the description is usually left blank. b. should discharge any employee receiving a wage garnishment. credit to cash, debit to liability. Prepare a production cost report using the weighted-average method. Entering the transactions in the general ledger. Columns in the Employees' Earnings Records, Each piece of data is used in multiple ways, Connection of the Employees' Earnings Records to Periodic Tax Reports. salaries and wages expense. 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. 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? answer choices . Payroll register. d. they are used to determine where cumulative wages are in relationship to wage bases (caps) for various taxes, such as OASDI, FUTA and SUTA. T F, 10. Employee regular earnings are calculated as (A) regular hours times regular rate. -Transactions from the general journal are posted to individual accounts. A) Garnishment for child support payments B) False, 18. (D) state unemployment tax. a.To prohibit discrimination on the basis of age in the employment practices of employer a. all the data must be both manually and digitally centered and checked, to ensure that the system is functioning properly. Executive orders. -by posting reference. Study with Quizlet and memorize flashcards containing terms like Which column exists in the employees' earnings records but not in the payroll register?, What is the connection between the employees' earnings records and payroll tax reporting?, A credit increases which of the following types of accounts? Payment of voluntary withholdings Balance sheet Wages and taxes expenses One employee earnings record is used each payroll period to detail the earnings of all employees. Payment of statutory withholdings Payment of voluntary withholdings, True or false: The general ledger is the point where information gets entered into the accounting system database. Business managers use accounting entries to inform their decisions preparing reports required by state unemployment compensation laws. \end{array} Liabilities area It can use the machine to produce 12 oz. Production line worker. EEs' earnings records contain YTD gross pay which reflects when EEs reach tax bases; EEs' earnings records contain details of payroll tax reporting & may be considered as source documents. D) FUTA Taxes Payable- Cash Study with Quizlet and memorize flashcards containing terms like All the payroll information needed to prepare payroll and tax reports is found on (A) Form W-4 and the employee earnings record (B) Form W-4 and the payroll register (C) the payroll register and the employee earnings record (D) Form W-4. purchasing managers D) Union dues withheld b.The employee c.Laborers for contractors who furnish materials, supplies, articles, and equipment to any agency of the United States, provided the minimum contract amount is $2,000. salaries and wages payable. report an individual EE's regular time & OT; promote analysis of payroll expenses. Accounting II: Chapter 13 Flashcards | Quizlet True D) a percentage of the previous week's gross payroll. Ways the general ledger is different from the general journal include: Study Payroll Accounting Final Vocabulary Flashcards | Quizlet using the same amount as the prior month's adjustment. b. variable, depending upon county that the levy originates. jacksonglomb. Employee payments (A) monthly A computerized cash payments system that transfers funds without the use of checks, currency, or other paper documents. Study with Quizlet and memorize flashcards containing terms like . (C) gross earnings. employees' earnings records Contributions payable The debit to Payroll Taxes for FICA, FUTA and SUTA taxes (rate = 4.5%) on a gross payroll of $200,876 (if no one has capped for FICA and not subject to the .9% Medicare on wages over $200,000, no one has capped for SUTA, and FUTA wages= $85,000), is: The employer FICA - OASDI ($200,876 x.062) + FICA - HI ($200,876 x .0145) + SUTA ($200,876 x .045) + FUTA ($85,000 x .006) = $24,916.43, On July 30, an analysis of the general ledger of Biomet Device Inc.'s shows the following credit balances: tax filing support. Period totals are also included B) Payroll Taxes- Cash a.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. (A) W-2 double payroll account balances. Fair Labor Standards Act. Accounting principles assist in the classification of payroll costs and organizational performance. -Pay rate, In financial accounting, the fundamental accounting equation is. process of transferring amounts from the journal to the ledger is called posting; debit to an account in a journal transaction is a debit to that account in the ledger; ledger contains info about the individual accounts used in the journal transactions. D) preparing reports required by state unemployment compensation laws. four employees. Revenue General journal entries are the original ____ ____ for payroll events to be recorded in the accounting system. debit card based accounts. