How does a payroll accountant use the information in the General Ledger? Which of the following are true about the general ledger? Multiple choice question. d. -union negotiations. The employees' gross earnings are posted to which General Journal account? (B) payroll . (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. (p. 390), To record the payment of federal unemployment tax, the account debited is a. Gross earnings. Payroll Mod 14 Flashcards | Quizlet dividends, expenses, assets. with the Form 940 reconciliation at the end of the year. would be reduced by every transaction (1), True of False, Multiple Choice, and Journalizing, True or False: The payroll register provides all the payroll information needed to prepare a payroll. C) FICA tax--OASDI 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. True 7. Garnishments How does a payroll accountant use the information in the General Ledger? (D) tax withholding form. \text{Practical capacity} & \text{279.070} & \text{units}\\ Restoration Midterm. bottles of its 100% juices. The production-volume variance is written off to cost of goods sold. Multiple select question. Wages and taxes payable, Labor reports would be provided to: (C) federal unemployment tax. What are the common components of the posting reference? \text{31-90 days}&\text{\hspace{5pt}36,540}&\text{17\\\%}\\ \text{Normal capacity utilization} & \text{232.558} & \text{units}\\ Assets area (B) quarterly (C) annually. True preparing reports required by state unemployment compensation laws. Vacation expense should be recorded as a debit when the employee earns it. A) True (a) What is yyy after 111 hour (t=1)(t=1)(t=1)? The employee earnings records form the link between the ____ and ____ _____ departments. B) completing the journal entry to record the payroll. redundancy. Define the process of "posting." The letters denote which journal the entry correlates. In the garnishment process, federal tax levies take secondary priority to wages withheld for child support orders. B) False, 5. (D) state unemployment tax owed. Immunology Exam 4 Study Guide (Ch. Have you obtained approval for pay disbursements? E) 26.85. When recording the deposit of FUTA taxes owed, the proper entry is: Vacation Benefits Payable is credited. B) False, 11. a.25 -current entry amount and account b. the standard deduction of the taxpayer. Where will entries for payroll show up in the income statement? True Work in process on September 1 had 100,000 units made up of the following: During September, 500,000 units were transferred in from the Molding Department at a cost of$640,000. If employees must contribute to the state unemployment fund, this deduction should be shown in the payroll tax entry. Employee's earning record. (6), True or False: Each employer who withholds income tax, social security tax, and Medicare tax from employee earnings must furnish each employee with a quarterly statement. true or false:Payroll taxes withheld represent a liability for an employer until payment is made. Multiple select question. Solved Why is it important for a firm to use both a payroll - Chegg nonqualified pre-tax insurance; retirement plan. \text{Theoretical capacity} & \text{300} & \text{units}\\ -Entering the payroll journal entry. liabilities or liability, Apart from the recording of payroll and payment to employees, what other payroll related journal entries would be recorded? debit to expense, credit to cash. (See Immigration Law.). - The date of the transaction is attached. c. Vacation Benefits Expense is debited, and Vacation Benefits Payable is credited. Write the equation of the line passing through (5,-3) and parallel to the line with equation 2x+y=-3. Wages Expense D) Union dues withheld C) a creditor garnishment -include all descriptions in the general journal. (A) December 31 of the current year. Wages and cash expenses The source document for paying employee income tax and social security and Medicare tax is: D) Salaries Payable D) FUTA Taxes Payable- Cash Ch. 7 The Payroll Register, Employees' Earnings Records, and - Quizlet How are the funds used which are provided by FUTA and SUTA? T F, In the case of multiple wage attachments, a garnishment for a student loan has priority over any The maximum amount of gross earnings on which a tax is calculated, A retirement plan approved by the Internal Revenue Service. Lowest 7 percent. A computer system based on a software package that performs all payroll record keeping and prepares payroll checks. The garnishment that takes priority over all others is: Payroll Taxes a.The Self-Employment Contributions Act sets the minimum wage and the current minimum wage rate is $9.19 per hour. The total pay due for a pay period before deductions is ____. B) completing the journal entry to record the payroll. determining market price for company products The amount on the employee earnings record used to determine if