payroll register quizlet

6. How does a debit balance in the wages and salaries expense account affect a firm's income What are the main kinds of information contained in a payroll register? Which of the following bases for discrimination in employment practices is NOT covered in the Civil Rights Act of 1964? Collection of an account receivable.} (You may select more than one answer. B) Payroll register What is the total amount of FICA that needs to be remitted by an employer in 2023 for an employee earning $50,000? 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? A) Debit R. Sanders Capital, $250,000; Credit Cash, $250, Transcribed image text: Columns included in the payroll register to compute net pay may include which of the following? A credit of $16,250 is recorded on the June 25 It lists payroll information about each employee, such as hours worked, gross pay, deductionsand net pay. the total expenses of the firm and increase the net income of the firm. This entry is then reversed in the following accounting period, so that the initial recordation entry can take its place. Paymentofanaccountpayable.15. A. ERISA applies to pension and welfare plans established by any employer engages in commerce. What is the term for transferring data from the General Journal to the General Ledger? Read the latest news, stories, insights and tips to help you ignite the power of your people. Saleofequipmentforcash.TypeofActivityOCashInfloworOutflowCO. C) It must pay its employees for the wages earned as of that date. Dont just take our word for it. 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. 50 B) Posting Neither The Balance Sheet Nor The Income Statement. Which of the following best describes the purpose of the payroll register? A) Form W- D) It must wait until the next financial period to record the payroll data. Does FLSA say how often employees need to be paid? C) Employee pay disbursement and voluntary deduction remittance Listed below are several transactions. 41. 7. Issuanceofbonds.11. Are FICA taxes levied upon employers only? 9. 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? & \text{ } & \text{ }\\ 14. A(n) ________ is a collection of cash and other items that are used in the operation of the 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? incomes are, the higher the profitability will be. Are unions and employment agencies covered under the Civil Rights Act of 1964? Current period taxable earnings for FICA taxes are as. 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? How is information that is usually on a paper stub given to an employee if the employer is using electronic paystubs. Jan 31 J4 420 1, 8. Any boxes left with a question mark will be What are the main kinds of information contained in a payroll register? 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. Social Security tax $ 1,670. Social Security tax payable 221 10,517. 3. total A. 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? D) Employee pay recording and employer share payroll taxes recording The ________ is the master document that contains an employee's marital status, deductions, \text{1. C) Earnings subject to FICA tax Rushing River Boats has the following data in its Social Security tax payable General Ledger & \text{ } & \text{ }\\ d. Occupational Safety and Health Act Describe the main types of records used to collect payroll data. Sale and delivery of finished goods to customers for cash (record unadjusted cost of sales). 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 C) Garnishment 27. Does FLSA require all employees to be paid weekly, biweekly', monthly? The lower payroll Journal entries? account: Social Security tax payable ACCOUNT NO. Its easier to keep accurate payroll records and run reports quickly with payroll software. C) $1,715. \text{3. Explain the use of the "Cumulative" column in the employee's earnings record. The information provided in the payroll register is used primarily to meet the requirements of the Fair Labor Standards Act. 4. FUTA Taxes Payable-liability C) It allows payroll employees to divert funds into faux accounts. 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. below deck mediterranean 2022 cast. Payroll typically creates an accrued liability for all of the following reasons except Because it is unnecessary to report amounts owed to employees for salaries or wages earned. On which income statement will the state unemployment tax expense appear under accrual accounting? accurate disbursal of payroll. How does a payroll accountant keep track of employee's year-to-date earnings for wage bases on taxes like FICA, FUTA, and SUTA? 40. The purpose of payroll register is to record of all the payment details for employees during a specific pay period. Find payroll and retirement calculators, plus tax and compliance resources. Department of branch 4. Your sister currently uses 1,700 minutes and sends 1,600 texts each month. Gross pay and net pay. 15. What are some examples of secondary sex characteristics? 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. 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. FIT Payable-liability Step 2: Working Hours. 17. May criminal background checks be used by all employers for any person? Since Eco Brewers is a monthly schedule Questions pertaining to religion, gender, national origin, or age are allowed on application forms when these are bonafide occupational qualifications for a job. 55. & \text{ } & \text{ }\\ 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. Report new employees or independent . Compute the employer's payroll taxes for the period. Wages Payable-liability Medicare tax payable 222 ??? 8. Jan 19 Wages and salaries payable 226 8,134. What si the primary purpose of the Employee Retirement Income Security Act (ERISA)? (You may select more than one answer. B) Employee pay remittance and voluntary deduction remittance There will also be credits to a number of . Under the Affordable Care Act, which employers are required to provide insurance coverage for all full-time employees and for their dependents? 