payroll register quizlet payroll register quizlet

Medicare tax payable 222 ??? Vacation Benefits Expense-Operating expense B) the total gross pay, deductions, and net pay during the period This entry usually includes debits for the direct labor expense, salaries, and the company's portion of payroll taxes. Marital status & number of withholding allowances 6. in its Federal withholding tax payable account. The Civil Rights Act of 1964 protects all employees from arbitrary dismissal. Identify distinctive compensation plans. How does a debit balance in the wages and salaries expense account affect a firm's income A) It communicates departmental profitability. Dont take our word for it. Why is it important to have columns on the payroll register title "Earnings subject to Federal Discover a wealth of knowledge to help you tackle payroll, HR and benefits, and compliance. pay date. Deductions. Can employees view documents in their files that are marked confidential? 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. 18 Any boxes left with a Purchase of rent in advance.} Your portfolio has three asset classes. 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? When the employer pays the employee in 2023 for the vacation earned in 2022, what account will the company debit? Name of each employee 5. expenses are, the lower the profitability will be. True (California, New Jersey, New York & Rhode Island). D) Social Security tax, $188; Medicare tax, $805. 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. 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 59. Collection of an account receivable.} 65. Complete the Regular Earnings columns (Rate per Hour and Amount) for hourly employees. The total of each distribution column shows the total amount of that department's wage expense. C) Employee pay disbursement and voluntary deduction remittance below deck mediterranean 2022 cast. & \text{ } & \text{ }\\ B) FUTA A) Form W- Health Insurance Premiums Collected-liability C) Form W- Under the Affordable care Act, does the insurance provided by the employer only need to meet an affordability test? Using the payroll registers, complete the General Journal entries as follows: February 7 Journalize the employee pay. Switching payroll service providers made easy. Under the U.S. payroll tax a employee has to pay the tax on hi . Under FLMA, do any states have paid a family leave plan? Health Insurance payable 224 13,618. depositor, what entry Should appear on November 15 for the remittance of the month's Social Issuanceofbonds.11. Saleofequipmentforanotereceivable.10. 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. C) Employee signature A) Form W-4 B) Form W-2 C) Payroll register D) Employee earnings record 28. If a firm accrues the payroll due but not paid at the end of a financial period, what should it do Explain the use of the "Cumulative" column in the employee's earnings record. 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. Under the Family and Medical Leave Act, employers can exempt an employee who has not worked for the employer for at least one year and has worked for the company for at least 1,250 hours in the last year. Hours worked. What is the current minimum wage under FLSA? Payroll journals are records of all payroll transactions. Fast, easy, accurate payroll and tax, so you can save time and money. Raw materials purchases for cash. 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. Which of the following is an example of a trade association? A) Form W- 221 Payroll registers generally are more detailed than payroll journals and include specific information about each employee. Zipperle Company has the following payroll information for the pay period ending September 18, A) Credit $8, Does workers' compensation laws only relate to work-related incidents? For what reason are "distribution" columns sometimes provided in the payroll register? Click here to learn more. McHale Enterprises has the following incomplete General Journal entry for the most recent pay Purchaseofinventory. \text{Transaction} & \text{Type of Activity} & \text{Cash Inflow or Outflow}\\ \hline Multiple Choice Q05 Issuance of bonds.} Issuanceofcommonstock.6. 13. Rushing River Boats has the following data in its Social Security tax payable General Ledger C) Debit Revenue, $250,000; Credit Cash, $250, Record the health insurance deduction. lf both federal and state regulations cover minimum wages for the same employee, is the federal rate always used for the minimum wage? C. ERISA establishes minimum vesting schedules that protect the workers' benefits. Time worked - regular & overtime 7. Compute the employer's payroll taxes for the period. Basic payroll register templates can be found online or created in programs like Excel. & \text{ } & \text{ }\\ The information provided in the payroll register is used primarily to meet the requirements of the Fair Labor Standards Act. True, Employee earnings records form the link between accounting and the human resources so that the new employee can be properly added to the payroll, Employment application forms are usually discarded when the applicant is hired. Neither The Balance Sheet Nor The Income Statement. NAME MARITAL STAT. B. pay date. Hence, no need to accrue any salaries. Payroll registers are typically a series ofsimple charts (one for each employee during a given pay period) that include such information as: Note that payroll recordkeeping laws differ across jurisdictions. Does the Federal Income Tax Withholding Law require all employment data to be kept permanently? The agreement also states that the two weeks of vacation shall be taken any time in 2023 and the amount paid will be 80 hours multiplied by the employee's rate of pay at December 31, 2022. The Fair Labor Standards Act is commonly known as the Federal Wage and Hour Law. Social Security tax $ 1,670. Which of the following are processes that occur in most payroll accounting systems? 