D) Employee pay recording and employer share payroll taxes recording A(n) ________ is a collection of cash and other items that are used in the operation of the 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. ls the FUTA tax used to pay unemployment benefits? Marital status & number of withholding allowances 6. What is true about the trial balance? 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. Using the accounting equation, determine the following amounts: a. Owners equity as of December 31, 2013. This will decrease 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? Which act covers employee pension and welfare plan.? mark for a correct Answer and double click the box with the question mark to empty the box for C) Cross-referencing What information is commonly provided by a job-seeker on the application for employment form? Net pay $ 19,747. For classifying the gross wages and salaries according to the nature of the wage and salary expense. What is a use of a firm's labor trend reports? Does every state have state unemployment laws? & \text{ } & \text{ }\\ DATE DESCRIPTION POST REF. The highest-paid 10 percent of their workforce. Under FMLA, the time must be used in one uninterrupted period of time. 2. This entry usually includes debits for the direct labor expense, salaries, and the company's portion of payroll taxes. D) It should create a reversing entry in the General Journal. Enchanted Creations has the following data in its Federal withholding tax payable General Ledger What is the term for transferring data from the General Journal to the General Ledger? Simplify and unify your HCM compliance processes. On December 1, 20XX, Riley Sanders invested $250,000 to open Sanders Enterprises. D) $1,875. E. Highest-paid 10% of their workforce. NAME MARITAL STAT. C) Debit $ \text{5. Any boxes Left with a question mark will be automatically graded as incorrect.) prepare the payroll register enter the information into the employee payroll records prepare paychecks and send them to paymaster for distribution to employees send a copy of the payroll register to Accounts Payable social security taxes income tax withholding payroll deductions in tax: Wages and salaries withholding taxes payable B) Payroll register Hence, no need to accrue any salaries. ADP is a better way to work for you and your employees, so everyone can reach their full potential. the box with the question mark to produce a check mark for a correct answer and double click May 14 Wages and salaries payable 226 117,334. Whether you operate in multiple countries or just one, we can provide local expertise to support your global workforce strategy. Questions pertaining to religion, gender, national origin, or age are allowed on application forms when these are bonafide occupational qualifications for a job. Discover a wealth of knowledge to help you tackle payroll, HR and benefits, and compliance. The information provided in the payroll register is used primarily to meet the requirements of the Fair Labor Standards Act. Assume that the company uses the accrual method of accounting. In Philadelphia, Pennsylvania, most workers are subject to three income taxes upon their earnings - federal state and city. To rule the payroll register means that the payroll accountant establishes procedures about the payroll register. There will also be credits to a number of . What obligations are imposed upon the employer by the Fair Credit Reporting Act of 1968? on the first day of the next financial period? C) It should disburse the accrued pay to the employees. Every state imposes a state unemployment tax on employers in their state. Get inspired to begin transforming HR at your company. D) Transcribing Transfer of finished jobs to the finished goods inventory. answer And double click the box with the question mark to empty the box for a wrong answer. Learn more about the senior executives who are leading ADPs business. D) It may contain whatever accounts the accountant wishes to include. D. Religion Deductions from total earnings 10. C) The balance sheet select more than one answer. incorrect.) Multiple Choice. B) tax remittance information The key types of payroll journal entries are noted below. Sets minimum wage. B) It allows managers to predict future labor costs. 58. ADP and the ADP logo are registered trademarks of ADP, Inc. All other marks are the property of their respective owners. D) Credit $30. D) Employer's Federal Income tax, Which of the following columns would be used as part of a general journal entry? From recruitment to retirement, getting the very best out of your people. Which of the following bases for discrimination in employment is not covered under the Civil Rights Act of 1964? In a sample of nine homes, what is the probability that: a. Most office supply stores also carry books that are formatted specifically to record payroll information. ls the written record sent to the Payroll Department telling them that a new employee should be added to the payroll called a hiring notice? c. McNamara-O'Hara Service Contract Act b. Attend webinars or find out where and when we can connect at in-person events. Why is it important to have columns on the payroll register title "Earnings subject to Federal Want more exclusive business insights like this delivered to your inbox?Subscribe now. This entry usually includes debits for the direct labor expense, salaries, and the company's portion of payroll taxes. Paymentofemployeesalaries.2. How does a debit balance in the wages and salaries expense account affect a firm's income 12. Dont take our word for it. C) SUTA Single click the box with the question mark to produce a check, In the following payroll transaction, what is the amount of the net pay? D. All employees earning the minimum wage. Prior year's earnings < Prev 18 of 40 . question mark Will be automatically graded as incorrect.) 