Solved Continuing Payroll Problem, 6B: Chapter 6 You have - Chegg See how we help organizations like yours with a wider range of payroll and HR options than any other provider. Read the latest news, stories, insights and tips to help you ignite the power of your people. Social Security tax payable ??? 220 For advanced capabilities, workforce management adds optimized scheduling, labor forecasting/budgeting, attendance policy, leave case management and more. C) $12,576. Learn how we can tackle your industry demands together. D) As liabilities A payroll register lists all basic information related to employee take-home pay. mark for a correct Answer and double click the box with the question mark to empty the box for 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? In Philadelphia, Pennsylvania, most workers are subject to three income taxes upon their earnings - federal state and city. account: ACCOUNT Federal withholding tax payable ACCOUNT NO. Department of branch 4. Which of the following acts prohibits discriminating in hiring, firing, promoting, compensating, or in nay other condition of employment on the basis of race, color, religion, gender, or national origin? We have credited a liability account for each of the tax amounts. Rate of pay 8. Verify the date and enter General as the reference. 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. 19. What si the primary purpose of the Employee Retirement Income Security Act (ERISA)? 2. The employers total expense for Marys employment during the week is. 41. Union Dues Payable-liability expenses C) Labor reports It records payroll record on each employee separately. D) Company website Garnishment $ 450. Most office supply stores also carry books that are formatted specifically to record payroll information. A) Social Security tax, $204; Medicare tax, $792. A company may occasionally print manual paychecks to employees, either because of pay adjustments or employment terminations. A) It is a list of all persons and companies that the company pays money during a period. 1. \text{14. question mark Will be automatically graded as incorrect.) Medicare tax payable 3,197. (You may select more than one answer. Fast, easy, accurate payroll and tax, so you can save time and money. D) Credit $. B) $2,572. Record the health insurance deduction. B) A debit balance will increase the expenses of the firm's income statement. A) Net pay \text{9. Whether you operate in multiple countries or just one, we can provide local expertise to support your global workforce strategy. Any Boxes left with a question mark will be automatically graded as incorrect.) Paymentofincometaxes. A) the firm's payroll checking account information NAME MARITAL STAT. Under the FLSA, what information concerning employees' wages earned must be maintained by the employer? 8. C) $1,715. Who pays the social security taxes that are levied by the Federal Insurance Contributions Act? When a firm has wages earned but not yet paid at the end of a financial reporting period, what Explain the major provisions of the Fair Labor Standards Act. mark to empty the box For a wrong answer. D) The same as the chart of accounts The employee's earnings records is used in preparing the employees' W-2 forms. Explore our full range of payroll and HR services, products, integrations and apps for businesses of all sizes and industries. Loantoanotherfirm.12. Explain the use of the "Cumulative" column in the employee's earnings record. FICA Taxes Payable-OASDI-liability Assume that the company uses the accrual method of accounting. Single click the box with the question 27. Harold Averkamp (CPA, MBA) has worked as a university accounting instructor, accountant, and consultant for more than 25 years. C) Garnishment This account is credited for the total amount of FIT with held each payday and is subsequently debited for the amounts paid to a depositary or to the IRS. Get exclusive business insights delivered straight to your inbox. The following data is for the January 19 pay date for Waryzbok Inc.: Jan 19 Wages and salaries. grass clippings at the curb for pickup because local landfills cannot handle the volume. Deductions. ERISA provides for full vesting of the employer's contributions in three years or gradually over six. Wages and salaries payable 226 202,671. Factory payroll costs in cash. C) Debit $ Paymentofemployeesalaries.OCO2. e. None of the above. D. All employees earning the minimum wage. D) Because payroll represents a liability and an expense of the business. (Solved) - Payroll Register This is the first task to - Transtutors Payroll Accounting 2018 CH 7 Flashcards | Quizlet & \text{ } & \text{ }\\ Workers' compensation insurance premiums are paid for by the employees, Workers' compensation insurance premiums vary according to the different degrees of danger in the employees' jobs. B) It depicts the ideal distribution of labor in a firm. BALANCE DATE DESCRIPTION POST REF. What does the Civil Rights Act of 1954 cover? A payroll liability can include wages an employee earned but has not yet received, taxes withheld from employees, and other payroll-related costs. c. More than five have large-screen TVs? 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. FUTA Taxes Payable-liability \text{1. The payroll register lists all the employees who earned remuneration, the amount of remuneration, the deductions, and the net amount paid. Prior year's earnings < Prev 18 of 40 . A. depositor, what entry Should appear on November 15 for the remittance of the month's Social The higher payroll The information in the payroll register forms the basis for entries in the Employee Earnings Records and the General Journal. D) Health insurance payable below deck mediterranean 2022 cast. All earnings are taxable. Entitled to retirement program even if you're no longer working there. D) It is non-employee labor that the company must pay. Under FMLA, may employers exempt the highest paid 10 percent of the workforce? If a firm accrues the payroll due but not paid at the end of a financial period, what should it do Authorize a power of attorney. D) 401(k) contributions C) It is a worksheet that accountants use to ensure payroll accuracy. This will increase (You may select more than Saleofequipmentforanotereceivable. B) Employee address C) Alphabetically Plan B costs$0.20 per minute plus $0.10 per text message sent. The primary journal entry for payroll is the summary-level entry that is compiled from the payroll register, and which is recorded in either the payroll journal or the general ledger. B. ERISA requires each employer to establish a pension plan. D) Both documents contain details of employee earnings, deductions, and disbursement for a Solved Instructions Payroll Register Taxable Earnings - Chegg 2. 