Vacation Benefits Expense-Operating expense & \text{ } & \text{ }\\ How are employees who do not have bank accounts paid by an employer who uses an electronic fundstransfer system for payroll. What are the enhancing qualities of the qualitative characteristics? 8. \ Payment of employee salaries.} The Federal Insurance Contributions Act covers restrictions on the employment of child labor. Gross wages of $500.00 less withholdings of $38.25 for FICA and $87.25 for federal and state income taxes. Explain the major provisions of the Fair Labor Standards Act. Sale and delivery of finished goods to customers for cash (record unadjusted cost of sales). B) Payroll register the payroll register, employees' earning record, and accounting system entries the purpose of the net pay and check number columns in the payroll register is to Skip to document Ask an Expert Sign inRegister Sign inRegister Home Ask an ExpertNew My Library Discovery Institutions Silver Creek High School (Colorado) Southern New Hampshire University 59. For fill-in-the-blank questions, press or click on the blank space provided. 17. Which of the following are processes that occur in most payroll accounting systems? When a firm has wages earned but not yet paid at the end of a financial reporting period, what Employers use the employee's earnings record in preparing ___. 41. Loantoanotherfirm. This will increase A credit of $16,250 is recorded on the June 25 66. To which items is information from the payroll register transferred? Another important step in maintaining a payroll register is to perform audits. Protest Unemployment Insurance benefit charges or rates. SUTA tax payable 9,481. C) $12,576. 9. Does FLSA require all employees to be paid weekly, biweekly', monthly? Marital status & number of withholding allowances 6. 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. A) A debit balance will increase the expenses of the firm's income statement. These details include the employee id number, the department they belong, their job profile, etc. A) Debit R. Sanders Capital, $250,000; Credit Cash, $250, Which act covers employee pension and welfare plan.? False - also needs to be a reasonable amount. D) The labor report Deductions from total earnings 10. February 7 Journalize the employer . & \text{ } & \text{ }\\ Manage labor costs and compliance with easy time & attendance tools. B) It contains a detailed listing of every transaction during a period. Deductions. A) It communicates departmental profitability. DEBIT CREDIT DEBIT CREDIT For classifying the gross wages and salaries according to the nature of the wage and salary expense. To enter a formula manually, follow these steps: Move the cell pointer to the cell that you want to hold the formula. For example, there may be deductions for 401(k) pension plans, health insurance, life insurance, vision insurance, and for the repayment of advances. Wages and salaries payable 226 117,334. A) The total of the debits must equal the total of the credits. Direct labor usage. 19. C) It is the fourth repetition of the same entry. We now offer 10 Certificates of Achievement for Introductory Accounting and Bookkeeping. Which of the following records lists all employees who earn remuneration, the amount of remuneration, the deductions, and the net amount paid for each payroll period? DEBIT CREDIT DEBIT CREDIT Want more exclusive business insights like this delivered to your inbox? A(n) ________ is a collection of cash and other items that are used in the operation of the Under the Affordable care Act, does the insurance provided by the employer only need to meet an affordability test? Collectionofanaccountreceivable. Cross), Give Me Liberty! B) Equity For multiple-choice and true/false questions, simply press or click on what you think is the correct answer. These entries are then incorporated into an entity's financial statements through the general ledger. The amounts needed for the payroll entries in the journal come from the employee's earning records. The payroll register contains ________. Employee SIT Payable-liability Are unions and employment agencies covered under the Civil Rights Act of 1964? Who is covered by the Walsh-Healey Public Contract Act? Feb 15 J 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. Requirements: 1. Keeping vital payroll data up to date and easily accessible is essential for employers to address unexpected discrepancies without confusion. Wages and salaries payable 226 ??? Oct 27 Wages and salaries payable 226 202,671. & \text{ } & \text{ }\\ \begin{matrix} B) $15,298. Employers use the employee's earnings record in preparing ___. How might globalists and traditionalists view cultures, places, and regions differently. expense 522 $ 12,987. entry? 5. FUTA Taxes Payable-liability True, Payroll accruals reflect the amount of payroll paid but not earned at the end of the financial C. Restrictions the employment of child labor. expenses are, the higher the profitability will be. 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. 5. Megan Newell is the owner and operator of Ultima LLC, a motivational consulting business. 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. B) Debit Cash $13,618; Credit Health Insurance Payable $13,618. What does the Civil Rights Act of 1954 cover? and year-to- date earnings. Rate of pay 8. 10. D. FMLA employees' payroll, one for the employer's share of the taxes. \text{11. B) Posting A. 62. The employers total expense for Marys employment during the week is. C) It must remain in balance at all times. tax Remittance on February 15? Transcribed image text: Columns included in the payroll register to compute net pay may include which of the following? Define hours worked. a wrong answer. Protection under the provisions of the Age Discrimination in Employment Act begins at what age? 