certain payroll taxes apply to an employee's earnings is (A) net pay. Fundamentals of Financial Management, Concise Edition, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Daniel F Viele, David H Marshall, Wayne W McManus, Research Methods (Lecture 7): Multi-factor Ex, Prior department costs transferred in from the Molding Department. -Marital status A) True E) a child support order, 15. C) determining when the accumulated wages of an employee reach cutoff levels. Balances in the general ledger payroll accounts are used in payroll reports -Entering the transactions in the general ledger. Study with Quizlet and memorize flashcards containing terms like True, False, False and more. Accounting 1 - Chapter 13 Flashcards | Quizlet Payroll Taxes. accounting period, the amount of the adjustment would usually be B) False, 6. The payment of an employee's net pay using electronic funds transfer, A method of paying an employee based on the amount of sales the employee generates. Multiple choice question. B) False, 4. (C) January 15 of the following year. D) a percentage of the previous week's gross payroll. employers' HI portion of FICA taxes is not.. (p. 389), The form used to report annual earnings and payroll taxes for all employees to the Social Security Administration is the Multiple choice question. (C) a memorandum. costs(allfixed)$500.000\begin{matrix} 2. Employers are required to furnish each employee with an annual statement of earnings and withholdings before: management/department heads A state tax used to pay benefits to unemployed workers is: Accounting II: Chapter 13 Flashcards | Quizlet (B) liabilities. Multiple choice question. Who pays the social security taxes that are levied by the Federal Insurance Contributions Act? and more. TheoreticalcapacityPracticalcapacityNormalcapacityutilizationSellingpriceBeginninginventoryProductionSalesvolumeVariablebudgetedmanufacturingcostTotalbudgetedfixedmanufacturingcostsTotalbudgetedoperating(non-manuf.) E) preparing the payroll register. Have you computed their payroll taxes properly? a.SUTA funds are used to pay the state and federal administrative expenses and FUTA funds are used to pay the unemployment compensation benefits to the qualified unemployed workers. A deduction from total earnings for each person legally supported by a taxpayer, including the employee. Multiple select question. $845.00 - $364.42 = $480.58. Copy and complete the chart. (D) W-4. one-sided journal entries. B) False, Net pay" is sometimes known as "take-home" pay. Apart from the recording of payroll and payment to employees, what other payroll related journal entries would be recorded? (B) IRS Form 941 T F, 10. 2020, to record compensation expense, if any, in 2020. c. Prepare the entry on December 31, 2020, assuming that all 150,000 SARs are exercised. $845.00 - $476.93 = $368.07. One employee earnings record is used each payroll period to detail the earnings of all employees. 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? \text{Option \#2:}&&\text{\$\hspace{7pt}2,150,000 per year for five years}\\ Multiple choice question. d.The Civil Rights Act of 1964 sets the minimum wage and the current minimum wage rate is $7.50 per hour. (C) W-3 When recording the deposit of FUTA taxes owed, the proper entry is: d. is used to record Workers' Compensation payments to injured workers. In accrual accounting, there may also be end-of-period entries to accrue for payroll earned by the employees. d. a credit to Vacation Benefits Payable = $1,178. True Payments for payroll regulation courses, Payment of statutory withholdings state income tax expense -current entry amount per account type Credit Protection Act. State unemployment tax Did you transmit the tax returns and remittances? 7 and 8) 141 terms. Entries to the general ledger will post amounts in the first pair of debit or credit columns: A Company who credits the cash account cannot pay their employees by check. (B) transfer payment. Over the three years that you have owned the stock, the corporation's board of directors have taken the following actions: Congratulations! The withholding allowances of an employee affect (A) social security tax withheld. Tracking of governmental liabilities Option#1:Option#2:Option#3:$12,000,000afterfiveyears$2,150,000peryearforfiveyears$10,000,000afterthreeyears. The total amount earned by all employees for a pay period is a ____. A business form used to record details affecting payments made to an employee is a(n) (A) employee earnings record. Soccer teams -journal entry and page number, letter and number An accounting firm would pay higher Workers' Compensation Insurance premiums than a steel mill because their employee wages would be higher. (C) a liability account 30 seconds . E. FUTA Tax Expense False, False the description is usually left blank. Multiple choice question. -Employer matches 401(k) contributions (D) social security taxes. unemployment tax payable-federal(multiply salary expense by .8%) If Joanna is single with three exemptions and brings home $845.00/week, what amount will go towards the garnishment each week (manually calculate)? \text { Cash collections during the year } & 250,000 & 1,750,000 Payment of statutory withholding incurs as an expense each payday? Advanced Accounting Ch. 3 Review | Other Quiz - Quizizz Each entry will be on one side per account. -credit state withholding $1,234 mandated under GAAP and more. B. B) False, 9. a percentage of the previous week's gross payroll. (A) a check. 