the employee earnings record quizlet the employee earnings record quizlet

(p. 387), Each employer is required by law to report payroll taxes on an C) Payroll Taxes- FUTA Taxes Payable remove the accrual from the account balances. Study with Quizlet and memorize flashcards containing terms like Unclaimed employee wages are returned to the employer. (C) IRS Form W-3 You have won a state lottery. Examples of payroll related liabilities include: Garnishments 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. 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. Did you deposit the payroll taxes? False. The issuance of checks to employees would reduce:(which account). employers' HI portion of FICA taxes is not.. Which of the following is true about the employer responsibility for payroll taxes? Which law governs the fiduciary responsibility that employers have with regards to employees' payroll deductions? Over the three years that you have owned the stock, the corporation's board of directors have taken the following actions: Congratulations! Payment of statutory withholdings What is the original entry point for payroll information into the accounting system? B) False, 11. B) using the same amounts as the prior month's adjustment. Union Dues. A. T F, 28. Multiple choice question. -the description is usually left blank. Hintley Duck Blinds Ltd received a federal tax levy garnishment for their marketing manager, Joanna Mallard, in the amount of $8,523.25. a.The Federal Unemployment Tax Act (FUTA) The amount that an employee is allowed to keep as take-home pay when a federal tax levy is in play is: In all computerized payroll systems, there is still the need to manually post from the printed payroll journal entry to the general ledger. Employees FIT Payable $987.00, ($1,534.78 + $358.94 + $987.00) = $2,880.72. D. payroll. The Assembling Department added the following costs: Assembling fi nished 400,000 units and transferred them to the Finishing Department. expensed in the next month. d. a credit to Vacation Benefits Payable = $1,178. Cash determined by: E) FUTA Tax Expense- FUTA Taxes Payable, 19. 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. B) Payroll Taxes- Cash credit to cash, debit to liability. salaries and wages expense. regular earnings plus overtime earnings. b.The Federal Personal Responsibility and Work Opportunity Reconciliation Act of 1996 (B) separate payroll checking account. Immunology Exam 4 Study Guide (Ch. When a dividend is received from the affiliate. costs(allfixed)$500.000\begin{matrix} False. It produces a plastic toy in three separate departments: Molding, Assembling, and Finishing. Do you know what pay method each employee needs? ACC 301 - Chapter 14 "Stockholders' Equity", Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Fundamentals of Financial Management, Concise Edition, Don Herrmann, J. David Spiceland, Wayne Thomas, Lecture 7 - biological basis of language Part. 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 debit increases which of the following types of accounts? Debits show increases to b. Multiple choice question. Multiple choice question. Payment of voluntary withholdings, Payment of statutory withholdings 480.58 Wages Payable a.To prepare period reports and complete Form W-2 for each employee. Fair Labor Standards Act. Tipton and Seferi were charged with hiring and harboring undocumented aliens. Multiple choice question. union negotiations. 8 & 9 Part 2 - Infant Nutrition, Microsoft Office 2016 Excel 2016 Chapter 7 Wo, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Fundamentals of Financial Management, Concise Edition, Daniel F Viele, David H Marshall, Wayne W McManus. Once the journal entry for the payroll is complete, the information is posted to the appropriate general ledger accounts. If employees must contribute to the state unemployment fund, this deduction should be shown in the payroll tax entry. B) False, 29. When the I-999 forms for the restaurant's employees were reviewed, none were found for the six aliens. b. are only necessary when employees are paid in cash at the end of the year. Carmen Gaetano worked 46 hours during this pay week. true or false: When an employee's earnings exceed the tax base, no more social security tax is deducted. Description information. T F, 10. 20. E) FUTA Tax Expense- FUTA Taxes Payable, 14. EE retirement income security act (ERISA). \text{Sales volume} & \text{260.000} & \text{units}\\ Multiple choice question. c. employees can be required to participate in an employer's pension plan. Assets area Past-DueCategory0-30days31-90daysOver90daysAccountsReceivableTotal$22,48036,54015,330PercentageUncollectible6%17%25%. -Each entry will balance within the posting account. B) False, FICA Taxes PayableHI is a liability account in which is recorded the liability of the employer create the need for fewer entries. Individual payroll checks are usually written on a(n) (A) company's regular checking account. Take-home pay minus weekly standard deduction and exemptions = federal tax levy garnishment. and more. (D) an asset account. Which column exists in the employees' earnings records but not in the payroll register? (D) social security taxes. (p. 383), Each employer who withholds income tax, social security tax, and Medicare tax from employee earnings must furnish each employee an They were paid in cash while other employees were paid by check. Recording the individual balances of each paycheck. 7. Payments to sales taxing authorities Company management, Unions The total earnings paid to an employee after payroll taxes and other deductions. (C) FUTA earnings d.The Civil Rights Act of 1964 sets the minimum wage and the current minimum wage rate is $7.50 per hour. determining when the accumulated wages of an employee reach cutoff levels. Multiple choice 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. True If actual demand turned out to be 288 , calculate the forecast for the next period. Salaries Payable In other terms, a payroll . A) True 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? 