The total earnings subject to federal unemployment tax is referred to as: Have you prepared the appropriate tax returns? B) Withholdings for a 401(k) plan In other terms, a payroll . Financial transactions can be displayed for explanation and evaluation through Journal entry and page number. \text{Practical capacity} & \text{279.070} & \text{units}\\ (D) state unemployment tax owed. M52, payroll taxes expense d. they are used to determine where cumulative wages are in relationship to wage bases (caps) for various taxes, such as OASDI, FUTA and SUTA. D. payroll. Multiple select question. c. to aid in completion of year-end informational returns, such as W-2s. -Each entry will balance within the posting account. Multiple choice question. The reports are identical and provide necessary 8 & 9 Part 2 - Infant Nutrition, Microsoft Office 2016 Excel 2016 Chapter 7 Wo, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Fundamentals of Financial Management, Concise Edition, Daniel F Viele, David H Marshall, Wayne W McManus. -when managers want to pay employees later. d.Only "A payroll register" and "The employee's earnings record" are correct. A qualified retirement plan that provides most individuals with a deferred federal income tax benefit. A) FUTA tax C245. 401(k) contributions expense Multiple choice question. Do you know much each employee should be paid? Douglas Toys is a manufacturer that applies the weighted-average process costing method to account for costs of production. a. they are part of the payroll package required to be sent to the IRS on an annual basis. FICA Taxes Payable - OASDI $1,534.78 bottles of its 100% juices. 4. d. What age group is most likely to purchase the product? The purpose of a labor report is to do what? (C) annually. A) True Multiple choice question. 5. -account number and date, Where will entries for payroll show in the trial balance? When employees actually use their vacation time a. None of the above. Payment of voluntary withholdings Multiple select question. Since you plan to conduct business in the target country, you should be concerned about transparency of political institutions and judiciary. In each pay period, the payroll information for each employee is recorded on his or her employee earnings record, The payroll register provides all the payroll information needed to prepare a payroll, A business deposits the total of gross wages in a separate payroll checking account, Employer payroll taxes are business expenses, The employer social security tax rate is different than the employee social security tax rate, Federal unemployment insurance laws require that employers and employees pay taxes for unemployment compensation, The transaction to record employer payroll taxes expense is journalized at the end of the quarter, Each employer is required by law to periodically report the payroll taxes withheld from employee salaries, The timing of payroll tax payments is based on the amount owed, Form W-2 reports an employee's annual earnings and the withholdings for federal income, social security, and Medicare taxes, In the journal entry for a payroll, the amount debited to Salary Expense is the total of the Net Pay column of the payroll register, The tax base for Medicare tax is the same as the tax base for social security tax, If the tax base for calculating unemployment taxes is $7,000 and an employee's accumulated earnings are $6,500.00, and the employee earns another $1,500.00, the amount of new earnings subject to unemployment tax is $1,500.00, Some employers must deposit payments for withheld employees' federal income tax and social security and Medicare taxes on the next banking day, Each employer who withholds income tax, social security tax, and Medicare tax from employee earnings must furnish each employee with a quarterly statement, Until the amounts withheld from employee salaries are paid by the employer, they are recorded as, The payment of payroll taxes to the government is referred to as a, The total earnings subject to federal unemployment tax is referred to as, Each employer must file a _________ federal tax return showing the federal income tax, social security tax, and Medicare tax due the government, Employers are required to furnish each employee with an annual statement of earnings and withholdings before (A) December 31 of the current year, The source document for paying employee income tax and social security and Medicare tax is, During the month following each calendar quarter, In general, employers are required to pay state unemployment taxes, The source document for paying state unemployment tax is, A state tax used to pay benefits to unemployed workers is, John David Jackson, Patricia Meglich, Robert Mathis, Sean Valentine. Which of the following are true about the general ledger? Payment of statutory withholding -journal entries to post backward. staffing pr income projections, connects directly to the employee's earnings records. Employer has the right to control both what work will be done and how it will be done. T-tables. tax filing support. c. What is the percent of definitely responses in each age group? (B) Form 941 -A description is sometimes included. d.All of these choices are correct. A payroll