26. a. voluntary contributions to IRAs are no longer allowed in an employee retirement plan. -account number and date, Where will entries for payroll show in the trial balance? The purpose of a labor report is to do what? general journal entries. Which of the following accounts is an expense account in which an employer records the FICA, FUTA, and SUTA taxes? A computerized cash payments system that transfers funds without the use of checks, currency, or other paper documents. expensed in the next month. The Assembling Department added the following costs: Assembling fi nished 400,000 units and transferred them to the Finishing Department. Multiple select question. Multiple select question. A) True FUTA Taxes Payable, The entry made at the end of the accounting period to record wages social security tax payable Cash -payroll adjustments are entered, The first pair of debit and credit columns on the general ledger are for: Cash financial reports. union negotiations. accounting chapter 7 Flashcards | Quizlet SUTA Taxes Payable Salaries Payable E) Union dues withheld, 17. A separate record of each employee's earnings, used to complete W-2. What is the learning rate at peak efficiency? B. The account "Workers' Compensation Insurance Expense": a. (B) marital status. \end{array} department breakdown of labor cost, What can cause a journal entry to post on only one side (either debit or credit)? Employer taxes. E) None of the above, 30. False, A ____ ____ report proves the equality of debits and credits. 4. Which column exists in the employees' earnings records but not in the payroll register? b.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. What taxes would be monitored for maximum withholding amounts through the payroll register? Experts are tested by Chegg as specialists in their subject area. Multiple select question. Multiple choice question. adjusted when employees are paid. When the company pays for the state taxes withheld from the employee, the entry would be: Entering transactions in the general ledger. 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. b.Executive employees who are 65 years or older and have held high policymaking positions during the two-year period prior to retirement. The source document for paying state unemployment tax is: The typical overtime rate is $5.00 more than the regular hourly rate. (B) federal income tax withheld. Liabilities. The total earnings paid to an employee after payroll taxes and other deductions. electronic system. -alphabetical. Assume Nortel Networks contracted to provide a customer with Internet infrastructure for $2,000,000. A financial obligation of the firm arising from revenues received in advance of services or sales or expenses incurred but not paid. -property tax audit. Payroll costs represent an expense of the business. Highest 10 percent b. Psychologists refer to the graph of y=f(x)y=f(x)y=f(x) as a learning curve and to f(x)f^{\prime}(x)f(x) as the learning rate. (9). Employees FIT Payable $987.00, ($1,534.78 + $358.94 + $987.00) = $2,880.72. Multiple choice question. Allocate employee expenses to specific accounts c. a credit to Vacation Benefits Expense = $1,178. d.All of these choices are correct. (C) special purposes account. true or false: Total earnings are sometimes referred to as net pay. True When remitting or depositing federal income taxes, the employer credits the cash account. (B) payroll journal. a. is used to record Workers' Compensation premiums paid by the company. laurencbezzant. 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. A payroll accrual occurs b.Executive employees who are 65 years or older and have held high policymaking positions during the two-year period prior to retirement Study with Quizlet and memorize flashcards containing terms like 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 and more. Which amounts on the payroll register reduce Federal withholding tax but are not deducted for FICA tax computations? Multiple select question. (C) shows net pay for one quarter. Which of the following is not an expense of the employer? B) Payroll Taxes- Cash medicare tax payable, Recorded employer payroll tax expense for the semimonthly pay period ended april 15. Tax withholding and remittance (B) accumulated earnings. Payment of voluntary