payroll register quizlet

a. Walsh-Healey Public Contracts Act Loan to another firm.} 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 Compute and record the employee's SUTA contributions. Paymentofalong-termnotepayable. What is the effect of each of the following posting upon the assets, liabilities, and owner's equity of a company. On which income statement will the state unemployment tax expense appear under accrual accounting? A) As assets b. An employee is hired at a pay rate of $10 per hour. True, Payroll accruals reflect the amount of payroll paid but not earned at the end of the financial What is the term for transferring data from the General Journal to the General Ledger? On December 1, 20XX, Riley Sanders invested $250,000 to open Sanders Enterprises. You need to have a record of how many hours your employees have worked, their gross salary, tax withholdings, and all other deductions. Collectionofanaccountreceivable.5. These liabilities accompany every payroll you run. BALANCE Title of report 2. True False. Does workers' compensation laws only relate to work-related incidents? D) Employer's Federal Income tax, Which of the following columns would be used as part of a general journal entry? 58. Dooley Publishing has the following payroll data for its July 1 pay date: Jul 1 Wages and salaries. C) Employee earnings record \text{Transaction} & \text{Type of Activity} & \text{Cash Inflow or Outflow}\\ \hline An employee worked the entire year of 2022 and earned two weeks of vacation as specified in the company's labor agreement. Saleofequipmentforanotereceivable.10. Purchaseoftreasurystock.14. Social Security tax payable 221 17,980. 8. True, A debit always decreases the balance of an account. 38. tax Remittance on February 15? C. FLSA B) Both documents contain information about the employee's address and job title. In January 2023 an employer remits the state unemployment tax that pertains to its employees' wages for the final three months of 2022. Gross pay and net pay. Once vested, can employees receive a pension at retirement even if they no longer work for that company? B. the box With the question mark to empty the box for a wrong answer. 2. What is the purpose of the Age Discrimination in Employment Act (ADEA)? Employers use the employee's earnings record in preparing ___. How do the Stanford-Binet and Wechsler tests differ? Learn how we can make your work easier. 2. 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. mark to produce a Check mark for a correct answer and double click the box with the question Discover what others say about us. False - also needs to be a reasonable amount. Record the regular hours and the overtime hours worked for each employee, using the time clerk's report as your reference. From recruitment to retirement, getting the very best out of your people. Purchaseofinventory. 5. Under the FLSA, what information concerning employees' wages earned must be maintained by the employer? Federal withholding tax payable 220 $ 2,207. A) Debit $1, Get exclusive business insights delivered straight to your inbox. This will increase \text{15. Paymentofemployeesalaries.2. A) A debit balance will increase the expenses of the firm's income statement. in sin did my mother conceived me meaning What portions of an employee's wages are exempt from a federal tax levy. 63. 220 posted an additional $4,390 on its October 31 pay date. A) Form W- FUTA Taxes Payable-liability The first answer is provided as an example. Which of the following is true about the fundamental accounting equation? Attend webinars or find out where and when we can connect at in-person events. period. Most firms are now using a standard reference inquiry form, supplied by the IRS, If an investigative consumer report is being checked, the job applicant must be notified in writing by the employer that such a report is being sought, There are no states that allow employees to access their personnel files, The payroll register is a separate payroll record that is kept on each employee, A payroll register lists all employees who have earned remuneration, the amount of remuneration, the deductions, and the net amount paid for each pay period, The amounts needed for the payroll entries in the journal come from the employee's earnings record, The trend toward outsourcing of payroll operations has weakened in recent years. Which of the following is not a provision of FLSA? Which financial statements are affected in the year 2022? Which of the following are processes that occur in most payroll accounting systems? C) Earnings subject to FICA tax The amounts needed for the payroll entries in the journal come from the employee's earning records. Raw materials purchases for cash. We have credited a liability account for each of the tax amounts. Continuing Payroll Problem-B OLNEY COMPANY, INC. Laborers for contractors who furnish materials, supplies, articles, and equipment to any agency of the United States, provided the minimum contract amount is $10,000. Which of the following is an example of a trade association? What si the primary purpose of the Employee Retirement Income Security Act (ERISA)? Workers' Commpensation Insurance Expense-Operating expense \ A credit of $16,250 is recorded on the June 25 Transfer of finished jobs to the finished goods inventory. 5. B) As equity Explain the major provisions of the Fair Labor Standards Act. 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. A payroll register does not include: Multiple Choice Pay period dates. 