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 D) It adds complexity to the payroll register. Issuance of common stock.} Discover a wealth of knowledge to help you tackle payroll, HR and benefits, and compliance. \text{7. On October 15, Eco Brewers had a balance of $4,390 in its Social Security tax payable account. grass clippings at the curb for pickup because local landfills cannot handle the volume. McHale Enterprises has the following incomplete General Journal entry for the most recent pay Payroll Register This is the first task to completing Olney Company's payroll register. A) Net pay All earnings are taxable. Learn more about Privacy at ADP, including understanding the steps that weve taken to protect personal data globally. 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. Copyright What is the amount of the 401(k) contributions for the pay date? A) Because payroll represents an asset and an income of the business. From recruitment to retirement, getting the very best out of your people. PAYROLL REGISTER Upload your study docs or become a Course Hero member to access this document Continue to access End of preview. Attend webinars or find out where and when we can connect at in-person events. What are the main kinds of information contained in a payroll register? How does the payroll register connect with the employees' earnings records? At the end of its accounting period, December 31, 2013, Ultima has assets of $942,000 and liabilities of$584,000. Its best practice to audit payroll every pay period. When the employer pays the employee in 2023 for the vacation earned in 2022, what account will the company debit? True, Employee earnings records form the link between accounting and the human resources 15. < Prey 18 of 40 Pay period dates. There will also be credits to a number of . Saleofequipmentforcash.TypeofActivityOCashInfloworOutflowCO. d. At least seven homes have large-screen TVs? A) It allows managers to determine the effect of employee labor on departmental profits. account: ACCOUNT Federal withholding tax payable ACCOUNT NO. Name of each employee 5. What options might Hazel consider if the the total expenses of the firm and decrease the net income of the firm. It is a monthly schedule depositor. The higher payroll BALANCE DATE DESCRIPTION POST REF. A payroll register is the record for a pay period that lists employee hours worked, gross pay, net pay, deductions, and payroll date. The first answer is provided as an example. D) $1,875. Collectionofnotesreceivable.8. Are pre-hire questions pertaining to religion, gender' national origin' or age allowed if these are bona fide occupational requirements of the job? D) Credit $30. You can think of it as a summary of all the payroll activity during a period. In January 2023 an employer remits the state unemployment tax that pertains to its employees' wages for the final three months of 2022. Learn more about the senior executives who are leading ADPs business. 55. 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. Wages and salaries-Operating expense-debit This entry usually includes debits for the direct labor expense, salaries, and the company's portion of payroll taxes. statement? & \text{ } & \text{ }\\ 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. A) Employee earnings record * A) $399,472. Safe-guards your retirement plans *not required to have a pension plan. Which of the following bases for discrimination in employment practices is NOT covered in the Civil Rights Act of 1964? Transfer of finished jobs to the finished goods inventory. CH2 Payroll Acounting CHAPTER 2 Learning Objectives After studying this chapter, students should be able to: 1. 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. Loantoanotherfirm.12. C) Employee signature Payment of an account payable.} 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--. Hours worked. var d=new Date(); document.write(d.getFullYear()); ADP, Inc. Find the package that's right for your business. On December 1, 20XX, Riley Sanders invested $250,000 to open Sanders Enterprises. Requirements: Record the deduction for group insurance. 31. A) Both columns contain information about the employer's tax matching responsibilities. Harold Averkamp (CPA, MBA) has worked as a university accounting instructor, accountant, and consultant for more than 25 years. To prohibit discrimination on the basis of age in the employment practices of employer. expense 522 $ 182,930. Purchaseoftreasurystock.14. in its Federal withholding tax payable account. D) Federal withholding tax payable C) Because payroll represents a liability and an expense of the business. HOURS WORKED Jeremy Ortiz is an employee of Insulor Flooring, where his job responsibilities include selling service contracts to customers. Administrating the state unemployment taxes. What is your sisters total cost under each of the two plans? When specific payroll details are needed, such as during an audit, accountants typically refer to the payroll journal instead of the general ledger. Learn how we can make a difference by joining forces to improve the success of the clients we share. Payroll liabilities are any type of payment related to payroll that a business owes but has not yet paid. Most office supply stores also carry books that are formatted specifically to record payroll information. (You may select more than one answer. If the expected returns are 3.8%3.8 \%3.8% for the T-bills, 12.3%12.3 \%12.3% for the large-company stocks, and 17.4%17.4 \%17.4% for the small-company stocks, what is the expected return of the portfolio? From best practices to advice and HR consulting. Are FICA taxes levied