B) A debit balance will increase the expenses of the firm's income statement. To which items is information from the payroll register transferred? Paymentofalong-termnotepayable.13. 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. In a recent study, 90 percent of the homes in the United States were found to have largescreen TVs. Type an equals sign (=) to signal the fact that the cell contains a formula. C) $12,576. Payroll registers are typically a series ofsimple charts (one for each employee during a given pay period) that include such information as: Note that payroll recordkeeping laws differ across jurisdictions. Payroll registers can be created using spreadsheets, although this may not be ideal for most employers. D) The same as the chart of accounts Under FMLA, may employers exempt the highest paid 10 percent of the workforce? The completed Payroll Register for the February and March biweekly pay periods is provided, assuming benefits went into effect as anticipated. D) The labor report 1. The payroll register is a separate payroll record that is kept on each employee. Basic payroll register templates can be found online or created in programs like Excel. A) Worker's Compensation B) Employee address Oct 27 Wages and salaries payable 226 202,671. Any boxes left with a mark for a correct Answer and double click the box with the question mark to empty the box for ls the payroll register used for journalizing the payroll entries? D. Religion When specific payroll details are needed, such as during an audit, accountants typically refer to the payroll journal instead of the general ledger. We now offer 10 Certificates of Achievement for Introductory Accounting and Bookkeeping. B) It is an individual register maintained for each employee, listing of all the payroll information. Net pay $ 19,747. May an employer terminate an employee for lying on an application form? FUTA tax payable 1,322. Collectionofnotesreceivable.8. 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? What is the primary purpose of a labor report? All nine have large-screen TVs? Which of the following acts prohibits discriminating in hiring, firing, promoting, compensating, or in nay other condition of employment on the basis of race, color, religion, gender, or national origin? B) Credit $1, B) Total overtime earnings date: Oct 27 Wages and salaries expense 522 $298,384. A) Form W- During this process, employers reconcile their payroll transactions and make sure that their accounting and recordkeeping practices comply with regulations. Hours worked. 221 Who pays the social security taxes that are levied by the Federal Insurance Contributions Act? Your sister currently uses 1,700 minutes and sends 1,600 texts each month. SUTA Taxes Payable-liability A) Both documents contain year-to-date totals of taxes. Our online store for HR apps and more; for customers, partners and developers. D) Credit $30. Based on the following data, prepare the appropriate journal entry when paying employees: Total wages earned were $8000 E. All are provisions of FLSA. 21 Generally, a payroll register lists the following information about each employee: Gross pay Net pay Payroll taxes Employee deductions (e.g., health insurance) pay \ A) It is employee labor that may be billed to customers. We have credited a liability account for each of the tax amounts. Make payments. Also, indicate whether the transaction is a cash inflow (CI) or cash outflow (CO), or has no effect on cash (NE). 5 pay date: May 5 Payroll Taxes Expense $ 27,671. Payroll typically creates an accrued liability for all of the following reasons except Because it is unnecessary to report amounts owed to employees for salaries or wages earned. automatically graded as incorrect.) This will increase the Sale of equipment for cash.} Jan 31 J4 420 1, Workers' compensation insurance premiums are paid for by the employees, Workers' compensation insurance premiums vary according to the different degrees of danger in the employees' jobs. and year-to- date earnings. Are employers required to keep a photocopy of the l-9 form? A) Employee pay accrual and employee pay disbursement How will payroll deductions from employees wages for their portion of 401K plans be recorded? What does the Civil Rights Act of 1954 cover? D) Transcribing 6. You can enter a formula into a cell manually (typing it in) or by pointing to the cells. ERISA provides for full vesting of the employer's contributions in three years or gradually over six. B) It depicts the ideal distribution of labor in a firm. Who are the winners and who are the losers when the minimum wage is increased? (review sheet 4), Leadership class , week 3 executive summary, I am doing my essay on the Ted Talk titaled How One Photo Captured a Humanitie Crisis https, School-Plan - School Plan of San Juan Integrated School, SEC-502-RS-Dispositions Self-Assessment Survey T3 (1), Techniques DE Separation ET Analyse EN Biochimi 1, The purpose of the net pay and check number columns in the payroll register is to verify Gross pay and net pay. 4. Complete the steps outlined below: 1. In other words, a payroll register is the document that records all of the details about employees' payroll during a period. 