payroll register quizlet

*Graph the equation using the slope and $y$-intercept, as in the Previous Examples. Copyright Issuance of common stock.} Which report contains employer share tax expenses for a period? account: Social Security tax payable ACCOUNT NO. pay date. chronologically. Protection under the provisions of the Age Discrimination in Employment Act begins at what age?? Use rates of 6.2 percent for the employer's shareof the social security tax, 1.45 percent for Medicare tax, 0.6 percent for FUTA tax, and 5.4 percent for SUTA tax. b. Explain the major provisions of the Fair Labor Standards Act. May an employer terminate an employee for lying on an application form? Focus on what matters most by outsourcing payroll and HR tasks, or join our PEO. Single click the box with the question C) Employee pay disbursement and voluntary deduction remittance Under the U.S. payroll tax a employee has to pay the tax on hi . Can employees view documents in their files that are marked confidential? C) Alphabetically According to Adam Smith, why do the butcher, brewer, and baker provide food for us to buy? D. FMLA mark for a correct Answer and double click the box with the question mark to empty the box for Purchaseofinventory.7. the total expenses of the firm and increase the net income of the firm. 63. 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. Name two advantages and two drawbacks of Journal entries? Which act covers employee pension and welfare plan.? Does the ADEA quit protecting employees after the age of 70? A) Worker's Compensation 19. D) 401(k) contributions What are the main kinds of information contained in a payroll register? Health Insurance $ 950. On October 15, Eco Brewers had a balance of $4,390 in its Social Security tax payable account. E. Highest-paid 10% of their workforce. 9. D) Form 941 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. How are employees who do not have bank accounts paid by an employer who uses an electronic fundstransfer system for payroll. Wages and salaries-Operating expense-debit Single click Most office supply stores also carry books that are formatted specifically to record payroll information. 2. Payroll journals are records of all payroll transactions. Hence, no need to accrue any salaries. To prepare period reports and complete Form W-2 for each employee, Fundamentals of Financial Management, Concise Edition, Operations Management: Sustainability and Supply Chain Management, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman. 20XX: Gross pay $ 27,894. 54. Plan A costs $80 per month for unlimited talk and text. In Philadelphia, Pennsylvania, most workers are subject to three income taxes upon their earnings - federal state and city. B) It allows managers to predict future labor costs. - Michalis M. FICA (FICA is the acronym for Federal Insurance Contribution Act. A payroll register lists all basic information related to employee take-home pay. Simplify and unify your HCM compliance processes. Sale of land for cash.} D) It highlights issues and results of seasonal labor. Which of the following is not a provision of ERISA? Ring up sales and take payments in style with the sleek touchscreen Register device Make it mobile Every Register comes with a PAX A920 terminal to use as a mobile credit card reader Add on wireless POS hardware Complete your hardware suite with Bluetooth barcode scanners, receipt printers and cash drawers Hardware that won't hold you back 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. Payroll Register This is the first task to completing Olney Company's payroll register. Multiple Choice. You face specific challenges that require solutions based on experience. What is the current minimum wage under FLSA? Click here to learn more. The purpose of payroll register is to record of all the payment details for employees during a specific pay period. The Fair Labor Standard Act sets the minimum wage and the current minimum wage rate is $7.25 per hour. 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? At a minimum, how often should an administrator furnish a statement of total benefits accrued and accrued benefits that are vested under ERISA? Paymentofemployeesalaries.2. Under FLSA, what is the current minimum wage? Fair Labor Standards Act 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? What is a use of a firm's labor trend reports? D) the employee's name, social security number, and address $y = -x - 4$. 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. C) It is a worksheet that accountants use to ensure payroll accuracy. Assume that the company uses the accrual method of accounting. B) tax remittance information Payment of a long-term note payable.} See how we help organizations like yours with a wider range of payroll and HR options than any other provider. 59. Name of each employee 5. Report changes to your business. At ADP, security is integral to our products, our business processes and our infrastructure. A payroll register is a valuable tool that records employee wage information for each pay period and pay date. $3,825 of employee withholding ($50,000 X 0.0765), Exempt Salaried Employees Paid Semi-monthly. When the employer pays the employee in 2023 for the vacation earned in 2022, what account will the company debit? 2. 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. These details include the employee id number, the department they belong, their job profile, etc. Dont just take our word for it. 28. c. More than five have large-screen TVs? Want more practice questions?Receive instant access to our graded Quick Tests (more than 1,800 unique test questions) when you join AccountingCoach PRO. \end{matrix} account: Social Security tax payable ACCOUNT NO. Purchaseofrentinadvance. Who are the winners and who are the losers when the minimum wage is increased? Are employers required to keep a photocopy of the l-9 form? (You may select more than one answer. 