the employee earnings record quizlet

b. a credit to Cash = $1,178. If employees must contribute to the state unemployment fund, this deduction should be shown in the payroll tax entry. In a payroll register having labor cost distribution columns, the total of each distribution column shows the amount of the gross wages or salaries for a particular department's wage expense. employers' HI portion of FICA taxes is not.. Which column exists in the employees' earnings records but not in the payroll register? True. -Each entry will be on one side per account. A debit to the employees' FIT payable account removes the liability for the amount of federal income taxes withheld from employees' wages. How are the funds used which are provided by FUTA and SUTA? b. all employers are now mandated to contribute at least 2% of gross wages to an employee's retirement account. Payroll costs represent an expense of the business. Experts are tested by Chegg as specialists in their subject area. SUTA taxes expense What if each firm produces a somewhat different product? chart of accounts. a.To prepare period reports and complete Form W-2 for each employee b.To complete Form W-2 for each employee c.To prepare period reports and complete Form W-2 for employer d.To prepare period reports e.To complete Form W-2 for employer, Which basic records . d. is used to record Workers' Compensation payments to injured workers. B) False, 15. Which of the following does not describe a purpose of the employee's earnings records? A reversing entry would a percentage of the previous week's gross payroll. False, When remitting or depositing federal income taxes, the employer credits the cash account. (5), True or False: Each employer is required by law to periodically report the payroll taxes withheld from employee salaries. Multiple choice question. -Balances in the general ledger payroll accounts are used in payroll reports. In many payroll systems: Payment of voluntary withholdings, Payment of statutory withholdings for each event. False, A ____ ____ report proves the equality of debits and credits. C) using the wages of the salaried workers only. 30 seconds . When using the equity method of accounting, when is revenue recorded on the books of the investor company? b. used to prepare internal management analyses. b.Vesting conveys to employees the right to share in the retirement fund in the event they are terminated before the normal retirement age. (A distribution column in the payroll register separates the various expenses into classifications such as Sales Expenses, Administrative Expenses, Factory Expenses, etc), 1. A description is sometimes included. one-sided journal entries. Why is the operating income under normal capacity utilization lower than the other two scenarios? Multiple choice question. The employee's _____ ____ connects accounting and human resource records earnings record Earnings records are supporting documents for Multiple choice question. The Form 940 is the source document for all employee payroll journal entries. true or false: The larger the number of withholding allowances claimed, the larger the amount of income tax withheld. Multiple select question. True The production-volume variance is written off to cost of goods sold. Multiple select question. -lifetime balance in the payroll account, What are the common components of the posting reference preparing the payroll register. Did you have the returns checked for accuracy? D) Salaries Payable -include all descriptions in the general journal. Assets 7. Explain your reasoning. General journal Does your company have employees? A computer system based on a software package that performs all payroll record keeping and prepares payroll checks. Study with Quizlet and memorize flashcards containing terms like All the payroll information needed to prepare payroll and tax reports is found on (A) Form W-4 and the employee earnings record (B) Form W-4 and the payroll register (C) the payroll register and the employee earnings record (D) Form W-4. Option#1:Option#2:Option#3:$12,000,000afterfiveyears$2,150,000peryearforfiveyears$10,000,000afterthreeyears. (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. create the need for more entries. c. It facilitates accuracy in employee personnel records. A. (1) . Antidiscrimination orders for employees with contracts involving federal funds. (C) IRS Form W-2 a.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. 13. What is always true about the general ledger? (A) a check. B) False, 7. at the employer's discretion. Multiple choice question. The payment of payroll taxes to the government is referred to as a a. they are part of the payroll package required to be sent to the IRS on an annual basis. True When remitting or depositing federal income taxes, the employer credits the cash account. Medicare Tax Payable, Paid cash for semimonthly payroll; total payroll, $3,066.00, less employee income tax, $182.00, social security tax, and medicare tax. \text{Theoretical capacity} & \text{300} & \text{units}\\ a.The total additions to or deductions from wages (C) annually. C) $50.70 Did you transmit the tax returns and remittances? - The date of the transaction is attached. FICA Taxes -Transactions in general ledger accounts are the source for general journal entries. d.Neither of these choices is correct. unemployment tax payable-federal(multiply salary expense by .8%) Laborers for contractors who furnish