7. Click here to learn more. \end{matrix} A) Employee pay accrual and employee pay disbursement This entry usually includes debits for the direct labor expense, salaries, and the company's portion of payroll taxes. Compute and record the Kipley Company's SUTA and FUTA contributions. Hourly-paid employees have their paydays approximately one week after their workweeks and generally the workweek does not end on the last calendar day of the month. Accounting questions and answers. Payroll registers show employers just how much money they need to set aside for payroll expenses, such as the following: In the event of an audit, these records of payroll expenses can help make the process as pain-free as possible. Social Security tax $ 1,670. B. Pre-hire questions pertaining to religion, gender, national origin, or age are allowed if: Which of the following forms is used to notify the Payroll Department to add a new employee to the payroll? The payroll register contains ________. Once vested, can employees receive a pension at retirement even if they no longer work for that company? Its easier to keep accurate payroll records and run reports quickly with payroll software. Collectionofnotesreceivable. The employee's earnings records is used in preparing the employees' W-2 forms. Define hours worked. All salaried employees. B) It should make a note to create the reversing entry at the end of the next financial period. Direct materials usage. C) It is a report designed for external stakeholders. Federal withholding tax payable 220 399,472. Payroll Register This is the first task to completing Olney Company's payroll register. A) Employee pay accrual and employee pay disbursement the total incomes of the firm and decrease the net income of the firm. D. 50 B) Debit $30, B) General Journal C. 40 \text{1. Union Dues payable 227 4,683. This entry records the gross wages earned by employees, as well as all withholdings from their pay, and any additional taxes owed to the government by the company. FIT Payable-liability var d=new Date(); document.write(d.getFullYear()); ADP, Inc. Find the package that's right for your business. Explain the major provisions of the Fair Labor Standards Act. In January 2023 an employer remits the state unemployment tax that pertains to its employees' wages for the final three months of 2022. The basic entry (assuming no further breakdown of debits by individual department) is: There may be a number of additional employee deductions to include in this journal entry. Saleofequipmentforanotereceivable. Federal withholding tax payable 220 $ 50,725. Explore our full range of payroll and HR services, products, integrations and apps for businesses of all sizes and industries. For what reason are "distribution" columns sometimes provided in the payroll register? (You may select more than one answer. D. ERISA provides that all employees are eligible to set up their own individual retirement accounts. 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. SUTA Taxes Payable-liability Multiple Choice Q05 PAYROLL REGISTER Upload your study docs or become a Course Hero member to access this document Continue to access End of preview. ADP helps organizations of all types and sizes unlock their potential. The first answer is provided as an example. \text{Transaction} & \text{Type of Activity} & \text{Cash Inflow or Outflow}\\ \hline \text{10. A) Worker's Compensation B) Employee address D) It is a report that becomes published with other financial reports. These details include the employee id number, the department they belong, their job profile, etc. This check may be paid through the corporate accounts payable bank account, rather than its payroll account, so you may need to make this entry through the accounts payable system. Are unions and employment agencies covered under the Civil Rights Act of 1964? Which report contains employer share tax expenses for a period? the box With the question mark to empty the box for a wrong answer. D) Because payroll represents a liability and an expense of the business. Vesting conveys to employees the right to share in the retirement fund in the event they are terminated before the normal retirement age. Another important step in maintaining a payroll register is to perform audits. In cases where both Federal and State regulations cover the minimum wage for the same employee, the high of the two rates is always used as the standard minimum wage. Direct labor usage. C) Earnings subject to FICA tax A) Because payroll represents an asset and an income of the business. FICA Taxes payable-HI-liability The payroll register for Nazir Corporation contained the following totals at the end of July: wages, $139,125; federal income taxes withheld, $35,582; state income taxes withheld, $5,863;. Any boxes left with a Use the following information for Questions 19 - 20: How does the FIFO method different from the weighted-average method? Health Insurance payable 224 8,375. Read more about the author. The payroll register is a separate payroll record that is kept on each employee. Total Earnings 9. All earnings are taxable. 