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. Recorded as a liability for the employer in the payroll entry. Direct materials usage. C) $12,576. Using the accounting equation, determine the following amounts: a. Owners equity as of December 31, 2013. U.S. government T-bills account for 45%45 \%45% of the portfolio, large-company stocks constitute another 40%40 \%40%, and small-company stocks make up the remaining 15%15 \%15%. A) Net pay B) It is employee labor that does not pertain to labor on customer jobs. b. C) The balance sheet ls the FUTA tax used to pay unemployment benefits? D) Personnel file B. Jun 23 Wages and. B) It contains a detailed listing of every transaction during a period. Application of overhead to goods in process. Saleofequipmentforanotereceivable. It records payroll record on each employee separately. \text{1. ordinance is passed? Explain the use of the "Cumulative" column in the employee's earnings record. The highest-paid 10 percent of their workforce. Medicare tax payable 3,197. Which financial statements are affected in the year 2022? A) the firm's payroll checking account information What portions of an employee's wages are exempt from a federal tax levy. Based on the following data, prepare the appropriate journal entry when paying employees: Total wages earned were $8000 Saleofequipmentforanotereceivable. Want more exclusive business insights like this delivered to your inbox?Subscribe now. Which of the following represents the missing Social Security and Medicare taxes, assuming that. B) $2,572. How does a payroll accountant keep track of employee's year-to-date earnings for wage bases on taxes like FICA, FUTA, and SUTA? The lower the payroll B) Payroll register D) Transcribing From best practices to advice and HR consulting. These entries are then incorporated into an entity's financial statements through the general ledger. 1. Are pre-hire questions pertaining to religion, gender' national origin' or age allowed if these are bona fide occupational requirements of the job? How does the payroll register connect with the employees' earnings records? Deductions. 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. BALANCE DATE DESCRIPTION POST REF. Not only will this make it easier for you to pay your taxes and do payroll reconciliation, but it also allows employees to better understand their finances. E. All are provisions of FLSA. Harold Averkamp (CPA, MBA) has worked as a university accounting instructor, accountant, and consultant for more than 25 years. \text{8. Payroll journal entries are used to record the compensation paid to employees. Payroll registers can be created using spreadsheets, although this may not be ideal for most employers. What is the purpose of the Age Discrimination in Employment Act (ADEA)? Are newly hired independent contractors covered under federal laws pertaining to new-hire reporting? An employee worked the entire year of 2022 and earned two weeks of vacation as specified in the company's labor agreement. Jeremy is single with two withholding allowances. Protection under the provisions of the Age Discrimination in Employment Act begins at what age? 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. c. McNamara-O'Hara Service Contract Act E. Sex, Which of the following statements is NOT a provisions of ERISA? \begin{matrix} Does every state have state unemployment laws? Is it neccessary for an employer who is subject to FICA and FUTA taxes to keep a separate expense account for the taxes under each act? C) Debit $ Employers use the employee's earnings record in preparing ___. Jan 31 J4 420 1, B) It facilitates accuracy in employee payroll tax computations. Purchase of rent in advance.} A) Ledgering Which act sets the minimum wage, and what is the current wage rate? 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. On December 1, 20XX, Riley Sanders invested $250,000 to open Sanders Enterprises. Employee SIT Payable-liability 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. Minorsky), Civilization and its Discontents (Sigmund Freud), Chemistry: The Central Science (Theodore E. Brown; H. Eugene H LeMay; Bruce E. Bursten; Catherine Murphy; Patrick Woodward), Educational Research: Competencies for Analysis and Applications (Gay L. R.; Mills Geoffrey E.; Airasian Peter W.), Forecasting, Time Series, and Regression (Richard T. O'Connell; Anne B. Koehler), Brunner and Suddarth's Textbook of Medical-Surgical Nursing (Janice L. Hinkle; Kerry H. Cheever), Principles of Environmental Science (William P. Cunningham; Mary Ann Cunningham), Business Law: Text and Cases (Kenneth W. Clarkson; Roger LeRoy Miller; Frank B. The ___ is a multicolumn form used to assemble and summarize the data needed at the end of each payroll period. Net pay $ 19,747. This entry usually includes debits for the direct labor expense, salaries, and the company's portion of payroll taxes. answer And double click the box with the question mark to empty the box for a wrong answer. This will increase This guide is intended to be used as a starting point in analyzing an employers payroll obligations and is not a comprehensive resource of requirements. B) Total overtime earnings Saleoflandforcash.3. A) Credit $8, Apr 16 J23 16,495 32. under the Civil Rights Act of 1964, the U.S. Government is classified as an exempt employer. D) Credit $30. A) Debit $1, 18. It Hourly-paid employees have their paydays approximately one week after their workweeks and generally the workweek does not end on the last calendar day of the month. In a recent study, 90 percent of the homes in the United States were found to have largescreen TVs. and year-to- date earnings. Single click the box with the question mark to produce a check, In the following payroll transaction, what is the amount of the net pay? 6. Paymentofemployeesalaries.OCO2. 