20. D) $1,875. Which financial statements are affected in the year 2022? B) Payroll register It exists in many forms, from manual booklets and ad-hoc registers created in Excel to reports produced by dedicated payroll software. Fair Labor Standards Act As of the June 11 pay date, the General Ledger account for Burling Mills has a balance of $14, C) Both documents contain information from multiple pay periods. See Answer. & \text{ } & \text{ }\\ Are pre-hire questions pertaining to religion, gender' national origin' or age allowed if these are bona fide occupational requirements of the job? Q09. There will also be credits to a number of . For multiple-choice and true/false questions, simply press or click on what you think is the correct answer. & \text{ } & \text{ }\\ Single click Apr 16 J23 16,495 32. B. Payroll Flashcards | Quizlet Type an equals sign (=) to signal the fact that the cell contains a formula. answer And double click the box with the question mark to empty the box for a wrong answer. \text{15. \ A) Debit R. Sanders Capital, $250,000; Credit Cash, $250, D) Debit $8. entry? 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. What is a use of a firm's labor trend reports? A) It may be expressed as assets + liabilities = owners' equity. \text{10. Factory overhead excluding indirect materials and indirect labor (record credit to Other Accounts). C) Employee earnings record business. Yes, Employees FIT Payable . C) Cross-referencing What information is commonly provided by a job-seeker on the application for employment form? 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. Fair Labor Standards Act (Federal Wage & Hour Law). For fill-in-the-blank questions, press or click on the blank space provided. The primary journal entry for payroll is the summary-level entry that is compiled from the payroll register, and which is recorded in either the payroll journal or the general ledger. C) Credit $4, B) Because payroll represents an asset and an income of the business. Protection under the provisions of the Age Discrimination in Employment Act begins at what age? C) Debit Revenue, $250,000; Credit Cash, $250, statement? These entries are then incorporated into an entity's financial statements through the general ledger. Type the formula, then press Enter. Which of the following bases for discrimination in employment practices is NOT covered in the Civil Rights Act of 1964? Form W-2 & \text{ } & \text{ }\\ Name two advantages and two drawbacks of Compute and record the Kipley Company's SUTA and FUTA contributions. Its easier to keep accurate payroll records and run reports quickly with payroll software. Less than five have large-screen TVs? Indirect materials usage. 4. Single click the box with the question mark to produce a The Age Discrimination in Employment Act provides protection to virtually all workers over the age of: Form I-9, which is completed by each employee, deals with: Which of the following acts deals with the minimum wage paid to laborers for contractors on federal government construction contracts? Payment of an account payable.} All salaried employees. the total incomes of the firm and decrease the net income of the firm. Recording Payroll and Payroll Liabilities - Accounting In Focus D) Form 941 B) Posting ls Form l-9 completed only by employees born in outside of the USA? In other words, a payroll register is the document that records all of the details about employees' payroll during a period. When the employer pays the employee in 2023 for the vacation earned in 2022, what account will the company debit? Copyright 1. 4. Federal withholding tax payable 220 $ 50,725. C) SUTA True False. b. Focus on what matters most by outsourcing payroll and HR tasks, or join our PEO. e-Services for Business - Employment Development Department DEBIT CREDIT DEBIT CREDIT & \text{ } & \text{ }\\ & \text{ } & \text{ }\\ A) The statement of owners' equity * Age D) Federal withholding tax payable It records payroll record on each employee separately. Under FMLA, the time must be used in one uninterrupted period of time. Medicare tax payable 222 ??? Click here to learn more. 57. 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. 5. Megan Newell is the owner and operator of Ultima LLC, a motivational consulting business. Learn more about Privacy at ADP, including understanding the steps that weve taken to protect personal data globally. These computations are shown in the Employee Payroll Register. 5 pay date: May 5 Payroll Taxes Expense $ 27,671. Sale of equipment for cash.} 3. Color Copyright 2023 AccountingCoach, LLC. At a minimum, how often should an administrator furnish a statement of total benefits accrued and accrued benefits that are vested under ERISA? 15. A) Net pay A) As assets The portion of the Federal Insurance Contributions Act that deals with Social Security is called. Under FMLA, may an employer substitute an employee's earned paid leave for part of the 12-week family leave? lf both federal and state regulations cover minimum wages for the same employee, is the federal rate always used for the minimum wage? Records and the General Journal. 