the employee earnings record quizlet
1. pay cards. True dividends, expenses, assets. Multiple select question. b.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. a business form used to record details affecting payments made to an employee. True -A description is sometimes included. (c) The third group will determine the potential penalties that Tipton and Seferi could face for violating the Immigration Reform and Control Act by hiring six unauthorized workers. The Assembling Department added the following costs: Assembling fi nished 400,000 units and transferred them to the Finishing Department. A) FUTA Tax Expense-Cash Write the equation of the line passing through (5,-3) and parallel to the line with equation 2x+y=-3. a. -journal entry and account number c.The Federal Unemployment Tax Act sets the minimum wage and the current minimum wage rate is $7.25 per hour. Payroll Taxes A) True (D) state unemployment tax owed. 7 and 8) 141 terms. Under the EFTS, employers do not have to issue their employees paychecks. When employees actually use their vacation time at the employer's discretion. Did you prepare remittances for the mandatory and voluntary deductions? Employees FIT Payable $987.00, ($1,534.78 + $358.94 + $987.00) = $2,880.72. 20. T-tables. -account number and date, Where will entries for payroll show in the trial balance? Debits show increases to (A) assets. FICA Taxes Payable-OASDI. d. It allows payroll employees to create ghost employees . Tax withholding and remittance Are the tax returns and remittances approved and signed by the appropriate parties? -bring the accountant to the next entry in the general ledger. Multiple choice question. D) a percentage of the previous week's gross payroll. B) Payroll Taxes Multiple choice question. What are some of the problems faced by West African economies? Study with Quizlet and memorize flashcards containing terms like Circular E, Form SS-4, Form SS-5 and more. B) $161.10 Who is covered by the Walsh-Healey Public Contracts Act? The employee earns more than the federal minimum wage. bring the accountant to the related entry in the general journal. remove the accrual from the account balances. True. a.The Federal Unemployment Tax Act (FUTA) Each employee name is listed in a payroll register along with (A) employee number. cash basis accounting When a dividend is received from the affiliate. Question 1: Why would you enter "N/A" on the line for federal withholding allowances on an employee earnings record? \end{array} \text{Normal capacity utilization} & \text{232.558} & \text{units}\\ (B) is the total earnings since the first of the year. a. they are part of the payroll package required to be sent to the IRS on an annual basis. . Fundamentals of Financial Management, Concise Edition, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Daniel F Viele, David H Marshall, Wayne W McManus, Research Methods (Lecture 7): Multi-factor Ex, Prior department costs transferred in from the Molding Department. -Entering the payroll journal entry. B) Payroll Taxes- Cash Which of the following are true about the general ledger? Tips received by employees are included as disposable earnings subject to garnishment for child support. E. Wages Expense determined by: T F, When union dues that have been withheld from employees' wages are turned over to the union D) FUTA Taxes Payable- Cash Which of the following does not describe a purpose of the employee's earnings records? General ledger B) FICA tax--HI Study with Quizlet and memorize flashcards containing terms like Unclaimed employee wages are returned to the employer. A separate record of each employee's earnings, used to complete W-2. Multiple choice question. 1 general ledger posting. (C) withholding allowances. True False. 4. Federal income tax is withheld from employee earnings (A) only in those states electing to do so. a. a single standard deduction plus an exemption for the employee. (A) a revenue Multiple choice question. Vacation expense should be recorded as a debit when the employee earns it. T F, For the purpose of a federal tax levy, the IRS defines take-home pay as the gross pay less taxes Payments for payroll regulation courses should be retained and destroyed at the same interval as other accounting records, A chronological record of a firms financial transactions, A record of a firm's financial transactions, grouped by account d.None of these choices are correct. Jacobs Company borrowed $10,000\$ 10,000$10,000 on a one-year, 8 percent note payable from the local bank on April 1. c. his/her applicable annual standard deduction based on marital status plus the number of exemptions claimed on Form 668-W. T F, In the case of multiple wage attachments, a garnishment for a student loan has priority over any b.The Federal Personal Responsibility and Work Opportunity Reconciliation Act of 1996 Did you update the employees' earning records? (C) January 15 of the following year. Union Dues. A posting reference in the general ledger should Employees FIT Payable. -when entries increase the account balance C246, Salary expense (D) an asset account. would be used for reporting, All of the following are examples of payroll liabilities except: using the wages of the salaried workers only. Assets area A computer system based on a software package that performs all payroll record keeping and prepares payroll checks. The adjusting entry to record accrued vacation pay for two days includes: -letter and number Individual payroll checks are usually written on a(n) (A) company's regular checking account. Work in process on September 1 had 100,000 units made up of the following: During September, 500,000 