upon employers only? At December 31, 2022 the employee's pay rate was $15. A) The statement of owners' equity 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). B) Credit $1, d. Occupational Safety and Health Act The highest-paid 10 percent of their workforce. Federal withholding tax $ 3,570. Factory payroll costs in cash. Payroll registers can be created using spreadsheets, although this may not be ideal for most employers. Security taxes? Access the definitive source for exclusive data-driven insights on todays working world. Suppose your sister doubles her monthly usage to 3,400 minutes and sends 3,200 texts. Hence, no need to accrue any salaries. Find payroll and retirement calculators, plus tax and compliance resources. What entry should appear in the General Ledger to reflect the D) It is a report that becomes published with other financial reports. C. All employees under the age of 30. B) It facilitates accuracy in employee payroll tax computations. B. automatically graded as incorrect.) What are the General Journal entries that should appear on each pay date? B) It allows managers to predict future labor costs. Payroll-Operating expense-liability 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? Simplify and unify your HCM compliance processes. B) the total gross pay, deductions, and net pay during the period 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. under the Civil Rights Act of 1964, the U.S. Government is classified as an exempt employer. a. Walsh-Healey Public Contracts Act The tax payers standard deduction and the personal exemptions ($3,650) allowed for the tax year divided by the number of ay periods in the year. Which of the following is an example of a trade association? Issuanceofcommonstock.6. pay date. Information available through a secured web sit, kiosk, or interactive voice response system. 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. Payroll registers generally are more detailed than payroll journals and include specific information about each employee. At ADP, security is integral to our products, our business processes and our infrastructure. Purchaseofinventory. Regardless of the format, payroll registers tend to follow the same basic structure. Use the following information for Questions 19 - 20: 33. 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. 4. The Federal Insurance Contribution Act, the Medicare portion of the tax is only paid by the employer. Paymentofanaccountpayable.15. A) the beginning and ending dates of the pay period Period covered by the payroll and the pay date. Fast, easy, accurate payroll and tax, so you can save time and money. False. Listed below are several transactions. Does the ADEA quit protecting employees after the age of 70? B) Debit $30, Are employers required to keep a photocopy of the l-9 form? ADP is a better way to work for you and your employees, so everyone can reach their full potential. What obligations are imposed upon the employer by the Fair Credit Reporting Act of 1968? period. 54. B) The account appears fourth in the list of liability accounts. C) Cross-referencing Correct answer: Option (1) Medicare tax is the correct answer. \text{5. (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 Social Security tax payable 221 17,980. A cell phone company offers two different plans. Of the items in the following list, which one (s) should appear in a payroll register? The following data is for the January 19 pay date for Waryzbok Inc.: Jan 19 Wages and salaries. FUTA was designed to ensure that workers who are covered by pension plans receive benefits from those plans, Under ERISA, vesting conveys to employees the right to share in a retirement fund in the event they are terminated before the normal retirement age, Under ERISA, if there is a pension plan, every employee is eligible after reaching age 21 or completing one year of service, whichever is later, ERISA provides for full vesting of the employer's contributions in 3 years or gradually over 6, The total cost of workers' compensation insurance is borne by the employees, Worker's compensation insurance premiums for employers vary according to the different degrees of danger in various classes of jobs and the employers' accident experience rate, Workers' compensation benefits are paid directly to the employer, Only one state has passed a law to provide disability benefits to employees absent from their jobs due to illness, accident, or disease not arising out of their employment, The requisition for personnel form is sent to the Payroll Dept. Which report contains employer share tax expenses for a period? 5. Collection of an account receivable.} ERISA provides for full vesting of the employer's contributions in three years or gradually over six. A) Employee pay accrual and employee pay disbursement Payroll Test #1 Flashcards | Quizlet Subjects Expert solutions Log in Sign up Payroll Test #1 Term 1 / 66 Does every state have state unemployment laws? Read more about the author. Federal withholding tax payable 220 $ 50,725. B) Employee earnings record C) Form W- B) It is an individual register maintained for each employee, listing of all the payroll information. b. Questions pertaining to religion, gender, national origin, or age are allowed on application forms when these are bonafide occupational qualifications for a job. ADP and the ADP logo are registered trademarks of ADP, Inc. All other marks are the property of their respective owners. View notices and letters. General Journal entry to record this transaction? C) As expenses Age B) Debit $4, D) information about the firm's liabilities Withholding" and "Earnings subject to FICA"? D) 401(k) contributions
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