payroll register quizlet

D) It highlights issues and results of seasonal labor. \text{10. Employees with less than a five year tenure of employment. Under FMLA, may employers exempt the highest paid 10 percent of the workforce? Employers use the employee's earnings record in preparing ___. Small, midsized or large, your business has unique needs, from technology to support and everything in between. 61. *Graph the equation using the slope and $y$-intercept, as in the Previous Examples. What is the role of enhancing qualities in the conceptual framework? D) The labor report After recording this entry, reverse it at the beginning of the following accounting period, and then record the actual payroll expense (as just described under the "Primary Payroll Journal Entry" section whenever it occurs. D) Transcribing Indirect materials usage. 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. Forbids discrimination in hiring. The company does not provide health insurance, paid vacations, or any other benefits. C) It should disburse the accrued pay to the employees. Assume that the company uses the accrual method of accounting. C) Labor reports The first answer is provided as an example. Sale of equipment for a note receivable.} Net pay $ 19,747. Raw materials purchases for cash. 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. B. D) Garnishments, Which columns might an employer include to facilitate employer-share payroll tax General one answer. Time worked - regular & overtime 7. A) It should create a reminder about the accrual to ensure accuracy of computations on the next Collectionofnotesreceivable.8. B) Both documents contain information about the employee's address and job title. Discover what others say about us. True Which of the following is true of employee's earnings record? 12. Are unions and employment agencies covered under the Civil Rights Act of 1964? Factory payroll costs in cash. answer And double click the box with the question mark to empty the box for a wrong answer. Records and the General Journal. Discover what others say about us. Here is the payroll journal entry to record the payment of the paycheck: Payroll Journal Entry Example 1 Notice the Wage Expense is debited for the gross pay. A) $399,472. 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? Paymentofalong-termnotepayable. Issuanceofcommonstock.6. so that the new employee can be properly added to the payroll, Employment application forms are usually discarded when the applicant is hired. Does the Federal Income Tax Withholding Law require all employment data to be kept permanently? What are the enhancing qualities of the qualitative characteristics? Make payments. 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. Social Security tax payable ??? C) Employee pay disbursement and voluntary deduction remittance 221 What options might Hazel consider if the 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 A) Net pay Payment of an account payable.} Want more exclusive business insights like this delivered to your inbox?Subscribe now. & \text{ } & \text{ }\\ : an American History (Eric Foner), Psychology (David G. Myers; C. 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True, A debit always decreases the balance of an account. 19. Under FMLA, may an employer substitute an employee's earned paid leave for part of the 12-week family leave? B) It contains a detailed listing of every transaction during a period. 39. Purchase of inventory.} D) A debit balance will increase the income of the firm's income statement. Are FICA taxes levied upon employers only? E. Highest-paid 10% of their workforce. B) Social Security tax, $792; Medicare tax, $204. Comprehensive payroll and HR software solutions. This sort of regular data-entry routine, when strictly adhered to, can help ensure accurate payroll records. D) Both documents contain details of employee earnings, deductions, and disbursement for a This entry usually includes debits for the direct labor expense, salaries, and the company's portion of payroll taxes. Step 2: Working Hours. 1. The primary payroll journal entry is for the initial recordation of a payroll. C. ERISA establishes minimum vesting schedules that protect the workers' benefits. ADP helps organizations of all types and sizes unlock their potential. A company may occasionally print manual paychecks to employees, either because of pay adjustments or employment terminations. Fast, easy, accurate payroll and tax, so you can save time and money. Saleofequipmentforcash.TypeofActivityOCashInfloworOutflowCO. 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. Who pays the social security taxes that are levied by the Federal Insurance Contributions Act? C. National Origin B) $2,572. Form W-2 \text{15. 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. A) $1,582. What does the Civil Rights Act of 1954 cover? How does a payroll accountant keep track of employee's year-to-date earnings for wage bases on taxes like FICA, FUTA, and SUTA? 17. Purchaseoftreasurystock.14. Take your organization to the next level with tools and resources that help you work smarter, regardless of your businesss size and goals. Learn more about Privacy at ADP, including understanding the steps that weve taken to protect personal data globally. Health Insurance payable 224 8,375. Employers can exempt the following employees from the Family and Medical Leave Act. each option. Feb 15 J D) It may contain whatever accounts the accountant wishes to include. the total expenses of the firm and decrease the net income of the firm. What are the main kinds of information contained in a payroll register? Explore our full range of payroll and HR services, products, integrations and apps for businesses of all sizes and industries. D. FMLA Identify distinctive compensation plans. Purchase of treasury stock.