payroll register quizlet

D) 401(k) contributions Make payments. Requirements: Record the deduction for group insurance. 20XX: Gross pay $ 27,894. On which income statement will the state unemployment tax expense appear under accrual accounting? As of the June 11 pay date, the General Ledger account for Burling Mills has a balance of $14, (You may select more than False. period. Health Insurance $ 950. & \text{ } & \text{ }\\ This information is also reflected in summary level entries in the businesss general ledger. Fair Labor Standards Act (Federal Wage & Hour Law). $y = -x - 4$. D) the employee's name, social security number, and address D) The labor report 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. 8. True, A debit always decreases the balance of an account. What information is commonly provided by a job-seeker on the application for employment form? Q08. The volume of manual paycheck entries can be reduced by continual attention to the underlying causes of transaction errors, so there are fewer payroll errors to be rectified with a manual paycheck. Protection under the provisions of the Age Discrimination in Employment Act begins at what age? B) The labor report, C) The statement of owners' equity Department of branch 4. Paymentofalong-termnotepayable. We have credited a liability account for each of the tax amounts. C. FLSA D) Both documents contain details of employee earnings, deductions, and disbursement for a Dont just take our word for it. 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--. True Which of the following is true of employee's earnings record? A) Form W- \text{4. True, In the General Ledger, the debit column reflects the balance of the account. It is quite common to create a manual check, either because an employee was short-paid in the preceding payroll, or because the company is laying off or firing an employee, and so is obligated to pay that person before the next regularly scheduled payroll. A) By order of importance When you later pay the withheld taxes and company portion of payroll taxes to the IRS, you then use the following entry to reduce the balance in the cash account, and eliminate the balances in the liability accounts: It is quite common to have some amount of unpaid wages at the end of an accounting period, so you should accrue this expense (if it is material). Hence, no need to accrue any salaries. To prohibit discrimination on the basis of age in the employment practices of employer. Which of the following is an example of a trade association? C) Alphabetically Authorize a power of attorney. This entry usually includes debits for the direct labor expense, salaries, and the company's portion of payroll taxes. You can think of it as a summary of all the payroll activity during a period. C) Cross-referencing Paymentofemployeesalaries.2. True False. Collectionofnotesreceivable.8. Copyright Report new employees or independent . Enter the debit amount to clear the existing credit to Payroll Cash from the first journal entry above. What is the total amount of FICA that needs to be remitted by an employer in 2023 for an employee earning $50,000? B. ERISA requires each employer to establish a pension plan. Keeping vital payroll data up to date and easily accessible is essential for employers to address unexpected discrepancies without confusion. pay date. Purchaseofinventory. I firmly believe that the well-organized material provided by the PRO account of AccountingCoach has motivated me to excel during the academic year through the MBA program's working assignments and to be much better prepared for my finals. Assume that the company uses the accrual method of accounting. Deductions. Which of the following laws establishes the minimum wage? B. ERISA Direct materials usage. 8. Calculate regular and overtime pay. 3. Questions pertaining to religion, gender, national origin, or age are allowed on application forms when these are bonafide occupational qualifications for a job. Listed below are several transactions. Employee benefits, flexible administration, business insurance, and retirement plans. The Federal Insurance Contributions Act covers restrictions on the employment of child labor. DEBIT CREDIT DEBIT CREDIT C) Labor reports B. question mark Will be automatically graded as incorrect.) - Michalis M. FICA (FICA is the acronym for Federal Insurance Contribution Act. & \text{ } & \text{ }\\ Any boxes left with a question mark will be Transfer of finished jobs to the finished goods inventory. HOURS WORKED Jeremy Ortiz is an employee of Insulor Flooring, where his job responsibilities include selling service contracts to customers. Payroll journals are records of all payroll transactions. B) It must create an adjusting entry to recognize the payroll accrual. Rushing River Boats has the following data in its Social Security tax payable General Ledger It is a monthly schedule depositor. This entry may be avoided if the amount is immaterial. 