accrual occurs (A) monthly. (A) IRS Form W-4 The total amount earned by all employees for a pay period is a ____. only be in either debit or credit per account -general ledger entries to post backward. Columns in the Employees' Earnings Records, Each piece of data is used in multiple ways, Connection of the Employees' Earnings Records to Periodic Tax Reports. Examples of payroll related liabilities include: Garnishments A) True c. When the affiliate company reports net income. Contributions payable payment to employee based on a stated percentage of revenue. d.None of these choices are correct. Tax withholding and remittance social security tax payable Interest was paid quarterly, and the note was repaid one year from the time the money was borrowed. The payment of payroll taxes to the government is referred to as a 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. -when new entries reduce the account balance a percentage of the previous week's gross payroll. Social Security tax 7 and 8) 141 terms. (D) an asset account. B) completing the journal entry to record the payroll. Wages Expense union negotiations. (B) IRS Form 941 d.Only a self employed individual. earnings Ch. 12 Flashcards | Quizlet Multiple select question. In general, employers are required to pay state unemployment taxes: Which law governs the fiduciary responsibility that employers have with regards to employees' payroll deductions? true or false: A business is required by law to withhold certain payroll taxes from employee salaries. Allocate employee expenses to specific departments. (A distribution column in the payroll register separates the various expenses into classifications such as Sales Expenses, Administrative Expenses, Factory Expenses, etc), 1. Do you have managerial approval for all employee pay for the period? (3), True or False: The timing of payroll tax payments is based on the amount owed. Union Dues. Cash true or false: The larger the number of withholding allowances claimed, the larger the amount of income tax withheld. Payroll Accounting 2018 CH 7 Flashcards | Quizlet Promote analysis of payroll expenses. Payment of voluntary withholdings, The ___ ____ column in the General Ledger is a combination of letters and numbers, The use of reversing entries is: (p. 383), Each employer who withholds income tax, social security tax, and Medicare tax from employee earnings must furnish each employee an -Employee contributes to United Way (p. 390), To record the payment of federal unemployment tax, the account debited is no general ledger postings. . What information is commonly provided by a job-seeker on the application for employment form? a.Employees over the age of 40 who have held high policymaking positions during the two-year period prior to retirement Study with Quizlet and memorize flashcards containing terms like Which column exists in the employees' earnings records but not in the payroll register?, What is the connection between the employees' earnings records and payroll tax reporting?, A credit increases which of the following types of accounts? -when payday is after the end of the month. (C) Net Pay column. Calculate the amount of cash payments Jacobs was required to make in each of the two calendar years that were affected by the note payable. b.The Fair Labor Standard Act sets the minimum wage and the current minimum wage rate is $7.25 per hour. Every general journal entry will have at least Closing entries d.None of these choices are correct. Ch 6 Payroll PRACTICE Flashcards | Quizlet Is it payday? Business managers use accounting entries to inform their decisions Once the journal entry for the payroll is complete, the information is posted to the appropriate general ledger accounts. True Study with Quizlet and memorize flashcards containing terms like In each pay period, the payroll information for each employee is recorded on his or her employee earnings record, The payroll register provides all the payroll information needed to prepare a payroll, A business deposits the total of gross wages in a separate payroll checking account and more. True Salaries Payable FUTA Taxes Payable Disposable earnings are the earnings remaining after withholding federal income taxes. Highest 50 percent c. Highest 5 percent, d. Highest 80 percent e. Lowest 10 percent f. Middle 50 percent, g. Lowest 93 percent h. Middle 95 percent i. Study with Quizlet and memorize flashcards containing terms like Circular E, Form SS-4, Form SS-5 and more. (D) in all 50 states. using the wages of the salaried workers only. (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. (B) a receipt. Advanced Accounting Ch. 3 Review | Other Quiz - Quizizz Study Payroll Accounting Final Vocabulary Flashcards | Quizlet FICA Taxes Payable-OASDI. 