withholding, When payday is after the end of the month -Balances in the general ledger payroll accounts are used in payroll reports. double payroll account balances. - Designated to inform managers and department heads. Multiple choice question. C) Wages Expense Employer taxes, Shared taxes -Pay rate, In financial accounting, the fundamental accounting equation is. create the need for more entries. B) $161.10 Have you prepared the financial statements and managerial reports? (A) unemployment taxable earnings. True false question. . Cash true or false:Social security tax is paid by both employees and employers. c.Both employee & employer d. a credit to Vacation Benefits Payable = $1,178. Payroll records serve as backup for purchasing managers b.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. a. The issuance of checks to employees would reduce:(which account). . Acting on a tip from the local police, agents of Immigration and Customs Enforcement executed search warrants at the restaurant and at an apartment where some restaurant workers lived. Earnings records are supporting documents for: Asset = Amounts belonging to the company treasurer, the account Union Dues Payable is debited. -journal entry and account number no general ledger postings. all income & expense accounts are included in the report; only accounts w/ balances @ the end of the period are included. C) using the wages of the salaried workers only. c.Laborers for contractors who furnish materials, supplies, articles, and equipment to any agency of the United States, provided the minimum contract amount is $2,000. 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. debit to expense, credit to liability. A qualified retirement plan that provides most individuals with a deferred federal income tax benefit. B) Withholdings for a 401(k) plan (4), True or False: The transaction to record employer payroll taxes expense is journalized at the end of the quarter. (D) overtime hours minus overtime rate. Since FUTA tax is paid only once a quarter, the FUTA tax expense is recorded only at the time of payment. Add. Closing entries Employee regular earnings are calculated as (A) regular hours times regular rate. a. Under the Affordable Care Act, which employers are required to provide insurance coverage for all full-time employees and their dependents? 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. True B) using the same amounts as the prior month's adjustment. Calculate the amount of cash payments Jacobs was required to make in each of the two calendar years that were affected by the note payable. Type of entry Have you included any other mandatory deductions? 1. 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. b. Payroll Chapter 1 Matching Flashcards | Quizlet When employees take vacation and use vacation time: When the I-999 forms for the restaurant's employees were reviewed, none were found for the six aliens. general ledger entries. Computer glitch cash basis accounting We reviewed their content and use your feedback to keep the quality high. Payment of voluntary withholdings, The ___ ____ column in the General Ledger is a combination of letters and numbers, The use of reversing entries is: False, 27. chart of accounts. Allocate employee expenses to specific accounts Federal Income tax Denominator-level choices, changes in inventory levels, effect on operating income. b. used to prepare internal management analyses. -Employee contributes to United Way Ch 6 Payroll PRACTICE Flashcards | Quizlet Payroll Taxes Multiple choice question. A) True An employer will use the payroll register to keep track of an employee's accumulated wages. T F, For child support garnishments, tips are considered part of an employee's disposable earnings. c. It facilitates accuracy in employee personnel records. 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. (C) FUTA earnings Maple is a behaviorist, he would MOST likely believe that the cause of a child's disruptive behavior in school is the result of what? Payroll Accounting 2018 CH 7 Flashcards | Quizlet (b) How long does it take for yyy to reach 505050? (A) social security tax. \text{Variable budgeted manufacturing cost} & \text{\$ 10} & \text{per unit}\\ requires deduction from employee paychecks . Wages Expense is debited and Cash is credited. Do you know what pay method each employee needs? Employee taxes 480.58 SUTA taxes expense useful in determining overhead allocations by department and the need for increased or decreased staff within a specific department, tracks the time employees have spent specifically on projects for which customers are paying, allow managers to determine how much overtime has been paid to employees during a specified time period, Trend reports of income over the period of the year can reveal seasonal increases or decreases in business. B) a government student loan Interest was paid quarterly, and the