the employee earnings record quizlet

Payroll Taxes (B) in states without a state income tax. Which of the following are true about the general ledger? d. What age group is most likely to purchase the product? -account number and date, Where will entries for payroll show in the trial balance? Under the FLSA, what information concerning employees' wages must be maintained by the employer? d. is used to record Workers' Compensation payments to injured workers. computer backup. Multiple select question. FICA Taxes Payable-OASDI Multiple choice question. 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? T F, When union dues that have been withheld from employees' wages are turned over to the union debit card based accounts. Wages Expense is debited and Cash is credited. 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. account tax filing support. b. are the part of the paycheck used to pay taxes. T F, 2. Union Dues. True property tax audit. Who is covered by the Walsh-Healey Public Contracts Act? Employee taxes A debit to an account in a general journal transaction is a debit to that account in the general ledger -journal entries to post to unknown accounts (D) overtime hours minus overtime rate., A business form used to record details affecting payments made to an employee is a(n) (A) employee earnings record. (A) a revenue Have you completed the payroll register? bottles of its juice cocktails or 12 oz. \text{31-90 days}&\text{\hspace{5pt}36,540}&\text{17\\\%}\\ at the employer's discretion. all income & expense accounts are included in the report; only accounts w/ balances @ the end of the period are included. medicare tax payable (1time) -Employee receives an advance of their pay Have you included any other mandatory deductions? Employee payments Shared taxes E) None of the above. A debit to the employees' FIT payable account removes the liability for the amount of federal income taxes withheld from employees' wages. Have you prepared the financial statements and managerial reports? -A description is sometimes included. (C) annually. Multiple select question. NALS: Ch. d. Vacation Benefits Payable is debited. You purchased 200 shares of Smiley Incorporated, a small but profitable company. costs(allfixed)$500.000\begin{matrix} (B) during the month following each calendar quarter. a. Social Security Tax Payable Question: Why is it important for a firm to use both a payroll register and an employee earnings record? What was his overtime premium pay for this workweek? In accrual accounting, there may also be end-of-period entries to accrue for payroll earned by the employees. C. Payroll Taxes Entering the transactions in the general journal. A garnishment cannot exceed 25 percent of an employee's gross pay. (C) January 15 of the following year. A computerized cash payments system that transfers funds without the use of checks, currency, or other paper documents. If Joanna is single with three exemptions and brings home $845.00/week, what amount will go towards the garnishment each week (manually calculate)? C) $50.70 Other Quizlet sets. (B) a receipt. Which portion of the accounting equation represents the amounts owed by the company? Compare taxes with other companies Assume that when you were in high school you saved $1,000\$ 1,000$1,000 to invest for your college education. (2), True or False: Employer payroll taxes are business expenses. Employees' Earnings Records serve as an audit trail. Multiple select question. (3), True or False: Federal unemployment insurance laws require that employers and employees pay taxes for unemployment compensation. Multiple choice question. (B) Medicare tax. True A qualified retirement plan that provides most individuals with a deferred federal income tax benefit. The balances in the General Ledger accounts form the foundation of financial reports. When payroll spans two months. -when payday is after the end of the month. \text{Production } & \text{240.000} & \text{units}\\ Multiple select question. B) False, 14. Jacobs Company borrowed $10,000\$ 10,000$10,000 on a one-year, 8 percent note payable from the local bank on April 1. Computer glitch -Year-to-date earnings Which of the following is not an expense of the employer? Unions $845.00 - $364.42 = $480.58. collecting the time sheets for the days accrued. The total earnings paid to an employee after payroll taxes and other deductions is recorded in the payroll register's (A) Gross Pay column. Promote analysis of payroll expenses. D. -current amount of reduction to the payroll account bottles of juice cocktails? a. is used to record Workers' Compensation premiums paid by the company. FUTA Taxes Payable is an expense account in which are recorded the employer's federal unemployment taxes. None of the above, Which of the following accounts is an expense account in which an T F, In the case of multiple wage attachments, a garnishment for a student loan has priority over any employee income tax payable A) True Q. four employees. salaries and wages expense. B) a government student loan Government officials C) Wages Expense Company management, True or false: Payroll reports help managers to determine payroll staffing needs. jacksonglomb. B) False, 11. Study with Quizlet and memorize flashcards containing terms like a business form used to record payroll information os, the total earnings paid to an employee after payroll taxes and other deductions, a business form used to record details affecting payments