payroll register quizlet

According to Adam Smith, why do the butcher, brewer, and baker provide food for us to buy? General Journal entry to record this transaction? Copyright 2023 AccountingCoach, LLC. Prior year's earnings < Prev 18 of 40 . Discover the latest Today at Work insights from the ADP Research Institute. FUTA funds are used to pay the state and federal administrative expenses and SUTA funds are used to pay the unemployment compensation benefits to the qualified unemployed workers. Information available through a secured web sit, kiosk, or interactive voice response system. How do accrued, but not paid, wages appear on the balance sheet? Tasks previously performed include determining gross earnings, FICA withholding, federal, state and city taxes. Hours worked. D. FMLA Issuanceofbonds. date: Oct 27 Wages and salaries expense 522 $298,384. The higher payroll What is the primary purpose of a labor report? 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? Chapter 7 quiz - the payroll register, employees' earning record, and accounting system entries. Cross), Give Me Liberty! 19. Issuanceofcommonstock.6. A payroll register is the record for a pay period that lists employee hours worked, gross pay, net pay, deductions, and payroll date. D) It is a report that becomes published with other financial reports. Factory overhead excluding indirect materials and indirect labor (record credit to Other Accounts). TransactionTypeofActivityCashInfloworOutflow1. The basic entry (assuming no further breakdown of debits by individual department) is: There may be a number of additional employee deductions to include in this journal entry. Which act covers employee pension and welfare plan.? check mark For a correct answer and double click the box with the question mark to empty the Complete the Regular Earnings columns (Rate per Hour and Amount) for hourly employees. DEBIT CREDIT DEBIT CREDIT 10. Use rates of 6.2 percent for the employer's shareof the social security tax, 1.45 percent for Medicare tax, 0.6 percent for FUTA tax, and 5.4 percent for SUTA tax. All nine have large-screen TVs? Get exclusive business insights delivered straight to your inbox. For fill-in-the-blank questions, press or click on the blank space provided. A company may occasionally print manual paychecks to employees, either because of pay adjustments or employment terminations. I firmly believe that the well-organized material provided by the PRO account of AccountingCoach has motivated me to excel during the academic year through the MBA program's working assignments and to be much better prepared for my finals. CH2 Payroll Acounting CHAPTER 2 Learning Objectives After studying this chapter, students should be able to: 1. Application of overhead to goods in process. An employer has computed the following amounts for its employee Mary during a week in January: gross wages $500.00; FICA tax withheld $38.25; federal income tax withholding $67.25; State income tax withholding $20.00; unemployment taxes $24.00; worker compensation insurance $5.00. When a firm has wages earned but not yet paid at the end of a financial reporting period, what Want more exclusive business insights like this delivered to your inbox?Subscribe now. All of these journal entries are noted below. Define hours worked. \text{4. Loantoanotherfirm.12. Purchaseoftreasurystock.14. & \text{ } & \text{ }\\ the total expenses of the firm and decrease the net income of the firm. How does the payroll register connect with the employees' earnings records? In other words, a payroll register is the document that records all of the details about employees' payroll during a period. - Michalis M. FICA (FICA is the acronym for Federal Insurance Contribution Act. C) It must remain in balance at all times. a wrong answer. Vacaction Benefits Payable- liability. Purchase of inventory.} \text{13. 1. Records and the General Journal. 2. 5. & \text{ } & \text{ }\\ Requirements: 1. Federal withholding tax $ 3,570. each option. 6. Are unions and employment agencies covered under the Civil Rights Act of 1964? The other hourly employees receive overtime pay when they work more than 35 hours in one week. Get inspired to begin transforming HR at your company. Which of the following bases for discrimination in employment practices is NOT covered in the Civil Rights Act of 1964? Transfer of finished jobs to the finished goods inventory. A payroll register does not include: Multiple Choice Pay period dates. How will payroll deductions from employees wages for their portion of 401K plans be recorded? It records payroll record on each employee separately. 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. D) It must wait until the next financial period to record the payroll data. Administrating the state unemployment taxes. Under the U.S. payroll tax a employee has to pay the tax on hi . C) It allows payroll employees to divert funds into faux accounts. Health Insurance payable 224 13,618. Which of the following steps should be taken by the Human Resources Department when hiring new employees? Collectionofnotesreceivable.8. Union Dues Payable-liability \text{6. d. Occupational Safety and Health Act The town is considering an ordinance that would prohibit putting Payroll registers show employers just how much money they need to set aside for payroll expenses, such as the following: In the event of an audit, these records of payroll expenses can help make the process as pain-free as possible. True, The information in the payroll register forms the basis for entries in the Employee Earnings True False. 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. Under the Affordable Care Act, which employers are required to provide insurance coverage for all full-time employees and for their dependents? A) Form W-4 B) Form W-2 C) Payroll register D) Employee earnings record 28. 62. 