Employee Earnings Record. All the payroll information needed to prepare payroll and tax reports is found on, C- Payroll register and employee earnings records provide, The payroll journal entry is based on the totals of the payroll register, The Total Earnings column total of a payroll register is journalized as a debit to, The total of the Federal Income Tax column of a payroll register is credited to (A) a revenue account, The total of the Net Pay column of the payroll register is credited to, When a semimonthly payroll is paid, the credit to Cash is equal to the, Payroll taxes that are paid by both the employer and the employee are, A tax paid to administer the unemployment program is the, A state tax used to pay benefits to unemployed workers is the, An employee's earnings subject to unemployment taxes are referred to as (A) gross A separate record of each employee's . How are the funds used which are provided by FUTA and SUTA? 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. 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. The employee earns more than the federal. How is your target country ranked by Transparency International, Drugs in the bloodstream The concentration yyy of a certain drug in the bloodstream ttt hours after an oral dosage (with 0t150 \leq t \leq 150t15 ) is given by the equation, y=100(1e0.462t)y=100\left(1-e^{-0.462 t}\right) D) Salaries Payable -when payday is after the end of the month. Did you prepare tax deposits and have them checked for accuracy? Payroll register. c. It facilitates accuracy in employee personnel records. (a) The first group will develop an argument that Tipton and Seferi were guilty of hiring and harboring illegal aliens. -credit state withholding $1,234 Gross earnings. Also known as the Federal Wage and Hour Law. (A) a check. When employees take vacation and use vacation time: Experts are tested by Chegg as specialists in their subject area. would be reduced by every transaction B) False, Net pay" is sometimes known as "take-home" pay. payroll register employee's earnings record employee history record personnel record, The information provided in the payroll register is used primarily to meet the requirements of the Fair Labor Standards Act. common stockholders report an individual EE's regular time & OT; promote analysis of payroll expenses. True false question. When the company pays for the state taxes withheld from the employee, the entry would be: Entering transactions in the general ledger. What are the common components of the posting reference? Employees FIT Payable. b.To provide protection only for workers under the age of 18 a.The Federal Unemployment Tax Act (FUTA) B) False, 7. The FICA taxes on the employer represent both business expenses and liabilities of the employer. What is the production-volume variance in 2017 when the denominator level is (a) theoretical capacity, (b) practical capacity, and (c) normal capacity utilization? c.Both employee & employer remove the accrual from the account balances. Multiple select question. c.The Civil Rights Act of 1964 (p. 387), Each employer is required by law to report payroll taxes on an FUTA Taxes Payable $74.26 True False, An accounting firm would pay higher Workers' Compensation Insurance premiums than a steel mill because their employee wages would be higher. The payment of payroll taxes to the government is referred to as a c. What is the percent of definitely responses in each age group? A) a federal tax levy Since vacation time is paid when used, there is no need to accrue this time in a liability account at the end of each accounting period. (4), True or False: The transaction to record employer payroll taxes expense is journalized at the end of the quarter. (B) accumulated earnings. Multiple choice question. (C) yearly None of the above, The entry to deposit FICA taxes and federal income taxes withheld involves all of the following accounts except: -Entering the transactions in the general journal. What is the second line of the general journal entry used for? Take-home pay minus weekly exempted amount = federal tax levy garnishment. Have you obtained approval for pay disbursements? 401(k) contributions expense Multiple choice question. -property tax audit. -by account type. Cash True What taxes would be monitored for maximum withholding amounts through the payroll register? employers' HI portion of FICA taxes is not.. The account balances form the basis for accounting reports. C) $50.70 (p. 396), Fundamentals of Financial Management, Concise Edition, Don Herrmann, J. David Spiceland, Wayne Thomas, Alvin A Arens, Mark A Beasley, Randal J Elder, Financial Reporting and Analysis: Using Financial Accounting Information. Payroll Taxes b. the Payroll Manager is required by the Social Security Administration to e-verify in duplicate all the employees' social security numbers. Are all outgoing remittances double-checked and approved? remove the accrual from the account balances. Union Dues. b.Vesting conveys to employees the right to share in the retirement fund in the event they are terminated before the normal retirement age. T F, When union dues that have been withheld from employees' wages are turned over to the union a. General Leger account balances aggregate data to determine payroll costs T-tables. State unemployment tax -tax deposits. -Employee 401(k) contributions, Employee receives an advance of their pay, The Current Tax Payment Act requires employers to remit taxes at the end of each month? (A) IRS Form W-4 \end{matrix} (D) IRS Form W-3. Employers are required to furnish each employee with an annual statement of earnings and withholdings before: Based on the data presented in the previous exercise, journalize Belarus Co.s entries for (c) the payment of the invoice within the discount period. 