payroll register quizletpayroll register quizlet

D. Religion Which of the following is not a provision of FLSA? Does every state have both federal and state unemployment laws? McHale Enterprises has the following incomplete General Journal entry for the most recent pay Medicare tax $ 390. \text{9. B. What is your sisters total cost under each of the two plans? A) the beginning and ending dates of the pay period Here is the payroll journal entry to record the payment of the paycheck: Payroll Journal Entry Example 1 Notice the Wage Expense is debited for the gross pay. C) It allows payroll employees to divert funds into faux accounts. 39. ls the payroll register used in preparing the Form W-2? True, Besides containing the supporting data for periodic tax reports, the employee earnings record At ADP, we believe sports and business both require the right approach. Paymentofemployeesalaries.2. Federal withholding tax $ 3,570. 18. C) A debit balance will decrease the expenses of the firm's income statement. (You may True, Payroll accruals reflect the amount of payroll paid but not earned at the end of the financial Less than five have large-screen TVs? A well-kept payroll register is also useful when preparing payroll tax reports, including: A payroll register is a record of payroll information for every employee each pay period. 5. What is the term for transferring data from the General Journal to the General Ledger? ADP helps organizations of all types and sizes unlock their potential. Forbids discrimination in hiring. The accrual entry, as shown next, is simpler than the comprehensive payroll entry already shown, because you typically clump all payroll taxes into a single expense account and offsetting liability account. Does FLSA require all employees to be paid weekly, biweekly', monthly? The total of each distribution column shows the total amount of that department's wage expense. How does the payroll register connect with the employees' earnings records? B) Credit $1, Rushing River Boats has the following data in its Social Security tax payable General Ledger employees' payroll, one for the employer's share of the taxes. It records payroll record on each employee separately. In Philadelphia, Pennsylvania, most workers are subject to three income taxes upon their earnings - federal state and city. Gross pay and net pay. & \text{ } & \text{ }\\ A) $399,472. The agreement also states that the two weeks of vacation shall be taken any time in 2023 and the amount paid will be 80 hours multiplied by the employee's rate of pay at December 31, 2022. To rule the payroll register means that the payroll accountant establishes procedures about the payroll register. C) It is a report designed for external stakeholders. Employee FIT Payable-liability A) The total of the debits must equal the total of the credits. B. The entry to record vacations earned in 2022 will affect Vacation Expense on the 2022 income statement and Vacation Payable, a liability on the 2022 balance sheet. Requirements: 1. Issuance of common stock.} For fill-in-the-blank questions, press or click on the blank space provided. B) $15,298. 18 The Federal Insurance Contributions Act covers restrictions on the employment of child labor. \text{14. 2. B) Employee earnings record Allocation (closing) of overapplied or underapplied overhead to Cost of Goods Sold. DATE DESCRIPTION POST REF. This information is also reflected in summary level entries in the businesss general ledger. Simplify and unify your HCM compliance processes. C) Asset, Copyright 2023 StudeerSnel B.V., Keizersgracht 424, 1016 GC Amsterdam, KVK: 56829787, BTW: NL852321363B01, Campbell Biology (Jane B. Reece; Lisa A. Urry; Michael L. Cain; Steven A. Wasserman; Peter V. 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Restrictions the employment of child labor. A) It is the fourth entry in the General Journal on that date. Read the latest news, stories, insights and tips to help you ignite the power of your people. 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--. Step 2: Working Hours. Fair Labor Standards Act (Federal Wage & Hour Law). Also, indicate whether the transaction is a cash inflow (CI) or cash outflow (CO), or has no effect on cash (NE). d. Occupational Safety and Health Act Paymentofanaccountpayable.15. You face specific challenges that require solutions based on experience. B) It depicts the ideal distribution of labor in a firm. What is the role of enhancing qualities in the conceptual framework? 11. a. Walsh-Healey Public Contracts Act Your portfolio has three asset classes. Wages and salaries-Operating expense-debit expenses are, the higher the profitability will be. The employers total expense for Marys employment during the week is. C) The balance sheet Vacaction Benefits Payable- liability. ls the written record sent to the Payroll Department telling them that a new employee should be added to the payroll called a hiring notice? Title of report 2. A(n) ________ is a collection of cash and other items that are used in the operation of the All nine have large-screen TVs? We have been recognized by esteemed organizations for the value we bring to our clients, our associates and the global community. All salaried employees. What is the purpose of the Age Discrimination in Employment Act (ADEA)? \text{8. 