payroll register quizlet

Paymentofalong-termnotepayable. See how we help organizations like yours with a wider range of payroll and HR options than any other provider. 27. (You may See Answer. Jun 23 Wages and. D) the employee's name, social security number, and address True, The information in the payroll register forms the basis for entries in the Employee Earnings & \text{ } & \text{ }\\ True False. B) Employee address on the first day of the next financial period? C) Debit Revenue, $250,000; Credit Cash, $250, What obligations are imposed upon the employer by the Fair Credit Reporting Act of 1968? Oct 27 Wages and salaries payable 226 202,671. Want more practice questions?Receive instant access to our graded Quick Tests (more than 1,800 unique test questions) when you join AccountingCoach PRO. \text{5. Define hours worked. 63. & \text{ } & \text{ }\\ 11. mark for a correct Answer and double click the box with the question mark to empty the box for Union Dues payable 227 4,683. C) It is non-traceable labor that a company must absorb as overhead. 401(k) contributions payable 223 454. C) It must pay its employees for the wages earned as of that date. Age A cell phone company offers two different plans. Explain the major provisions of the Fair Labor Standards Act. & \text{ } & \text{ }\\ This entry is then reversed in the following accounting period, so that the initial recordation entry can take its place. 7. D) The same as the chart of accounts & \text{ } & \text{ }\\ A payroll liability can include wages an employee earned but has not yet received, taxes withheld from employees, and other payroll-related costs. Yes, Employees FIT Payable . var d=new Date(); document.write(d.getFullYear()); ADP, Inc. Find the package that's right for your business. What are some examples of secondary sex characteristics? Suppose your sister doubles her monthly usage to 3,400 minutes and sends 3,200 texts. Read more about the author. A) The income statement \text{15. What is meant by the garnishment of wages? Requirements: 1. Executive employees who are 65 years or older and have high policymaking positions during the two-year period prior to retirement. Paymentofemployeesalaries.OCO2. Since Eco Brewers is a monthly schedule Sets minimum wage. Which act covers employee pension and welfare plan.? A) The total of the debits must equal the total of the credits. Allocation (closing) of overapplied or underapplied overhead to Cost of Goods Sold. Social Security tax payable 221 17,980. 3. How does a debit balance in the wages and salaries expense account affect a firm's income B. ERISA requires each employer to establish a pension plan. The higher payroll The company does not provide health insurance, paid vacations, or any other benefits. A) It is employee labor that may be billed to customers. How does the payroll register connect with the employees' earnings records? D) It is a report designed to be read by parties external to the firm. Payroll liabilities In most business organizations, accounting for payroll is particularly important because (1) payrolls often are the largest expense that a company incurs, (2) both federal and state governments require maintaining detailed payroll records, and (3) companies must file regular payroll reports with state and federal governments What is a use of a firm's labor trend reports? 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. All nine have large-screen TVs? Record the health insurance deduction. The Age Discrimination in Employment Act provides protection to virtually all workers over the age of: Form I-9, which is completed by each employee, deals with: Which of the following acts deals with the minimum wage paid to laborers for contractors on federal government construction contracts? \text{11. 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 purpose of payroll register is to record of all the payment details for employees during a specific pay period. B) It is an individual register maintained for each employee, listing of all the payroll information. The W-2 provides all of the information required by the Affordable Care Act. answer And double click the box with the question mark to empty the box for a wrong answer. A) Revenue c. McNamara-O'Hara Service Contract Act At ADP, we believe sports and business both require the right approach. 18 account: Social Security tax payable ACCOUNT NO. Name two advantages and two drawbacks of The payroll register of any firm needs to have specific details on every employee. Saleofequipmentforanotereceivable. Can employees view documents in their files that are marked confidential? For fill-in-the-blank questions, press or click on the blank space provided. grass clippings at the curb for pickup because local landfills cannot handle the volume. on taxes like FICA, FUTA, and SUTA? expenses are, the lower the profitability will be. Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer. Regardless of the format, payroll registers tend to follow the same basic structure. Jan 31 J4 420 1, Does workers' compensation laws only relate to work-related incidents? 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. Under the U.S. payroll tax a employee has to pay the tax on hi . "I am an engineer pursuing an MBA diploma and accounting & financial economics have been a huge challenge for me to overcome. A) The statement of owners' equity In cases where both Federal and State regulations cover the minimum wage for the same employee, the high of the two rates is always used as the standard minimum wage. D) Social Security tax, $188; Medicare tax, $805. 