units were transferred in from the Molding Department at a cost of$640,000. Do you know what pay method each employee needs? Revenue See Answer. None of the above, Which of the following accounts is an expense account in which an (2), True or False: The employer social security tax rate is different than the employee social security tax rate. (C) employee accounts payable record. d.All of these choices are correct. Have you computed their payroll taxes properly? computer backup. d.Neither of these choices is correct. Employers have a fiduciary duty to ensure that all amounts deducted from employee pay are remitted to the appropriate entity. Douglas Toys is a manufacturer that applies the weighted-average process costing method to account for costs of production. report an individual EE's regular time & OT; promote analysis of payroll expenses. -Year-to-date earnings -billable and nonbillable time Let f(x)f(x)f(x) represent the total number of items a subject has memorized xxx minutes after being presented with a long list of items to learn. Have you disbursed the employees' pay? False, When remitting or depositing federal income taxes, the employer credits the cash account. A) True The employee earns more than the federal. Wages expense, On which accounting reports would payroll-related assets appear? (D) state unemployment tax. T F, Federal tax levies are not subject to the limits imposed on garnishments under the Consumer -current amount of reduction to the payroll account If Joanna is single with three exemptions and brings home $845.00/week, what amount will go towards the garnishment each week (manually calculate)? D) Salaries Payable Amounts withheld from employees' wages for health insurance are credited to a liability account. -refer to the employee being paid in the general journal. -tax deposits. How does a payroll accountant use the information in the General Ledger? -Social Security tax is matched by the employer up to the Social Security wage base. (B) taxable earnings. E) None of the above, 16. Cash A. Federal withholding tax, Which of the following are reversed as part of the payroll adjustment process? Financial transactions can be displayed for explanation and evaluation through The reports are identical and provide necessary What is always true about the general ledger? (p. 396), Fundamentals of Financial Management, Concise Edition, Don Herrmann, J. David Spiceland, Wayne Thomas, Alvin A Arens, Mark A Beasley, Randal J Elder, Financial Reporting and Analysis: Using Financial Accounting Information. Terms in this set (20) The period covered by a salary payment is a ____. A. regular hours times regular rate. \end{matrix} laurencbezzant. union negotiations. -company breakdown of supply usage Multiple choice question. payroll register employee's earnings record employee history record personnel record, The information provided in the payroll register is used primarily to meet the requirements of the Fair Labor Standards Act. True A computer error could cause -employees are paid (A) social security tax. T F, 28. d. are required when the fiscal accounting period does not coincide with the end of the payroll period. preparing reports required by state unemployment compensation laws. Which of the following is not an expense of the employer? 4. 480.58 (5), True or False: Each employer is required by law to periodically report the payroll taxes withheld from employee salaries. a. Multiple choice question. (C) Net Pay column. Did you prepare tax deposits and have them checked for accuracy? Allocate employee expenses to specific accounts social security tax payable (1time) State unemployment tax. c. a credit to Vacation Benefits Expense = $1,178. Which of these accounts shows the total gross earnings that the employer Balance sheet costs (all fixed)} & \text{\$ 500.000}\\ Expenses area Did you have the returns checked for accuracy? In accrual accounting, there may also be end-of-period entries to accrue for payroll earned by the employees. d.None of these choices are correct. If there are employees who have taken payroll advances, which are amounts to be repaid by the employee, these will show in the current assets section. 13. (D) none of these. SURVEY . Additional liability accounts for accrued salaries, accrued hourly wages, accrued holiday pay, and accrued paid time off could also appear, depending on the timing of the end of the period and the types of employees and benefits with which the company operates, A report that contains details about the number of hours worked and wages paid to employees, designates where the labor is used within the company 12. a. (p. 383), Each employer who withholds income tax, social security tax, and Medicare tax from employee earnings must furnish each employee an -when payday is after the end of the month. Define the process of "posting." FICA Taxes Payable - OASDI $1,534.78 Who pays the social security taxes that are levied by the Federal Insurance Contributions Act? (B) payroll . $368.07. (3), True or False: Federal unemployment insurance laws require that employers and employees pay taxes for unemployment compensation. Paid cash for liability for employee income tax, $693.00; social security tax, $770.04; Medicare tax, $180.09; total, $1643.13. Contributions payable b. should discharge any employee receiving a wage garnishment. Payments to sales taxing authorities Common-law relationship. Multiple choice question. True When remitting or depositing federal income taxes, the employer credits the cash account. (C) only in states where a state income tax is levied. b. the standard deduction of the taxpayer. general ledger entries. B) Payroll