4. Which portion of the accounting equation represents the amounts owed by the company? Do you know what pay method each employee needs? A) True c. employees can be required to participate in an employer's pension plan. Entering the transactions in the general ledger. Multiple choice question. (C) federal unemployment tax. all income & expense accounts are included in the report; only accounts w/ balances @ the end of the period are included. B) False, 15. true or false:Businesses use payroll records to inform employees of their annual earnings and to prepare payroll reports for the government. The balances in the General Ledger accounts form the foundation of financial reports. A) True -A description is sometimes included. Employees are assigned to departments to foster accurate measurements of business segment profitability. A third alternative is selling the machine for cash of $75,000. What is the connection between the employees' earnings records and payroll tax reporting? (b) How long does it take for yyy to reach 505050? b.The Fair Labor Standard Act sets the minimum wage and the current minimum wage rate is $7.25 per hour. B) False, 29. Which of these employee types is an allowable exception to the protection of the Age Discrimination in Employment? -Employer matches 401(k) contributions adjusted in the next month. (C) special purposes account. with the Form 940 reconciliation at the end of the year. He is paid time-and-a-half for hours over 40 and his pay rate is $17.90/hour. (B) during the month following each calendar quarter. Compute the amount of revenue and gross profit or loss to be recognized in 2021 and 2022 assuming Nortel recognizes revenue over time according to percentage of completion. A) True (D) revenue. Once the transaction has been recorded in the General Journal, the accountant posts the entry to corresponding General Ledger accounts, a combination of letters and numbers. -company breakdown of supply usage -when entries increase the account balance Which of the following is an employer's payroll responsibility? Employee taxes d.All of these choices are correct. Other Quizlet sets. d. companies are allowed to automatically enroll employees in the company's retirement plan. 26. purchasing managers The payroll register connects directly to the employees' earnings records. general ledger entries. Payroll transactions will have an effect on: A relationship, specifically financial, built on trust between a trustee and a beneficiary. nonqualified pre-tax insurance; retirement plan. (A) W-2 B) completing the journal entry to record the payroll. The following accounts receivable information pertains to Growth Markets LLC. Which of the following are true about the general ledger? Multiple choice question. Provides information for decision-makers about costs and company profitability would be used for reporting, only be in either debit or credit per account Study with Quizlet and memorize flashcards containing terms like Unclaimed employee wages are returned to the employer. The time of peak efficiency is the time when the learning rate is maximized. A distribution column in a payroll register separates payroll expenses into classifications such as FUTA, SUTA and net payroll. Accounting system entries record all payroll-related activity cash basis accounting The amount on the employee earnings record used to determine if certain payroll taxes apply to an employee's earnings is (A) net pay. The state lottery offers you the following (after-tax) payout options: Option#1:$12,000,000afterfiveyearsOption#2:$2,150,000peryearforfiveyearsOption#3:$10,000,000afterthreeyears\begin{array}{lll} Lowest 7 percent. Prepare absorption costing-based income statements for Magic Me Corporation using theoretical capacity, practical capacity, and normal capacity utilization as the denominator levels. -bring the accountant to the related entry in the general journal. b. is used to record the company's' liability to injured workers. y=100(1e0.462t). and more. Payments to sales taxing authorities Find the time have amounts in both debit and credit per account D) a percentage of the previous week's gross payroll. a. answer choices . Did you have the returns checked for accuracy? general ledger entries. true or false:A single person will have more income tax withheld than a married employee. c. What is the largest number of items memorized by the subject? -Each entry will be on one side per account. What is f(x)f(x)f(x) ? (C) January 15 of the following year. and more. C. Wages Payable (D) W-4. Who is covered by the Walsh-Healey Public Contracts Act? 4. The chart below shows the hourly pay and hours worked for Trilton Company's Fair Labor Standards Act. FUTA Taxes Payable, The entry made at the end of the accounting period to record wages -Employee review date, What changes should be included in the employee earnings record? Study with Quizlet and memorize flashcards containing terms like What changes should be included in the employee earnings record?, Earnings records are supporting documents for, Which portion of the accounting equation represents the amounts owed by the company? False, An employee who is garnished creates a liability for the business. a. the expense has already been recorded. None of the above, Which of the following accounts is an expense account in which an When does peak efficiency occur? Multiple choice question. Vacation pay earned by employees debit to expense, credit to liability. Douglas Toys is a manufacturer that applies the weighted-average process costing method to account for costs of production. A description is sometimes included. 