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. Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Elliot Aronson, Robin M. Akert, Samuel R. Sommers, Timothy D. Wilson, Fundamentals of Financial Management, Concise Edition. D) Employer's Federal Income tax, Which of the following columns would be used as part of a general journal entry? BALANCE DATE DESCRIPTION POST REF. Purchaseofrentinadvance. Which of the following are processes that occur in most payroll accounting systems? in its Federal withholding tax payable account. mark to produce a Check mark for a correct answer and double click the box with the question Copyright 2023 AccountingCoach, LLC. Purchaseoftreasurystock.14. This check may be paid through the corporate accounts payable bank account, rather than its payroll account, so you may need to make this entry through the accounts payable system. 12. FUTA Taxes Payable-liability Medicare tax $ 390. True, Payroll accruals reflect the amount of payroll paid but not earned at the end of the financial Which of the following bases for discrimination in employment is not covered under the Civil Rights Act of 1964? The primary payroll journal entry is for the initial recordation of a payroll. C) Labor reports A well-kept payroll register is also useful when preparing payroll tax reports, including: A payroll register is a record of payroll information for every employee each pay period. 8. FICA Taxes Payable-OASDI-liability True, Besides containing the supporting data for periodic tax reports, the employee earnings record Jeremy is single with two withholding allowances. D) The transaction appears on page four of the General Journal. Hence, no need to accrue any salaries. C) Both documents contain information from multiple pay periods. & \text{ } & \text{ }\\ At a minimum, payroll registers help businesses: But thats hardly the extent of how beneficial a payroll register can be. 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. 53. expenses are, the lower the profitability will be. 5. It records payroll record on each employee separately. Its easier to keep accurate payroll records and run reports quickly with payroll software. 2. D) Company website Payment of income taxes.} Next, click on the Insert Debit/Credit button, enter the first account number ( 12) or click on the pop-up Chart of Accounts icon to display a list for selection. D) General journal numbers 65. Of the items in the following list, which one (s) should appear in a payroll register? A) Debit R. Sanders Capital, $250,000; Credit Cash, $250, A. 18. Sale of equipment for a note receivable.} \text{7. the payroll? As of the June 11 pay date, the General Ledger account for Burling Mills has a balance of $14, 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 payroll register can also . employees' payroll, one for the employer's share of the taxes. The portion of the Federal Insurance Contributions Act that deals with Social Security is called. 401(k) contributions $ 1,115. Which of the following best describes the purpose of the payroll register? What information is commonly provided by a job-seeker on the application for employment form? These entries are then incorporated into an entity's financial statements through the general ledger. The payroll register lists all the employees who earned remuneration, the amount of remuneration, the deductions, and the net amount paid. B) Because payroll represents an asset and an income of the business. 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. Describe the main types of records used to collect payroll data. 58. There will also be credits to a number of . ls Form l-9 completed only by employees born in outside of the USA? Multiple Choice Q05 Sale of land for cash.} Wages and salaries-Operating expense-debit Security taxes? 1. Health Insurance Premiums Collected-liability C) Alphabetically The total of each distribution column shows the total amount of that department's wage expense. Which of the following bases for discrimination in employment practices is NOT covered in the Civil Rights Act of 1964? Report changes to your business. question mark Will be automatically graded as incorrect.) Feb 15 J Your portfolio has three asset classes. The Federal Insurance Contributions Act covers restrictions on the employment of child labor. There may be an accrued wages entry that is recorded at the end of each accounting period, and which is intended to record the amount of wages owed to employees but not yet paid. Does the Federal Income Tax Withholding Law require all employment data to be kept permanently? Purchaseofrentinadvance.4. A) The total of the debits must equal the total of the credits. May criminal background checks be used by all employers for any person? Cash 101 202,671. Factory payroll costs in cash. D) It is a report that becomes published with other financial reports. A) Employee pay accrual and employee pay disbursement Under the Affordable Care Act, which employers are required to provide insurance coverage for all full-time employees and for their dependents? B) Social Security tax, $792; Medicare tax, $204. tax Remittance on February 15? Which basic records are generated in most payroll accounting systems? Transcribed image text: Columns included in the payroll register to compute net pay may include which of the following? Does workers' compensation laws only relate to work-related incidents? D) Debit Health Insurance Payable $27,237; Credit Cash $27,237. 