5 pay date: May 5 Payroll Taxes Expense $ 27,671. Medicare tax payable 222 4,205. 39. period. C) $1,715. This will increase Learn how we can make a difference by joining forces to improve the success of the clients we share. C) It is the fourth repetition of the same entry. 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. Which of the following are processes that occur in most payroll accounting systems? 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. Jul 1 Wages and salaries payable 226 113,562. 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. B) It allows managers to predict future labor costs. You can think of it as a summary of all the payroll activity during a period. Book the entry on the date paychecks are distributed. Assume that the company uses the accrual method of accounting. 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. Purchaseoftreasurystock. Listed below are several transactions. 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? On December 1, 20XX, Riley Sanders invested $250,000 to open Sanders Enterprises. E. Highest-paid 10% of their workforce. At ADP, security is integral to our products, our business processes and our infrastructure. \text{6. Wages and salaries-Operating expense-debit A) It must credit the asset accounts for the appropriate payroll amounts. How might globalists and traditionalists view cultures, places, and regions differently. *Graph the equation using the slope and $y$-intercept, as in the Previous Examples. Learn more about the senior executives who are leading ADPs business. $3,825 of employee withholding ($50,000 X 0.0765), Exempt Salaried Employees Paid Semi-monthly. The lower payroll The employees gross wages for the past week are. Transaction1. total The amounts needed for the payroll entries in the journal come from the employee's earning records. Its easier to keep accurate payroll records and run reports quickly with payroll software. Security taxes? The highest-paid 10 percent of their workforce. 2. Does FLSA say how often employees need to be paid? It exists in many forms, from manual booklets and ad-hoc registers created in Excel to reports produced by dedicated payroll software. C. FLSA 8. What are the General Journal entries that should appear on each pay date? B) A debit balance will increase the expenses of the firm's income statement. Employers use the employee's earnings record in preparing ___. Health Insurance Premiums Collected-liability Keeping vital payroll data up to date and easily accessible is essential for employers to address unexpected discrepancies without confusion. It's useful for record-keeping in a business and has legal implications if not kept correctly.. A summary of all payroll activity is an excellent way to look at the payroll register report. C) Social Security tax, $746; Medicare tax, $174. Payroll data for the current week are as follows: hours worked, 46; federal income taxwithheld, $110; cumulative earnings for the year prior to this week, $24,500; Social security tax rate, 6% on maximum of $100,000; and Medicare tax rate, 1.5% on all earnings; state unemployment compensation tax, 3.4% on the first $7,000; federal unemployment 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. ERISA provides for full vesting of the employer's contributions in three years or gradually over six. For fill-in-the-blank questions, press or click on the blank space provided. Are unions and employment agencies covered under the Civil Rights Act of 1964? 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. Payment of an account payable.} 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. C) Labor reports Exempt salaried employees are often paid for their work right up to payday. 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. 29. Verify the date and enter General as the reference. Saleoflandforcash. Under the Family and Medical Leave Act, what is the maximum number of weeks of unpaid leave that a covered employer is required to offer an employee whose spouse is seriously ill? c. More than five have large-screen TVs? 28. Comprehensive payroll and HR software solutions. Megan Newell is the owner and operator of Ultima LLC, a motivational consulting business. D) Company website 9. 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--. C) SUTA Payroll-Operating expense-liability 3. 20. True, A debit always decreases the balance of an account. Are pre-hire questions pertaining to religion, gender' national origin' or age allowed if these are bona fide occupational requirements of the job? Why does company profitability decrease in direct proportion to the payroll expenses? False, Two complete payroll-related General Journal entries are recorded each pay period: one for the Whether you operate in multiple countries or just one, we can provide local expertise to support your global workforce strategy. \ DEBIT CREDIT DEBIT CREDIT & \text{ } & \text{ }\\ A(n) ________ is a collection of cash and other items that are used in the operation of the tax Remittance on February 15? BALANCE 19. 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 2. Collectionofanaccountreceivable.5. Factory overhead excluding indirect materials and indirect labor (record credit to Other Accounts). statement? It lists payroll information about each employee, such as hours worked, gross pay, deductionsand net pay. This entry usually includes debits for the direct labor expense, salaries, and the company's portion of payroll taxes. ls the Federal Government covered under the Civil Rights Act of 1964? 