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Requirements: 1. A) As assets The other hourly employees receive overtime pay when they work more than 35 hours in one week. Verify the date and enter General as the reference. It lists payroll information about each employee, such as hours worked, gross pay, deductionsand net pay. pay date. question mark Will be automatically graded as incorrect.) NAME MARITAL STAT. Describe the main types of records used to collect payroll data. expenses are, the higher the profitability will be. Department of branch 4. FICA Taxes Payable-OASDI-liability \text{14. Plan A costs $80 per month for unlimited talk and text. Saleofequipmentforanotereceivable.10. 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;. 34. For the entry on January 31, what does the J4 signify? Discover the latest Today at Work insights from the ADP Research Institute. 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. How do the Stanford-Binet and Wechsler tests differ? What is meant by the garnishment of wages? The Federal Insurance Contribution Act, the Medicare portion of the tax is only paid by the employer. department. Which report contains employer share tax expenses for a period? A. ADEA Title of report 2. The Fair Labor Standard Act sets the minimum wage and the current minimum wage rate is $7.25 per hour. Which of the following is true about the fundamental accounting equation? These entries are then incorporated into an entity's financial statements through the general ledger. For what reason are "distribution" columns sometimes provided in the payroll register? What portions of an employee's wages are exempt from a federal tax levy. Under the FLSA, what information concerning employees' wages earned must be maintained by the employer? How does a payroll accountant keep track of employee's year-to-date earnings for wage bases on taxes like FICA, FUTA, and SUTA? 6. How does the FIFO method different from the weighted-average method? Employee benefits, flexible administration, business insurance, and retirement plans. Exempt salaried employees are often paid for their work right up to payday. 18. E. Sex, Which of the following statements is NOT a provisions of ERISA? How do accrued, but not paid, wages appear on the balance sheet? How might globalists and traditionalists view cultures, places, and regions differently. Assume that the company uses the accrual method of accounting. A) Debit R. Sanders Capital, $250,000; Credit Cash, $250, What are the General Journal entries that should appear on each pay date? Color A) Employee pay accrual and employee pay disbursement 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. Under FLSA, what is the current minimum wage? The payroll register of any firm needs to have specific details on every employee. Paymentofalong-termnotepayable.13. May 14 Wages and salaries payable 226 117,334. accurate disbursal of payroll. the payroll register, employees' earning record, and accounting system entries the purpose of the net pay and check number columns in the payroll register is to Skip to document Ask an Expert Sign inRegister Sign inRegister Home Ask an ExpertNew My Library Discovery Institutions Silver Creek High School (Colorado) Southern New Hampshire University 62. 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. During this process, employers reconcile their payroll transactions and make sure that their accounting and recordkeeping practices comply with regulations. The payroll register contains ________. A) Both documents contain year-to-date totals of taxes. 40. Want more practice questions?Receive instant access to our graded Quick Tests (more than 1,800 unique test questions) when you join AccountingCoach PRO. 8. What is true about the trial balance? 401(k) contributions $ 1,115. Purchaseofinventory.7. The key types of payroll journal entries are noted below. 7. \text{Transaction} & \text{Type of Activity} & \text{Cash Inflow or Outflow}\\ \hline A payroll register can also . e. None of the above. We provide payroll, global HCM and outsourcing services in more than 140 countries. D) the employee's name, social security number, and address At ADP, we are committed to unlocking potential not only in our clients and their businesses, but in our people, our communities and society as a whole. At a minimum, how often should an administrator furnish a statement of total benefits accrued and accrued benefits that are vested under ERISA? Employers use the employee's earnings record in preparing ___. D) The same as the chart of accounts ls the Federal Government covered under the Civil Rights Act of 1964? The Civil Rights Act of 1964 protects all employees from arbitrary dismissal. At ADP, we believe sports and business both require the right approach. 38. Employers use the employee's earnings record in preparing ___. D. Requires equal pay for equal work, regardless of gender. HOURS WORKED Jeremy Ortiz is an employee of Insulor Flooring, where his job responsibilities include selling service contracts to customers. account: Social Security tax payable ACCOUNT NO. What are the enhancing qualities of the qualitative characteristics? Name two advantages and two drawbacks of C. All employees under the age of 30. Issuanceofbonds.11. on the first day of the next financial period? Whenever employers withhold taxes and deductions from wages, pay employees or deposit tax payments with government agencies, that information should be simultaneously documented in the payroll register. $y = -x - 4$. B) The income statement C) Credit $4, Does FLSA require the employer to display a poster with the FLSA rules? C) It is a report designed for external stakeholders. Factory payroll costs in cash. Recorded as a liability for the employer in the payroll entry. 11. On December 1, 20XX, Riley Sanders invested $250,000 to open Sanders Enterprises. C) Payroll accounts do not appear on the trial balance because of their changeable nature. Employers can exempt the following employees from the Family and Medical Leave Act. C. Restrictions the employment of child labor. Journal entries? An employee worked the entire year of 2022 and earned two weeks of vacation as specified in the company's labor agreement. They must disclose to the job applicant that they are seeking an investigative report. Type an equals sign (=) to signal the fact that the cell contains a formula. Jun 23 Wages and. Employers also use it to: While all of these functions can be accomplished manually, dedicated payroll software provides information at the click of a button, making reporting fast and simple. 