65. D) It is non-employee labor that the company must pay. 221 The key types of payroll journal entries are noted below. 21 * E. All of the above are provisions of ERISA. must it do to recognize the liabilities and expenses? lf an investigative consumer report is used in an employment decision, does the employer need to tell the individual? Columns included in the payroll register to compute net pay may include which of the following? Which of the following is NOT part of the social security program? Payroll Flashcards | Quizlet Payroll Term 1 / 52 Garnishments are court-ordered amounts that an employer must withhold from an employee's post-tax pay and remit the amount to the appropriate authority. B) It must create an adjusting entry to recognize the payroll accrual. Medicare tax payable 222 ??? mark to produce a Check mark for a correct answer and double click the box with the question Paymentofalong-termnotepayable.13. C) $12,576. Wages and salaries payable 226 ??? D. 50 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? How are the funds used which are provided by FUTA and SUTA? B) The account appears fourth in the list of liability accounts. D) Garnishments, Which columns might an employer include to facilitate employer-share payroll tax General 64. A payroll register is tool that records wage payment information about each employee - gross pay, deductions, tax withholding, net pay and other payroll-related information - for each pay period and pay date. Answer : Option E, Prior Years Earnings Explanat . What information is commonly provided by a job-seeker on the application for employment form? 56. To enter a formula manually, follow these steps: Move the cell pointer to the cell that you want to hold the formula. When a firm has wages earned but not yet paid at the end of a financial reporting period, what Net pay $ 19,747. each option. Factory overhead excluding indirect materials and indirect labor (record credit to Other Accounts). The payroll register lists all the employees who earned remuneration, the amount of remuneration, the deductions, and the net amount paid. Report new employees or independent . 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. A. ERISA applies to pension and welfare plans established by any employer engages in commerce. 9. B) Equity There may be an accrued wages entry that is recorded at the end of each accounting period, and which is intended to record the amount of wages owed to employees but not yet paid. Upload your study docs or become a Course Hero member to access this document Continue to access Term Winter Professor N/A Tags C) Debit $ Name two advantages and two drawbacks of At ADP, security is integral to our products, our business processes and our infrastructure. Compute the employer's payroll taxes for the period. A) Both documents contain year-to-date totals of taxes. So that the total amount of accumulated wages can be recorded for each pay period thus when the accumulated wages of an employee reaches the cutoff level has been reached. Payroll registers can be created using spreadsheets, although this may not be ideal for most employers. To prohibit discrimination on the basis of age in the employment practices of employer. business. For multiple-choice and true/false questions, simply press or click on what you think is the correct answer. 15. False - also needs to be a reasonable amount. What obligations are imposed upon the employer by the Fair Credit Reporting Act of 1968? 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 DEBIT CREDIT DEBIT CREDIT This entry usually includes debits for the direct labor expense, salaries, and the company's portion of payroll taxes. Cash 101 202,671. Medicare tax payable 3,197. Learn how we can make a difference by joining forces to improve the success of the clients we share. Describe the main types of records used to collect payroll data. Explain the use of the "Cumulative" column in the employee's earnings record. 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. C) Employee signature Record the regular hours and the overtime hours worked for each employee, using the time clerk's report as your reference. 62. pay date. Loantoanotherfirm. A) Debit $1, Vesting conveys to employees the right to share in the retirement fund in the event they are terminated before the normal retirement age. A payroll register is a valuable tool that records employee wage information for each pay period and pay date. Deductions. Correct answer: Option (1) Medicare tax is the correct answer. Which of the following is not a provision of ERISA? C) Form W- I never regret investing in this online self-study website and I highly recommend it to anyone looking for a solid approach in accounting." B) Gross pay This entry usually includes debits for the direct labor expense, salaries, and the company's portion of payroll taxes. The amounts needed for the payroll entries in the journal come from the employee's earning records. False, Two complete