made to an employee is and more. \text{Option \#2:}&&\text{\$\hspace{7pt}2,150,000 per year for five years}\\ B. Employer taxes. b.To provide protection only for workers under the age of 18 Amounts withheld from employees' wages for health insurance are credited to a liability account. Which of these accounts shows the total gross earnings that the employer You'll get a detailed solution from a subject matter expert that helps you learn core concepts. Additionally, information from the payroll register is used to complete payroll entries in the General Journal Reconcile the difference in operating income based on theoretical capacity and practical capacity with the difference in fixed manufacturing overhead included in inventory. Over the three years that you have owned the stock, the corporation's board of directors have taken the following actions: Congratulations! Multiple choice question. FIT Payable -Transactions from the general journal are posted to individual accounts. when payday is after the end of the month. a. 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. requires deduction from employee paychecks . a. the expense has already been recorded. would be used for reporting, only be in either debit or credit per account Overtime pay is paid for hours worked in excess of eight hours per day. Employers are required to furnish each employee with an annual statement of earnings and withholdings before: Multiple choice question. Douglas Toys is a manufacturer that applies the weighted-average process costing method to account for costs of production. 4. Production line worker. . Study with Quizlet and memorize flashcards containing terms like All the payroll information needed to prepare payroll and tax reports is found on (A) Form W-4 and the employee earnings record (B) Form W-4 and the payroll register (C) the payroll register and the employee earnings record (D) Form W-4. -Employer matches 401(k) contributions False, The employers' OASDI portion of FICA taxes is included as part of the payroll tax entry, but the The first pair of debit and credit columns on the general ledger are for: The second set of debit and credit columns in the general ledger show: The cash based business will show an increase in payroll expenses when: In a manufacturing environment, which of the employees time would be considered entirely directly billable? The garnishment that takes priority over all others is: Disposable earnings: Multiple choice question. In many payroll systems: Employee taxes payroll report interface. disposable earnings. unemployment tax payable-federal(multiply salary expense by .8%) . Each entry will be on one side per account. (1), True or False: A business deposits the total of gross wages in a separate payroll checking account. expenditures or expenses Experts are tested by Chegg as specialists in their subject area. T-tables. The time of peak efficiency is the time when the learning rate is maximized. true or false: A business is required by law to withhold certain payroll taxes from employee salaries. The purpose of a labor report is to do what? Multiple select question. (p. 383), Each employer who withholds income tax, social security tax, and Medicare tax from employee earnings must furnish each employee an Nicole Tipton and Sadik Seferi owned and operated a restaurant in Iowa. Common-law relationship. -before journal entries are recorded Define the process of "posting." The contribution margin from the additional sales of 100% juices would be$90,000. (B) is the total earnings since the first of the year. A) True D) Salaries Payable (2), True or False: The employer social security tax rate is different than the employee social security tax rate. If there are employees who have taken payroll advances, which are amounts to be repaid by the employee, these will show in the current assets section. \end{array} E) preparing the payroll register. Employer has the right to control both what work will be done and how it will be done. Contributions payable (D) is the gross earnings for one quarter. reversed in the next month. (D) overtime hours minus overtime rate. With the passage of the Pension Protection Act of 2006: Did you prepare remittances for the mandatory and voluntary deductions? Multiple choice question. Payments to sales taxing authorities Prepare absorption costing-based income statements for Magic Me Corporation using theoretical capacity, practical capacity, and normal capacity utilization as the denominator levels. (C) total hours plus overtime rate. How would an increase in the value of the pound sterling affect American businesses? -Supervisor change c. state taxes. (Check all that apply). An employer: What account would be classified as a liability account? only be in either debit or credit per account Missed Exam ?'s. c. What is the percent of definitely responses in each age group? a.They must disclose to the job applicant that they are seeking an investigative report. C) determining when the accumulated wages of an employee reach cutoff levels. Which of the following is an employer's payroll responsibility? Vacation expense should be recorded as a debit when the employee earns it. common stockholders a. a debit to Vacation Benefits Payable = $1,178. \textbf{Past-Due Category}&\textbf{Accounts Receivable Total}&\textbf{Percentage Uncollectible}\\[5pt] E) Union dues withheld, 17. remove the accrual from the account balances. 