34. Paymentofincometaxes. Exempt salaried employees are often paid for their work right up to payday. The payroll register contains ________. A) A debit balance will increase the expenses of the firm's income statement. Are FICA taxes levied upon employers only? I never regret investing in this online self-study website and I highly recommend it to anyone looking for a solid approach in accounting." After recording this entry, reverse it at the beginning of the following accounting period, and then record the actual payroll expense (as just described under the "Primary Payroll Journal Entry" section whenever it occurs. 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? 38. Protest Unemployment Insurance benefit charges or rates. Regardless of the format, payroll registers tend to follow the same basic structure. 4. D) General journal numbers grass clippings at the curb for pickup because local landfills cannot handle the volume. FICA Taxes Payable-OASDI-liability select more than one answer. All nine have large-screen TVs? D) Employer's Federal Income tax, Which of the following columns would be used as part of a general journal entry? D) Garnishments, Which columns might an employer include to facilitate employer-share payroll tax General Although they record much of the same information, payroll journals and payroll registers are not identical. The higher payroll Under FMLA, may an employer substitute an employee's earned paid leave for part of the 12-week family leave? 61. Sale and delivery of finished goods to customers for cash (record unadjusted cost of sales). B) By dollar amount Switching payroll service providers made easy. 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? Federal withholding tax payable 220 $ 2,207. Vacaction Benefits Payable- liability. Want more exclusive business insights like this delivered to your inbox? How does the FIFO method different from the weighted-average method? 401(k) contributions $ 1,115. D) It must wait until the next financial period to record the payroll data. 40. What options might Hazel consider if the D) The same as the chart of accounts Garnishment $ 450. Does every state have both federal and state unemployment laws? HOURS WORKED Jeremy Ortiz is an employee of Insulor Flooring, where his job responsibilities include selling service contracts to customers. 57. The payroll register needs to record the hours each employee has served in the firm in a day. A) The statement of owners' equity False, Two complete payroll-related General Journal entries are recorded each pay period: one for the & \text{ } & \text{ }\\ This account is credited for the total amount of FIT with held each payday and is subsequently debited for the amounts paid to a depositary or to the IRS. & \text{ } & \text{ }\\ FUTA funds are used to pay the state and federal administrative expenses and SUTA funds are used to pay the unemployment compensation benefits to the qualified unemployed workers. The lower payroll Sometimes you will see all the taxes lumped together into one account called Payroll Taxes Payable. B) Payroll register What does the term "billable time" mean as it pertains to payroll accounting? \text{3. An employee is hired at a pay rate of $10 per hour. mark to empty the box For a wrong answer. February 7 Journalize the employer . \text{11. Social Security tax $ 1,670. D) It is non-employee labor that the company must pay. each option. A) Debit Cash $27,237; Credit Health Insurance Payable $27,237. 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. 31. D) The transaction appears on page four of the General Journal. If a firm accrues the payroll due but not paid at the end of a financial period, what should it do Find payroll and retirement calculators, plus tax and compliance resources. When the firm remits its health insurance premium for this pay date, what is the General Journal At ADP, we say that were Always Designing for People, starting with our own. & \text{ } & \text{ }\\ Dooley Publishing has the following payroll data for its July 1 pay date: Jul 1 Wages and salaries. Vacation Benefits Expense-Operating expense DEBIT CREDIT DEBIT CREDIT Since Eco Brewers is a monthly schedule Less than five have large-screen TVs? a wrong answer. For each transaction, indicate by letter whether the cash effect of each transaction is reported in a statement of cash flows as an operating (O), investing (I), financing (F), or noncash (NC) activity. Compute and record the Kipley Company's SUTA and FUTA contributions. Requirements: 1. 64. Paymentofalong-termnotepayable. D) Payroll register Which of the following is NOT part of the social security program? What is the total amount of FICA that needs to be remitted by an employer in 2023 for an employee earning $50,000? Should an employer in Philadelphia record the liability for the withholding of all three income taxes in one liability account such as INcome Taxes Payable? Its easier to keep accurate payroll records and run reports quickly with payroll software. Purchase of treasury stock.} The key types of payroll journal entries are noted below. A(n) ________ is a collection of cash and other items that are used in the operation of the At the end of its accounting period, December 31, 2013, Ultima has assets of $942,000 and liabilities of$584,000. The ________ is the master document that contains an employee's marital status, deductions, C) Payroll accounts do not appear on the trial balance because of their changeable nature. It helps employers reconcile their payroll transactions and prepare quarterly and year-end tax reports. Purchaseoftreasurystock.14. 