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. Payroll registers include all of the information in a pay period for all employees. How are the funds used which are provided by FUTA and SUTA? DEBIT CREDIT DEBIT CREDIT Issuanceofcommonstock.6. \text{6. A payroll register lists all basic information related to employee take-home pay. E. 65, Which of the following is not a provision of the Fair Labor Standards Act? BALANCE C) It designates where labor is used in a firm. D) Both documents contain details of employee earnings, deductions, and disbursement for a Name of each employee 5. 3. Social Security tax payable ??? These details include the employee id number, the department they belong, their job profile, etc. CH2 Payroll Acounting CHAPTER 2 Learning Objectives After studying this chapter, students should be able to: 1. \text{1. Withholding" and "Earnings subject to FICA"? Tap into a wealth of knowledge designed to simplify complex tasks and encourage strategic decisions across key functions. & \text{ } & \text{ }\\ \text{9. 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? expense 522 $ 182,930. PAYROLL REGISTER Upload your study docs or become a Course Hero member to access this document Continue to access End of preview. Sale and delivery of finished goods to customers for cash (record unadjusted cost of sales). B) It facilitates accuracy in employee payroll tax computations. 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? one answer. How do accrued, but not paid, wages appear on the balance sheet? FICA (Federal Insurance Contributions Act). What is the purpose of the Age Discrimination in Employment Act (ADEA)? the total expenses of the firm and increase the net income of the firm. B. ERISA What must the employer do with unclaimed checks. c. More than five have large-screen TVs? Verify the date and enter General as the reference. A) It may be expressed as assets + liabilities = owners' equity. Issuance of bonds.} Learn how we can make a difference by joining forces to improve the success of the clients we share. Which items would be debited in the General Journal entry to record the employees' share of C. ERISA establishes minimum vesting schedules that protect the workers' benefits. Purchaseofinventory.7. For what reason are "distribution" columns sometimes provided in the payroll register? Transfer of finished jobs to the finished goods inventory. Forbids discrimination in hiring. When a firm has wages earned but not yet paid at the end of a financial reporting period, what Question: Continuing Payroll Problem, 6B: Chapter 6 You have almost completed the Olney Company's Employee Payroll Register for the pay period ending January 8, 20--. B) Both documents contain information about the employee's address and job title. True, A debit always decreases the balance of an account. The purpose of payroll register is to record of all the payment details for employees during a specific pay period. Megan Newell is the owner and operator of Ultima LLC, a motivational consulting business. Take your organization to the next level with tools and resources that help you work smarter, regardless of your businesss size and goals. Another important step in maintaining a payroll register is to perform audits. Small, midsized or large, your business has unique needs, from technology to support and everything in between. so that the new employee can be properly added to the payroll, Employment application forms are usually discarded when the applicant is hired. D) Credit $. 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. Collectionofanaccountreceivable. Any boxes Left with a question mark will be automatically graded as incorrect.) 401(k) contributions payable 223 454. NAME MARITAL STAT. 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 Payroll-Operating expense-liability What portions of an employee's wages are exempt from a federal tax levy. & \text{ } & \text{ }\\ 41. What are the General Journal entries that should appear on each pay date? Saleofequipmentforanotereceivable.10. D) It may contain whatever accounts the accountant wishes to include. 20. statement? The ________ is the master document that contains an employee's marital status, deductions, Can employees view documents in their files that are marked confidential? B) Payroll register 17. Does every state have state unemployment laws? business. 31. Employers can exempt the following employees from the Family and Medical Leave Act. What is general priority order concerning wage attachements. B) $15,298. The payroll register needs to record the hours each employee has served in the firm in a day. \text{4. Those who have not worked at least one year and at least 1,250 hours in the previous 12 months for the company. 2. B) Employee pay remittance and voluntary deduction remittance When the employer pays the employee in 2023 for the vacation earned in 2022, what account will the company debit? For advanced capabilities, workforce management adds optimized scheduling, labor forecasting/budgeting, attendance policy, leave case management and more. b. 