9. The general journal entries will be in what order adjusted in the next month. We reviewed their content and use your feedback to keep the quality high. FICA Taxes Payable-HI What is the opportunity cost of the machine when we analyze the alternative to produce 12 oz. Multiple choice question. b. is used to record the company's' liability to injured workers. b. variable, depending upon county that the levy originates. Employee Earnings Record. collecting the time sheets for the days accrued. c.All of the funds are used to provide the benefits of unemployment compensation to qualified unemployed workers. Multiple choice question. A payroll method in which the employee does not handle the paycheck; payment is made by the employer directly to the employee's bank using EFT. (C) deposit. -bring the accountant to the next entry in the general ledger. What if each firm produces a somewhat different product? Which amounts on the payroll register reduce Federal withholding tax but are not deducted for FICA tax computations? The employee earns tips. (C) yearly (C) a memorandum. C) determining when the accumulated wages of an employee reach cutoff levels. A) True determining the per department cost of business operations C. Payroll Taxes \end{array} Identify some of the groups of users. The payment of an employee's net pay using electronic funds transfer, A method of paying an employee based on the amount of sales the employee generates. Salaries Payable a.To prohibit discrimination on the basis of age in the employment practices of employer D) a percentage of the previous week's gross payroll. Multiple choice question. Do you have managerial approval for all employee pay for the period? End-of-Period Adjustments: salaries and wages payable. (A) a revenue Wages and cash expenses d. a determination made by the IRS and sent to the employee on a Form 668-W. c. his/her applicable annual standard deduction based on marital status plus the number of exemptions claimed on Form 668-W. Financial statements for a company are prepared according to GAAP. When the fair value of the affiliate stock increases. True False, An employee who is garnished creates a liability for the business. Wages Payroll, Which of the following items would require an adjusting entry at the end of each accounting period? Income Statement, A labor report provided to management would display: Why is it important for a firm to use both a payroll register What are the arguments for giving separate accounting recognition to the conversion feature of debentures? The total earnings paid to an employee after payroll taxes and other deductions is recorded in the payroll register's (A) Gross Pay column. 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. Multiple select question. Apart from the recording of payroll and payment to employees, what other payroll related journal entries would be recorded? Which of these accounts shows the total gross earnings that the employer incurs as an expense each payday? In recording the monthly adjusting entry for accrued wages at the end of the accounting period, the amount of the adjustment would usually be determined by: The total pay due for a pay period before deductions is ____. -journal entries to post backward. Multiple select question. Assuming you can earn 6% on your funds, which option would you prefer? Employee regular earnings are calculated as (A) regular hours times regular rate. The record of all of a firm's financial transactions. Multiple select question. True. Multiple choice question. Tips received by employees are included as disposable earnings subject to garnishment for child support. Did you prepare remittances for the mandatory and voluntary deductions? C. Wages Payable disposable earnings. Yields the data needed for financial reports (D) W-4. See Answer. True a.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. (B) total hours divided by regular rate. There are no price, spending, or efficiency variances. It uses absorption costing based on standard costs and reports the following data for 2017: Theoreticalcapacity300unitsPracticalcapacity279.070unitsNormalcapacityutilization232.558unitsSellingprice$50perunitBeginninginventory40.000unitsProduction240.000unitsSalesvolume260.000unitsVariablebudgetedmanufacturingcost$10perunitTotalbudgetedfixedmanufacturingcosts$3.000.000Totalbudgetedoperating(non-manuf.) Multiple choice question. (B) federal income tax withheld. Employees are assigned to departments to foster accurate measurements of business segment profitability. How are the funds used which are provided by FUTA and SUTA? 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} (B) payroll . b.The payroll period 5. True False, An accounting firm would pay higher Workers' Compensation Insurance premiums than a steel mill because their employee wages would be higher. b.Executive employees who are 65 years or older and have held high policymaking positions during the two-year period prior to retirement They must pay the employees with actual dollars. Using an automated entry, the payroll accountant would record transactions through 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? FUTA Taxes Payable b. -letter and number FIT Payable would be used for reporting, All of the following are examples of payroll liabilities except: In a payroll register having labor cost distribution columns, the total of each distribution column shows the amount of the gross wages or salaries for a particular department's wage expense. What is the second line of the general journal entry used for? (B) an expense account B) Payroll Taxes- Cash Union dues withheld The reports are identical and provide necessary redundancy. Did you prepare tax deposits and have them checked for accuracy? -posting date and posting time b. Wages Expense is debited and Cash