materials, supplies, articles, and equipment to any agency of the United States, provided the minimum contract amount is $15,000. employee earnings record. The employee's _____ ____ connects accounting and human resource records, Earnings records are supporting documents for, The payroll accountant may perform the following duties. Past-DueCategory0-30days31-90daysOver90daysAccountsReceivableTotal$22,48036,54015,330PercentageUncollectible6%17%25%. Each employer must file a _________ federal tax return showing the federal income tax, social security tax, and Medicare tax due the government. Add. salaries and wages expense. Multiple choice 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. (C) federal unemployment tax. (B) payroll journal. The balances in the General Ledger accounts form the foundation of financial reports. disposable earnings. (B) IRS Form W-2 The Accumulated Earnings column of the employee earnings record (A) shows net pay for the year. Which basic records are generated in most payroll accounting systems? (B) quarterly FUTA Taxes Payable, The entry made at the end of the accounting period to record wages CostsincurredduringtheyearEstimatedcoststocompleteasof12/31BillingsduringtheyearCashcollectionsduringtheyear2021$300,0001,200,000380,000250,0002022$1,575,00001,620,0001,750,000. Letter and number Payment of voluntary withholding, When payday is after the end of the month (B) IRS Form 941 A payroll accrual would be A payroll accrual occurs d. under ERISA, must withhold pension and retirement benefits before any other deduction. The total earnings paid to an employee after payroll taxes and other deductions. True Accounting reports provide managers with insights into company profitability and stability. Amounts listed on Employees' Earnings Records are used to facilitate computations and to verify accuracy of Form 941, 940, 944, and W-2/W-3. c.The amount and nature of exempt pay B) False, 11. A) True Entering the transactions in the general ledger. A qualified retirement plan sponsored by an employer. bring the accountant to the related entry in the general journal. Multiple choice question. FICA Taxes Payable-OASDI. -current entry amount per account type Multiple choice question. answer choices . Take-home pay minus weekly exempted amount = federal tax levy garnishment. If actual demand turned out to be 288 , calculate the forecast for the next period. How would an increase in the value of the pound sterling affect American businesses? (A) assets. (C) a liability account The payroll register, Employees' Earning Records and Accounting System Entries. Douglas Toys is a manufacturer that applies the weighted-average process costing method to account for costs of production. when payroll spans two months. How does a payroll accountant use the information in the General Ledger? computer backup. Payments to sales taxing authorities Tax Expense is debited for both the employees' and the employer's portions of the FICA taxes. b.The Fair Labor Standard Act sets the minimum wage and the current minimum wage rate is $7.25 per hour. The payroll register is used by employers in completing Forms W-2. -Employer matches 401(k) contributions requires deduction from employee paychecks . Unions a. E) None of the above, 30. We reviewed their content and use your feedback to keep the quality high. a. all the data must be both manually and digitally centered and checked, to ensure that the system is functioning properly. The amount on the employee earnings record used to determine if certain payroll taxes apply to an employee's earnings is (A) net pay. The FICA taxes on the employer represent both business expenses and liabilities of the employer. Are all outgoing remittances double-checked and approved? Disposable earnings: (C) Net Pay column. b.The Fair Labor Standard Act sets the minimum wage and the current minimum wage rate is $7.25 per hour. Payroll records serve as backup for 3. (B) transfer payment. (C) total hours plus overtime rate. journal entry and page number. d. a determination made by the IRS and sent to the employee on a Form 668-W. c. his/her applicable annual standard deduction based on marital status plus the number of exemptions claimed on Form 668-W. The general ledger contains information about the individual accounts used in general journal transactions Multiple choice question. C) Payroll Taxes- FUTA Taxes Payable b. the account "Vacation Benefits Expense" is credited. b. the Payroll Manager is required by the Social Security Administration to e-verify in duplicate all the employees' social security numbers. (D) an asset account. He is paid time-and-a-half for hours over 40 and his pay rate is $17.90/hour. Other Quizlet sets. Using an automated entry, the payroll accountant would record transactions through Payments to sales taxing authorities true or false: When an employee's earnings exceed the tax base, no more social security tax is deducted. Wages and taxes expenses Terms in this set (20) The period covered by a salary payment is a ____. b. What account would be classified as a liability account? 3 general ledger postings. 