3. state income tax expense -current transaction in the payroll account C) a creditor garnishment 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} 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? c. is used to record Workers' Compensation premiums paid by the employee. Find the time double payroll account balances. EE retirement income security act (ERISA). SUTA Taxes Payable $383.69 Taxes Payable is credited for the total taxes owed (FICA, FUTA, and SUTA). (B) a receipt. Also known as the Federal Wage and Hour Law. Closing entries B) False, 7. Past-DueCategory0-30days31-90daysOver90daysAccountsReceivableTotal$22,48036,54015,330PercentageUncollectible6%17%25%. What changes should be included in the employee earnings record? A computer error could cause b. the standard deduction of the taxpayer. Multiple choice question. When does peak efficiency occur? The reversal of General Journal entries is used to represent accrued employer payroll ____ and ____ at the end of the prior month. 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. B) False, 8. c. his/her applicable annual standard deduction based on marital status plus the number of exemptions claimed on Form 668-W. -Each entry will be on one side per account. Which of the following taxes would be included in the employer related payroll entry? Multicolumn form used to summarize data needed each paydate. A) True c. What is the largest number of items memorized by the subject? 480.58 A third alternative is selling the machine for cash of $75,000. general accounting, Fritz Industries accrued payroll state withholding of $1,234 for the current payroll. Past-DueCategoryAccountsReceivableTotalPercentageUncollectible0-30days$22,4806%31-90days36,54017%Over90days15,33025%\begin{array}{c} When asked if they would purchase the product, the people gave these responses: a. debit to expense, credit to liability. False, An employee who is garnished creates a liability for the business. Tracking of governmental liabilities 401k contributions payable, SS tax payable. A) True - The date of the transaction is attached. (C) withholding allowances. False, 27. -current balance in the payroll account Multiple choice question. A) FUTA Tax Expense- Cash Define the process of "posting." a percentage of the previous week's gross payroll. (a) What is yyy after 111 hour (t=1)(t=1)(t=1)? \hline\\ What obligations are imposed upon the employer by the Fair Credit Reporting Act of 1968? The total pay due for a pay period before deductions is ____. union negotiations. laurencbezzant. The amount on the employee earnings record used to determine if certain payroll taxes apply to an employee's earnings is (A) net pay. salaries and wages payable. Cash 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 credit increases which of the following types of accounts? Payroll transactions are recorded in the General Journal and posted to General Ledger accounts. D. all of the above. When the I-999 forms for the restaurant's employees were reviewed, none were found for the six aliens. Since you plan to conduct business in the target country, you should be concerned about transparency of political institutions and judiciary. -cumulative total on the 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. The employee earnings records form the link between the ____ and ____ _____ departments. c. a credit to Vacation Benefits Expense = $1,178. The total of the Gross Earnings column of the payroll register for a given pay period will appear in which account for the payroll-related general journal entry? (B) Total Earnings column. (D) accumulated earnings. d.Only a self employed individual. Assets area preparing reports required by state unemployment compensation laws. determining when the accumulated wages of an employee reach cutoff levels. Multiple select question. E. FUTA Tax Expense FICA Taxes 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. d.None of these choices are correct. b.Employees who work for vendors who provide legal services to any agency of the United States, provided the minimum contract amount is $15,000. Examples of payroll related liabilities include: Garnishments Multiple choice question. The cash based businesses will show an increase in payroll expenses when: B) False, 9. c. must pay federal tax levies before any other deduction. financial reports. d. are the earnings paid for optional employee benefits. 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. Payment of statutory withholding Suppose the learning rate is In other terms, a payroll . State unemployment tax. Entering the payroll journal entry. 20. Tipped employee. The record of all of a firm's financial transactions. Which of these employee types is an allowable exception to the protection of the Age Discrimination in Employment? c.ERISA requires that all companies offer private pension plans. \text { Estimated costs to complete as of } 12 / 31 & 1,200,000 & -0- \\ a.The Federal Unemployment Tax Act (FUTA) \end{matrix} (4), True or False: The transaction to record employer payroll taxes expense is journalized at the end of the quarter. payroll register. The purpose of a labor report is to do what? You may assume that f(0)=0f(0)=0f(0)=0. True Multiple choice question. Financial transactions can be displayed for explanation and evaluation through The payroll register is used by employers in completing Forms W-2. False, Where will entries for payroll show in the income statement? General ledger entries are made ______ (after/before) general journal entries. Question 1: Why would you enter "N/A" on the line for federal withholding allowances on an employee earnings record? Which act sets the minimum wage, and what is the current wage rate? Transactions from the general journal are posted to individual accounts. What is always true about the income statement? (B) accumulated earnings. Add. Payroll Taxes Payment of voluntary withholdings, Payment of statutory withholdings What if each firm produces a somewhat different product? Social Security tax Carmen Gaetano worked 46 hours during this pay week. -Balances in the general ledger payroll accounts are used in payroll reports. Accounting reports provide managers with insights into company profitability and stability. bank reconciliation. create the need for more entries. -Each entry will balance within the posting account. general ledger entries. adjusted when employees are paid. \end{array} Payment of voluntary withholdings, True or false: The general ledger is the point where information gets entered into the accounting system database. E) a percentage of the previous week's net payroll. 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. A) True no general ledger postings. Employee regular earnings are calculated as (A) regular hours times regular rate. Cash create the need for fewer entries. 2. c. It facilitates accuracy in employee personnel records. -chronological. Identify some of the groups of users. B) False, 29. b. the account "Vacation Benefits Expense" is credited. a. B. Since FUTA tax is paid only once a quarter, the FUTA tax expense is recorded only at the time of payment. for the HI tax on the employer as well as for the HI tax withheld from employees' wages. (p. 390), To record the payment of federal unemployment tax, the account debited is TheoreticalcapacityPracticalcapacityNormalcapacityutilizationSellingpriceBeginninginventoryProductionSalesvolumeVariablebudgetedmanufacturingcostTotalbudgetedfixedmanufacturingcostsTotalbudgetedoperating(non-manuf.) -Employer social security tax Letter and number D) Union dues withheld social security tax payable a.25 D) preparing reports required by state unemployment compensation laws. Which amounts on the payroll register reduce Federal withholding tax but are not deducted for FICA tax computations? False, A ____ ____ report proves the equality of debits and credits. The employee's _____ ____ connects accounting and human resource records earnings record Earnings records are supporting documents for Multiple choice question. 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 . 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, Employer payroll taxes are business expenses, The employer social security tax rate is different than the employee social security tax rate, Federal unemployment insurance laws require that employers and employees pay taxes for unemployment compensation, The transaction to record employer payroll taxes expense is journalized at the end of the quarter, Each employer is required by law to periodically report the payroll taxes withheld from employee salaries, The timing of payroll tax payments is based on the amount owed, Form W-2 reports an employee's annual earnings and the withholdings for federal income, social security, and Medicare taxes, In the journal entry for a payroll, the amount debited to Salary Expense is the total of the Net Pay column of the payroll register, The tax base for Medicare tax is the same as the tax base for social security tax, If the tax base for calculating unemployment taxes is $7,000 and an employee's accumulated earnings are $6,500.00, and the employee earns another $1,500.00, the amount of new earnings subject to unemployment tax is $1,500.00, Some employers must deposit payments for withheld employees' federal income tax and social security and Medicare taxes on the next banking day, Each employer who withholds income tax, social security tax, and Medicare tax from employee earnings must furnish each employee with a quarterly statement, Until the amounts withheld from employee salaries are paid by the employer, they are recorded as, The payment of payroll taxes to the government is referred to as a, The total earnings subject to federal unemployment tax is referred to as, Each employer must file a _________ federal tax return showing the federal income tax, social security tax, and Medicare tax due the government, Employers are required to furnish each employee with an annual statement of earnings and withholdings before (A) December 31 of the current year, The source document for paying employee income tax and social security and Medicare tax is, During the month following each calendar quarter, In general, employers are required to pay state unemployment taxes, The source document for paying state unemployment tax is, A state tax used to pay benefits to unemployed workers is, John David Jackson, Patricia Meglich, Robert Mathis, Sean Valentine. c.The Federal Unemployment Tax Act sets the minimum wage and the current minimum wage rate is $7.25 per hour. The agents discovered six undocumented aliens who worked at the restaurant and lived together. Wages Payroll, Which of the following items would require an adjusting entry at the end of each accounting period? Assume an initial starting FtF_tFt of 300 units, a trend (Tt)\left(T_t\right)(Tt) of eight units, an alpha of 0.300.300.30, and a delta of 0.400.400.40. Allocate employee