payroll-related General Journal entries are recorded each pay period: one for the The basic entry (assuming no further breakdown of debits by individual department) is: There may be a number of additional employee deductions to include in this journal entry. PAYROLL REGISTER FOR PERIOD ENDING January 8, 20 - - REGULAR EARNINGS OVERTIME EARNINGS DEDUCTIONS NET PAY TAXABLE EARNINGS TOTAL FICA GROUP HEALTH CHECK EMPLOYEE AMOUNT AMOUNT EARNINGS OASDI HI FIT SIT SUTA CIT SIMPLE INSURANCEINSURANCE NO. Click the card to flip Definition 1 / 52 True Click the card to flip Flashcards Learn Test Match Created by Ziera117 Plus Terms in this set (52) FUTA tax payable 1,322. tax Remittance on February 15? Vacation Benefits Expense-Operating expense Take your organization to the next level with tools and resources that help you work smarter, regardless of your businesss size and goals. date: Oct 27 Wages and salaries expense 522 $298,384. 66. Whether you operate in multiple countries or just one, we can provide local expertise to support your global workforce strategy. Q08. Social Security tax $ 1,670. What is the B. SUTA tax payable 9,481. All rights reserved.AccountingCoach is a registered trademark. C) It is non-traceable labor that a company must absorb as overhead. A) Because payroll represents an asset and an income of the business. 1. 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. When specific payroll details are needed, such as during an audit, accountants typically refer to the payroll journal instead of the general ledger. Whenever employers withhold taxes and deductions from wages, pay employees or deposit tax payments with government agencies, that information should be simultaneously documented in the payroll register. D) Transcribing 8. \text{Transaction} & \text{Type of Activity} & \text{Cash Inflow or Outflow}\\ \hline Issuanceofcommonstock. Todays digital landscape means limitless possibilities, and also complex security risks and threats. It lists payroll information about each employee, such as hours worked, gross pay, deductionsand net pay. Payroll journals are records of all payroll transactions. B) FUTA Use the information in the previous exercise to prepare journal entries for the following events in May. Cash 101 117,334. Type an equals sign (=) to signal the fact that the cell contains a formula. In a sample of nine homes, what is the probability that: a. 2. \end{matrix} Most firms are now using a standard reference inquiry form, supplied by the IRS, If an investigative consumer report is being checked, the job applicant must be notified in writing by the employer that such a report is being sought, There are no states that allow employees to access their personnel files, The payroll register is a separate payroll record that is kept on each employee, A payroll register lists all employees who have earned remuneration, the amount of remuneration, the deductions, and the net amount paid for each pay period, The amounts needed for the payroll entries in the journal come from the employee's earnings record, The trend toward outsourcing of payroll operations has weakened in recent years. What is the amount of the 401(k) contributions for the pay date? 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. C) Debit Revenue, $250,000; Credit Cash, $250, Payment of an account payable.} A) Social Security tax, $204; Medicare tax, $792. Free True False Q03 Computing the sum of rows and columns is known by the term Multiple Choice Q04 Where is one place that information from the payroll register would not be transferred? A) It allows managers to determine the effect of employee labor on departmental profits. A) Employee pay accrual and employee pay disbursement These entries are then incorporated into an entity's financial statements through the general ledger. statement? C) It designates where labor is used in a firm. For what reason are "distribution" columns sometimes provided in the payroll register? Find payroll and retirement calculators, plus tax and compliance resources. May an employer terminate an employee for lying on an application form? There will also be credits to a number of . A) Medicare tax account: Social Security tax payable ACCOUNT NO. Which of the following is an example of a trade association? Next, click on the Insert Debit/Credit button, enter the first account number ( 12) or click on the pop-up Chart of Accounts icon to display a list for selection. From recruitment to retirement, getting the very best out of your people. Gross pay and net pay. B) It should make a note to create the reversing entry at the end of the next financial period. What is the amount of the Social Security tax payable? 30. incorrect.) 14. What are the main kinds of information contained in a payroll register? B. ERISA C) Debit Health Insurance Payable $13,618; Credit Cash $13,618. B) Posting Sets minimum wage. ERISA provides for full vesting of the employer's contribution to an employee's pension fund in 3 years or gradually over: these factors are bona fide occupational qualifications for the job. Type the formula, then press Enter. Sale of land for cash.