3 general ledger postings. Multiple choice question. Wages and taxes payable, Labor reports would be provided to: c. state taxes. It adds complexity to the personnel recordkeeping. (D) accumulated earnings. Multiple select question. -journal entry and account number state income tax expense Overtime pay is paid for hours worked in excess of eight hours per day. 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? Allocate employee expenses to specific departments. f(x)=0.1(10+12x0.6x2)f^{\prime}(x)=0.1\left(10+12 x-0.6 x^2\right) \quadf(x)=0.1(10+12x0.6x2) for 0x250 \leq x \leq 250x25. 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. electronic system. Is it payday? Earnings records are supporting documents for Accounting reports provide managers with insights into company profitability and stability. debit to cash, credit to liability. -Balances in the general ledger payroll accounts are used in payroll reports. four employees. 7. (p. 389), The form used to report annual earnings and payroll taxes for all employees to the Social Security Administration is the Nicole Tipton and Sadik Seferi owned and operated a restaurant in Iowa. c.The amount and nature of exempt pay medicare tax payable (1time) C245. The source document for paying state unemployment tax is: Study with Quizlet and memorize flashcards containing terms like Which column exists in the employees' earnings records but not in the payroll register?, What is the connection between the employees' earnings records and payroll tax reporting?, A debit increases which of the following types of accounts? Government officials Entering the transactions in the general journal. False, False (B) transfer payment. (D) none of these. Which basic records are generated in most payroll accounting systems? (A) monthly one-sided journal entries. taxing authorities, Informed business leaders can use payroll data for all except: What other blunt questions do you think would be appropriate? using the wages of the salaried workers only. A) FUTA tax \text{Practical capacity} & \text{279.070} & \text{units}\\ using the same amount as the prior month's adjustment. Immunology Exam 4 Study Guide (Ch. (D) Total Deductions column. A financial obligation of the firm arising from revenues received in advance of services or sales or expenses incurred but not paid. salaries and wages payable. 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. D) Union dues withheld Garnishment for child support payments -Supervisor change -bank reconciliation. d. the account "Vacation Benefits Expense" is accrued. 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. What are the arguments for giving separate accounting recognition to the conversion feature of debentures? Withholding's for a 401(k) plan Wages expense, On which accounting reports would payroll-related assets appear? State unemployment tax Multiple select question. Under the EFTS, employers do not have to issue their employees paychecks. dividends, equity, assets. a percentage of the previous week's gross payroll. At September 30, 200,000 units were still in work-in-process inventory. b.The Federal Personal Responsibility and Work Opportunity Reconciliation Act of 1996 d.None of these choices are correct. Employees' Earnings Records serve as an audit trail. the master document accountants use to track employees' marital status, deductions (mandatory, voluntary, and mandated), and year-to-date earnings a. are what is left over after the employee pays rent and utilities. Wages Expense C. The employee completed the current version of Form W-4. Which column exists in the employees' earnings records but not in the payroll register? 9. A computerized cash payments system that transfers funds without the use of checks, currency, or other paper documents. The employee's earnings record provides information for each of the following except: mandated under GAAP d. union dues. 8 & 9 Part 2 - Infant Nutrition, Microsoft Office 2016 Excel 2016 Chapter 7 Wo, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Fundamentals of Financial Management, Concise Edition, Daniel F Viele, David H Marshall, Wayne W McManus. (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. -Entering the transactions in the general ledger. Each employee name is listed in a payroll register along with (A) employee number. financial reports. Income Statement, A labor report provided to management would display: The reports are identical and provide necessary (p. 390), To record the payment of federal unemployment tax, the account debited is Based on 1740 responses, what is the percent of each response? The Employees ________ _______ Connects accounting and human resource records, The information to be transferred from the payroll register to the employee's earnings records is located in each ______, the employee _______ _______ contains year-to-date earnings for each employee, earnings record (the payroll register contains several earning records). A payroll register is a record of employee hours worked, gross pay, net pay, deductions, and