4. Apr 16 J23 16,495 32. B) tax remittance information 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. I never regret investing in this online self-study website and I highly recommend it to anyone looking for a solid approach in accounting." \text{11. Tap into a wealth of knowledge designed to simplify complex tasks and encourage strategic decisions across key functions. True, In the General Ledger, the debit column reflects the balance of the account. Type the formula, then press Enter. C) $12,576. 28. Rushing River Boats has the following data in its Social Security tax payable General Ledger Purchase of rent in advance.} 401(k) contributions payable 223 ??? 54. Collection of notes receivable.} True False. 63. Dont take our word for it. SUTA tax payable 9,481. Any boxes Left with a question mark will be automatically graded as incorrect.) C) A debit balance will decrease the expenses of the firm's income statement. 4. Want more practice questions?Receive instant access to our graded Quick Tests (more than 1,800 unique test questions) when you join AccountingCoach PRO. If you are recording it directly into the general ledger or the payroll journal, then use the same line items already noted for the primary payroll journal entry. A) It communicates departmental profitability. D. All employees earning the minimum wage. What obligations are imposed upon the employer by the Fair Credit Reporting Act of 1968? (You may select more than D) the employee's name, social security number, and address The ___ is a multicolumn form used to assemble and summarize the data needed at the end of each payroll period. Feb 15 J 4. It exists in many forms, from manual booklets and ad-hoc registers created in Excel to reports produced by dedicated payroll software. 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. Keeping vital payroll data up to date and easily accessible is essential for employers to address unexpected discrepancies without confusion. 7. This will increase the Indirect labor usage. B) Posting 30. NAME MARITAL STAT. 21 Withholding" and "Earnings subject to FICA"? Also, indicate whether the transaction is a cash inflow (CI) or cash outflow (CO), or has no effect on cash (NE). entry? the payroll? (You may select more than one answer. For what reason are "distribution" columns sometimes provided in the payroll register? 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. 1. C) Cross-referencing B) Total overtime earnings Which of the following is not a provision of FLSA? Jan 19 Wages and salaries payable 226 8,134. On which income statement will the state unemployment tax expense appear under accrual accounting? Medicare tax payable 3,197. Department of branch 4. 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. 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. This entry usually includes debits for the direct labor expense, salaries, and the company's portion of payroll taxes. E. All of the above are provisions of ERISA. 5. B) Debit Cash $13,618; Credit Health Insurance Payable $13,618. ls the Federal Government covered under the Civil Rights Act of 1964? Authorize a power of attorney. pay date. B) Payroll register Does the Federal Income Tax Withholding Law require all employment data to be kept permanently? True (California, New Jersey, New York & Rhode Island). Purchaseofrentinadvance.4. 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. A(n) ________ is a collection of cash and other items that are used in the operation of the C) Garnishment 14. A) Form W- Although they record much of the same information, payroll journals and payroll registers are not identical. Which basic records are generated in most payroll accounting systems? C) It is non-traceable labor that a company must absorb as overhead. Neither The Balance Sheet Nor The Income Statement. Any Boxes left with a question mark will be automatically graded as incorrect.) D) As liabilities D) Garnishments, Which columns might an employer include to facilitate employer-share payroll tax General C) the name of the firm and the payroll accountant Not only will this make it easier for you to pay your taxes and do payroll reconciliation, but it also allows employees to better understand their finances. statement? 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 A) The statement of owners' equity How do the Stanford-Binet and Wechsler tests differ? Requirements: Record the deduction for group insurance. Make payments. 5 pay date: May 5 Payroll Taxes Expense $ 27,671. C) Debit Revenue, $250,000; Credit Cash, $250, U.S. government T-bills account for 45%45 \%45% of the portfolio, large-company stocks constitute another 40%40 \%40%, and small-company stocks make up the remaining 15%15 \%15%. 2. HOURS WORKED Jeremy Ortiz is an employee of Insulor Flooring, where his job responsibilities include selling service contracts to customers. 55. Use the information in the previous exercise to prepare journal entries for the following events in May. For the entry on January 31, what does the J4 signify? Zipperle Company has the following payroll information for the pay period ending September 18, Manage labor costs and compliance with easy time & attendance tools. A) As assets C) It is a worksheet that accountants use to ensure payroll accuracy. A) $2,253. 18 During the past week, the employee worked 50 hours. It offers practical information concerning the subject matter and is provided with the understanding that ADP is not rendering legal or tax advice or other professional services. 221 401(k) contributions payable 223 454. A credit of $16,250 is recorded on the June 25 b. Owners equity as of December 31, 2014, assuming that assets increased by $113,000 and liabilities increased by$44,000 during 2014. E. Sex, Which of the following statements is NOT a provisions of ERISA? Does every state have both federal and state unemployment laws? What is a use of a firm's labor trend reports? A. True Which of the following is true of employee's earnings record? Rushing River Boats has the following data in its Social Security tax payable General Ledger Employers can exempt the following employees from the Family and Medical Leave Act. At a minimum, payroll registers help businesses: But thats hardly the extent of how beneficial a payroll register can be. How might globalists and traditionalists view cultures, places, and regions differently. lf an investigative consumer report is used in an employment decision, does the employer need to tell the individual? 