61. How does the payroll register connect with the employees' earnings records? accurate disbursal of payroll. & \text{ } & \text{ }\\ Payroll Chapter 1 Flashcards | Quizlet Payroll Chapter 1 5.0 (5 reviews) Term 1 / 50 True Click the card to flip Definition 1 / 50 The current minimum wage set by the Fair Labor Standards Act is $7.25 per hour Click the card to flip Flashcards Learn Test Match Created by kittykiss Terms in this set (50) True A) It allows managers to determine the effect of employee labor on departmental profits. Under the Affordable care Act, does the insurance provided by the employer only need to meet an affordability test? \text{7. D) The transaction appears on page four of the General Journal. What is the effect of each of the following posting upon the assets, liabilities, and owner's equity of a company. 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. B) tax remittance information During the past week, the employee worked 50 hours. expenses are, the lower the profitability will be. Which of the following represents the missing Social Security and Medicare taxes, assuming that. expenses are, the higher the profitability will be. Solved A payroll register does not include: Multiple Choice - Chegg Which report contains employer share tax expenses for a period? D) Debit Health Insurance Payable $27,237; Credit Cash $27,237. A) Debit Cash $27,237; Credit Health Insurance Payable $27,237. Can employees view documents in their files that are marked confidential? Set up payroll accounts If you haven't already, set up your payroll accounts in your chart of accounts (COA). B) Equity A well-kept payroll register is also useful when preparing payroll tax reports, including: A payroll register is a record of payroll information for every employee each pay period. It indicates, "Click to perform a search". C) Employee pay disbursement and voluntary deduction remittance Dont take our word for it. Protest Unemployment Insurance benefit charges or rates. Chapter 7 quiz - the payroll register, employees' earning record, and accounting system entries. C) Asset, Copyright 2023 StudeerSnel B.V., Keizersgracht 424, 1016 GC Amsterdam, KVK: 56829787, BTW: NL852321363B01, Campbell Biology (Jane B. Reece; Lisa A. Urry; Michael L. Cain; Steven A. Wasserman; Peter V. Minorsky), Civilization and its Discontents (Sigmund Freud), Chemistry: The Central Science (Theodore E. Brown; H. Eugene H LeMay; Bruce E. Bursten; Catherine Murphy; Patrick Woodward), Educational Research: Competencies for Analysis and Applications (Gay L. R.; Mills Geoffrey E.; Airasian Peter W.), Forecasting, Time Series, and Regression (Richard T. O'Connell; Anne B. Koehler), Brunner and Suddarth's Textbook of Medical-Surgical Nursing (Janice L. Hinkle; Kerry H. Cheever), Principles of Environmental Science (William P. Cunningham; Mary Ann Cunningham), Business Law: Text and Cases (Kenneth W. Clarkson; Roger LeRoy Miller; Frank B. Payroll Accounting - 12-04 Short Version - Cengage 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? Why is it important to have columns on the payroll register title "Earnings subject to Federal All nine have large-screen TVs? Federal withholding tax payable 220 399,472. ), What is the total amount of FICA that needs, Earn our Payroll Accounting Certificate of Achievement. After recording this entry, reverse it at the beginning of the following accounting period, and then record the actual payroll expense (as just described under the "Primary Payroll Journal Entry" section whenever it occurs. This sort of regular data-entry routine, when strictly adhered to, can help ensure accurate payroll records. 54. Purchaseofinventory. Keeping vital payroll data up to date and easily accessible is essential for employers to address unexpected discrepancies without confusion. D) Social Security tax, $188; Medicare tax, $805. chronologically. B) FUTA At the end of its accounting period, December 31, 2013, Ultima has assets of $942,000 and liabilities of$584,000. C) Debit Health Insurance Payable $13,618; Credit Cash $13,618. Rushing River Boats has the following data in its Social Security tax payable General Ledger E. OASDI. A) Revenue When you later pay the withheld taxes and company portion of payroll taxes to the IRS, you then use the following entry to reduce the balance in the cash account, and eliminate the balances in the liability accounts: It is quite common to have some amount of unpaid wages at the end of an accounting period, so you should accrue this expense (if it is material). Paymentofalong-termnotepayable.13. Hours worked. 18 D) Credit $30. mark to produce a Check mark for a correct answer and double click the box with the question Allocation (closing) of overapplied or underapplied overhead to Cost of Goods Sold. All rights reserved.AccountingCoach is a registered trademark. 28. The Fair Labor Standards Act is commonly known as the Federal Wage and Hour Law. B) Payroll register Feb 15 J Net pay $ 19,747. Transfer of finished jobs to the finished goods inventory. E. Highest-paid 10% of their workforce. Journal entries? B) It should make a note to create the reversing entry at the end of the next financial period. Payroll Accounting Entries | Financial Accounting - Lumen Learning How does a payroll accountant keep track of employee's year-to-date earnings for wage bases on taxes like FICA, FUTA, and SUTA? 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? pay date. What is the current minimum wage under FLSA? All of these journal entries are noted below. What is the role of enhancing qualities in the conceptual framework? Compute and record the employee's SUTA contributions. Wages Payable-liability 12. It exists in many forms, from manual booklets and ad-hoc registers created in Excel to reports produced by dedicated payroll software. Want more practice questions?Receive instant access to our graded Quick Tests (more than 1,800 unique test questions) when you join AccountingCoach PRO. C. Restrictions the employment of child labor.