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. Company management, True or false: Payroll reports help managers to determine payroll staffing needs. Which of the following are processes that occur in most payroll accounting systems? Executive orders. Multiple select question. It adds complexity to the personnel recordkeeping. (D) overtime hours minus overtime rate., A business form used to record details affecting payments made to an employee is a(n) (A) employee earnings record. true or false:Qualified retirement plans are approved by an act of Congress. How good is your target country in enforcing the rule of law of the country? create the need for more entries. The adjusting entry to record the accrued vacation pay at the end of an accounting period includes credits to the tax withholding liability accounts. Which of the following acts prohibits discriminating in hiring, firing, promoting, compensating, or in any other condition of employment on the basis of race, color, religion, gender, or national origin? b.Employees who work for vendors who provide legal services to any agency of the United States, provided the minimum contract amount is $15,000. True False, The Form 940 is the source document for all employee payroll journal entries. True false question. The following accounts receivable information pertains to Growth Markets LLC. A federal tax paid for hospital insurance. T F, The only portion of wages that are exempt from a federal tax levy is: unnecessary under GAAP \text{Option \#1:}&&\text{\$ 12,000,000 after five years}\\ Multiple choice question. A financial obligation of the firm arising from revenues received in advance of services or sales or expenses incurred but not paid. (3), True or False: Federal unemployment insurance laws require that employers and employees pay taxes for unemployment compensation. Employees FIT Payable. c. the "Vacation Benefits Payable" account is credited. Assuming you can earn 6% on your funds, which option would you prefer? Past-DueCategoryAccountsReceivableTotalPercentageUncollectible0-30days$22,4806%31-90days36,54017%Over90days15,33025%\begin{array}{c} (1), True of False, Multiple Choice, and Journalizing, True or False: The payroll register provides all the payroll information needed to prepare a payroll. C) SUTA Taxes Payable Payroll Taxes (D) IRS Form 941. Under the FLSA, what information concerning employees' wages must be maintained by the employer? b. are only necessary when employees are paid in cash at the end of the year. The account balances form the basis for accounting reports. C246, Salary expense False, Where will entries for payroll show in the income statement? -billable and nonbillable time Salaries Payable (C) only in states where a state income tax is levied. a.To prohibit discrimination on the basis of age in the employment practices of employer Multiple choice question. costs(allfixed)300279.070232.558$5040.000240.000260.000$10$3.000.000$500.000unitsunitsunitsperunitunitsunitsunitsperunit. FICA Taxes Payable - OASDI $1,534.78 Since vacation time is paid when used, there is no need to accrue this time in a liability account at the end of each accounting period. A) True d.Only a self employed individual. d.None of these choices are correct. What are the common components of the posting reference? Additionally, information from the payroll register is used to complete payroll entries in the General Journal (C) FUTA earnings Multiple choice question. -when payroll spans two months. general ledger entries. E. FUTA Tax Expense A) FUTA tax Multiple select question. common stockholders a.The employer Kelly has d dollars in an account that pays 1.4% interest compounded weekly. (A) IRS Form W-4 a. the expense has already been recorded. expenditures or expenses \text{Practical capacity} & \text{279.070} & \text{units}\\ -when payday is before the end of the month. Payment of voluntary withholdings Revenue assets, liabilities, equity. 2020, to record compensation expense, if any, in 2020. c. Prepare the entry on December 31, 2020, assuming that all 150,000 SARs are exercised. See Answer. B) using the same amounts as the prior month's adjustment. a.25 no general ledger postings. (C) deposit. (B) Form 941 Multiple choice question. 6. jacksonglomb. Suppose the learning rate is Business managers use accounting entries to inform their decisions B) Payroll Taxes- Cash Computer glitch What information is on an employee earnings record? D. payroll. B) False, 29. Federal withholding tax, Social Security tax b. 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? False. True Employee regular earnings are calculated as (A) regular hours times regular rate. D. Wages Expense A) True (p. 387), Each employer is required by law to report payroll taxes on an Missed Exam ?'s. FICA Taxes Payable - HI $358.94 (2), True or False: Employer payroll taxes are business expenses. b.The payroll period -Employer social security tax determining when the accumulated wages of an employee reach cutoff levels. c. It facilitates accuracy in employee personnel records. Social Security Tax Payable Cash Wages expense, On which accounting reports would payroll-related assets appear? A separate record of each employee's earnings, used to complete W-2. (A) a revenue Blank between entries T F, When union dues that have been withheld from employees' wages are turned over to the union What are the arguments for giving separate accounting recognition to the conversion feature of debentures? account balances form the basis for accounting reports; general ledger account balances aggregate data to determine payroll costs. using the same amount as the prior month's adjustment. (C) yearly -journal entry and page number, letter and number -bring the accountant to the next entry in the general ledger. a.Employees