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. We provide payroll, global HCM and outsourcing services in more than 140 countries. B) Total overtime earnings A payroll register does not include: Multiple Choice Pay period dates. Union Dues Payable-liability Wages and salaries payable 226 ??? True, Payroll accruals reflect the amount of payroll paid but not earned at the end of the financial Every state imposes a state unemployment tax on employers in their state. B) It allows managers to predict future labor costs. 61. B) Because payroll represents an asset and an income of the business. 3. A) Worker's Compensation In a sample of nine homes, what is the probability that: a. Issuance of common stock.} 20XX: Gross pay $ 27,894. D) The transaction appears on page four of the General Journal. Does FLSA require all employees to be paid weekly, biweekly', monthly? 2. B. ERISA requires each employer to establish a pension plan. What information is commonly provided by a job-seeker on the application for employment form? The payroll register contains ________. D) information about the firm's liabilities Employees with less than a five year tenure of employment. Because of the amount of sensitive information included in the payroll register, access tends to be limited only to those authorized within a company, such as the payroll manager. What is the term for transferring data from the General Journal to the General Ledger? Want to read all 11 pages? It lists payroll information about each employee, such as hours worked, gross pay, deductionsand net pay. Your sister currently uses 1,700 minutes and sends 1,600 texts each month. C) A debit balance will decrease the expenses of the firm's income statement. How to do payroll accounting: 7 steps At first glance, payroll accounting can be scary. D) It is a report designed to be read by parties external to the firm. True, The information in the payroll register forms the basis for entries in the Employee Earnings Dooley Publishing has the following payroll data for its July 1 pay date: Jul 1 Wages and salaries. A magnifying glass. Record the regular hours and the overtime hours worked for each employee, using the time clerk's report as your reference. ADP hires in over 26 countries around the world for a variety of amazing careers. How will payroll deductions from employees wages for their portion of 401K plans be recorded? E. OASDI. Jan 31 J4 420 1, (You may select more than one answer. What special accounts must usually be opened in the general ledger to record payroll tax entries? What are the General Journal entries that should appear on each pay date? 4. Cash 101 117,334. 15. For example, there may be deductions for 401(k) pension plans, health insurance, life insurance, vision insurance, and for the repayment of advances. Correct answer: Option (1) Medicare tax is the correct answer. the total incomes of the firm and decrease the net income of the firm. Employee benefits, flexible administration, business insurance, and retirement plans. grass clippings at the curb for pickup because local landfills cannot handle the volume. date: Oct 27 Wages and salaries expense 522 $298,384. That's why we've partnered with some of the top athletes in the world. Single click the box with the question mark to produce a check mark for a correct Paymentofemployeesalaries.OCO2. Single click the box with the question D) $1,875. Which of the following is not a provision of ERISA? May 14 Wages and salaries payable 226 117,334. C) The balance sheet DATE DESCRIPTION POST REF. pay Employee SIT Payable-liability Wages and salaries-Operating expense-debit The employees gross wages for the past week are. & \text{ } & \text{ }\\ Journal entries? account: ACCOUNT Federal withholding tax payable ACCOUNT NO. C) It designates where labor is used in a firm. Payroll registers also provide aggregate employee information at a glance, which can be helpful when depositing tax payments, filing tax returns and performing other basic accounting tasks. You face specific challenges that require solutions based on experience. 6. What is the The certificates include Debits and Credits, Adjusting Entries, Financial Statements, Balance Sheet, Income Statement, Cash Flow Statement, Working Capital and Liquidity, Financial Ratios, Bank Reconciliation, and Payroll Accounting. We have credited a liability account for each of the tax amounts. A) By order of importance On which income statement will the state unemployment tax expense appear under accrual accounting? Listed below are several transactions. \end{matrix} 1. 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? D) It is non-employee labor that the company must pay. 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. Want more exclusive business insights like this delivered to your inbox?Subscribe now. DEBIT CREDIT DEBIT CREDIT : an American History (Eric Foner), Psychology (David G. Myers; C. 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