the employee earnings record quizlet

Payroll register. debit card based accounts. True Although the garnishment would be deducted from the employee's pay, the business is responsible (liable) for remitting the deduction to the creditor. B) False, FICA Taxes PayableHI is a liability account in which is recorded the liability of the employer Define the process of "posting." Multiple choice question. Liabilities. with the Form 940 reconciliation at the end of the year. chart of accounts. c.ERISA requires that all companies offer private pension plans. What is the second line in the general journal entry used for? 2. True or False: In each pay period, the payroll information for each employee is recorded on his or her employee earnings record. 7. Employee regular earnings are calculated as ____. (B) total hours divided by regular rate. Multiple choice question. redundancy. The average daily pay for Tortuga Travel's employees = $589. Did you have the returns checked for accuracy? FIT Payable c. It facilitates accuracy in employee personnel records. What is the opportunity cost of the machine when we analyze the alternative to produce 12 oz. . In accrual accounting, there may also be end-of-period entries to accrue for payroll earned by the employees. End-of-Period Adjustments: They were paid in cash while other employees were paid by check. What is the original entry point for payroll information into the accounting system? -current entry amount and account Which column exists in the employees' earnings records but not in the payroll register? C245. department breakdown of labor cost, What can cause a journal entry to post on only one side (either debit or credit)? In other terms, a payroll . d. the Payroll Manager is required by the IRS to submit the electronic records for verification. adjusted in the next month. Kelly has d dollars in an account that pays 1.4% interest compounded weekly. -bring the accountant to the next entry in the general ledger. A description is sometimes included. Payroll Register, Employees' Earning Records, and Accounting System Entries, Payroll register and employees' earnings records are important payroll accountant tools Entering the payroll journal entry. Study with Quizlet and memorize flashcards containing terms like Circular E, Form SS-4, Form SS-5 and more. In each pay period, the payroll information for each employee is recorded on his or her employee earnings record. True or False: In each pay period, the payroll information for each employee is recorded on his or her employee earnings record. -tax deposits. T F, The employer keeps track of each employee's accumulated wages in the employee's earnings record. B) completing the journal entry to record the payroll. 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. (9). What is the purpose of the Age Discrimination in Employment Act (ADEA)? A Company who credits the cash account cannot pay their employees by check. Which act sets the minimum wage, and what is the current wage rate? The payroll register connects directly to the employees' earnings records. Unions In the case of a federal tax levy, the employee will notify the employer of the amount to take out, The payment of the FUTA tax and the FICA taxes by the employer to the IRS is recorded in the. (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. -when entries increase the account balance unemployment tax payable-state (multiply salary expense by 5.4%). Wages Expense is debited and Cash is credited. (C) deposit. Did you prepare remittances for the mandatory and voluntary deductions? (C) annually. (C) total hours plus overtime rate. E) 26.85. Multiple choice question. 480.58 In this case, "J" means that the original entry may be found in the General Journal, A relationship, specifically financial, built on trust between a trustee and a beneficiary, any unpaid liabilities will be reported in the current liability section. Debits show increases to Federal withholding tax, Which of the following are reversed as part of the payroll adjustment process? A computer system based on a software package that performs all payroll record keeping and prepares payroll checks. c. it is not necessary to even enter the data since the time-keeping device synchs with the payroll register, employee earnings record, paychecks, etc. Is it payday? Terms in this set (20) The period covered by a salary payment is a ____. The payroll register is used by employers in completing Forms W-2. 13. Show your work. C) FICA tax--OASDI B) False, 5. d. companies are allowed to automatically enroll employees in the company's retirement plan. true or false:Social security tax is paid by both employees and employers. \text{Over 90 days}&\text{\hspace{5pt}15,330}&\text{25\\\%}\\ c.The Civil Rights Act of 1964 B) False, 29. True True They must pay the employees with actual dollars. a percentage of the previous week's gross payroll. and an employee earnings record? Multiple choice question. c.10 When the initial payroll journal entries are created, the accountant would debit the: Employer related payroll entries would include: Shared employer-employee taxes cash basis accounting Employees' Earnings Records serve as an audit trail. Trend reports offer business leaders insight about changes in labor costs over a period. \text{Production } & \text{240.000} & \text{units}\\ Did you transmit remittances for the mandatory and voluntary deductions? You'll get a detailed solution