56. Medicare tax $ 390. Which of the following is not a provision of ERISA? Jeremy is single with two withholding allowances. 58. 8. D) Debit $8. Federal withholding tax $ 3,570. He is the sole author of all the materials on AccountingCoach.com. How are employees who do not have bank accounts paid by an employer who uses an electronic fundstransfer system for payroll. Payment of income taxes.} 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. 1. A) It allows managers to determine the effect of employee labor on departmental profits. $y = -x - 4$. 10. Which financial statements are affected in the year 2022? The payroll register needs to record the hours each employee has served in the firm in a day. What is general priority order concerning wage attachements. D. ERISA provides that all employees are eligible to set up their own individual retirement accounts. Discover the latest Today at Work insights from the ADP Research Institute. Rushing River Boats has the following data in its Social Security tax payable General Ledger 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). Raw materials purchases for cash. box for a wrong Answer. C) Employee earnings record D) Employer's Federal Income tax, Which of the following columns would be used as part of a general journal entry? Discover how easy and intuitive it is to use our solutions. Requirements: Record the deduction for group insurance. The following data is for the January 19 pay date for Waryzbok Inc.: Jan 19 Wages and salaries. 4. A) Credit $8, Sale of equipment for cash.} It 220 A) Form W- 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. D) Debit Health Insurance Payable $27,237; Credit Cash $27,237. ADP helps organizations of all types and sizes unlock their potential. Saleoflandforcash.3. 33. Gross wages of $500.00 less withholdings of $38.25 for FICA and $87.25 for federal and state income taxes. Which of the following is true of employee's earnings record? 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? DEBIT CREDIT DEBIT CREDIT 34. Loan to another firm.} What information is commonly provided by a job-seeker on the application for employment form? D) It should create a reversing entry in the General Journal. D) Credit $30. Columns included in the payroll register to compute net pay may include which of the following? Under the FLSA, what information concerning employees' wages earned must be maintained by the employer? This account would be credited for the amount paid. each option. Collectionofanaccountreceivable. What options might Hazel consider if the below deck mediterranean 2022 cast. check mark For a correct answer and double click the box with the question mark to empty the A credit of $16,250 is recorded on the June 25 How does a payroll accountant keep track of employee's year-to-date earnings for wage bases Besides payroll information, the payroll register contains ________. B) It should make a note to create the reversing entry at the end of the next financial period. ls the FUTA tax used to pay unemployment benefits? C) It is a worksheet that accountants use to ensure payroll accuracy. B) Payroll register Name of each employee 5. The other hourly employees receive overtime pay when they work more than 35 hours in one week. 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. 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 Upload your study docs or become a Course Hero member to access this document Continue to access End of preview. Workers' Commpensation Insurance Expense-Operating expense At a minimum, payroll registers help businesses: But thats hardly the extent of how beneficial a payroll register can be. Continuing Payroll Problem-B OLNEY COMPANY, INC. 31. You need to purchase a plan for your teenage sister. A) Net pay E. All of the above are provisions of ERISA. A) $2,253. What are the main kinds of information contained in a payroll register? At the end of its accounting period, December 31, 2013, Ultima has assets of $942,000 and liabilities of$584,000. Direct materials usage. The payroll register lists all the employees who earned remuneration, the amount of remuneration, the deductions, and the net amount paid. For what reason are "distribution" columns sometimes provided in the payroll register? During the past week, the employee worked 50 hours. 57. \text{Transaction} & \text{Type of Activity} & \text{Cash Inflow or Outflow}\\ \hline Which of the following represents the missing Social Security and Medicare taxes, assuming that. 2. 5. Q09. B) Employee earnings record On October 15, Eco Brewers had a balance of $4,390 in its Social Security tax payable account. 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. Forbids discrimination in hiring. Federal withholding tax payable 220 $ 50,725. B) Posting The lower the payroll B) $2,572. Those who have not worked at least one year and at least 1,250 hours in the previous 12 months for the company. Savings bonds payable 227 1,850. Federal withholding tax payable 220 $ ??? FICA Taxes Payable-OASDI-liability Single click select more than one answer. Neither The Balance Sheet Nor The Income Statement. Who pays the social security taxes that are levied by the Federal Insurance Contributions Act? 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. Protection under the provisions of the Age Discrimination in Employment Act begins at what age??

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