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. Learn more about Privacy at ADP, including understanding the steps that weve taken to protect personal data globally. Paymentofalong-termnotepayable.13. - Michalis M. FICA (FICA is the acronym for Federal Insurance Contribution Act. You need to have a record of how many hours your employees have worked, their gross salary, tax withholdings, and all other deductions. 13. & \text{ } & \text{ }\\ Vacaction Benefits Payable- liability. Which of the following is an example of a trade association? D) The same as the chart of accounts Purchaseofinventory.7. Only "A payroll register" and "The employee's earnings record" are correct. For fill-in-the-blank questions, press or click on the blank space provided. The volume of manual paycheck entries can be reduced by continual attention to the underlying causes of transaction errors, so there are fewer payroll errors to be rectified with a manual paycheck. Wages and salaries-Operating expense-debit What is meant by the garnishment of wages? Paymentofalong-termnotepayable. We have credited a liability account for each of the tax amounts. Those who have not worked at least one year and at least 1,250 hours in the previous 12 months for the company. E. Sex, Which of the following statements is NOT a provisions of ERISA? D) The labor report Saleofequipmentforanotereceivable.10. If you have difficulty answering the following questions, learn more about this topic by reading our Payroll Accounting (Explanation). 10. Loan to another firm.} Payroll registers generally are more detailed than payroll journals and include specific information about each employee. 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. Saleofequipmentforcash. Didier and Sons had the following employer's share payroll tax general journal entry for the May Paymentofanaccountpayable. Does FLSA require the employer to display a poster with the FLSA rules? Can employees view documents in their files that are marked confidential? B) A debit balance will increase the expenses of the firm's income statement. 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? What is the amount of the Social Security tax payable? 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. pay date. At a minimum, payroll registers help businesses: But thats hardly the extent of how beneficial a payroll register can be. Does workers' compensation laws only relate to work-related incidents? How does a payroll accountant keep track of employee's year-to-date earnings for wage bases on taxes like FICA, FUTA, and SUTA? Which employee payroll classification will likely require an accrual adjusting entry for the gross salaries or wages at the end of a calendar month? D) As liabilities accurate disbursal of payroll. Application of overhead to goods in process. Report changes to your business. True, Besides containing the supporting data for periodic tax reports, the employee earnings record Use the following information for Questions 15 - 17: B) Both documents contain information about the employee's address and job title. 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. 2. 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. Harold Averkamp (CPA, MBA) has worked as a university accounting instructor, accountant, and consultant for more than 25 years. Raw materials purchases for cash. Which of the following is true about the fundamental accounting equation? 15. 56. Employers use the employee's earnings record in preparing ___. C) Both documents contain information from multiple pay periods. Since Eco Brewers is a monthly schedule Continuing Payroll Problem-B OLNEY COMPANY, INC. B. Payroll register and employees' earnings records are important payroll accountant tools Tracking of governmental liabilities Yields the data needed for financial reports Provides information for decision-makers about costs and company profitability Accounting system entries record all payroll-related activity Basic payroll register templates can be found online or created in programs like Excel. It records payroll record on each employee separately. C) $1,715. \text{13. You need to purchase a plan for your teenage sister. Less than five have large-screen TVs? Transaction1. C) Alphabetically This information is also reflected in summary level entries in the businesss general ledger. 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? Period covered by the payroll and the pay date. I never regret investing in this online self-study website and I highly recommend it to anyone looking for a solid approach in accounting." B) It is always expressed as assets = liabilities - owners' equity. Which of the following laws establishes the minimum wage? 60. D) A debit balance will increase the income of the firm's income statement. Which of the following is not a provision of FLSA? Federal withholding tax payable 220 $ ??? Besides payroll information, the payroll register contains ________. Collectionofanaccountreceivable. d. At least seven homes have large-screen TVs? For advanced capabilities, workforce management adds optimized scheduling, labor forecasting/budgeting, attendance policy, leave case management and more. False. Any boxes left with a question mark will be automatically graded as Cash 101 117,334. Sometimes you will see all the taxes lumped together into one account called Payroll Taxes Payable. 