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. D) FUTA Taxes Payable- Cash (B) during the month following each calendar quarter. The total of the Gross Earnings column of the payroll register for a given pay period will appear in which account for the payroll-related general journal entry? (5), True or False: In the journal entry for a payroll, the amount debited to Salary Expense is the total of the Net Pay column of the payroll register. mandated under GAAP (1), True of False, Multiple Choice, and Journalizing, True or False: The payroll register provides all the payroll information needed to prepare a payroll. b.To provide protection only for workers under the age of 18 (C) salary expense. A payroll accrual would be (B) is the total earnings since the first of the year. and more. Multiple select question. (A) tax reimbursement. a. a debit to Vacation Benefits Payable = $1,178. a.To prohibit discrimination on the basis of age in the employment practices of employer A computer system based on a software package that performs all payroll record keeping and prepares payroll checks. D. Wages Expense Under the FLSA, what information concerning employees' wages must be maintained by the employer? -by account type. c. is used to record Workers' Compensation premiums paid by the employee. The degree of completion of work-in-process inventory at September 30 was as follows: Required Have you computed their voluntary deductions? (B) transfer payment. -Balances in the general ledger payroll accounts are used in payroll reports. Liabilities area Recording expenses only when paid is an example of: C246, Salary expense How good is your target country in enforcing the rule of law of the country? Company management, True or false: Payroll reports help managers to determine payroll staffing needs. Multiple select question. 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 Accounting 1 - Chapter 13 Flashcards | Quizlet -before journal entries are recorded The Assembling Department added the following costs: Assembling fi nished 400,000 units and transferred them to the Finishing Department. B) completing the journal entry to record the payroll. financial reports. B) False, At the time of depositing FICA taxes and employees' federal income taxes, the account FICA True FUTA taxes payable Cash Owners' Equity c. It facilitates accuracy in employee personnel records. -current balance in the payroll account (B) payroll . -bring the accountant to the related entry in the general journal. A) True Apart from the recording of payroll and payment to employees, what other payroll related journal entries would be recorded? FICA Taxes Payable-OASDI Multiple select question. 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? a.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. Expenses area, Which of the following transactions would cause an asset to appear on the balance sheet related to payroll? 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. -current amount of reduction to the payroll account b. are only necessary when employees are paid in cash at the end of the year. Paid cash for liability for employee income tax, $693.00; social security tax, $770.04; Medicare tax, $180.09; total, $1643.13. d. companies are allowed to automatically enroll employees in the company's retirement plan. A financial obligation of the firm arising from revenues received in advance of services or sales or expenses incurred but not paid. Ch. 7 The Payroll Register, Employees' Earnings Records, and - Quizlet False. D) Salaries Payable B) False, 3. and an employee earnings record? a. 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. bottles of its juice cocktails or 12 oz. determining when the accumulated wages of an employee reach cutoff levels. (B) liabilities. Immunology Exam 4 Study Guide (Ch. Which amounts on the payroll register reduce Federal withholding tax but are not deducted for FICA tax computations? d. Vacation Benefits Payable is debited. False. 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. medicare tax payable (1time) Credit accounting information redundancy. remove the accrual from the account balances. -current transaction in the payroll account 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 If actual demand turned out to be 288 , calculate the forecast for the next period. 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. Assume an initial starting FtF_tFt of 300 units, a trend (Tt)\left(T_t\right)(Tt) of eight units, an alpha of 0.300.300.30, and a delta of 0.400.400.40. A. regular hours times regular rate. Employee payments general journal entries. See Answer. A separate record of each employee's earnings, used to complete W-2. The amount on the employee earnings record used to determine if certain payroll taxes apply to an employee's earnings is (A) net pay. True false question. Multiple choice question. have amounts in both debit and credit per account The source document for paying state unemployment tax is: Fair Labor Standards Act. 12-3 Preparing Payroll Records Flashcards | Quizlet for the HI tax on the employer as well as for the HI tax withheld from employees' wages. unemployment tax payable-state (multiply salary expense by 5.4%). -the description is usually left blank. Automated entries, Identify the users of financial statements. False, When remitting or depositing federal income taxes, the employer credits the cash account. Tipton and Seferi were charged with hiring and harboring undocumented aliens. (A) assets. How does a payroll accountant use the information in the General Ledger? 