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? Garnishment $ 450. Take your organization to the next level with tools and resources that help you work smarter, regardless of your businesss size and goals. The information in the payroll register forms the basis for entries in the Employee Earnings Records and the General Journal. File, adjust, and print returns and reports. Direct labor usage. The accrual entry, as shown next, is simpler than the comprehensive payroll entry already shown, because you typically clump all payroll taxes into a single expense account and offsetting liability account. 21 \text{4. e. None of the above. 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. Employee benefits, flexible administration, business insurance, and retirement plans. Any Boxes left with a question mark will be automatically graded as incorrect.) Payment of a long-term note payable.} A) The income statement Deductions. check mark For a correct answer and double click the box with the question mark to empty the A) It may be expressed as assets + liabilities = owners' equity. At the end of its accounting period, December 31, 2013, Ultima has assets of $942,000 and liabilities of$584,000. 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. B) By dollar amount Tap into a wealth of knowledge designed to simplify complex tasks and encourage strategic decisions across key functions. D) Form 941 All salaried employees. Protest Unemployment Insurance benefit charges or rates. Tasks previously performed include determining gross earnings, FICA withholding, federal, state and city taxes. An employer has computed the following amounts for its employee Mary during a week in January: gross wages $500.00; FICA tax withheld $38.25; federal income tax withholding $67.25; State income tax withholding $20.00; unemployment taxes $24.00; worker compensation insurance $5.00. Does FLSA say how often employees need to be paid? Paymentofincometaxes. 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. A) Medicare tax account: Social Security tax payable ACCOUNT NO. At ADP, we say that were Always Designing for People, starting with our own. False, The General Journal contains records of a firm's financial transactions, which appear 65. Learn how we can tackle your industry demands together. Describe the main types of records used to collect payroll data. Sale of equipment for a note receivable.} In Philadelphia, Pennsylvania, most workers are subject to three income taxes upon their earnings - federal state and city. Use rates of 6.2 percent for the employer's shareof the social security tax, 1.45 percent for Medicare tax, 0.6 percent for FUTA tax, and 5.4 percent for SUTA tax. Which of the following best describes the purpose of the payroll register? Period covered by the payroll and the pay date. This sort of regular data-entry routine, when strictly adhered to, can help ensure accurate payroll records. and year-to- date earnings. Get inspired to begin transforming HR at your company. C) $12,576. Gross pay and net pay. The company does not provide health insurance, paid vacations, or any other benefits. \end{matrix} Answer : Option E, Prior Years Earnings Explanat . (You may select more than one answer. & \text{ } & \text{ }\\ What is the B. Who pays the social security taxes that are levied by the Federal Insurance Contributions Act? According to Adam Smith, why do the butcher, brewer, and baker provide food for us to buy? What are the General Journal entries that should appear on each pay date? Payroll liabilities are any type of payment related to payroll that a business owes but has not yet paid. 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;. B) Debit Cash, $250,000; Credit Revenue, $250, Collectionofnotesreceivable. Copyright 2023 AccountingCoach, LLC. Read the latest news, stories, insights and tips to help you ignite the power of your people. D) The balance sheet The tax payers standard deduction and the personal exemptions ($3,650) allowed for the tax year divided by the number of ay periods in the year. pay date. 401(k) contributions payable 223 454. E. OASDI. The primary payroll journal entry is for the initial recordation of a payroll. B. Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Elliot Aronson, Robin M. Akert, Samuel R. Sommers, Timothy D. Wilson, Fundamentals of Financial Management, Concise Edition. mark to empty the box For a wrong answer. Vacation Benefits Expense-Operating expense 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. Plan A costs $80 per month for unlimited talk and text. & \text{ } & \text{ }\\ SUTA tax payable 9,481. D) Credit $. It records payroll record on each employee separately. expenses are, the higher the profitability will be. 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. What options might Hazel consider if the How might globalists and traditionalists view cultures, places, and regions differently. For fill-in-the-blank questions, press or click on the blank space provided. C) Employee signature Factory payroll costs in cash. 57. Collectionofnotesreceivable.8. On which financial report will employer-paid portions of health insurance premiums be listed? serves as a backup in the event of computer failure. They must disclose to the job applicant that they are seeking an investigative report. A. ADEA (You may Cash 101 202,671. the payroll? See Answer. May 14 Wages and salaries payable 226 117,334. Single click B) It must create an adjusting entry to recognize the payroll accrual. Payroll Flashcards | Quizlet Payroll Term 1 / 52 Garnishments are court-ordered amounts that an employer must withhold from an employee's post-tax pay and remit the amount to the appropriate authority.