5. Total Earnings 9. A) It communicates departmental profitability. (review sheet 4), Leadership class , week 3 executive summary, I am doing my essay on the Ted Talk titaled How One Photo Captured a Humanitie Crisis https, School-Plan - School Plan of San Juan Integrated School, SEC-502-RS-Dispositions Self-Assessment Survey T3 (1), Techniques DE Separation ET Analyse EN Biochimi 1, The purpose of the net pay and check number columns in the payroll register is to verify C) Credit $4, What is general priority order concerning wage attachements. Two complete payroll-related General Journal entries are recorded each pay period: one for the employees' payroll,one for the employer's share of the taxes. Another important step in maintaining a payroll register is to perform audits. Pre-hire questions pertaining to religion, gender, national origin, or age are allowed if: Which of the following forms is used to notify the Payroll Department to add a new employee to the payroll? \begin{matrix} View notices and letters. A credit of $16,250 is recorded on the June 25 B) It allows managers to predict future labor costs. Using the payroll registers, complete the General Journal entries as follows: February 7 Journalize the employee pay. A) Credit $8, 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. The Civil Rights Act of 1964 protects all employees from arbitrary dismissal. Does the ADEA quit protecting employees after the age of 70? 5. b. What are the main kinds of information contained in a payroll register? Payroll registers also provide aggregate employee information at a glance, which can be helpful when depositing tax payments, filing tax returns and performing other basic accounting tasks. A) Because payroll represents an asset and an income of the business. Forbids discrimination in hiring. C) Payroll accounts do not appear on the trial balance because of their changeable nature. 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? Since Eco Brewers is a monthly schedule Under the Affordable care Act, does the insurance provided by the employer only need to meet an affordability test? Issuanceofbonds. & \text{ } & \text{ }\\ What are some examples of secondary sex characteristics? What is the effect of each of the following posting upon the assets, liabilities, and owner's equity of a company. Read the latest news, stories, insights and tips to help you ignite the power of your people. below deck mediterranean 2022 cast. Does workers' compensation laws only relate to work-related incidents? ADP is a better way to work for you and your employees, so everyone can reach their full potential. expenses 21 D) A debit balance will increase the income of the firm's income statement. Because of the amount of sensitive information included in the payroll register, access tends to be limited only to those authorized within a company, such as the payroll manager. The ________ is the master document that contains an employee's marital status, deductions, 38. Journal entries? 15. You need to purchase a plan for your teenage sister. Purchase of inventory.} D) Credit $30. Find payroll and retirement calculators, plus tax and compliance resources. C) Social Security tax, $746; Medicare tax, $174. There will also be credits to a number of accounts, each one detailing the liability for payroll taxes that have not been paid, as well as for the amount of cash already paid to employees for their net pay. incorrect.) C) $12,576. What si the primary purpose of the Employee Retirement Income Security Act (ERISA)? 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. Which of the following acts levies a tax on employers and employees that is credited to the Federal Old-Age and Survivor's Trust Fund and the Federal Disability Insurance Trust Fund? D) Garnishments, Which columns might an employer include to facilitate employer-share payroll tax General Todays digital landscape means limitless possibilities, and also complex security risks and threats. 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. Jan 19 Wages and salaries payable 226 8,134. & \text{ } & \text{ }\\ You need to have a record of how many hours your employees have worked, their gross salary, tax withholdings, and all other deductions. D) Company website BALANCE DATE DESCRIPTION POST REF. Those who have not worked at least one year and at least 1,250 hours in the previous 12 months for the company. Using the payroll register, compute the employee gross pay and net pay using 35 hours as the standard workweek for all employees except Mary Shangraw, who works 20 hours per week and receives overtime for any time worked past that point. This will increase the Want more exclusive business insights like this delivered to your inbox? Paymentofincometaxes. Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Elliot Aronson, Robin M. Akert, Samuel R. Sommers, Timothy D. Wilson, Fundamentals of Financial Management, Concise Edition. Social Security tax payable 221 17,980. Under FMLA, may an employer substitute an employee's earned paid leave for part of the 12-week family leave? D) Employee pay recording and employer share payroll taxes recording must it do to recognize the liabilities and expenses? 