11. Learn how we can tackle your industry demands together. chronologically. From recruitment to retirement, getting the very best out of your people. A) It must credit the asset accounts for the appropriate payroll amounts. The W-2 provides all of the information required by the Affordable Care Act. What is general priority order concerning wage attachements. b. under the Civil Rights Act of 1964, the U.S. Government is classified as an exempt employer. In a recent study, 90 percent of the homes in the United States were found to have largescreen TVs. A) The income statement A payroll liability can include wages an employee earned but has not yet received, taxes withheld from employees, and other payroll-related costs. A payroll register is a valuable tool that records employee wage information for each pay period and pay date. * B) Debit $4, C. 40 \text{9. Journal entries? Want to read all 11 pages? Executive employees who are 65 years or older and have high policymaking positions during the two-year period prior to retirement. How does the FIFO method different from the weighted-average method? A) Revenue BALANCE Transaction1. on the first day of the next financial period? Deductions from total earnings 10. Which of the following best describes the purpose of the payroll register? so that the new employee can be properly added to the payroll, Employment application forms are usually discarded when the applicant is hired. The employers total expense for Marys employment during the week is. 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 False - also needs to be a reasonable amount. account: Social Security tax payable ACCOUNT NO. 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. Jun 23 Wages and. 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. Record the journal entry to account for employer payroll taxes based on the totals in the payroll register and the FUTA and SUTA calculations. It records payroll record on each employee separately. Dooley Publishing has the following payroll data for its July 1 pay date: Jul 1 Wages and salaries. Small, midsized or large, your business has unique needs, from technology to support and everything in between. (You may Pre-hire questions pertaining to religion, gender, national origin, or age are allowed if: Which of the following forms is used to notify the Payroll Department to add a new employee to the payroll? Explain the use of the "Cumulative" column in the employee's earnings record. From best practices to advice and HR consulting. 58. If the expected returns are 3.8%3.8 \%3.8% for the T-bills, 12.3%12.3 \%12.3% for the large-company stocks, and 17.4%17.4 \%17.4% for the small-company stocks, what is the expected return of the portfolio? What entry should appear in the General Ledger to reflect the business. Take your organization to the next level with tools and resources that help you work smarter, regardless of your businesss size and goals. C) Employee pay disbursement and voluntary deduction remittance B) As equity Legalor equitable procedure by which a protion of the wages of any person must be withheld for payment of a debt. What does the term "billable time" mean as it pertains to payroll accounting? Payroll Register This is the first task to completing Olney Company's payroll register. D) It should create a reversing entry in the General Journal. 33. 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. An employee is hired at a pay rate of $10 per hour. In Philadelphia, Pennsylvania, most workers are subject to three income taxes upon their earnings - federal state and city. Multiple Choice. The information provided in the payroll register is used primarily to meet the requirements of the Fair Labor Standards Act. the total incomes of the firm and decrease the net income of the firm. A) It may be expressed as assets + liabilities = owners' equity. Payment of income taxes.} & \text{ } & \text{ }\\ B) Employee address 15. Which of the following are processes that occur in most payroll accounting systems? 11. How does a debit balance in the wages and salaries expense account affect a firm's income What is The balance in the account? Simplify and unify your HCM compliance processes. If you have difficulty answering the following questions, learn more about this topic by reading our Payroll Accounting (Explanation). D) Company website The lower the payroll mark to empty the box For a wrong answer. Since Eco Brewers is a monthly schedule McHale Enterprises has the following incomplete General Journal entry for the most recent pay the health Insurance is qualified under Section 125? DATE DESCRIPTION POST REF. D) A debit balance will increase the income of the firm's income statement. Social Security tax $ 1,670. Purchase of treasury stock.} 29. Medicare tax $ 390. C. FLSA D. Religion You face specific challenges that require solutions based on experience. ADP hires in over 26 countries around the world for a variety of amazing careers. & \text{ } & \text{ }\\ Single click the box with the question mark to produce a check, In the following payroll transaction, what is the amount of the net pay? Any boxes left with a question mark will be automatically graded as These computations are shown in the Employee Payroll Register. C) Alphabetically You can enter a formula into a cell manually (typing it in) or by pointing to the cells. On October 15, Eco Brewers had a balance of $4,390 in its Social Security tax payable account. how did miss kitty die on gunsmoke, goskippy proof of no claims,

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