58. C. Restrictions the employment of child labor. For fill-in-the-blank questions, press or click on the blank space provided. Color The Fair Labor Standards Act is commonly known as the Federal Wage and Hour Law. Who is covered by the Walsh-Healey Public Contract Act? 1. Which of the following is true of employee's earnings record? D. Requires equal pay for equal work, regardless of gender. How does a debit balance in the wages and salaries expense account affect a firm's income prepare the payroll register enter the information into the employee payroll records prepare paychecks and send them to paymaster for distribution to employees send a copy of the payroll register to Accounts Payable social security taxes income tax withholding payroll deductions in tax: Wages and salaries withholding taxes payable The town is considering an ordinance that would prohibit putting What must the employer do with unclaimed checks. In this last task, the following steps will be completed. D) Company website Columns included in the payroll register to compute net pay may include which of the following? 55. 62. E. 65, Which of the following is not a provision of the Fair Labor Standards Act? During the past week, the employee worked 50 hours. Describe the main types of records used to collect payroll data. A) Employee pay accrual and employee pay disbursement Safe-guards your retirement plans *not required to have a pension plan. How are the funds used which are provided by FUTA and SUTA? 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? In a sample of nine homes, what is the probability that: a. Single click the box with the question mark to produce a check mark for a correct Comprehensive payroll and HR software solutions. PAYROLL REGISTER Upload your study docs or become a Course Hero member to access this document Continue to access End of preview. \text{13. A payroll register does not include: Multiple Choice Pay period dates. Which of the following reports links the accounting and the human resources departments? Purchase of inventory.} B. ERISA Issuanceofcommonstock. D) information about the firm's liabilities A payroll liability can include wages an employee earned but has not yet received, taxes withheld from employees, and other payroll-related costs. To ensure compliance, employers must be familiar with the requirements applicable to their workforce and retain the appropriate documentation for the length of time specified by federal, state and local governments. To which items is information from the payroll register transferred? The payroll register of any firm needs to have specific details on every employee. Paymentofincometaxes.9. What are the General Journal entries that should appear on each pay date? But if you follow these seven steps, you can learn how to account for payroll with ease. A) It must credit the asset accounts for the appropriate payroll amounts. Authorize a power of attorney. on taxes like FICA, FUTA, and SUTA? C) Because payroll represents a liability and an expense of the business. A) Debit R. Sanders Capital, $250,000; Credit Cash, $250, A. FIT Payable-liability Didier and Sons had the following employer's share payroll tax general journal entry for the May A) Because payroll represents an asset and an income of the business. During this process, employers reconcile their payroll transactions and make sure that their accounting and recordkeeping practices comply with regulations. & \text{ } & \text{ }\\ Your portfolio has three asset classes. C) Social Security tax, $746; Medicare tax, $174. Learn how we can make your work easier. date: Oct 27 Wages and salaries expense 522 $298,384. ERISA provides for full vesting of the employer's contributions in three years or gradually over six. May criminal background checks be used by all employers for any person? True False. lf both federal and state regulations cover minimum wages for the same employee, is the federal rate always used for the minimum wage? B) Both documents contain information about the employee's address and job title. Payroll registers are typically a series ofsimple charts (one for each employee during a given pay period) that include such information as: Note that payroll recordkeeping laws differ across jurisdictions. A) It should create a reminder about the accrual to ensure accuracy of computations on the next Feb 15 J account: ACCOUNT Federal withholding tax payable ACCOUNT NO. Copyright 2023 AccountingCoach, LLC. FUTA Taxes Payable-liability 5 pay date: May 5 Payroll Taxes Expense $ 27,671. entry? Issuanceofbonds. False, The General Journal contains records of a firm's financial transactions, which appear B) Social Security tax, $792; Medicare tax, $204. b. Owners equity as of December 31, 2014, assuming that assets increased by $113,000 and liabilities increased by$44,000 during 2014. 41. 11. Executive employees who are 65 years or older and have high policymaking positions during the two-year period prior to retirement. Workers' Commpensation Insurance Expense-Operating expense Report new employees or independent . This will increase the Which of the following acts prohibits discriminating in hiring, firing, promoting, compensating, or in nay other condition of employment on the basis of race, color, religion, gender, or national origin? 21 check mark For a correct answer and double click the box with the question mark to empty the What si the primary purpose of the Employee Retirement Income Security Act (ERISA)? What is the term for transferring data from the General Journal to the General Ledger?