} Employers can exempt the following employees from the Family and Medical Leave Act. Records and the General Journal. Compute and record the Kipley Company's SUTA and FUTA contributions. mark to empty the box For a wrong answer. What is the primary purpose of a labor report? C. 40 B) It contains a detailed listing of every transaction during a period. These computations are shown in the Employee Payroll Register. Single click the box with the question mark to produce a Does the Federal Income Tax Withholding Law require all employment data to be kept permanently? C) Because payroll represents a liability and an expense of the business. Transcribed image text: Columns included in the payroll register to compute net pay may include which of the following? C) Both documents contain information from multiple pay periods. Record the journal entry to account for employer payroll taxes based on the totals in the payroll register and the FUTA and SUTA calculations. The current minimum wage set by the Fair Labor Standards Act is $7.25 per hour, The FLSA imposes no record keeping requirements on employers, The employer is required by the FLSA to display a poster that informs employees of the provisions of the law, All states have set their minimum wage to be the same as the Federal government, Under the Federal Insurance Contributions Act, the Medicare portion of the tax is only paid by the employer, The FLSA provides health insurance for the aged and disabled(medicare), The tax paid to the federal government for unemployment taxes is used for paying state and federal administrative expenses of the unemployment program, The Self-Employment Contributions Act imposes a tax on the net earnings from self-employment derived by an individual from any trade or business, Each state imposes an income tax on employees that is 2 percent of gross wages, Only six states do not impose a state unemployment tax on employers in their state, One of the provisions of coverage of the Civil Rights Act is that the employer must have 15 or more workers, Title VII of the Civil rights Act protects all employees from arbitrary dismissal, By the use of executive orders, the federal government has banned discrimination in employment on government contracts, Employers not subject to Title VII coverage may come within the scope of the Civil Rights Act by reason of a contract or subcontract involving federal funds, Under the Civil Rights Act of 1964, the U.S. government is classified as an exempt employer, An exemption to the protection that the Age Discrimination in Employment Act provides for all workers over 40 involves executives who are 65 or older and who have held high policy making positions during the 2 year period prior to retirement, Under the Federal Personal Responsibility and Work Opportunity Reconciliation Act, every employer is required to report the name, address, and social security number of each new employee to the appropriate state agency, Form I-9 must be completed by each new hire, Employers are now required to photocopy new employees' form I- 9 documents, In order for the Walsh-Healey Public Contracts Act to protect laborers for contractors who furnish materials to any agency of the U.S., the contract amount must be at least $10,000, Under FMLA, the time off must be used in one uninterrupted period of time. B) Social Security tax, $792; Medicare tax, $204. B. 28. Under the Affordable care Act, does the insurance provided by the employer only need to meet an affordability test? Under the Family and Medical Leave Act, employers can exempt an employee who has not worked for the employer for at least one year and has worked for the company for at least 1,250 hours in the last year. 15. A payroll register can also . Make payments. C) Employee pay disbursement and voluntary deduction remittance File, adjust, and print returns and reports. on taxes like FICA, FUTA, and SUTA? 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. Continuing Payroll Problem-B OLNEY COMPANY, INC. C. All employees under the age of 30. D) Both documents contain details of employee earnings, deductions, and disbursement for a This entry records the gross wages earned by employees, as well as all withholdings from their pay, and any additional taxes owed to the government by the company. A payroll register is tool that records wage payment information about each employee gross pay, deductions, tax withholding, net pay and other payroll-related information for each pay period and pay date. SUTA Taxes Payable-liability It indicates, "Click to perform a search". Information available through a secured web sit, kiosk, or interactive voice response system. This will increase & \text{ } & \text{ }\\ The higher payroll Which items would be debited in the General Journal entry to record the employees' share of The information in the payroll register forms the basis for entries in the Employee Earnings Records and the General Journal. On which income statement will the state unemployment tax expense appear under accrual accounting? & \text{ } & \text{ }\\ : an American History (Eric Foner), Psychology (David G. Myers; C. 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