is credited. Employee payments Study with Quizlet and memorize flashcards containing terms like How can the information shown in the employees' earnings record be used? c. Vacation Benefits Expense is debited, and Vacation Benefits Payable is credited. debit to cash, credit to liability. expenses, assets, liabilities. Soccer teams \\\hline a. can take 50% of an employee's disposable income for child support payments. -Employer social security tax If Joanna is single with three exemptions and brings home $845.00/week, what amount will go towards the garnishment each week (manually calculate)? Payroll register. If Dr. d. the Payroll Manager is required by the IRS to submit the electronic records for verification. \text{31-90 days}&\text{\hspace{5pt}36,540}&\text{17\\\%}\\ An item of value that a business uses in the course of its operations and from which it expects future economic benefit. -Balances in the general ledger payroll accounts are used in payroll reports. (A) a check. The account "Workers' Compensation Insurance Expense": 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} (D) all of these. 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%). A financial obligation of the firm arising from revenues received in advance of services or sales or expenses incurred but not paid. medicare tax payable, Recorded employer payroll tax expense for the semimonthly pay period ended april 15. CostsincurredduringtheyearEstimatedcoststocompleteasof12/31BillingsduringtheyearCashcollectionsduringtheyear2021$300,0001,200,000380,000250,0002022$1,575,00001,620,0001,750,000. A computer error could cause Multiple choice question. 5. A) Garnishment for child support payments (A) assets. -Employer matches 401(k) contributions The balances in the General Ledger accounts form the foundation of financial reports. FICA Taxes Payable-OASDI \text{Option \#2:}&&\text{\$\hspace{7pt}2,150,000 per year for five years}\\ When recording the deposit of FUTA taxes owed, the proper entry is: (D) IRS Form 941. Who is covered by the Walsh-Healey Public Contracts Act? -journal entries to post one-sided. Since you plan to conduct business in the target country, you should be concerned about transparency of political institutions and judiciary. Before beginning production of its new vacuum cleaner, the Devaney Company conducted an opinion survey of 1740 people. \text{Beginning inventory} & \text{40.000} & \text{units}\\ Which of these accounts shows the total gross earnings that the employer Interest was paid quarterly, and the note was repaid one year from the time the money was borrowed. 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. using the same amount as the prior month's adjustment. $845.00 - $364.42 = $480.58. a.To prohibit discrimination on the basis of age in the employment practices of employer. Write the equation of the line passing through (5,-3) and parallel to the line with equation 2x+y=-3. Owner's equity = Residual value. Employers have a fiduciary duty to ensure that all amounts deducted from employee pay are remitted to the appropriate entity. 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. requires deduction from employee paychecks . A Company who credits the cash account cannot pay their employees by check. A payroll accrual occurs B) False, 14. Unions a percentage of the previous week's gross payroll. Type of entry -include all descriptions in the general journal. -Marital status \end{matrix} 401(k) contributions expense The production-volume variance is written off to cost of goods sold. (D) overtime hours minus overtime rate. A) $107.40 a.To prepare period reports and complete Form W-2 for each employee b.To complete Form W-2 for each employee c.To prepare period reports and complete Form W-2 for employer d.To prepare period reports e.To complete Form W-2 for employer, Which basic records . C) Vacation pay earned by employees (a) What is yyy after 111 hour (t=1)(t=1)(t=1)? 13. Payment of voluntary withholdings, The ___ ____ column in the General Ledger is a combination of letters and numbers, The use of reversing entries is: Since vacation time is paid when used, there is no need to accrue this time in a liability account at the end of each accounting period. A federal tax paid for old-age, survivors, and disability insurance. Explain your reasoning. c. affect the cash account. Journal entry and page number. -per employee wage reporting true or false:The amount of income tax withheld from each employee's total earnings is determined solely from the number of withholding allowances. The purpose of a labor report is to do what? In accrual accounting, there may also be end-of-period entries to accrue for payroll earned by the employees. Multiple select question. (A) IRS Form W-4 What is f(x)f(x)f(x) ? Question: Why is it important for a firm to use both a payroll register and an employee earnings record? -union negotiations. Fundamentals of Financial Management, Concise Edition, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Daniel F Viele, David H Marshall, Wayne W McManus, Research Methods (Lecture 7): Multi-factor Ex, Prior department costs transferred in from the Molding Department. -bring the accountant to the related entry in the general journal. Payment of voluntary withholdings Federal withholding tax, Which of the following are reversed as part of the payroll adjustment process? a.25 Wages Expense staffing pr income projections, connects directly to the employee's earnings records. b. the standard deduction of the taxpayer. mandated under GAAP None of the above, Which of the following accounts is an expense account in which an (D) Total Deductions column. True Withholding's for a 401(k) plan Employee taxes Period totals are also included A state tax used to pay benefits to unemployed workers is: Balance sheet Have you computed the employer's share of the payroll taxes? Deductions from gross pay in the payroll register are reflected on the credit side of the journal entry to record the payroll. When does peak efficiency occur? (B) a receipt. (D) is the gross earnings for one quarter. should be retained and destroyed at the same interval as other accounting records, A chronological record of a firms financial transactions, A record of a firm's financial transactions, grouped by account report an individual EE's regular time & OT; promote analysis of payroll expenses. Copy and complete the chart. Why is the operating income under normal capacity utilization lower than the other two scenarios? What is the total uncollectible estimated bad debt for Growth Markets LLC? d.Neither of these choices is correct. A federal tax paid for hospital insurance. True a. False. B) $161.10 A) True $368.07. 