4. posted an additional $4,390 on its October 31 pay date. What is meant by the garnishment of wages? Collectionofanaccountreceivable.5. (You may select more than one answer. Want to read all 11 pages? A) The total of the debits must equal the total of the credits. During this process, employers reconcile their payroll transactions and make sure that their accounting and recordkeeping practices comply with regulations. Can employees view documents in their files that are marked confidential? 2. Any boxes left with a question mark will be automatically graded as The payroll register needs to record the hours each employee has served in the firm in a day. FICA Taxes Payable-OASDI-liability 220 NAME MARITAL STAT. At ADP, security is integral to our products, our business processes and our infrastructure. 65. B) the total gross pay, deductions, and net pay during the period FUTA tax payable 1,322. FIT Payable-liability Learn more about the senior executives who are leading ADPs business. Which of the following is NOT part of the social security program? depositor, what entry Should appear on November 15 for the remittance of the month's Social A) It allows managers to determine the effect of employee labor on departmental profits. 6. : an American History (Eric Foner), Psychology (David G. Myers; C. 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Using the accounting equation, determine the following amounts: a. Owners equity as of December 31, 2013. B) Payroll register Compute and record the Kipley Company's SUTA and FUTA contributions. For multiple-choice and true/false questions, simply press or click on what you think is the correct answer. Sale and delivery of finished goods to customers for cash (record unadjusted cost of sales). Paymentofanaccountpayable.15. D) Transcribing What is the purpose of the Age Discrimination in Employment Act (ADEA)? pay date. 17. D) Debit $8. This entry usually includes debits for the direct labor expense, salaries, and the company's portion of payroll taxes. Name two advantages and two drawbacks of a. Walsh-Healey Public Contracts Act 5. This check may be paid through the corporate accounts payable bank account, rather than its payroll account, so you may need to make this entry through the accounts payable system. B) It is employee labor that does not pertain to labor on customer jobs. C) Employee signature employees' payroll, one for the employer's share of the taxes. 60. It exists in many forms, from manual booklets and ad-hoc registers created in Excel to reports produced by dedicated payroll software. A) Net pay one answer. 10. Under FMLA, the time must be used in one uninterrupted period of time. Answer : Option E, Prior Years Earnings Explanat . Workers' compensation insurance premiums are paid for by the employees, Workers' compensation insurance premiums vary according to the different degrees of danger in the employees' jobs. B) Debit Cash $13,618; Credit Health Insurance Payable $13,618. What is the amount of the Social Security tax payable? Does the Federal Income Tax Withholding Law require all employment data to be kept permanently? Are newly hired independent contractors covered under federal laws pertaining to new-hire reporting? Loantoanotherfirm.12. If you have difficulty answering the following questions, learn more about this topic by reading our Payroll Accounting (Explanation). & \text{ } & \text{ }\\ 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. A) Debit R. Sanders Capital, $250,000; Credit Cash, $250, Which of the following is not a provision of FLSA? Does FLSA require all employees to be paid weekly, biweekly', monthly? Megan Newell is the owner and operator of Ultima LLC, a motivational consulting business. 401(k) contributions payable 223 454. This will increase The payroll register is a separate payroll record that is kept on each employee. tax Remittance on February 15? Direct labor usage. Chapter 7 quiz - the payroll register, employees' earning record, and accounting system entries. Saleofequipmentforanotereceivable.10. c. More than five have large-screen TVs? A) Employee pay accrual and employee pay disbursement Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer. B) The income statement Security taxes? grass clippings at the curb for pickup because local landfills cannot handle the volume. True (California, New Jersey, New York & Rhode Island). 3. With e-Services for Business, you can: Register, close, or re-open an employer payroll tax account. Record the journal entry to account for employer payroll taxes based on the totals in the payroll register and the FUTA and SUTA calculations. Collectionofanaccountreceivable. 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. D. 50 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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