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Discover what others say about us. At the end of its accounting period, December 31, 2013, Ultima has assets of $942,000 and liabilities of$584,000. Which items would be debited in the General Journal entry to record the employees' share of and year-to- date earnings. 66. depositor, what entry Should appear on November 15 for the remittance of the month's Social Jan 31 J4 420 1, b. pay account: Social Security tax payable ACCOUNT NO. Fast, easy, accurate payroll and tax, so you can save time and money. DATE DESCRIPTION POST REF. 1. A payroll register is the record for a pay period that lists employee hours worked, gross pay, net pay, deductions, and payroll date. Type the formula, then press Enter. How does the payroll register connect with the employees' earnings records? Purchase of inventory.} How can the information shown in the employees' earnings record be used? B) $15,298. pay date. Are newly hired independent contractors covered under federal laws pertaining to new-hire reporting? There will also be credits to a number of accounts, each one detailing the liability for payroll taxes that have not been paid, as well as for the amount of cash already paid to employees for their net pay. Why is it important to have columns on the payroll register title "Earnings subject to Federal Enchanted Creations has the following data in its Federal withholding tax payable General Ledger You can enter a formula into a cell manually (typing it in) or by pointing to the cells. \text{13. A) Net pay B. ERISA B. Payroll Accounting (Practice Quiz) Print PDF For multiple-choice and true/false questions, simply press or click on what you think is the correct answer. In what order are accounts presented on the trial balance? C) It is a report designed for external stakeholders. Generally, a payroll register lists the following information about each employee: Gross pay Net pay Payroll taxes Employee deductions (e.g., health insurance) To enter a formula manually, follow these steps: Move the cell pointer to the cell that you want to hold the formula. 1. Multiple Choice. This account would be credited for the amount paid. D) One side of the equation must equal zero. one answer. ), What is the total amount of FICA that needs, Earn our Payroll Accounting Certificate of Achievement. Payroll registers generally are more detailed than payroll journals and include specific information about each employee. account: ACCOUNT Federal withholding tax payable ACCOUNT NO. Dont just take our word for it. When specific payroll details are needed, such as during an audit, accountants typically refer to the payroll journal instead of the general ledger. - Michalis M. FICA (FICA is the acronym for Federal Insurance Contribution Act. Dont take our word for it. What portions of an employee's wages are exempt from a federal tax levy. \text{5. At ADP, we say that were Always Designing for People, starting with our own. Can employees view documents in their files that are marked confidential? Which of the following is NOT part of the social security program? At a minimum, how often should an administrator furnish a statement of total benefits accrued and accrued benefits that are vested under ERISA? Megan Newell is the owner and operator of Ultima LLC, a motivational consulting business. May an employer terminate an employee for lying on an application form? A) $399,472. Legalor equitable procedure by which a protion of the wages of any person must be withheld for payment of a debt. posted an additional $4,390 on its October 31 pay date. & \text{ } & \text{ }\\ Most office supply stores also carry books that are formatted specifically to record payroll information. Collectionofnotesreceivable.8. E. Highest-paid 10% of their workforce. 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. Compute and record the employee's SUTA contributions. D) Employee pay recording and employer share payroll taxes recording Q08. A) Debit $1, c. More than five have large-screen TVs? Verify the date and enter General as the reference. Click here to learn more. 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. Learn how we can make a difference by joining forces to improve the success of the clients we share. Gross pay and net pay. Use the information in the previous exercise to prepare journal entries for the following events in May. Saleoflandforcash. expenses are, the higher the profitability will be. D) Form 941 False - also needs to be a reasonable amount. Wages and salaries payable 226 202,671. C) Debit $ 2. February 7 Journalize the employer . Sale of equipment for a note receivable.} Under the FLSA, what information concerning employees' wages earned must be maintained by the employer? 60. May criminal background checks be used by all employers for any person? Which of the following is true about the fundamental accounting equation? Social Security tax payable ??? Allocation (closing) of overapplied or underapplied overhead to Cost of Goods Sold. Which of the following represents the missing Social Security and Medicare taxes, assuming that. The payroll register contains ________. 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. Purchaseofrentinadvance.4. 7. "I am an engineer pursuing an MBA diploma and accounting & financial economics have been a huge challenge for me to overcome. 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) It must remain in balance at all times. Collectionofnotesreceivable. Whether you operate in multiple countries or just one, we can provide local expertise to support your global workforce strategy. To prohibit discrimination on the basis of age in the employment practices of employer. Sometimes you will see all the taxes lumped together into one account called Payroll Taxes Payable. Collectionofanaccountreceivable.5. A) Medicare tax What is general priority order concerning wage attachements. That's why we've partnered with some of the top athletes in the world. 2. 