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. The Employees ________ _______ Connects accounting and human resource records, The information to be transferred from the payroll register to the employee's earnings records is located in each ______, the employee _______ _______ contains year-to-date earnings for each employee, earnings record (the payroll register contains several earning records). c.Employees who earn more than $44,000 per year Why is the operating income under normal capacity utilization lower than the other two scenarios? Advanced Accounting Ch. 3 Review | Other Quiz - Quizizz Debits show increases to Study with Quizlet and memorize flashcards containing terms like True, False, False and more. would be used for reporting, All of the following are examples of payroll liabilities except: Employer taxes, Shared taxes Multiple choice question. (C) total hours plus overtime rate. would be reduced by every transaction (7), True or False: If the tax base for calculating unemployment taxes is $7,000 and an employee's accumulated earnings are $6,500.00, and the employee earns another $1,500.00, the amount of new earnings subject to unemployment tax is $1,500.00. \text{Sales volume} & \text{260.000} & \text{units}\\ Liabilities = Amounts or services owed by the company (B) during the month following each calendar quarter. 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. b.To provide protection only for workers under the age of 18 Employees FIT Payable. 5. (A) IRS Form W-4 d.The Civil Rights Act of 1964 sets the minimum wage and the current minimum wage rate is $7.50 per hour. d. It allows payroll employees to create ghost employees . 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. determining when the accumulated wages of an employee reach cutoff levels. E) None of the above, 30. true or false:A single person will have more income tax withheld than a married employee. When the company pays for the state taxes withheld from the employee, the entry would be: Entering transactions in the general ledger. C. The employee completed the current version of Form W-4. \end{array} \text{0-30 days}&\text{\$\hspace{1pt}22,480}&\text{6\\\%}\\ Assets area (D) revenue. (C) gross earnings. Which of the following is true about the employer responsibility for payroll taxes? Multiple choice question. -include all descriptions in the general journal. Suppose Nantucket Nectars has a machine for which it paid $160,000 several years ago and is currently not being used. b.ERISA ensures that workers covered by state and federal government pension plans receive benefits from those plans in accordance with their credited years of service with their employers. (A) a revenue c. What is the largest number of items memorized by the subject? Multiple choice question. True When remitting or depositing federal income taxes, the employer credits the cash account. debit to cash, credit to liability. A qualified retirement plan that provides most individuals with a deferred federal income tax benefit. (D) employee earnings account. Type of entry a. the expense has already been recorded. T-accounts. A description is sometimes included. Have you obtained approval for pay disbursements? -Entering the transactions in the general journal. (6), True or False: The tax base for Medicare tax is the same as the tax base for social security tax. Does your company have employees? B) a government student loan accrual accounting -journal entries to post one-sided. A payroll accrual would be B) False, 9. Payments for payroll regulation courses, Payment of statutory withholdings (1), True of False, Multiple Choice, and Journalizing, True or False: The payroll register provides all the payroll information needed to prepare a payroll. What is the original entry point for payroll information into the accounting system? How is your target country ranked by Transparency International, Drugs in the bloodstream The concentration yyy of a certain drug in the bloodstream ttt hours after an oral dosage (with 0t150 \leq t \leq 150t15 ) is given by the equation, y=100(1e0.462t)y=100\left(1-e^{-0.462 t}\right) -Balances in the general ledger payroll accounts are used in payroll reports. and more. Financial transactions can be displayed for explanation and evaluation through Closing entries (D) W-4. FIT Payable payment to employee based on a stated percentage of revenue. T F, When recording the employer's payroll taxes, a liability account entitled Employers Payroll Expenses area (1) . social security tax payable (1time) Medicare tax -Employee supervisor General ledger entries are made ______ (after/before) general journal entries. (B) liabilities. Employee taxes The entries into the first pair of debit and credit columns for State Income Tax Payable will be: Multiple choice question. c.The Civil Rights Act of 1964 -posting date and posting time (B) an expense account true or false:The amount of income tax withheld from each employee's total earnings