from a subject matter expert that helps you learn core concepts. and more. The source document for paying state unemployment tax is: It adds complexity to the personnel recordkeeping. When the fair value of the affiliate stock increases. incurs as an expense each payday? (A) a check. Using an automated entry, the payroll accountant would record transactions through a.The Self-Employment Contributions Act sets the minimum wage and the current minimum wage rate is $9.19 per hour. c. to aid in completion of year-end informational returns, such as W-2s. False. Unclaimed employee wages are returned to the employer. E) None of the above, 30. A) completing forms W-2. Payroll Accounting 2018 CH 7 Flashcards | Quizlet (D) state unemployment tax. Compare taxes with other companies dividends, equity, assets. You may assume that f(0)=0f(0)=0f(0)=0. Employee Earnings Record. -journal entry and page number, letter and number Executive orders. (C) shows net pay for one quarter. Missed Exam ?'s. -Supervisor change general journal entries. Assume Nortel Networks contracted to provide a customer with Internet infrastructure for $2,000,000. B) using the same amounts as the prior month's adjustment. 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? E) preparing the payroll register. (D) semiannually. following except: What information is on an employee earnings record? SURVEY . Under the Affordable Care Act, which employers are required to provide insurance coverage for all full-time employees and their dependents? Income Statement, A labor report provided to management would display: y=100(1e0.462t). True When remitting or depositing federal income taxes, the employer credits the cash account. (p. 390), To record the payment of federal unemployment tax, the account debited is FICA Taxes Payable-HI Government officials Cash Which of the following taxes would be included in the employer related payroll entry? A fundamental concept in accounting is the _____ ____ , which must remain balanced. Employers are required to furnish each employee with an annual statement of earnings and withholdings before: Expenses area, Which of the following transactions would cause an asset to appear on the balance sheet related to payroll? An item of value that a business uses in the course of its operations and from which it expects future economic benefit. The production-volume variance is written off to cost of goods sold. other garnishment.. d.All of these choices are correct. When using the equity method of accounting, when is revenue recorded on the books of the investor company? (8), True or False: Some employers must deposit payments for withheld employees' federal income tax and social security and Medicare taxes on the next banking day. unemployment tax payable-federal(multiply salary expense by .8%) False, 27. Chapter 12 accounting Flashcards | Quizlet True false question. Prepare a partial balance sheet to show how the information related to this contract would be presented at the end of 2021 assuming Nortel recognizes revenue over time according to percentage of completion. (p. 378), The payroll journal entry is based on the totals of the payroll register (A) Total . c. state taxes. The total earnings paid to an employee after payroll taxes and other deductions. 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. B) False, At the time of depositing FICA taxes and employees' federal income taxes, the account FICA What obligations are imposed upon the employer by the Fair Credit Reporting Act of 1968? only be in either debit or credit per account What is the connection between the employees' earnings records and payroll tax reporting? If there are employees who have taken payroll advances, which are amounts to be repaid by the employee, these will show in the current assets section. E) None of the above. B) a government student loan Payment of voluntary withholdings, True or false: The general ledger is the point where information gets entered into the accounting system database. $845.00 - $476.93 = $368.07. a. the expense has already been recorded. The withholding allowances of an employee affect (A) social security tax withheld. A) Wages Expense The payroll register is used by employers in completing Forms W-2. A) True (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. a business form used to record details affecting payments made to an employee. What is f(x)f(x)f(x) ? -journal entries to post backward. Have you disbursed the employees' pay? See Answer. EE retirement income security act (ERISA). Under the FLSA, what information concerning employees' wages must be maintained by the employer? a.The total additions to or deductions from wages debit to cash, credit to liability. A federal tax paid for old-age, survivors, and disability insurance. Company viability depends on expense control, form the link between the accounting and the human resource departments. What was his overtime premium pay for this workweek? The reports are identical and provide necessary The letters denote which journal the entry correlates. Based on 1740 responses, what is the percent of each response? B) FICA tax--HI true or false: A business is required by law to withhold certain payroll taxes from employee salaries. . FICA Taxes Payable-OASDI. treasurer, the account Union Dues Payable is debited. D. Wages Expense -Transactions from the general journal are posted to individual accounts. A qualified retirement