10. Federal withholding tax payable 220 $ ??? must it do to recognize the liabilities and expenses? Didier and Sons had the following employer's share payroll tax general journal entry for the May This entry is then reversed in the following accounting period, so that the initial recordation entry can take its place. Federal withholding tax payable 220 $ 50,725. For fill-in-the-blank questions, press or click on the blank space provided. Read more about the author. 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? What special accounts must usually be opened in the general ledger to record payroll tax entries? Use the following information for Questions 19 - 20: 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? each option. Who is covered by the Walsh-Healey Public Contract Act? What is the total amount of FICA that needs to be remitted by an employer in 2023 for an employee earning $50,000? What are the enhancing qualities of the qualitative characteristics? B) Debit $30, 34. D) information about the firm's liabilities We provide payroll, global HCM and outsourcing services in more than 140 countries. Payment of a long-term note payable.} 4. Payroll-Operating expense-liability lf both federal and state regulations cover minimum wages for the same employee, is the federal rate always used for the minimum wage? 2. 4. At ADP, we believe sports and business both require the right approach. Which of the following best describes the purpose of the payroll register? 1. Report new employees or independent . Which of the following is an example of a trade association? under the Civil Rights Act of 1964, the U.S. Government is classified as an exempt employer. Learn more about Privacy at ADP, including understanding the steps that weve taken to protect personal data globally. It lists payroll information about each employee, such as hours worked, gross pay, deductionsand net pay. D) Debit Health Insurance Payable $27,237; Credit Cash $27,237. Wages and salaries payable 226 117,334. \end{matrix} C) Both documents contain information from multiple pay periods. 21 D) It should create a reversing entry in the General Journal. 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. Plan B costs$0.20 per minute plus $0.10 per text message sent. 41. The portion of the Federal Insurance Contributions Act that deals with Social Security is called. Jul 1 Wages and salaries payable 226 113,562. All rights reserved.AccountingCoach is a registered trademark. \text{10. Switching payroll service providers made easy. These liabilities accompany every payroll you run. Payroll registers can be created using spreadsheets, although this may not be ideal for most employers. How is information that is usually on a paper stub given to an employee if the employer is using electronic paystubs. 65. Department of branch 4. FUTA Taxes Payable-liability Paymentofemployeesalaries.OCO2. tax Remittance on February 15? D. Religion C) It must pay its employees for the wages earned as of that date. E. Sex, Which of the following statements is NOT a provisions of ERISA? Tap into a wealth of knowledge designed to simplify complex tasks and encourage strategic decisions across key functions. 9. business. 8. E. OASDI. The purpose of payroll register is to record of all the payment details for employees during a specific pay period. How might globalists and traditionalists view cultures, places, and regions differently. An employee is hired at a pay rate of $10 per hour. 29. Transaction1. 19. BALANCE All nine have large-screen TVs? If you are recording it directly into the general ledger or the payroll journal, then use the same line items already noted for the primary payroll journal entry. 40. B. The Fair Labor Standard Act sets the minimum wage and the current minimum wage rate is $7.25 per hour. 11. 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. D) 401(k) contributions 15. To rule the payroll register means that the payroll accountant establishes procedures about the payroll register. To which items is information from the payroll register transferred? B) $2,572. A) $1,582. There may be an accrued wages entry that is recorded at the end of each accounting period, and which is intended to record the amount of wages owed to employees but not yet paid. 3. 2. Get exclusive business insights delivered straight to your inbox. 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. Fair Labor Standards Act (Federal Wage & Hour Law). Explore our full range of payroll and HR services, products, integrations and apps for businesses of all sizes and industries. Does FLSA require the employer to display a poster with the FLSA rules? Administrating the state unemployment taxes. Record the regular hours and the overtime hours worked for each employee, using the time clerk's report as your reference. It offers practical information concerning the subject matter and is provided with the understanding that ADP is not rendering legal or tax advice or other professional services. Purchase of rent in advance.} 57. Cross), Give Me Liberty! The other hourly employees receive overtime pay when they work more than 35 hours in one week. ls the Federal Government covered under the Civil Rights Act of 1964? 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. C) A debit balance will decrease the expenses of the firm's income statement. 401(k) contributions payable 223 454. accurate disbursal of payroll. Loantoanotherfirm.12. Does workers' compensation laws only relate to work-related incidents? Protection under the provisions of the Age Discrimination in Employment Act begins at what age? 18 B) The account appears fourth in the list of liability accounts. In Philadelphia, Pennsylvania, most workers are subject to three income taxes upon their earnings - federal state and city. B) A debit balance will increase the expenses of the firm's income statement. All earnings are taxable. Although they record much of the same information, payroll journals and payroll registers are not identical. A credit of $16,250 is recorded on the June 25 Many employers find a payroll register to be an indispensable part of their business because of its ability to help them keep both their payroll records and their budgets in order. How does a debit balance in the wages and salaries expense account affect a firm's income Discover a wealth of knowledge to help you tackle payroll, HR and benefits, and compliance. What is true about the trial balance? A. A) Debit R. Sanders Capital, $250,000; Credit Cash, $250, 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. 