is determined solely from the number of withholding allowances. (B) total hours divided by regular rate. Accounts Payable A) True When the company pays for the state taxes withheld from the employee the entry would be Multiple select question. (B) Form 941 What is the second line in the general journal entry used for? D. d.None of these choices are correct. In recording the monthly adjusting entry for accrued wages at the end of the unnecessary under GAAP Since you plan to conduct business in the target country, you should be concerned about transparency of political institutions and judiciary. Apart from recording of payroll and payment to employees, what other payroll related journal entries would be recorded? Wages expense, On which accounting reports would payroll-related assets appear? The total earnings paid to an employee after payroll taxes and other deductions is recorded in the payroll register's (A) Gross Pay column. Assume that when you were in high school you saved $1,000\$ 1,000$1,000 to invest for your college education. A separate record of each employee's . salaries and wages expense. \hline\\ -general ledger entries to post backward. Wages Payroll, Which of the following items would require an adjusting entry at the end of each accounting period? a. must use the exact amounts withheld in order to balance the appropriate accounts (FICA, FUTA, SUTA, etc.) (C) total hours plus overtime rate. -Employee receives an advance of their pay Allocate employee expenses to specific departments. C. pay period. bottles of its 100% juices. e.None of these choices are correct. True Accounting system entries record all payroll-related activity \text{Practical capacity} & \text{279.070} & \text{units}\\ b. the account "Vacation Benefits Expense" is credited. 480.58 How does a payroll accountant use the information in the General Ledger? Have you computed their voluntary deductions? Define the process of "posting." What taxes would be monitored for maximum withholding amounts through the payroll register? A) True Union Dues. d. are required when the fiscal accounting period does not coincide with the end of the payroll period. True False, The Form 940 is the source document for all employee payroll journal entries. A deduction from total earnings for each person legally supported by a taxpayer, including the employee. (B) January 1 of the following year. Do you have managerial approval for all employee pay for the period? Multiple select question. At the time that the entry is made to record the employers payroll taxes, the SUTA tax is recorded at the net amount (0.6%). would be used for reporting, only be in either debit or credit per account Soccer teams Owners' Equity (2), True or False: Employer payroll taxes are business expenses. 1. b. used to prepare internal management analyses. b. Douglas Toys is a manufacturer that applies the weighted-average process costing method to account for costs of production. Cash (D) IRS Form 941. Liabilities. Immunology Exam 4 Study Guide (Ch. What if each firm produces a somewhat different product? E. Wages Expense Multiple choice question. Federal withholding tax, Which of the following are reversed as part of the payroll adjustment process? redundancy. one-sided journal entries. How does a payroll accountant use the information in the General Ledger? When employees take vacation and use vacation time: Which of the following taxes would be included in the employer related payroll entry? Magic Me is a manufacturer of magic kits. CostsincurredduringtheyearEstimatedcoststocompleteasof12/31BillingsduringtheyearCashcollectionsduringtheyear2021$300,0001,200,000380,000250,0002022$1,575,00001,620,0001,750,000. a.SUTA funds are used to pay the state and federal administrative expenses and FUTA funds are used to pay the unemployment compensation benefits to the qualified unemployed workers. Salaries Payable (D) none of these. The reversal of General Journal entries is used to represent accrued employer payroll ____ and ____ at the end of the prior month. (C) a liability account (C) a memorandum. costs (all fixed)} & \text{\$ 500.000}\\ D. FUTA Taxes Payable Payment of statutory withholding Which of following steps should be taken by the Human Resources Department when hiring new employees? The typical overtime rate is $5.00 more than the regular hourly rate. -by account type. (C) W-3 useful in determining overhead allocations by department and the need for increased or decreased staff within a specific department, tracks the time employees have spent specifically on projects for which customers are paying, allow managers to determine how much overtime has been paid to employees during a specified time period, Trend reports of income over the period of the year can reveal seasonal increases or decreases in business. (B) payroll journal. general journal entries. Credit Protection Act. Employee Income Tax Payable employers' HI portion of FICA taxes is not.. Work in process on September 