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. c. What is the percent of definitely responses in each age group? Also known as the Federal Wage and Hour Law. Payroll costs represent an expense of the business. \text{Selling price} & \text{\$ 50} & \text{per unit}\\ Does your company have employees? (C) a memorandum. dividends, equity, assets. Tags: Question 11 . (c) The third group will determine the potential penalties that Tipton and Seferi could face for violating the Immigration Reform and Control Act by hiring six unauthorized workers. Employee's earning record. common stockholders When payroll spans two months. Wages Expense -current entry amount and account Earnings records are supporting documents for: Asset = Amounts belonging to the company The degree of completion of work-in-process inventory at September 30 was as follows: Required (See Immigration Law.). Multiple choice question. (C) employee accounts payable record. Taxes Payable is credited for the total taxes owed (FICA, FUTA, and SUTA). T-accounts. -current transaction in the payroll account -lifetime balance in the payroll account, What are the common components of the posting reference -bank reconciliation. B) completing the journal entry to record the payroll. Allocate employee expenses to specific departments. (Check all that apply). A distribution column in a payroll register separates payroll expenses into classifications such as FUTA, SUTA and net payroll. State unemployment tax redundancy. \text{Total budgeted fixed manufacturing costs} & \text{\$ 3.000.000}\\ A fundamental concept in accounting is the _____ ____ , which must remain balanced. $845.00 - $476.93 = $368.07. The Federal Insurance Contributions Act. Direct deposit of paychecks can be forced on employees in every state. true or false:A single person will have more income tax withheld than a married employee. 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. -Entering the transactions in the general ledger. Which of the following is an employer's payroll responsibility? The source document for paying employee income tax and social security and Medicare tax is: 12. reversed in the next month. completing the journal entry to record the payroll. Multiple choice question. For each choice of denominator level, the budgeted production cost per unit is also the cost per unit of beginning inventory. -department breakdown of labor cost, billiable and nonbillable time Did you transmit the tax returns and remittances? 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. 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. Liabilities = Amounts or services owed by the company a.The total additions to or deductions from wages C) a creditor garnishment . a. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. Accounts Payable Paid cash for liability for employee income tax, $693.00; social security tax, $770.04; Medicare tax, $180.09; total, $1643.13. 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? payroll report interface. A) True allocating employee expenses to departments. Debit accounting information c. a credit to Vacation Benefits Expense = $1,178. 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: (4), True or False: Form W-2 reports an employee's annual earnings and the withholdings for federal income, social security, and Medicare taxes. Actual operating costs equal budgeted operating costs. False, False -before journal entries are recorded b.The employee Payroll records serve as backup for \textbf{Past-Due Category}&\textbf{Accounts Receivable Total}&\textbf{Percentage Uncollectible}\\[5pt] Payment of voluntary withholdings, True or false: The general ledger is the point where information gets entered into the accounting system database. (p. 390), To record the payment of federal unemployment tax, the account debited is D) Salaries Payable -credit state withholding $1,234 Entering the transactions in the general ledger. a. is used to record Workers' Compensation premiums paid by the company. Balances in the general ledger payroll accounts are used in payroll reports redundancy. incurs as an expense each payday? Record used in preparing employee's W-2. b.The Fair Labor Standard Act sets the minimum wage and the current minimum wage rate is $7.25 per hour. Payroll Taxes a.Employees over the age of 40 who have held high policymaking positions during the two-year period prior to retirement -current amount of reduction to the payroll account D) SUTA tax Employee Income Tax Payable -general ledger entries to post backward. a. b. General ledger entries are made ______ (after/before) general journal entries. Which of following steps should be taken by the Human Resources Department when hiring new employees? E) 26.85. a percentage of the previous week's gross payroll. Express her balance after one week algebraically. Computer glitch Vacation Benefits Payable is credited. Common-law relationship. True Other Quizlet sets. True When remitting or depositing federal income taxes, the employer credits the cash account. payroll register. employer records the FICA, FUTA, and SUTA taxes? -company breakdown of supply usage Multicolumn form used to summarize data needed each paydate.