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. DEBIT CREDIT DEBIT CREDIT Employers use the employee's earnings record in preparing ___. 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. Hence, no need to accrue any salaries. total B) Credit $1, 53. D) Both documents contain details of employee earnings, deductions, and disbursement for a 58. What is the primary purpose of a labor report? A payroll register does not include: Multiple Choice Pay period dates. B) Posting These details include the employee id number, the department they belong, their job profile, etc. Under FLSA, what is the current minimum wage? ERISA provides for full vesting of the employer's contributions in three years or gradually over six. C. 40 What is your sisters total cost under each of the two plans? 64. Comprehensive payroll and HR software solutions. (You may select more than one answer. A) Revenue A) Ledgering entry? It helps employers reconcile their payroll transactions and prepare quarterly and year-end tax reports. B) tax remittance information 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. Which financial statements are affected in the year 2022? 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 Define hours worked. True False. A payroll register is a valuable tool that records employee wage information for each pay period and pay date. Employers also use it to: While all of these functions can be accomplished manually, dedicated payroll software provides information at the click of a button, making reporting fast and simple. True, Besides containing the supporting data for periodic tax reports, the employee earnings record D. Requires equal pay for equal work, regardless of gender. A) the firm's payroll checking account information A) Employee earnings record Total Earnings 9. For superior accuracy, many smalland largebusinesses rely on automated digital payroll solutions, such as those offered by ADP, which can integrate with accounting software and other programs. A) Form W- 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. question mark Will be automatically graded as incorrect.) There will also be credits to a number of . Which of the following is not a provision of ERISA? \ 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. It exists in many forms, from manual booklets and ad-hoc registers created in Excel to reports produced by dedicated payroll software. Jan 19 Wages and salaries payable 226 8,134. Required: 1. Oct 27 Wages and salaries payable 226 202,671. Copyright 2023 AccountingCoach, LLC. Apr 16 J23 16,495 32. FICA Taxes payable-HI-liability Your portfolio has three asset classes. Information available through a secured web sit, kiosk, or interactive voice response system. 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. How does the FIFO method different from the weighted-average method? DEBIT CREDIT DEBIT CREDIT How to do payroll accounting: 7 steps At first glance, payroll accounting can be scary. 1. Jun 23 Wages and. FIT Payable-liability 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. Zipperle Company has the following payroll information for the pay period ending September 18, According to Adam Smith, why do the butcher, brewer, and baker provide food for us to buy? b. 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. As of the June 11 pay date, the General Ledger account for Burling Mills has a balance of $14, Period covered by the payroll and the pay date. B. ERISA requires each employer to establish a pension plan. D) A debit balance will increase the income of the firm's income statement. Paymentofincometaxes.9. Q09. A) The income statement Vacation Benefits Expense-Operating expense Protest Unemployment Insurance benefit charges or rates. See Answer. C) SUTA Identify distinctive compensation plans. What is the purpose of the Age Discrimination in Employment Act (ADEA)? 1. 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. For fill-in-the-blank questions, press or click on the blank space provided. Chapter 7 quiz - the payroll register, employees' earning record, and accounting system entries. Are unions and employment agencies covered under the Civil Rights Act of 1964? A) Net pay At a minimum, payroll registers help businesses: But thats hardly the extent of how beneficial a payroll register can be. Entitled to retirement program even if you're no longer working there. Jan 31 J4 420 1, At ADP, security is integral to our products, our business processes and our infrastructure. Which of the following laws establishes the minimum wage? the box with the question mark to produce a check mark for a correct answer and double click 8. View notices and letters. automatically graded as incorrect.) Discover what others say about us. 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 The payroll register needs to record the hours each employee has served in the firm in a day. How does a payroll accountant keep track of employee's year-to-date earnings for wage bases on taxes like FICA, FUTA, and SUTA? Payroll Register This is the first task to completing Olney Company's payroll register. Your sister currently uses 1,700 minutes and sends 1,600 texts each month. e. None of the above. ADP and the ADP logo are registered trademarks of ADP, Inc. All other marks are the property of their respective owners. B) It should make a note to create the reversing entry at the end of the next financial period. The Federal Insurance Contributions Act covers restrictions on the employment of child labor. A) The statement of owners' equity Vacaction Benefits Payable- liability. What is the What must the employer do with unclaimed checks. Raw materials purchases for cash. Medicare tax payable 3,197. D) Company website 38. 