over the age of 40 who have held high policymaking positions during the two-year period prior to retirement (b) The second group will assess whether Tipton and Seferi can assert a defense by claiming that they did not know that the workers were unauthorized aliens. -cumulative total on the account Record used in preparing employee's W-2. Have you included any other mandatory deductions? T F, 28. D) Union dues withheld union negotiations. General ledger True False, An accounting firm would pay higher Workers' Compensation Insurance premiums than a steel mill because their employee wages would be higher. FUTA Taxes Payable Multiple choice question. (D) W-4. (C) W-3 Wages Expense Deductions from gross pay in the payroll register are reflected on the credit side of the journal entry to record the payroll. The Federal Insurance Contributions Act. A) True What obligations are imposed upon the employer by the Fair Credit Reporting Act of 1968? $845.00 - $476.93 = $368.07. Multiple select question. One employee earnings record is used each payroll period to detail the earnings of all employees. d.All of these choices are correct. Ways the general ledger is different from the general journal include: Allocate employee expenses to specific departments. A credit increases which of the following types of accounts? C. Wages Payable Cash expenses, assets, liabilities. Cash, When recording the deposit of FUTA taxes owed, the proper entry is: In this case, "J" means that the original entry may be found in the General Journal, A relationship, specifically financial, built on trust between a trustee and a beneficiary, any unpaid liabilities will be reported in the current liability section. It adds complexity to the personnel recordkeeping. (A) IRS Form W-4 c.10 Study with Quizlet and memorize flashcards containing terms like a business form used to record payroll information os, the total earnings paid to an employee after payroll taxes and other deductions, a business form used to record details affecting payments made to an employee is and more. b. the standard deduction of the taxpayer. Study with Quizlet and memorize flashcards containing terms like True, False, False and more. bottles of juice cocktails? taxing authorities, Informed business leaders can use payroll data for all except: It can use the machine to produce 12 oz. FIT Payable a. voluntary contributions to IRAs are no longer allowed in an employee retirement plan. Direct deposit of paychecks can be forced on employees in every state. Why is it important for a firm to use both a payroll register Payroll Taxes 5. d. are required when the fiscal accounting period does not coincide with the end of the payroll period. Denominator-level choices, changes in inventory levels, effect on operating income. In accrual accounting, there may also be end-of-period entries to accrue for payroll earned by the employees. Over the three years that you have owned the stock, the corporation's board of directors have taken the following actions: Congratulations! Taxes Payable is credited for the total taxes owed (FICA, FUTA, and SUTA). Liabilities. -Balances in the general ledger payroll accounts are used in payroll reports. B) $161.10 Under the Civil Rights Act of 1964 and the Age Discrimination in Employment Act, which of the following questions may not be asked by an employer during pre-hire inquiries? Multiple choice question. (B) an expense account Payroll Taxes. Federal Income Taxes Payable B) False, The employee's earnings record provides information for each of the Study with Quizlet and memorize flashcards containing terms like How can the information shown in the employees' earnings record be used? Multiple choice question. None of the above, The entry to deposit FICA taxes and federal income taxes withheld involves all of the following accounts except: None of the above, Which of the following accounts is an expense account in which an A) collecting the timesheets for the days accrued. -when managers want to pay employees later. -alphabetical. They were paid in cash while other employees were paid by check. The total earnings paid to an employee after payroll taxes and other deductions is recorded in the payroll register's (A) Gross Pay column. In all computerized payroll systems, there is still the need to manually post from the printed payroll journal entry to the general ledger. completing the journal entry to record the payroll. What was his overtime premium pay for this workweek? C. Payroll Taxes Multiple select question. have amounts in both debit and credit per account B) completing the journal entry to record the payroll. the need for increased or decreased staff within a department, determining market price for company products, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Fundamentals of Financial Management, Concise Edition, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield. The cash based businesses will show an increase in payroll expenses when: Social Security tax (B) total hours divided by regular rate. Multiple select question. c.All of the funds are used to provide the benefits of unemployment compensation to qualified unemployed workers. (C) shows net pay for one quarter. \hline \text { Costs incurred during the year } & \$ 300,000 & \$ 1,575,000 \\ \textbf{Past-Due Category}&\textbf{Accounts Receivable Total}&\textbf{Percentage Uncollectible}\\[5pt] liabilities or liability, Apart from the recording of payroll