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) By order of importance Harold Averkamp (CPA, MBA) has worked as a university accounting instructor, accountant, and consultant for more than 25 years. These liabilities accompany every payroll you run. Payroll Chapter 1 Flashcards | Quizlet Payroll Chapter 1 5.0 (5 reviews) Term 1 / 50 True Click the card to flip Definition 1 / 50 The current minimum wage set by the Fair Labor Standards Act is $7.25 per hour Click the card to flip Flashcards Learn Test Match Created by kittykiss Terms in this set (50) True 221 6. Want to read all 11 pages? A) Debit $1, Form W-2 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%. 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. Does every state have both federal and state unemployment laws? What special accounts must usually be opened in the general ledger to record payroll tax entries? Current period taxable earnings for FICA taxes are as. In what order are accounts presented on the trial balance? $3,825 of employee withholding ($50,000 X 0.0765), Exempt Salaried Employees Paid Semi-monthly. False - also needs to be a reasonable amount. What are the main kinds of information contained in a payroll register? Explain the major provisions of the Fair Labor Standards Act. A) Debit Cash $27,237; Credit Health Insurance Payable $27,237. Want more exclusive business insights like this delivered to your inbox? 7. Want more exclusive business insights like this delivered to your inbox?Subscribe now. : an American History (Eric Foner), Psychology (David G. Myers; C. Nathan DeWall), Biological Science (Freeman Scott; Quillin Kim; Allison Lizabeth), The Methodology of the Social Sciences (Max Weber), the payroll register, employees' earning record, and accounting system entries, Chapter 5 quiz - employee net pay and pay methods, compute social security and medicare tax withholding, Chapter 4 quiz - fringe benefits and voluntary deductions, different between pre-tax and post-tax, Lab Calendar [CHEM 2551-HYB01] Spring 2021, Chapter 6 quiz - employer payroll taxes and labor planning, Conic Sections - Lecture notes Chapter 6 Notes, Emotional and Cultural Intelligence (D082), Introduction To Computer And Information Security (ITO 310), Professional Application in Service Learning I (LDR-461), Advanced Anatomy & Physiology for Health Professions (NUR 4904), Principles Of Environmental Science (ENV 100), Operating Systems 2 (proctored course) (CS 3307), Comparative Programming Languages (CS 4402), Business Core Capstone: An Integrated Application (D083), Bates Test questions The Thorax and Lungs, Student-HTN-Atherosclerosis Unfolding Reasoning, ATI System Disorder Template Heart Failure, Lesson 17 Types of Lava and the Features They Form, Wong s Essentials of Pediatric Nursing 11th Edition Hockenberry Rodgers Wilson Test Bank, Test Out Lab Sim 2.2.6 Practice Questions, The tenpoint plan of the new world order-1, Piling Larang Akademik 12 Q1 Mod4 Pagsulat Ng Memorandum Adyenda at Katitikan ng Pulong ver3, The cell Anatomy and division. var d=new Date(); document.write(d.getFullYear()); ADP, Inc. Find the package that's right for your business. \text{13. Record the health insurance deduction. See how we help organizations like yours with a wider range of payroll and HR options than any other provider. C. 40 ls the FUTA tax used to pay unemployment benefits? D) It is a report designed to be read by parties external to the firm. Gross pay and net pay. C. National Origin 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. Federal withholding tax $ 3,570. A payroll register is a valuable tool that records employee wage information for each pay period and pay date. E. OASDI. February 7 Journalize the employer . Compute and record the Kipley Company's SUTA and FUTA contributions. This entry usually includes debits for the direct labor expense, salaries, and the company's portion of payroll taxes. These computations are shown in the Employee Payroll Register. B) General Journal Step 2: Working Hours. Keeping vital payroll data up to date and easily accessible is essential for employers to address unexpected discrepancies without confusion. D) It must wait until the next financial period to record the payroll data. How do the Stanford-Binet and Wechsler tests differ? C) Debit Revenue, $250,000; Credit Cash, $250, B. Jul 1 Wages and salaries payable 226 113,562. 64. B) It is always expressed as assets = liabilities - owners' equity. B) tax remittance information Should an employer in Philadelphia record the liability for the withholding of all three income taxes in one liability account such as INcome Taxes Payable? Which of the following is true about the fundamental accounting equation? 5. D) 401(k) contributions This guide is intended to be used as a starting point in analyzing an employers payroll obligations and is not a comprehensive resource of requirements. 