1 had 100,000 units made up of the following: During September, 500,000 units were transferred in from the Molding Department at a cost of$640,000. Prepare absorption costing-based income statements for Magic Me Corporation using theoretical capacity, practical capacity, and normal capacity utilization as the denominator levels. (B) is the total earnings since the first of the year. using the wages of the salaried workers only. E) None of the above, 16. bank reconciliation. Chapter 13 Accounting Flashcards | Quizlet d. are required when the fiscal accounting period does not coincide with the end of the payroll period. Trial Balance The first pair of debit and credit columns on the general ledger are for: The second set of debit and credit columns in the general ledger show: The cash based business will show an increase in payroll expenses when: In a manufacturing environment, which of the employees time would be considered entirely directly billable? (A) a check. In general, employers are required to pay state unemployment taxes: Cash 8. a. Payments to sales taxing authorities & 2021 & 2022 \\ Employers are required to furnish each employee with an annual statement of earnings and withholdings before: y=100(1e0.462t). Multiple choice question. Federal income tax is withheld from employee earnings (A) only in those states electing to do so. E. FUTA Tax Expense Transactions from the general journal are posted to individual accounts. The record of all of a firm's financial transactions. salaries and wages payable. A) $107.40 (A distribution column in the payroll register separates the various expenses into classifications such as Sales Expenses, Administrative Expenses, Factory Expenses, etc), 1. Entering the transactions in the general journal. \text{Option \#1:}&&\text{\$ 12,000,000 after five years}\\ taxing authorities, Informed business leaders can use payroll data for all except: b.Employees who work for vendors who provide legal services to any agency of the United States, provided the minimum contract amount is $15,000. Garnishments Cash 3. B) False, 29. D) a percentage of the previous week's gross payroll. laurencbezzant. Psychologists refer to the graph of y=f(x)y=f(x)y=f(x) as a learning curve and to f(x)f^{\prime}(x)f(x) as the learning rate. Payroll-related transactions contain both expenses and liabilities of a company. Multiple select question. Nicole Tipton and Sadik Seferi owned and operated a restaurant in Iowa. (C) shows net pay for one quarter. (A) tax reimbursement. Payroll Taxes Tax withholding and remittance Deductions from gross pay in the payroll register are reflected on the credit side of the journal entry to record the payroll. \text{Variable budgeted manufacturing cost} & \text{\$ 10} & \text{per unit}\\ A) True -Employee review date, What changes should be included in the employee earnings record? Under the FLSA, what information concerning employees' wages must be maintained by the employer? Restoration Midterm. For each choice of denominator level, the budgeted production cost per unit is also the cost per unit of beginning inventory. and an employee earnings record? Payroll Taxes. costs(allfixed)$500.000\begin{matrix} \text { Billings during the year } & 380,000 & 1,620,000 \\ D. payroll. Ch 6 Payroll PRACTICE Flashcards | Quizlet Payroll transactions are recorded in the General Journal and posted to General Ledger accounts. assets, liabilities, equity. What account would be classified as a liability account? -cumulative total on the account The reports are identical and provide necessary 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. B) False, 5. Recording the individual balances of each paycheck. c. to aid in completion of year-end informational returns, such as W-2s. The reports are identical and provide necessary redundancy. Amounts listed on Employees' Earnings Records are used to facilitate computations and to verify accuracy of Form 941, 940, 944, and W-2/W-3. -debit state withholding $1,234, The second set of debit and credit balances in a general ledger will: a.25 A posting reference in the general ledger should . Payroll Accounting 2018 CH 7 Flashcards | Quizlet (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. Prepare a partial balance sheet to show how the information related to this contract would be presented at the end of 2021 assuming this project does not qualify for revenue recognition over time. The maximum amount of gross earnings on which a tax is calculated, A retirement plan approved by the Internal Revenue Service. d. are the earnings paid for optional employee benefits. 12. (B) a receipt. At a minimum, how often should an administrator furnish a statement of total benefits accrued and accrued benefits that are vested under ERISA? The degree of completion of work-in-process inventory at September 30 was as follows: Required FUTA Taxes Payable A debit to an account in a general journal transaction is a debit to that account in the general ledger 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. Experts are tested by Chegg as specialists in their subject area. determining seasonal workforce requirements B. general journal entries. Multicolumn form used to summarize data needed each paydate. Direct deposit of paychecks can be forced on employees in every state. 