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. Suppose your sister doubles her monthly usage to 3,400 minutes and sends 3,200 texts. incomes are, the higher the profitability will be. FICA Taxes Payable-OASDI-liability A payroll register lists all basic information related to employee take-home pay. On December 1, 20XX, Riley Sanders invested $250,000 to open Sanders Enterprises. Health Insurance payable 224 8,375. Less than five have large-screen TVs? (You may select more than one answer. C) $1,715. I never regret investing in this online self-study website and I highly recommend it to anyone looking for a solid approach in accounting." 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. True (California, New Jersey, New York & Rhode Island). The higher payroll Want more exclusive business insights like this delivered to your inbox?Subscribe now. 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. Medicare tax $ 390. D) Debit $8. These computations are shown in the Employee Payroll Register. the box With the question mark to empty the box for a wrong answer. incorrect.) Calculate regular and overtime pay. We now offer 10 Certificates of Achievement for Introductory Accounting and Bookkeeping. mark to produce a Check mark for a correct answer and double click the box with the question Which of these employee types is an allowable exeption to the protection of the Age Discrimination in Employment? Social Security tax payable 221 17,980. Federal Insurance Contribution Act (FICA), Form 941, Employer's Quarterly Federal Tax Return, Form W-3, Transmittal of Wage and Tax Statements, Applicable pay rates (regular or overtime), Review outgoing costs, either per employee or for the entire organization, Track employee deductions and tax withholding amounts, Reconcile payroll expenses to the general ledger, Record and track employee leave time, such as sick, vacation and paid time off (PTO), Validate direct deposit transactions and employer contributions to deferred compensation plans, such as a, Federal income taxes withheld from employee wages, State and local income taxes withheld from employee wages (if applicable), Federal unemployment taxes payable by the employer, State unemployment taxes payable by the employer, State unemployment taxes withheld from employee wages (if applicable), Benefits and other voluntary deductions from employee wages, Employer contributions to benefits and retirement savings plans. What are the main kinds of information contained in a payroll register? : an American History (Eric Foner), Psychology (David G. Myers; C. Nathan DeWall), Biological Science (Freeman Scott; Quillin Kim; Allison Lizabeth), The Methodology of the Social Sciences (Max Weber), the payroll register, employees' earning record, and accounting system entries, Chapter 5 quiz - employee net pay and pay methods, compute social security and medicare tax withholding, Chapter 4 quiz - fringe benefits and voluntary deductions, different between pre-tax and post-tax, Lab Calendar [CHEM 2551-HYB01] Spring 2021, Chapter 6 quiz - employer payroll taxes and labor planning, Conic Sections - Lecture notes Chapter 6 Notes, Emotional and Cultural Intelligence (D082), Introduction To Computer And Information Security (ITO 310), Professional Application in Service Learning I (LDR-461), Advanced Anatomy & Physiology for Health Professions (NUR 4904), Principles Of Environmental Science (ENV 100), Operating Systems 2 (proctored course) (CS 3307), Comparative Programming Languages (CS 4402), Business Core Capstone: An Integrated Application (D083), Bates Test questions The Thorax and Lungs, Student-HTN-Atherosclerosis Unfolding Reasoning, ATI System Disorder Template Heart Failure, Lesson 17 Types of Lava and the Features They Form, Wong s Essentials of Pediatric Nursing 11th Edition Hockenberry Rodgers Wilson Test Bank, Test Out Lab Sim 2.2.6 Practice Questions, The tenpoint plan of the new world order-1, Piling Larang Akademik 12 Q1 Mod4 Pagsulat Ng Memorandum Adyenda at Katitikan ng Pulong ver3, The cell Anatomy and division. During the past week, the employee worked 50 hours. D) Health insurance payable (You may In January 2023 an employer remits the state unemployment tax that pertains to its employees' wages for the final three months of 2022. ls the payroll register used in preparing the Form W-2? Questions pertaining to religion, gender, national origin, or age are allowed on application forms when these are bonafide occupational qualifications for a job. 13. Since Eco Brewers is a monthly schedule Employee SIT Payable-liability Discover how easy and intuitive it is to use our solutions. $y = -x - 4$. Forbids discrimination in hiring. Type an equals sign (=) to signal the fact that the cell contains a formula. Record the journal entry to account for employer payroll taxes based on the totals in the payroll register and the FUTA and SUTA calculations. This information is also reflected in summary level entries in the businesss general ledger. Which of the following is true of employee's earnings record? D. ERISA provides that all employees are eligible to set up their own individual retirement accounts. The employees gross wages for the past week are. Learn more about the senior executives who are leading ADPs business. C. All employees under the age of 30. Requirements: 1. C) Garnishment Federal withholding tax $ 3,570. Social Security tax $ 1,670. Paymentofemployeesalaries.2. 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? Hours worked. 27. so that the new employee can be properly added to the payroll, Employment application forms are usually discarded when the applicant is hired. 15. Issuance of common stock.}

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