plan that provides most individuals with a deferred federal income tax benefit. If Dr. T-accounts. c. Vacation Benefits Expense is debited, and Vacation Benefits Payable is credited. D. What is the learning rate at peak efficiency? using the wages of the salaried workers only. An employer: Cash costs(allfixed)300279.070232.558$5040.000240.000260.000$10$3.000.000$500.000unitsunitsunitsperunitunitsunitsunitsperunit. Payroll transactions are recorded in the General Journal and posted to General Ledger accounts. Deductions from gross pay in the payroll register are reflected on the credit side of the journal entry to record the payroll. salaries and wages payable. employee review. Find the total for each response. True The cash based businesses will show an increase in payroll expenses when: b.The Fair Labor Standard Act sets the minimum wage and the current minimum wage rate is $7.25 per hour. payroll accounting d. union dues. The Federal Insurance Contributions Act. (A) monthly. (C) a memorandum. at the employer's discretion. B) Withholdings for a 401(k) plan -department breakdown of labor cost, billiable and nonbillable time Study with Quizlet and memorize flashcards containing terms like How can the information shown in the employees' earnings record be used? Data relating to the contract are summarized below: 20212022Costsincurredduringtheyear$300,000$1,575,000Estimatedcoststocompleteasof12/311,200,0000Billingsduringtheyear380,0001,620,000Cashcollectionsduringtheyear250,0001,750,000\begin{array}{lrr} expenses, assets, liabilities. b.Vesting conveys to employees the right to share in the retirement fund in the event they are terminated before the normal retirement age. 30 seconds . Payroll transactions will have an effect on: A relationship, specifically financial, built on trust between a trustee and a beneficiary. d.None of these choices are correct. FUTA taxes payable True False. 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. True Provides information for decision-makers about costs and company profitability -current amount of reduction to the payroll account -before journal entries are recorded (C) gross earnings. b.To provide protection only for workers under the age of 18 (D) IRS Form W-3. The employee earns tips. -Entering the transactions in the general journal. (C) gross earnings. Solved Question 1: Why would you enter "N/A" on the line for - Chegg (C) yearly T F, When recording the employer's payroll taxes, a liability account entitled Employers Payroll A) FUTA Tax Expense-Cash 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. It produces a plastic toy in three separate departments: Molding, Assembling, and Finishing. D) 53.70 -when payday is before the end of the month. Multiple choice question. Reconcile the difference in operating income based on theoretical capacity and practical capacity with the difference in fixed manufacturing overhead included in inventory. -credit state withholding $1,234 Direct deposit of paychecks can be forced on employees in every state. true or false: Total earnings are sometimes referred to as net pay. 5. The record of all of a firm's financial transactions. payroll register. d. are required when the fiscal accounting period does not coincide with the end of the payroll period. Would you expect the kinked demand curve to be more extreme (like a right angle) or less extreme (like a normal demand curve) if each firm in the cartel produces a near-identical product like OPEC and petroleum? (p. 383), Each employer who withholds income tax, social security tax, and Medicare tax from employee earnings must furnish each employee an Tax Expense is debited for both the employees' and the employer's portions of the FICA taxes. Soccer teams payroll report interface. Why is it important for a firm to use both a payroll register E. Wages Expense c. What is the largest number of items memorized by the subject? c. his/her applicable annual standard deduction based on marital status plus the number of exemptions claimed on Form 668-W. \text { Cash collections during the year } & 250,000 & 1,750,000 General journal Are all outgoing remittances double-checked and approved? $368.07. One employee earnings record is used each payroll period to detail the earnings of all employees. A) True -bring the accountant to the related entry in the general journal. Which of the following items would require an adjusting entry at the end of each accounting period? A payroll accrual would be Revenues area, Liabilities area using the same amount as the prior month's adjustment. Nicole Tipton and Sadik Seferi owned and operated a restaurant in Iowa. create the need for more entries. d. is used to record Workers' Compensation payments to injured workers. true or false:The investment income in a Roth IRA is not subject to federal income taxes when withdrawn. B) False, Proving the payroll register entails sending company records to the IRS. account c. the "Vacation Benefits Payable" account is credited. remove the accrual from the account balances. Multiple choice question. no general ledger postings. (D) revenue. A reversing entry would 8. What is the original entry point for payroll information into the accounting system? Ch. 12 Flashcards | Quizlet one-sided journal entries. one-sided journal entries. Federal Income tax -Entering the transactions in the general ledger. employee income tax payable

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