Taxes- Cash a.25 (p. 378), The payroll journal entry is based on the totals of the payroll register (A) Total . Period totals are also included Entering the transactions in the general ledger. A payroll accrual occurs When the company pays for the state taxes withheld from the employee the entry would be c. It facilitates accuracy in employee personnel records. B. D) 53.70 Kelly has d dollars in an account that pays 1.4% interest compounded weekly. D. Multiple select question. expensed in the next month. d. the Payroll Manager is required by the IRS to submit the electronic records for verification. a.To prohibit discrimination on the basis of age in the employment practices of employer Examples of payroll related liabilities include: Garnishments Hintley Duck Blinds Ltd received a federal tax levy garnishment for their marketing manager, Joanna Mallard, in the amount of $8,523.25. c.Both employee & employer (1) . Multiple choice question. Executive orders. The issuance of checks to employees would reduce:(which account). T F, When recording the employer's payroll taxes, a liability account entitled Employers Payroll How would an increase in the value of the pound sterling affect American businesses? -bring the accountant to the related entry in the general journal. Multiple choice question. -alphabetical. Immunology Exam 4 Study Guide (Ch. The first pair of debit and credit columns on the general ledger are for: The second set of debit and credit columns in the general ledger show: The cash based business will show an increase in payroll expenses when: In a manufacturing environment, which of the employees time would be considered entirely directly billable? c. it is not necessary to even enter the data since the time-keeping device synchs with the payroll register, employee earnings record, paychecks, etc. employee income tax payable a. is used to record Workers' Compensation premiums paid by the company. (B) is the total earnings since the first of the year. and an employee earnings record? earnings true or false:Businesses use payroll records to inform employees of their annual earnings and to prepare payroll reports for the government. Tipton and Seferi were charged with hiring and harboring undocumented aliens. -before journal entries are recorded c.Employees who earn more than $44,000 per year adjusted in the next month. Payment of voluntary withholdings, The ___ ____ column in the General Ledger is a combination of letters and numbers, The use of reversing entries is: completing the journal entry to record the payroll. Which law governs the fiduciary responsibility that employers have with regards to employees' payroll deductions? A distribution column in a payroll register separates payroll expenses into classifications such as FUTA, SUTA and net payroll. Identify some of the groups of users. b. are only necessary when employees are paid in cash at the end of the year. The project began in 2021 and was completed in 2022. nonqualified pre-tax insurance; retirement plan. Multiple select question. If Dr. department breakdown of labor cost, What can cause a journal entry to post on only one side (either debit or credit)? -Employee receives an advance of their pay (C) a memorandum. The Accumulated Earnings column of the employee earnings record (A) shows net pay for the year. A) True -chronological. a. \text{Total budgeted operating (non-manuf.) Owners' Equity The employee earns tips. C) SUTA Taxes Payable In the case of a federal tax levy, the employee will notify the employer of the amount to take out, The payment of the FUTA tax and the FICA taxes by the employer to the IRS is recorded in the. journal entry and page number. You have won a state lottery. B) False, 9. The reports are identical and provide necessary allocating employee expenses to departments. redundancy. Prepare absorption costing-based income statements for Magic Me Corporation using theoretical capacity, practical capacity, and normal capacity utilization as the denominator levels. Recording the individual balances of each paycheck. Which of following steps should be taken by the Human Resources Department when hiring new employees? Allocate employee expenses to specific departments, Tax withholding and remittance c.The amount and nature of exempt pay true or false: When an employee's earnings exceed the tax base, no more social security tax is deducted. B) Withholdings for a 401(k) plan -Balances in the general ledger payroll accounts are used in payroll reports. True The Employees ________ _______ Connects accounting and human resource records, The information to be transferred from the payroll register to the employee's earnings records is located in each ______, the employee _______ _______ contains year-to-date earnings for each employee, earnings record (the payroll register contains several earning records). Garnishments debit to expense, credit to cash. \text { Billings during the year } & 380,000 & 1,620,000 \\ Accounting system entries record all payroll-related activity Medicare tax 3. b.ERISA ensures that workers covered by state and federal government pension plans receive benefits from those plans in accordance with their credited years of service with their employers. (9). Where will entries for payroll show up in the income statement? Expenses area, Which of the following transactions would cause an asset to appear on the balance sheet related to payroll? Did you transmit the tax returns and remittances? a.The total additions to or deductions from wages 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? A fundamental concept in accounting is the _____ ____ , which must remain balanced.