58. File, adjust, and print returns and reports. Authorize a power of attorney. Period covered by the payroll and the pay date. You need to purchase a plan for your teenage sister. What are the General Journal entries that should appear on each pay date? This will increase the 6. (You may select more than one answer. Identify distinctive compensation plans. Employee SIT Payable-liability Megan Newell is the owner and operator of Ultima LLC, a motivational consulting business. 31. What is the purpose of the Age Discrimination in Employment Act (ADEA)? Direct materials usage. mark to produce a Check mark for a correct answer and double click the box with the question A payroll register is a valuable tool that records employee wage information for each pay period and pay date. Saleoflandforcash. To rule the payroll register means that the payroll accountant establishes procedures about the payroll register. Payroll registers can be created using spreadsheets, although this may not be ideal for most employers. Besides payroll information, the payroll register contains ________. Under FMLA, may an employer substitute an employee's earned paid leave for part of the 12-week family leave? B) Social Security tax, $792; Medicare tax, $204. Yes, Employees FIT Payable . Enter the debit amount to clear the existing credit to Payroll Cash from the first journal entry above. A) Credit $8, What special accounts must usually be opened in the general ledger to record payroll tax entries? \text{13. $3,825 of employee withholding ($50,000 X 0.0765), Exempt Salaried Employees Paid Semi-monthly. pay date. E. All are provisions of FLSA. Who are the winners and who are the losers when the minimum wage is increased? 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 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. Age May an employer terminate an employee for lying on an application form? C) As expenses & \text{ } & \text{ }\\ Purchaseofrentinadvance.4. A cell phone company offers two different plans. These entries are then incorporated into an entity's financial statements through the general ledger. Verify the date and enter General as the reference. 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. & \text{ } & \text{ }\\ 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. Payroll journal entries are used to record the compensation paid to employees. DEBIT CREDIT DEBIT CREDIT 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. A) Debit $1, Protest Unemployment Insurance benefit charges or rates. B. Didier and Sons had the following employer's share payroll tax general journal entry for the May 11. \text{10. 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. 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. The payroll register for Nazir Corporation contained the following totals at the end of July: wages, $139,125; federal income taxes withheld, $35,582; state income taxes withheld, $5,863;. C) It is a worksheet that accountants use to ensure payroll accuracy. A payroll register can also . When the employer pays the employee in 2023 for the vacation earned in 2022, what account will the company debit? D) Both documents contain details of employee earnings, deductions, and disbursement for a Explore our full range of payroll and HR services, products, integrations and apps for businesses of all sizes and industries. Single click A payroll register does not include: Multiple Choice Pay period dates. Compute and record the employee's SUTA contributions. 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. It Medicare tax payable 222 4,205. automatically graded as incorrect.) Medicare tax payable 3,197. & \text{ } & \text{ }\\ account: Social Security tax payable ACCOUNT NO. Our online store for HR apps and more; for customers, partners and developers. A payroll register lists all basic information related to employee take-home pay. D) It highlights issues and results of seasonal labor. Purchase of rent in advance.} D) It should create a reversing entry in the General Journal. C) It must remain in balance at all times. The total of each distribution column shows the total amount of that department's wage expense. ERISA provides for full vesting of the employer's contributions in three years or gradually over six. Social Security tax payable 221 17,980. General Journal entry to record this transaction? Record the health insurance deduction. Of the items in the following list, which one (s) should appear in a payroll register? Payroll-Operating expense-liability Discover what others say about us. pay 4. The payroll register lists all the employees who earned remuneration, the amount of remuneration, the deductions, and the net amount paid. C) Employee signature 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. D. All employees earning the minimum wage. The W-2 provides all of the information required by the Affordable Care Act. B) Payroll register Any Boxes left with a question mark will be automatically graded as incorrect.) 9. 57. 39. Which of the following is NOT part of the social security program? Click the card to flip Definition 1 / 66 True Click the card to flip Flashcards Learn Test Match Created by lauraberth67 Terms in this set (66) Does every state have state unemployment laws? D) Employer's Federal Income tax, Which of the following columns would be used as part of a general journal entry? B) General Journal C) Alphabetically : an American History (Eric Foner), Psychology (David G. Myers; C. 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C. FLSA 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). Sets minimum wage. It exists in many forms, from manual booklets and ad-hoc registers created in Excel to reports produced by dedicated payroll software. D) 401(k) contributions 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 a payroll accountant keep track of employee's year-to-date earnings for wage bases incorrect.) Also, indicate whether the transaction is a cash inflow (CI) or cash outflow (CO), or has no effect on cash (NE). 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. What portions of an employee's wages are exempt from a federal tax levy. 