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. An employer: (p. 378), The payroll journal entry is based on the totals of the payroll register (A) Total . Tipped employee. c. a credit to Vacation Benefits Expense = $1,178. expenses, assets, liabilities. C) a creditor garnishment (C) gross earnings. Assume that when you were in high school you saved $1,000\$ 1,000$1,000 to invest for your college education. (D) none of these. Have you computed the employer's share of the payroll taxes? debit to cash, credit to liability. D. FUTA Taxes Payable incurred but unpaid is: Solved Why is it important for a firm to use both a payroll - Chegg b. b.Vesting conveys to employees the right to share in the retirement fund in the event they are terminated before the normal retirement age. d. a credit to Vacation Benefits Payable = $1,178. Accounting system entries record all payroll-related activity a.To prohibit discrimination on the basis of age in the employment practices of employer. When the fair value of the affiliate stock increases. c.The amount and nature of exempt pay c. It facilitates accuracy in employee personnel records. (D) January 31 of the following year. requires deduction from employee paychecks . costs(allfixed)300279.070232.558$5040.000240.000260.000$10$3.000.000$500.000unitsunitsunitsperunitunitsunitsunitsperunit. Federal Income Taxes Payable Did you transmit the tax returns and remittances? Multiple select question. None of the above, The entry to deposit FICA taxes and federal income taxes withheld involves all of the following accounts except: 7. Who is covered by the Walsh-Healey Public Contracts Act? f(x)=0.1(10+12x0.6x2)f^{\prime}(x)=0.1\left(10+12 x-0.6 x^2\right) \quadf(x)=0.1(10+12x0.6x2) for 0x250 \leq x \leq 250x25. debit card based accounts. (D) revenue. reversed in the next month. a.They must disclose to the job applicant that they are seeking an investigative report. Overtime pay is paid for hours worked in excess of eight hours per day. When the I-999 forms for the restaurant's employees were reviewed, none were found for the six aliens. c.The Civil Rights Act of 1964 2. C. The employee completed the current version of Form W-4. A debit to an account in a general journal transaction is a debit to that account in the general ledger 7. Tax Expense is debited for both the employees' and the employer's portions of the FICA taxes. E) a child support order, 15. Multiple select question. (D) employee earnings account. 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. . a. the expense has already been recorded. You may assume that f(0)=0f(0)=0f(0)=0. computer backup. Which of the following accounts would appear on the balance sheet? create the need for more entries. 5. When using the equity method of accounting, when is revenue recorded on the books of the investor company? A) True True (D) none of these. True false question. Identify some of the groups of users. (A) unemployment taxable earnings. a.The total additions to or deductions from wages Accounting principles assist in the classification of payroll costs and organizational performance. Wages and cash expenses Solved Question 1: Why would you enter "N/A" on the line for - Chegg Have you disbursed the employees' pay? 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? Which of the following taxes would be included in the employer related payroll entry? payroll register. a. can take 50% of an employee's disposable income for child support payments. Employer taxes. In many payroll systems: (C) shows net pay for one quarter. False, False b.The employee T F, In the case of multiple wage attachments, a garnishment for a student loan has priority over any The project began in 2021 and was completed in 2022. -when entries increase the account balance -Disciplinary actions Multiple choice question. (B) is the total earnings since the first of the year. -Entering the payroll journal entry. The employee's _____ ____ connects accounting and human resource records, Earnings records are supporting documents for, The payroll accountant may perform the following duties. B. B) a government student loan T F, The information needed in preparing a journal entry to record the wages earned, deductions from wages, and net amount paid each payday is obtained from the payroll register. computer backup. a.The Federal Unemployment Tax Act (FUTA) four employees. Expenses area How would an increase in the value of the pound sterling affect American businesses? The payroll register provides all the payroll information needed to prepare a payroll. Multiple select question. 12. -journal entry and page number, letter and number What is the purpose of the Age Discrimination in Employment Act (ADEA)? (B) accumulated earnings. c. state taxes. jacksonglomb. A. b.Executive employees who are 65 years or older and have held high policymaking positions during the two-year period prior to retirement. (D) tax withholding form. -Year-to-date earnings A fundamental concept in accounting is the _____ ____ , which must remain balanced. E. Wages Expense B) Payroll Taxes- Cash (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. (A) December 31 of the current year. C) Vacation pay earned by employees bottles of juice cocktails? Past-DueCategory0-30days31-90daysOver90daysAccountsReceivableTotal$22,48036,54015,330PercentageUncollectible6%17%25%. A credit increases which of the following types of accounts? If Joanna is single with three exemptions and brings home $845.00/week, what amount will go towards the garnishment each week (manually calculate)? Employee's earning record. 