6. E) FUTA Tax Expense- FUTA Taxes Payable, 19. State unemployment tax Multiple choice question. Payroll Taxes -Marital status liabilities or liability, Apart from the recording of payroll and payment to employees, what other payroll related journal entries would be recorded? Which of the following accounts would appear on the balance sheet? Which of the following are true about the general ledger? (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. (C) federal unemployment tax owed. Have you included any other mandatory deductions? (B) total hours divided by regular rate. create the need for more entries. Add. reversed in the next month. (p. 390), To record the payment of federal unemployment tax, the account debited is Allocate employee expenses to specific departments, Tax withholding and remittance -Each entry will be on one side per account. payroll report interface. E) a percentage of the previous week's net payroll. When a dividend is received from the affiliate. Terms in this set (20) The period covered by a salary payment is a ____. A qualified retirement plan that allows tax-free withdrawals from the account. In other terms, a payroll . Employee regular earnings are calculated as ____. -payroll entries are accrued Government officials state income tax expense d.All employees of companies with federal agency contracts. Blank between entries Are all outgoing remittances double-checked and approved? Let f(x)f(x)f(x) represent the total number of items a subject has memorized xxx minutes after being presented with a long list of items to learn. Disposable earnings: (C) federal unemployment tax. A) True Using an automated entry, the payroll accountant would record transactions through c. employees can be required to participate in an employer's pension plan. The amount of employee pay left after federally mandated deductions are made, including federal and state income tax, social security . FICA Taxes Payable - OASDI $1,534.78 The cash based businesses will show an increase in payroll expenses when: -Each entry will balance within the posting account. Each employee name is listed in a payroll register along with (A) employee number. Study with Quizlet and memorize flashcards containing terms like How can the information shown in the employees' earnings record be used? The employees' earnings records are the link between accounting and human resources and contain information from the payroll register. E) preparing the payroll register. Multiple select question. Other Quizlet sets. Salaries and Wages Payable, Which of the following taxes would NOT be included in the employer related payroll entry? (D) tax fulfillment. What are some of the problems faced by West African economies? Medicare tax The state lottery offers you the following (after-tax) payout options: Option#1:$12,000,000afterfiveyearsOption#2:$2,150,000peryearforfiveyearsOption#3:$10,000,000afterthreeyears\begin{array}{lll} Assume an initial starting FtF_tFt of 300 units, a trend (Tt)\left(T_t\right)(Tt) of eight units, an alpha of 0.300.300.30, and a delta of 0.400.400.40. -Employer matches 401(k) contributions (D) overtime hours minus overtime rate. E) FUTA Tax Expense- FUTA Taxes Payable, 14. a. a debit to Vacation Benefits Payable = $1,178. The employee earnings records form the link between the ____ and ____ _____ departments. C) a creditor garnishment Tags: Question 11 . Multiple choice question. Gross earnings. a percentage of the previous week's gross payroll. b. the standard deduction of the taxpayer. Employer has the right to control both what work will be done and how it will be done. What is the original entry point for payroll information into the accounting system? It adds complexity to the personnel recordkeeping. true or false: The larger the number of withholding allowances claimed, the larger the amount of income tax withheld. 4. Which law governs the fiduciary responsibility that employers have with regards to employees' payroll deductions? If employees must contribute to the state unemployment fund, this deduction should be shown in the payroll tax entry. Wages Expense is debited and Cash is credited. (D) in all 50 states. 401k contributions payable, SS tax payable. a.They must disclose to the job applicant that they are seeking an investigative report. b. is used to record the company's' liability to injured workers. Employees FIT Payable $987.00, ($1,534.78 + $358.94 + $987.00) = $2,880.72. Multiple choice question. SUTA Taxes Payable $383.69 c. are the earnings remaining after withholding income taxes and other amounts required by law.
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