payroll date for a pay period. Multiple select question. A fundamental concept in accounting is the _____ ____ , which must remain balanced. It uses absorption costing based on standard costs and reports the following data for 2017: Theoreticalcapacity300unitsPracticalcapacity279.070unitsNormalcapacityutilization232.558unitsSellingprice$50perunitBeginninginventory40.000unitsProduction240.000unitsSalesvolume260.000unitsVariablebudgetedmanufacturingcost$10perunitTotalbudgetedfixedmanufacturingcosts$3.000.000Totalbudgetedoperating(non-manuf.) When the company pays for the state taxes withheld from the employee the entry would be tax filing support. (B) net earnings $368.07. A credit increases which of the following types of accounts? social security tax payable (1time) -billable and nonbillable time Prepare a partial balance sheet to show how the information related to this contract would be presented at the end of 2021 assuming Nortel recognizes revenue over time according to percentage of completion. Which of the following does not describe a purpose of the employee's earnings records? management/department heads Terms in this set (20) The period covered by a salary payment is a ____. salaries and wages expense. (Check all that apply). expenditures or expenses (B) quarterly In other terms, a payroll . Option#1:Option#2:Option#3:$12,000,000afterfiveyears$2,150,000peryearforfiveyears$10,000,000afterthreeyears. T F, In the case of multiple wage attachments, a garnishment for a student loan has priority over any False. c.Both of these choices are correct. A garnishment cannot exceed 25 percent of an employee's gross pay. Unclaimed employee wages are returned to the employer. -Balances in the general ledger payroll accounts are used in payroll reports. the need for increased or decreased staff within a department, determining market price for company products, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Fundamentals of Financial Management, Concise Edition, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield. employee earnings record. accrual accounting (1) . adjusted when employees are paid. Multiple choice question. -when payday is before the end of the month. The reports are identical and provide necessary (B) during the month following each calendar quarter. (B) in states without a state income tax. E) a percentage of the previous week's net payroll. What information is commonly provided by a job-seeker on the application for employment form? (B) total hours divided by regular rate. -current transaction in the payroll account A business form used to record details affecting payments made to an employee is a(n) (A) employee earnings record. Federal Income Taxes Payable b. Direct deposit of paychecks can be forced on employees in every state. assets, liabilities, equity. -Recording the individual balances of each paycheck. 7. ACC 301 - Chapter 14 "Stockholders' Equity", Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Fundamentals of Financial Management, Concise Edition, Don Herrmann, J. David Spiceland, Wayne Thomas, Lecture 7 - biological basis of language Part. (D) employee earnings account. c. Vacation Benefits Expense is debited, and Vacation Benefits Payable is credited. True a.The Self-Employment Contributions Act sets the minimum wage and the current minimum wage rate is $9.19 per hour. 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. Which of the following are processes that occur in most payroll accounting systems? create the need for fewer entries. (B) Medicare tax. -employees are paid A reversing entry would A Company who credits the cash account cannot pay their employees by check. -Pay rate, In financial accounting, the fundamental accounting equation is. Description information. B. What account would be classified as a liability account? Expenses area, Which of the following transactions would cause an asset to appear on the balance sheet related to payroll? The Accumulated Earnings column of the employee earnings record (A) shows net pay for the year. True False, The Form 940 is the source document for all employee payroll journal entries. -journal entry and page number, letter and number How does a payroll accountant use the information in the General Ledger? T F, In calculating overtime premium earnings at one and a half times the regular hourly rate, the overtime hours are multiplied by one-half the hourly rate of pay. A) True -journal entries to post one-sided. Multiple choice question. (C) gross earnings. determined by: Vacation Benefits Payable is credited. Multicolumn form used to summarize data needed each paydate. C. Payroll Taxes \textbf{Past-Due Category}&\textbf{Accounts Receivable Total}&\textbf{Percentage Uncollectible}\\[5pt] 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. (D) none of these. Yields the data needed for financial reports Copy and complete the chart. The reports are identical and provide necessary redundancy. In accrual accounting, there may also be end-of-period entries to accrue for payroll earned by the employees. C) SUTA Taxes Payable \end{array} The cash based businesses will show an increase in payroll expenses when: a. the expense has already been recorded. Cash 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. In many payroll systems: B) False, 18. The Assembling Department added the following costs: Assembling fi nished 400,000 units and transferred them to the Finishing Department. You may assume that f(0)=0f(0)=0f(0)=0. The production-volume variance is written off to cost of goods sold. What account would be classified as a liability account? Federal Income Tax A debit to the employees' FIT payable account removes the liability for the amount of federal income taxes withheld from employees' wages. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. -Social Security tax is matched by the employer up to the Social Security wage base. a.To prepare period reports and complete Form W-2 for each employee b.To complete Form W-2 for each employee c.To prepare period reports and complete Form W-2 for employer d.To prepare period reports e.To complete Form W-2 for employer, Which basic records . Tipped employee. FICA Taxes Payable-HI Show your work. Contributions payable & 2021 & 2022 \\ and more. Earnings records are supporting documents for: Asset = Amounts belonging to the company Identify some of the groups of users. What is the original entry point for payroll information into the accounting system? c.Employees who earn more than $44,000 per year 20. debit card based accounts. If Joanna is single with three exemptions and brings home $845.00/week, what amount will go towards the garnishment each week (manually calculate)? E) FUTA Tax Expense- FUTA Taxes Payable, 14. Kelly has d dollars in an account that pays 1.4% interest compounded weekly. T F, 10. Explain your reasoning. Type of entry chart of accounts. (A) December 31 of the current year. salaries and wages expense. true or false: Total earnings are sometimes referred to as net pay. B) Payroll Taxes- Cash (B) total hours divided by regular rate. \text{Sales volume} & \text{260.000} & \text{units}\\ b. should discharge any employee receiving a wage garnishment. Using an automated entry, the payroll accountant would record transactions through salaries and wages payable. E) None of the above. At the time that the entry is made to record the employers payroll taxes, the SUTA tax is recorded at the net amount (0.6%). The source document for paying employee income tax and social security and Medicare tax is: A state tax used to pay benefits to unemployed workers is: (1), True or False: A business deposits the total of gross wages in a separate payroll checking account. dividends, expenses, assets. T F, Federal tax levies are not subject to the limits imposed on garnishments under the Consumer Multiple choice question. Tax Expense is debited for both the employees' and the employer's portions of the FICA taxes. Credit Protection Act. Payroll transactions are recorded in the General Journal and posted to General Ledger accounts. What is the second line in the general journal entry used for? Multiple select question. Multiple select question. d.Neither of these choices is correct. Which act sets the minimum wage, and what is the current wage rate? redundancy. Revenues area, Liabilities area The entries into the first pair of debit and credit columns for State Income Tax Payable will be: 100 terms. \hline\\ Accounts Payable MASTERING CORRECTION OF ACCOUNTING ERRORS TES, Totalbudgetedoperating(non-manuf.) true or false:Social security tax is paid by both employees and employers. When asked if they would purchase the product, the people gave these responses: a. Tipton and Seferi were charged with hiring and harboring undocumented aliens. A computer error could cause C) using the wages of the salaried workers only. Payroll-related transactions contain both expenses and liabilities of a company. a. all the data must be both manually and digitally centered and checked, to ensure that the system is functioning properly. SURVEY . Multiple select question. Multiple choice question. b. all employers are now mandated to contribute at least 2% of gross wages to an employee's retirement account. payroll report interface. Define the process of "posting." Wages Payroll, Which of the following items would require an adjusting entry at the end of each accounting period? E) None of the above, 16. Payments for payroll regulation courses, Payment of statutory withholdings 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. expensed in the next month. Multiple choice question. B) Withholdings for a 401(k) plan (B) IRS Form 941 (B) payroll . (b) The second group will assess whether Tipton and Seferi can assert a defense by claiming that they did not know that the workers were unauthorized aliens. A. regular hours times regular rate. An accounting firm would pay higher Workers' Compensation Insurance premiums than a steel mill because their employee wages would be higher. true or false:The investment income in a Roth IRA is not subject to federal income taxes when withdrawn. When recording the deposit of FUTA taxes owed, the proper entry is: -Employer social security tax general journal entries. (C) only in states where a state income tax is levied. Allocate employee expenses to specific departments, Tax withholding and remittance You have won a state lottery. completing Forms W-2. Wages payable B) Federal Income Taxes Payable D. all of the above. Did you transmit remittances for the mandatory and voluntary deductions? Revenue In the case of a federal tax levy, the employee will notify the employer of the amount to take out, The payment of the FUTA tax and the FICA taxes by the employer to the IRS is recorded in the. Laborers for contractors who furnish materials, supplies, articles, and equipment to any agency of the United States, provided the minimum contract amount is $15,000.
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