53. C) Employee signature B) Because payroll represents an asset and an income of the business. Which of the following steps should be taken by the Human Resources Department when hiring new employees? Social Security tax payable 221 10,517. 4. B) It is employee labor that does not pertain to labor on customer jobs. (You may 15. 7. What is the role of enhancing qualities in the conceptual framework? C) The balance sheet General Journal entry to record this transaction? It's useful for record-keeping in a business and has legal implications if not kept correctly.. A summary of all payroll activity is an excellent way to look at the payroll register report. Want more exclusive business insights like this delivered to your inbox?Subscribe now. (You may select more than one answer. Dont take our word for it. February 7 Journalize the employer . Use the following information for Questions 19 - 20: FICA (Federal Insurance Contributions Act). Cash 101 202,671. 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. A. ERISA applies to pension and welfare plans established by any employer engages in commerce. A) Social Security tax, $204; Medicare tax, $792. Protest Unemployment Insurance benefit charges or rates. This will increase What must the employer do with unclaimed checks. A) Employee earnings record Plan B costs$0.20 per minute plus $0.10 per text message sent. Discover a wealth of knowledge to help you tackle payroll, HR and benefits, and compliance. Paymentofincometaxes. Are FICA taxes levied upon employers only? Purchase of inventory.} Medicare tax payable 222 4,205. Direct materials usage. There will also be credits to a number of . Does the ADEA quit protecting employees after the age of 70? \text{9. mark to produce a Check mark for a correct answer and double click the box with the question Report new employees or independent . B. Saleofequipmentforcash. Accounting questions and answers. True, In the General Ledger, the debit column reflects the balance of the account. serves as a backup in the event of computer failure. Direct labor usage. 56. ADP is a better way to work for you and your employees, so everyone can reach their full potential. What does the term "billable time" mean as it pertains to payroll accounting? The employees gross wages for the past week are. Employee FIT Payable-liability Under the Affordable care Act, does the insurance provided by the employer only need to meet an affordability test? To ensure compliance, employers must be familiar with the requirements applicable to their workforce and retain the appropriate documentation for the length of time specified by federal, state and local governments. 1. select more than one answer. 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. (You may select more than one answer. Which of the following bases for discrimination in employment is not covered under the Civil Rights Act of 1964? expense 522 $ 182,930. Prior year's earnings < Prev 18 of 40 . Payroll journals are records of all payroll transactions. depositor, what entry Should appear on November 15 for the remittance of the month's Social 1. These liabilities accompany every payroll you run. Current period taxable earnings for FICA taxes are as. ERISA ensures that workers covered by private pension plans receive benefits from those plans in accordance with their credited years of service with their employers. Hence, no need to accrue any salaries. D) It is a report designed to be read by parties external to the firm. A) Form W-4 B) Form W-2 C) Payroll register D) Employee earnings record 28. Any boxes left with a question mark will be automatically graded as D) It is non-employee labor that the company must pay. D) It should create a reversing entry in the General Journal. Collectionofanaccountreceivable. BALANCE The information provided in the payroll register is used primarily to meet the requirements of the Fair Labor Standards Act. 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. How is information that is usually on a paper stub given to an employee if the employer is using electronic paystubs. D) The transaction appears on page four of the General Journal. The lower the payroll 60. 66. 21 Switching payroll service providers made easy. 59. Fast, easy, accurate payroll and tax, so you can save time and money. C) proof of payroll deposits Cash 101 117,334. D) Employer's Federal Income tax, Which of the following columns would be used as part of a general journal entry? A credit of $16,250 is recorded on the June 25 False, The General Journal contains records of a firm's financial transactions, which appear D) It is a report that becomes published with other financial reports. Ring up sales and take payments in style with the sleek touchscreen Register device Make it mobile Every Register comes with a PAX A920 terminal to use as a mobile credit card reader Add on wireless POS hardware Complete your hardware suite with Bluetooth barcode scanners, receipt printers and cash drawers Hardware that won't hold you back BALANCE < Prey 18 of 40 Pay period dates. FUTA Taxes Payable-liability period. A cell phone company offers two different plans. 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. When the employer pays the employee in 2023 for the vacation earned in 2022, what account will the company debit? View the full answer. 55. Indirect materials usage. A magnifying glass. Why does company profitability decrease in direct proportion to the payroll expenses? & \text{ } & \text{ }\\ the box With the question mark to empty the box for a wrong answer. (You may select more than one answer. ordinance is passed? account: ACCOUNT Federal withholding tax payable ACCOUNT NO. What is general priority order concerning wage attachements. In a sample of nine homes, what is the probability that: a. Requirements: Record the deduction for group insurance. C. FLSA This entry may be avoided if the amount is immaterial. Which of the following acts levies a tax on employers and employees that is credited to the Federal Old-Age and Survivor's Trust Fund and the Federal Disability Insurance Trust Fund? 1. On October 15, Eco Brewers had a balance of $4,390 in its Social Security tax payable account. Loan to another firm.