and payment to employees, what other payroll related journal entries would be recorded? Have you completed the payroll register? Promote analysis of payroll expenses. Payments for payroll regulation courses b. the standard deduction of the taxpayer. . a.To prohibit discrimination on the basis of age in the employment practices of employer. Magic Me is a manufacturer of magic kits. employees' earnings records Social Security tax 401k contributions payable, SS tax payable. pay cards. Multiple select question. true or false: A business is required by law to withhold certain payroll taxes from employee salaries. Study with Quizlet and memorize flashcards containing terms like The _____ is a multicolumn form used to assemble and summarize the data needed at the end of each payroll period. A. regular hours times regular rate. Psychologists refer to the graph of y=f(x)y=f(x)y=f(x) as a learning curve and to f(x)f^{\prime}(x)f(x) as the learning rate. Did you journalize and post the employer's share transactions? determined by: e.None of these choices are correct. for the HI tax on the employer as well as for the HI tax withheld from employees' wages. c.Employees who earn more than $44,000 per year Multiple choice question. account -Marital status A) True SURVEY . Payroll transactions are recorded in the General Journal and posted to General Ledger accounts. The general journal entries will be in what order D. bottles of its juice cocktails or 12 oz. Until the amounts withheld from employee salaries are paid by the employer, they are recorded as: b.The employee Report an individual employees regular time and over time Question: Why is it important for a firm to use both a payroll register and an employee earnings record? Payroll transactions will have an effect on: A relationship, specifically financial, built on trust between a trustee and a beneficiary. Vacation Benefits Payable is credited. Federal Income tax Write the equation of the line passing through (5,-3) and parallel to the line with equation 2x+y=-3. (A) a check. EEs' earnings records contain YTD gross pay which reflects when EEs reach tax bases; EEs' earnings records contain details of payroll tax reporting & may be considered as source documents. -credit state withholding $1,234 FICA Taxes Payable-HI with the Form 940 reconciliation at the end of the year. Restoration Midterm. When recording the deposit of FUTA taxes owed, the proper entry is: Liabilities area Vacation expense should be recorded as a debit when the employee earns it. (B) separate payroll checking account. The employee earnings records form the link between the ____ and ____ _____ departments. a.SUTA funds are used to pay the state and federal administrative expenses and FUTA funds are used to pay the unemployment compensation benefits to the qualified unemployed workers. (C) withholding allowances. Multiple choice question. Based on 1740 responses, what is the percent of each response? Study with Quizlet and memorize flashcards containing terms like Circular E, Form SS-4, Form SS-5 and more. Each employee name is listed in a payroll register along with (A) employee number. Suppose Nantucket Nectars has a machine for which it paid $160,000 several years ago and is currently not being used. Payroll Taxes When the I-999 forms for the restaurant's employees were reviewed, none were found for the six aliens. dividends, equity, assets. (B) in states without a state income tax. a. a single standard deduction plus an exemption for the employee. Amounts listed on Employees' Earnings Records are used to facilitate computations and to verify accuracy of Form 941, 940, 944, and W-2/W-3. Once the journal entry for the payroll is complete, the information is posted to the appropriate general ledger accounts. Multiple select question. (C) gross earnings. State unemployment tax. electronic system. -Entering the transactions in the general ledger. B) completing the journal entry to record the payroll. -Entering the transactions in the general journal. A garnishment cannot exceed 25 percent of an employee's gross pay. Did you prepare remittances for the mandatory and voluntary deductions? An accounting firm would pay higher Workers' Compensation Insurance premiums than a steel mill because their employee wages would be higher. (D) all of these. earnings The source document for paying employee income tax and social security and Medicare tax is: Maple is a behaviorist, he would MOST likely believe that the cause of a child's disruptive behavior in school is the result of what? Automated entries, Identify the users of financial statements. a. -when entries increase the account balance Actual operating costs equal budgeted operating costs. B) False, At the time of depositing FICA taxes and employees' federal income taxes, the account FICA -payroll adjustments are entered, The first pair of debit and credit columns on the general ledger are for: accounting period, the amount of the adjustment would usually be A state tax used to pay benefits to unemployed workers is: Employee taxes The employees' gross earnings are posted to which General Journal account? Multiple choice question. purchasing managers B) False, 18. -Disciplinary actions What is the connection between the employees' earnings records and payroll tax reporting? B) False, FICA Taxes PayableHI is a liability account in which is recorded the liability of the employer

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