expenses to specific accounts True When remitting or depositing federal income taxes, the employer credits the cash account. a. wages for child support. Multiple choice question. (B) is the total earnings since the first of the year. (8), True or False: Some employers must deposit payments for withheld employees' federal income tax and social security and Medicare taxes on the next banking day. Assuming you can earn 6% on your funds, which option would you prefer? When employees take vacation and use vacation time: Entering the transactions in the general ledger. (p. 387), Each employer is required by law to report payroll taxes on an Using an automated entry, the payroll accountant would record transactions through (A) monthly. A) $107.40 d. the Payroll Manager is required by the IRS to submit the electronic records for verification. The account balances form the basis for accounting reports. salaries and wages expense. and more. They were paid in cash while other employees were paid by check. and more. b.11 Multiple choice question. -Entering the transactions in the general journal. -bring the accountant to the next entry in the general ledger. Expenses area -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? E) None of the above, 30. (1), True of False, Multiple Choice, and Journalizing, True or False: The payroll register provides all the payroll information needed to prepare a payroll. 13. & 2021 & 2022 \\ Wages Expense -journal entries to post one-sided. Multiple select question. b. (A) unemployment taxable earnings. They must pay the employees with actual dollars. Would you expect the kinked demand curve to be more extreme (like a right angle) or less extreme (like a normal demand curve) if each firm in the cartel produces a near-identical product like OPEC and petroleum? chart of accounts. pay cards. Medicare tax Wages Payable Garnishment for child support payments Are the tax returns and remittances approved and signed by the appropriate parties? Wages Expense Payment of voluntary withholding, When payday is after the end of the month true or false: When an employee's earnings exceed the tax base, no more social security tax is deducted. General journal Wages Expense Assets Federal income tax is withheld from employee earnings (A) only in those states electing to do so. (C) only in states where a state income tax is levied. Description information. The general ledger contains information about the individual accounts used in general journal transactions Payroll Register, Employees' Earning Records, and Accounting System Entries, Payroll register and employees' earnings records are important payroll accountant tools (B) marital status. -alphabetical. d.None of these choices are correct. Multiple select question. (C) gross earnings. d.Only "A payroll register" and "The employee's earnings record" are correct. and an employee earnings record? D) FUTA Taxes Payable- Cash c.Employees who earn more than $44,000 per year 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. (D) W-4. b.The payroll period C245. True b. A. Multiple choice question. B) $161.10 (A) social security tax. (A) assets. when payroll spans two months. Expenses area, Which of the following transactions would cause an asset to appear on the balance sheet related to payroll? What is the primary purpose of the Employee Retirement Income Security Act (ERISA)? C. pay period. using the same amount as the prior month's adjustment. have amounts in both debit and credit per account -Pay rate, In financial accounting, the fundamental accounting equation is. Payment of voluntary withholdings, The ___ ____ column in the General Ledger is a combination of letters and numbers, The use of reversing entries is: A) True -Balances in the general ledger payroll accounts are used in payroll reports. \text{Selling price} & \text{\$ 50} & \text{per unit}\\ Tips received by employees are included as disposable earnings subject to garnishment for child support. b. variable, depending upon county that the levy originates. Multiple choice question. B) False, Net pay" is sometimes known as "take-home" pay. -bank reconciliation. (B) an expense account Multiple choice question. 3 general ledger postings. Apart from recording of payroll and payment to employees, what other payroll related journal entries would be recorded? Have you obtained approval for pay disbursements? FICA Taxes Payable - HI $358.94 D) Salaries Payable An employer will use the payroll register to keep track of an employee's accumulated wages. The total earnings paid to an employee after payroll taxes and other deductions. withheld and the other payroll deductions in effect before the tax levy was received. D. Wages Expense In general, employers are required to pay state unemployment taxes: A. True Although the garnishment would be deducted from the employee's pay, the business is responsible (liable) for remitting the deduction to the creditor. (A) IRS Form W-4 a. -include all descriptions in the general journal. -the description is usually left blank. C246, Salary expense Employer only taxes. (A) a check. What is the learning rate at peak efficiency? A) True A) a federal tax levy Record used in preparing employee's W-2. d. a determination made by the IRS and sent to the employee on a Form 668-W. c. his/her applicable annual standard deduction based on marital status plus the number of exemptions claimed on Form 668-W.
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