8. It lists payroll information about each employee, such as hours worked, gross pay, deductionsand net pay. A magnifying glass. expenses Payroll registers include all of the information in a pay period for all employees. Click the card to flip Definition 1 / 66 True Click the card to flip Flashcards Learn Test Match Created by lauraberth67 Terms in this set (66) Does every state have state unemployment laws? 39. C) Form W- DEBIT CREDIT DEBIT CREDIT 8. tax Remittance on February 15? 9. A) Revenue Payroll typically creates an accrued liability for all of the following reasons except Because it is unnecessary to report amounts owed to employees for salaries or wages earned. It exists in many forms, from manual booklets and ad-hoc registers created in Excel to reports produced by dedicated payroll software. expense 522 $ 12,987. Jan 31 J4 420 1, 66. c. More than five have large-screen TVs? Issuanceofcommonstock. Paymentofincometaxes.9. (review sheet 4), Leadership class , week 3 executive summary, I am doing my essay on the Ted Talk titaled How One Photo Captured a Humanitie Crisis https, School-Plan - School Plan of San Juan Integrated School, SEC-502-RS-Dispositions Self-Assessment Survey T3 (1), Techniques DE Separation ET Analyse EN Biochimi 1, The purpose of the net pay and check number columns in the payroll register is to verify The town is considering an ordinance that would prohibit putting & \text{ } & \text{ }\\ What are some examples of secondary sex characteristics? total the total expenses of the firm and increase the net income of the firm. Report new employees or independent . Recorded as a liability for the employer in the payroll entry. Record the journal entry to account for employer payroll taxes based on the totals in the payroll register and the FUTA and SUTA calculations. Purchaseofrentinadvance. FUTA was designed to ensure that workers who are covered by pension plans receive benefits from those plans, Under ERISA, vesting conveys to employees the right to share in a retirement fund in the event they are terminated before the normal retirement age, Under ERISA, if there is a pension plan, every employee is eligible after reaching age 21 or completing one year of service, whichever is later, ERISA provides for full vesting of the employer's contributions in 3 years or gradually over 6, The total cost of workers' compensation insurance is borne by the employees, Worker's compensation insurance premiums for employers vary according to the different degrees of danger in various classes of jobs and the employers' accident experience rate, Workers' compensation benefits are paid directly to the employer, Only one state has passed a law to provide disability benefits to employees absent from their jobs due to illness, accident, or disease not arising out of their employment, The requisition for personnel form is sent to the Payroll Dept. business. What is the primary purpose of a labor report? What does the Civil Rights Act of 1954 cover? 55. 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. 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 payroll liability can include wages an employee earned but has not yet received, taxes withheld from employees, and other payroll-related costs. This will increase Jan 31 J4 420 1, D) Garnishments, Which columns might an employer include to facilitate employer-share payroll tax General He is the sole author of all the materials on AccountingCoach.com. 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. Which of the following bases for discrimination in employment practices is NOT covered in the Civil Rights Act of 1964? Comprehensive payroll and HR software solutions. The following data is for the January 19 pay date for Waryzbok Inc.: Jan 19 Wages and salaries. A) It may be expressed as assets + liabilities = owners' equity. Under the Affordable care Act, does the insurance provided by the employer only need to meet an affordability test? Cash 101 202,671. FICA (Federal Insurance Contributions Act). Sale of equipment for cash.} Identify distinctive compensation plans. ls the payroll register used for journalizing the payroll entries? U.S. government T-bills account for 45%45 \%45% of the portfolio, large-company stocks constitute another 40%40 \%40%, and small-company stocks make up the remaining 15%15 \%15%. & \text{ } & \text{ }\\ B) It is an individual register maintained for each employee, listing of all the payroll information. expenses are, the higher the profitability will be. Single click the box with the question mark to produce a check mark for a correct How do accrued, but not paid, wages appear on the balance sheet? What is the amount of the 401(k) contributions for the pay date? According to Adam Smith, why do the butcher, brewer, and baker provide food for us to buy? B) It is employee labor that does not pertain to labor on customer jobs. Social Security tax payable ??? ls Form l-9 completed only by employees born in outside of the USA?
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