, B) Gross pay 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 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? The total of each distribution column shows the total amount of that department's wage expense. Requirements: Record the deduction for group insurance. (Solved) - Payroll Register This is the first task to - Transtutors E. OASDI. Employee Earnings Record: What It Is and How to Use It A) the beginning and ending dates of the pay period Find payroll and retirement calculators, plus tax and compliance resources. Single click the box with the question mark to produce a check mark for a correct B) Debit Cash $13,618; Credit Health Insurance Payable $13,618. What is true about the trial balance? Paymentofemployeesalaries.2. 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. Payroll Accounting 2018 CH 7 Flashcards | Quizlet so that the new employee can be properly added to the payroll, Employment application forms are usually discarded when the applicant is hired. 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. Employee benefits, flexible administration, business insurance, and retirement plans. (You may select more than False, Two complete payroll-related General Journal entries are recorded each pay period: one for the PAYROLL Flashcards | Quizlet Name two advantages and two drawbacks of 18. Chapter 7 quiz - the payroll register, employees' earning record, and accounting system entries. We provide payroll, global HCM and outsourcing services in more than 140 countries. 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. & \text{ } & \text{ }\\ C) Cross-referencing & \text{ } & \text{ }\\ All nine have large-screen TVs? 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. Listed below are several transactions. one answer. Factory payroll costs in cash. Payroll Register This is the first task to completing Olney Company's payroll register. Type an equals sign (=) to signal the fact that the cell contains a formula. At ADP, we believe sports and business both require the right approach. $y = -x - 4$. B) Payroll register A) Debit R. Sanders Capital, $250,000; Credit Cash, $250, C) It is a report designed for external stakeholders. CH2 Payroll Acounting CHAPTER 2 Learning Objectives After studying this chapter, students should be able to: 1. D) It is non-employee labor that the company must pay. A) Both documents contain year-to-date totals of taxes. What is a use of a firm's labor trend reports? 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. Didier and Sons had the following employer's share payroll tax general journal entry for the May 65. C) It is a worksheet that accountants use to ensure payroll accuracy. Which report contains employer share tax expenses for a period? 17. Fair Labor Standards Act (Federal Wage & Hour Law). Issuanceofcommonstock.6. NAME MARITAL STAT. We have been recognized by esteemed organizations for the value we bring to our clients, our associates and the global community. All earnings are taxable. Are newly hired independent contractors covered under federal laws pertaining to new-hire reporting? How are the funds used which are provided by FUTA and SUTA? e-Services for Business - Employment Development Department 4. Yes, Employees FIT Payable . Legalor equitable procedure by which a protion of the wages of any person must be withheld for payment of a debt. BALANCE What are the main kinds of information contained in a payroll register? But if you follow these seven steps, you can learn how to account for payroll with ease. The W-2 provides all of the information required by the Affordable Care Act. Which of the following is true of employee's earnings record? C) The balance sheet Any boxes left with a question mark will be Report new employees or independent . A) By order of importance 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.

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