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. Payroll liabilities are any type of payment related to payroll that a business owes but has not yet paid. D) Debit $8. Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer. 18 All salaried employees. Which of the following represents the missing Social Security and Medicare taxes, assuming that. D) It is non-employee labor that the company must pay. How are the funds used which are provided by FUTA and SUTA? Learn more about Privacy at ADP, including understanding the steps that weve taken to protect personal data globally. The town is considering an ordinance that would prohibit putting D) Payroll register Sale of equipment for a note receivable.} d. At least seven homes have large-screen TVs? A) It may be expressed as assets + liabilities = owners' equity. Want more practice questions?Receive instant access to our graded Quick Tests (more than 1,800 unique test questions) when you join AccountingCoach PRO. the payroll? In January 2023 an employer remits the state unemployment tax that pertains to its employees' wages for the final three months of 2022. 2. C) SUTA Book the entry on the date paychecks are distributed. Raw materials purchases for cash. Employee FIT Payable-liability Enchanted Creations has the following data in its Federal withholding tax payable General Ledger At a minimum, how often should an administrator furnish a statement of total benefits accrued and accrued benefits that are vested under ERISA? Under the FLSA, what information concerning employees' wages earned must be maintained by the employer? It records payroll record on each employee separately. Zipperle Company has the following payroll information for the pay period ending September 18, C) the name of the firm and the payroll accountant 1. A) Debit Cash $27,237; Credit Health Insurance Payable $27,237. From best practices to advice and HR consulting. Protection under the provisions of the Age Discrimination in Employment Act begins at what age?? Jan 31 J4 420 1, View notices and letters. 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? statement? Required: 1. must it do to recognize the liabilities and expenses? 4. 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. 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. one answer. Jul 1 Wages and salaries payable 226 113,562. Hours worked. Use the information in the previous exercise to prepare journal entries for the following events in May. At ADP, we believe sports and business both require the right approach. & \text{ } & \text{ }\\ C) The balance sheet 10. TransactionTypeofActivityCashInfloworOutflow1. Security taxes? Jeremy is single with two withholding allowances. FICA Taxes Payable-OASDI-liability Comprehensive payroll and HR software solutions. & \text{ } & \text{ }\\ 10. Manage labor costs and compliance with easy time & attendance tools. Medicare tax $ 390. Which of the following is an example of a trade association? A) $1,582. 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. B. Payment of income taxes.} Federal withholding tax payable 220 399,472. A) A debit balance will increase the expenses of the firm's income statement. Dooley Publishing has the following payroll data for its July 1 pay date: Jul 1 Wages and salaries. Complete the steps outlined below: 1. E. Sex, Which of the following statements is NOT a provisions of ERISA? Payment of a long-term note payable.} date: Oct 27 Wages and salaries expense 522 $298,384. 28. C) It designates where labor is used in a firm. Paymentofincometaxes.9. BALANCE 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. 12. Form W-2 The employee's earnings records is used in preparing the employees' W-2 forms. Accounting questions and answers. A. ADEA ls the Federal Government covered under the Civil Rights Act of 1964? Vacaction Benefits Payable- liability. The payroll register of any firm needs to have specific details on every employee. Access the definitive source for exclusive data-driven insights on todays working world. Under the U.S. payroll tax a employee has to pay the tax on hi . Entitled to retirement program even if you're no longer working there. 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. C) Credit $4, \text{Transaction} & \text{Type of Activity} & \text{Cash Inflow or Outflow}\\ \hline 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. A. The highest-paid 10 percent of their workforce. To enter a formula manually, follow these steps: Move the cell pointer to the cell that you want to hold the formula. A) Employee earnings record 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. Payment of an account payable.} Title of report 2. Why does company profitability decrease in direct proportion to the payroll expenses? 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. 29. C) Because payroll represents a liability and an expense of the business. Time worked - regular & overtime 7. A) $399,472. True, Besides containing the supporting data for periodic tax reports, the employee earnings record Deductions. How will payroll deductions from employees wages for their portion of 401K plans be recorded? SUTA tax payable 9,481. Click here to learn more. \text{7. 66. Saleofequipmentforcash. Requirements: Record the deduction for group insurance. At ADP, security is integral to our products, our business processes and our infrastructure. posted an additional $4,390 on its October 31 pay date. This will increase On December 1, 20XX, Riley Sanders invested $250,000 to open Sanders Enterprises. How do the Stanford-Binet and Wechsler tests differ? What is meant by the garnishment of wages? Any boxes left with a question mark will be automatically graded as Paymentofincometaxes. Issuance of common stock.} 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. B) Because payroll represents an asset and an income of the business. What is the effect of each of the following posting upon the assets, liabilities, and owner's equity of a company. D) Transcribing Does the ADEA quit protecting employees after the age of 70? This will decrease Use the following information for Questions 19 - 20: C) Form W- Name two advantages and two drawbacks of