6. c. It facilitates accuracy in employee personnel records. c.10 Credit Protection Act. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. (B) in states without a state income tax. B) using the same amounts as the prior month's adjustment. employees' earnings records D. all of the above. -credit state withholding $1,234 accrual accounting b. For each choice of denominator level, the budgeted production cost per unit is also the cost per unit of beginning inventory. debit to expense, credit to cash. What is always true about the income statement? T F, 28. Gross earnings. A state tax used to pay benefits to unemployed workers is: Federal Income tax accounting chapter 7 Flashcards | Quizlet E) preparing the payroll register. 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. True When remitting or depositing federal income taxes, the employer credits the cash account. T F, When union dues that have been withheld from employees' wages are turned over to the union (C) federal unemployment tax owed. costs (all fixed)} & \text{\$ 500.000}\\ (1) . Wages Expense is debited and Cash is credited. A payroll method in which the employee does not handle the paycheck; payment is made by the employer directly to the employee's bank using EFT. Payroll Taxes remove the accrual from the account balances. incurs as an expense each payday? The following information was obtained for the Assembling Department for the month of September. Ways the general ledger is different from the general journal include: Payroll transactions will have an effect on: A relationship, specifically financial, built on trust between a trustee and a beneficiary. adjusted in the next month. bring the accountant to the related entry in the general journal. Accounting II: Chapter 13 Flashcards | Quizlet SURVEY . A) completing forms W-2. A posting reference in the general ledger should Union dues withheld T-accounts. FICA Taxes Payable-HI. Payment of statutory withholdings Have you obtained approval for pay disbursements? There are no price, spending, or efficiency variances. c. Vacation Benefits Expense is debited, and Vacation Benefits Payable is credited. The total earnings paid to an employee after payroll taxes and other deductions is recorded in the payroll register's (A) Gross Pay column. (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. A reversing entry would d. It allows payroll employees to create ghost employees . (B) a receipt. c. What is the largest number of items memorized by the subject? The state lottery offers you the following (after-tax) payout options: Option#1:$12,000,000afterfiveyearsOption#2:$2,150,000peryearforfiveyearsOption#3:$10,000,000afterthreeyears\begin{array}{lll} Multiple choice question. T F, The only portion of wages that are exempt from a federal tax levy is: journal entry and page number. Write the equation of the line passing through (5,-3) and parallel to the line with equation 2x+y=-3. \text{Option \#1:}&&\text{\$ 12,000,000 after five years}\\ D) a percentage of the previous week's gross payroll. -Employee 401(k) contributions, Employee receives an advance of their pay, The Current Tax Payment Act requires employers to remit taxes at the end of each month? What is f(x)f(x)f(x) ? What taxes would be monitored for maximum withholding amounts through the payroll register? The general ledger contains information about the individual accounts used in general journal transactions Payroll records serve as backup for Entering the transactions in the general journal. report an individual EE's regular time & OT; promote analysis of payroll expenses. Experts are tested by Chegg as specialists in their subject area. (B) separate payroll checking account. Compute the amount of revenue and gross profit or loss to be recognized in 2021 and 2022 assuming Nortel recognizes revenue over time according to percentage of completion. \end{array} What is the production-volume variance in 2017 when the denominator level is (a) theoretical capacity, (b) practical capacity, and (c) normal capacity utilization? True. In the garnishment process, federal tax levies take secondary priority to wages withheld for child support orders. salaries and wages payable. Liabilities = Amounts or services owed by the company Multiple select question. Unions Do you know what pay method each employee needs? One employee earnings record is used each payroll period to detail the earnings of all employees. Have you included any other mandatory deductions? (A) monthly The payroll register, Employees' Earning Records and Accounting System Entries. Record used in preparing employee's W-2. D) an administrative wage garnishment Assuming you can earn 6% on your funds, which option would you prefer? preparing the payroll register. -refer to the employee being paid in the general journal. False. disposable earnings. -journal entry and account number State unemployment tax The following accounts receivable information pertains to Growth Markets LLC.
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