} A) Employee pay accrual and employee pay disbursement a. Walsh-Healey Public Contracts Act Under the FLSA, what information concerning employees' wages earned must be maintained by the employer? 2. 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. A) It is a list of all persons and companies that the company pays money during a period. & \text{ } & \text{ }\\ C) Both documents contain information from multiple pay periods. At ADP, security is integral to our products, our business processes and our infrastructure. Sale and delivery of finished goods to customers for cash (record unadjusted cost of sales). Which of the following bases for discrimination in employment practices is NOT covered in the Civil Rights Act of 1964? In a sample of nine homes, what is the probability that: a. & \text{ } & \text{ }\\ What is a use of a firm's labor trend reports? During this process, employers reconcile their payroll transactions and make sure that their accounting and recordkeeping practices comply with regulations. \text{8. $3,825 of employee withholding ($50,000 X 0.0765), Exempt Salaried Employees Paid Semi-monthly. A. Chapter 7 quiz - the payroll register, employees' earning record, and accounting system entries. Collection of an account receivable.} Collectionofanaccountreceivable. $y = -x - 4$. Quickly connect ADP solutions to popular software, ERPs and other HR systems. DEBIT CREDIT DEBIT CREDIT Answer : Option E, Prior Years Earnings Explanat . Payroll Accounting (Practice Quiz) Print PDF For multiple-choice and true/false questions, simply press or click on what you think is the correct answer. C) It is a worksheet that accountants use to ensure payroll accuracy. serves as a backup in the event of computer failure. Saleofequipmentforanotereceivable. Federal withholding tax payable 220 $ 2,207. The W-2 provides all of the information required by the Affordable Care Act. pay date. A. From recruitment to retirement, getting the very best out of your people. Which of the following steps should be taken by the Human Resources Department when hiring new employees? Complete the steps outlined below: 1. 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? The employees gross wages for the past week are. Accounting questions and answers. How will payroll deductions from employees wages for their portion of 401K plans be recorded? Purchase of rent in advance.} 55. \text{4. D) Health insurance payable Payroll Test #1 Flashcards | Quizlet Subjects Expert solutions Log in Sign up Payroll Test #1 Term 1 / 66 Does every state have state unemployment laws? The lower the payroll A) It must credit the asset accounts for the appropriate payroll amounts. 3. What is your sisters total cost under each of the two plans? 4. "I am an engineer pursuing an MBA diploma and accounting & financial economics have been a huge challenge for me to overcome. Health Insurance $ 950. Transaction1. True False. These details include the employee id number, the department they belong, their job profile, etc. FIT Payable-liability CH2 Payroll Acounting CHAPTER 2 Learning Objectives After studying this chapter, students should be able to: 1. 29. A) Ledgering Get exclusive business insights delivered straight to your inbox. Find payroll and retirement calculators, plus tax and compliance resources. 2. a wrong answer. 65. 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. Which act covers employee pension and welfare plan.? D) Debit Cash, $250,000; Credit R. Sanders Capital, $250,00 0 At a minimum, how often should an administrator furnish a statement of total benefits accrued and accrued benefits that are vested under ERISA? 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. 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. Workers' Commpensation Insurance Expense-Operating expense period. File, adjust, and print returns and reports. The following data is for the January 19 pay date for Waryzbok Inc.: Jan 19 Wages and salaries. 2. statement? Marital status & number of withholding allowances 6. Purchaseofrentinadvance. E. All are provisions of FLSA. Which of the following reports links the accounting and the human resources departments? Which items would be debited in the General Journal entry to record the employees' share of tax Remittance on February 15? Garnishment $ 450. It is quite common to create a manual check, either because an employee was short-paid in the preceding payroll, or because the company is laying off or firing an employee, and so is obligated to pay that person before the next regularly scheduled payroll. Requirements: 1. McHale Enterprises has the following incomplete General Journal entry for the most recent pay B) It allows managers to predict future labor costs. Using the payroll register, compute the employee gross pay and net pay using 35 hours as the standard workweek for all employees except Mary Shangraw, who works 20 hours per week and receives overtime for any time worked past that point. Rushing River Boats has the following data in its Social Security tax payable General Ledger Enter the debit amount to clear the existing credit to Payroll Cash from the first journal entry above. check mark For a correct answer and double click the box with the question mark to empty the 60. B) A debit balance will increase the expenses of the firm's income statement. This will decrease On December 1, 20XX, Riley Sanders invested $250,000 to open Sanders Enterprises. Issuance of common stock.} C) $1,715. The purpose of payroll register is to record of all the payment details for employees during a specific pay period. Record the health insurance deduction. BALANCE DATE DESCRIPTION POST REF. As of the June 11 pay date, the General Ledger account for Burling Mills has a balance of $14, Security taxes?

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