note was repaid one year from the time the money was borrowed. -payroll entries are accrued c. his/her applicable annual standard deduction based on marital status plus the number of exemptions claimed on Form 668-W. Multiple choice question. Liabilities area Cash, When recording the deposit of FUTA taxes owed, the proper entry is: Payment of statutory withholdings Wages and taxes expenses An employer: Payroll Accounting Flashcards | Quizlet c.The amount and nature of exempt pay A) True The financial investment and any accumulated profits or losses of the owner of a firm. T-accounts. For each choice of denominator level, the budgeted production cost per unit is also the cost per unit of beginning inventory. A payroll register is a record of employee hours worked, gross pay, net pay, deductions, and payroll date for a pay period. report an individual EE's regular time & OT; promote analysis of payroll expenses. 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. payroll accounting -posting date and posting time The account balances form the basis for accounting reports. Salaries and Wages Payable, Which of the following taxes would NOT be included in the employer related payroll entry? Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Fundamentals of Financial Management, Concise Edition, Jeffrey Jaffe, Randolph W. Westerfield, Stephen A. Ross, Module 10: Influences on Real Estate Values. a. all the data must be both manually and digitally centered and checked, to ensure that the system is functioning properly. -journal entries to post backward. 8. true or false: The larger the number of withholding allowances claimed, the larger the amount of income tax withheld. Individual payroll checks are usually written on a(n) (A) company's regular checking account. 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. -per employee wage reporting Payment of voluntary withholdings, True or false: The general ledger is the point where information gets entered into the accounting system database. pay cards. unnecessary under GAAP The accounting process generates financial reports for both internal and external users. Study with Quizlet and memorize flashcards containing terms like How can the information shown in the employees' earnings record be used? determining seasonal workforce requirements Debits show increases to 12. Did you journalize and post the employer's share transactions? Accounts Payable b. the standard deduction of the taxpayer. General ledger 4. The payroll register connects directly to the employees' earnings records. Social Security tax employee review. A) True 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. What is always true about the general ledger? C. The employee completed the current version of Form W-4. Wages Expense d. are the earnings paid for optional employee benefits. Compare taxes with other companies Apart from recording of payroll and payment to employees, what other payroll related journal entries would be recorded? A separate record of each employee's . A) collecting the timesheets for the days accrued. D) preparing reports required by state unemployment compensation laws. You purchased 200 shares of Smiley Incorporated, a small but profitable company. Which of the following is an employer's payroll responsibility? False, Which of the following accounts will appear on the balance sheet? -Transactions from the general journal are posted to individual accounts. Transactions from the general journal are posted to individual accounts. True or False: In each pay period, the payroll information for each employee is recorded on his or her employee earnings record. At September 30, 200,000 units were still in work-in-process inventory. (A) tax reimbursement. d. It allows payroll employees to create ghost employees . True The payroll register is used by employers in completing Forms W-2. C. Payroll Taxes b.The Fair Labor Standard Act sets the minimum wage and the current minimum wage rate is $7.25 per hour. Study with Quizlet and memorize flashcards containing terms like Unclaimed employee wages are returned to the employer. Multiple choice question. General ledger entries are made ______ (after/before) general journal entries. (C) IRS Form W-2 c. What is the percent of definitely responses in each age group? The FICA taxes on the employer represent both business expenses and liabilities of the employer. b. is used to record the company's' liability to injured workers. True False, The Form 940 is the source document for all employee payroll journal entries. Each employee name is listed in a payroll register along with (A) employee number. (D) all of these. Multiple select question. True false question. Jacobs Company borrowed $10,000\$ 10,000$10,000 on a one-year, 8 percent note payable from the local bank on April 1. Letter and number other garnishment..
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