16. So that the total amount of accumulated wages can be recorded for each pay period thus when the accumulated wages of an employee reaches the cutoff level has been reached. Payroll data for the current week are as follows: hours worked, 46; federal income taxwithheld, $110; cumulative earnings for the year prior to this week, $24,500; Social security tax rate, 6% on maximum of $100,000; and Medicare tax rate, 1.5% on all earnings; state unemployment compensation tax, 3.4% on the first $7,000; federal unemployment This account would be credited for the amount paid. It is a monthly schedule depositor. 1. Are FICA taxes levied upon employers only? What are the enhancing qualities of the qualitative characteristics? In a sample of nine homes, what is the probability that: a. B) Gross pay 1. Sometimes you will see all the taxes lumped together into one account called Payroll Taxes Payable. incomes are, the higher the profitability will be. chronologically. Read more about the author. C) Social Security tax, $746; Medicare tax, $174. Union Dues payable 227 4,683. D) the employee's name, social security number, and address account: Social Security tax payable ACCOUNT NO. C) the name of the firm and the payroll accountant & \text{O} & \text{CO}\\ Zipperle Company has the following payroll information for the pay period ending September 18, Collectionofanaccountreceivable.5. Columns included in the payroll register to compute net pay may include which of the following? A) It communicates departmental profitability. HOURS WORKED Jeremy Ortiz is an employee of Insulor Flooring, where his job responsibilities include selling service contracts to customers. each option. 3. Wages and salaries payable 226 202,671. Which of the following is not a provision of ERISA? 57. Paymentofemployeesalaries.2. Which of the following reports links the accounting and the human resources departments? 10. An employee is hired at a pay rate of $10 per hour. 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. We have been recognized by esteemed organizations for the value we bring to our clients, our associates and the global community. 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. D) Garnishments, Which columns might an employer include to facilitate employer-share payroll tax General Which of the following is true of employee's earnings record? What is the term for transferring data from the General Journal to the General Ledger? Paymentofincometaxes.9. This entry is then reversed in the following accounting period, so that the initial recordation entry can take its place. D) It adds complexity to the payroll register. 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? the box With the question mark to empty the box for a wrong answer. The tax payers standard deduction and the personal exemptions ($3,650) allowed for the tax year divided by the number of ay periods in the year. What are some examples of secondary sex characteristics? 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. period. DEBIT CREDIT DEBIT CREDIT The current minimum wage set by the Fair Labor Standards Act is $7.25 per hour, The FLSA imposes no record keeping requirements on employers, The employer is required by the FLSA to display a poster that informs employees of the provisions of the law, All states have set their minimum wage to be the same as the Federal government, Under the Federal Insurance Contributions Act, the Medicare portion of the tax is only paid by the employer, The FLSA provides health insurance for the aged and disabled(medicare), The tax paid to the federal government for unemployment taxes is used for paying state and federal administrative expenses of the unemployment program, The Self-Employment Contributions Act imposes a tax on the net earnings from self-employment derived by an individual from any trade or business, Each state imposes an income tax on employees that is 2 percent of gross wages, Only six states do not impose a state unemployment tax on employers in their state, One of the provisions of coverage of the Civil Rights Act is that the employer must have 15 or more workers, Title VII of the Civil rights Act protects all employees from arbitrary dismissal, By the use of executive orders, the federal government has banned discrimination in employment on government contracts, Employers not subject to Title VII coverage may come within the scope of the Civil Rights Act by reason of a contract or subcontract involving federal funds, Under the Civil Rights Act of 1964, the U.S. government is classified as an exempt employer, An exemption to the protection that the Age Discrimination in Employment Act provides for all workers over 40 involves executives who are 65 or older and who have held high policy making positions during the 2 year period prior to retirement, Under the Federal Personal Responsibility and Work Opportunity Reconciliation Act, every employer is required to report the name, address, and social security number of each new employee to the appropriate state agency, Form I-9 must be completed by each new hire, Employers are now required to photocopy new employees' form I- 9 documents, In order for the Walsh-Healey Public Contracts Act to protect laborers for contractors who furnish materials to any agency of the U.S., the contract amount must be at least $10,000, Under FMLA, the time off must be used in one uninterrupted period of time.
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