} "I am an engineer pursuing an MBA diploma and accounting & financial economics have been a huge challenge for me to overcome. Vacation Benefits Expense-Operating expense Define hours worked. Single click the box with the question mark to produce a Manage labor costs and compliance with easy time & attendance tools. Which of the following is true of employee's earnings record? What is the 5. A) Form W- Information available through a secured web sit, kiosk, or interactive voice response system. Regardless of the format, payroll registers tend to follow the same basic structure. The employers total expense for Marys employment during the week is. A(n) ________ is a collection of cash and other items that are used in the operation of the Payroll registers include all of the information in a pay period for all employees. 1. Medicare tax $ 390. B. 6. C) $1,715. What is the term for transferring data from the General Journal to the General Ledger? Read more about the author. ls the payroll register used in preparing the Form W-2? Questions pertaining to religion, gender, national origin, or age are allowed on application forms when these are bonafide occupational qualifications for a job. 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. For fill-in-the-blank questions, press or click on the blank space provided. Paymentofemployeesalaries.OCO2. Also, indicate whether the transaction is a cash inflow (CI) or cash outflow (CO), or has no effect on cash (NE). These computations are shown in the Employee Payroll Register. 17. below deck mediterranean 2022 cast. This entry usually includes debits for the direct labor expense, salaries, and the company's portion of payroll taxes. D. Religion The highest-paid 10 percent of their workforce. A company may occasionally print manual paychecks to employees, either because of pay adjustments or employment terminations. The first answer is provided as an example. Purchaseoftreasurystock.14. \text{3. From recruitment to retirement, getting the very best out of your people. Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer. What options might Hazel consider if the Who pays the social security taxes that are levied by the Federal Insurance Contributions Act? Harold Averkamp (CPA, MBA) has worked as a university accounting instructor, accountant, and consultant for more than 25 years. Employee SIT Payable-liability Health Insurance payable 224 8,375. \text{4. Complete the Regular Earnings columns (Rate per Hour and Amount) for hourly employees. D) Debit Health Insurance Payable $27,237; Credit Cash $27,237. Transfer of finished jobs to the finished goods inventory. We have credited a liability account for each of the tax amounts. 2. This entry is then reversed in the following accounting period, so that the initial recordation entry can take its place. Federal withholding tax payable 220 $ 2,207. 15. Using the accounting equation, determine the following amounts: a. Owners equity as of December 31, 2013. Two complete payroll-related General Journal entries are recorded each pay period: one for the employees' payroll,one for the employer's share of the taxes. Feb 15 J \text{6. Using the payroll registers, complete the General Journal entries as follows: February 7 Journalize the employee pay. You can enter a formula into a cell manually (typing it in) or by pointing to the cells. check mark For a correct answer and double click the box with the question mark to empty 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. Which of the following are processes that occur in most payroll accounting systems? A) Debit $1, Purchase of rent in advance.} As of the June 11 pay date, the General Ledger account for Burling Mills has a balance of $14, B) It contains a detailed listing of every transaction during a period. Health Insurance Premiums Collected-liability ADP and the ADP logo are registered trademarks of ADP, Inc. All other marks are the property of their respective owners. 220 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. & \text{ } & \text{ }\\ 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 \begin{matrix} Transaction1. Fair Labor Standards Act B) It depicts the ideal distribution of labor in a firm. D) It adds complexity to the payroll register. 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 A) It may be expressed as assets + liabilities = owners' equity. Which basic records are generated in most payroll accounting systems? The completed Payroll Register for the February and March biweekly pay periods is provided, assuming benefits went into effect as anticipated. c. More than five have large-screen TVs? View notices and letters. The information in the payroll register forms the basis for entries in the Employee Earnings Records and the General Journal. Protection under the provisions of the Age Discrimination in Employment Act begins at what age? Protection under the provisions of the Age Discrimination in Employment Act begins at what age?? Entitled to retirement program even if you're no longer working there. A payroll register does not include: Multiple Choice Pay period dates. Sets minimum wage. Administrating the state unemployment taxes. Single click the box with the question B. ERISA requires each employer to establish a pension plan. Access the definitive source for exclusive data-driven insights on todays working world. B) tax remittance information chronologically. 3. B) Payroll register TransactionTypeofActivityCashInfloworOutflow1. B) Posting Which financial statements are affected in the year 2022? pay date. Based on the following data, prepare the appropriate journal entry when paying employees: Total wages earned were $8000 C) Labor reports Required: 1. 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? Issuanceofcommonstock.6. 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. This account would be credited for the amount paid. Another important step in maintaining a payroll register is to perform audits. PAYROLL REGISTER Upload your study docs or become a Course Hero member to access this document Continue to access End of preview.