payroll register quizlet payroll register quizlet

period. Under the U.S. payroll tax a employee has to pay the tax on hi . Multiple Choice. At ADP, we believe sports and business both require the right approach. incorrect.) 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. The first answer is provided as an example. Q09. A) Revenue The payroll register is a separate payroll record that is kept on each employee. D) One side of the equation must equal zero. May criminal background checks be used by all employers for any person? A) Debit $1, True, Employee earnings records form the link between accounting and the human resources on the first day of the next financial period? b. Cross), Give Me Liberty! Which financial statements are affected in the year 2022? Paymentofemployeesalaries.OCO2. This will decrease & \text{ } & \text{ }\\ D. 50 D) Because payroll represents a liability and an expense of the business. Protection under the provisions of the Age Discrimination in Employment Act begins at what age? ls the FUTA tax used to pay unemployment benefits? 15. 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? 11. D) $1,875. 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 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. ADP hires in over 26 countries around the world for a variety of amazing careers. A) It allows managers to determine the effect of employee labor on departmental profits. If a firm accrues the payroll due but not paid at the end of a financial period, what should it do Compute the employer's payroll taxes for the period. But if you follow these seven steps, you can learn how to account for payroll with ease. From recruitment to retirement, getting the very best out of your people. A payroll register does not include: Multiple Choice Pay period dates. C. FLSA 1. What are the General Journal entries that should appear on each pay date? 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? A(n) ________ is a collection of cash and other items that are used in the operation of the These liabilities accompany every payroll you run. \ In what order are accounts presented on the trial balance? 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. Its easier to keep accurate payroll records and run reports quickly with payroll software. True, Payroll accruals reflect the amount of payroll paid but not earned at the end of the financial 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. A) It is a list of all persons and companies that the company pays money during a period. Are FICA taxes levied upon employers only? 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. C) The balance sheet Once vested, can employees receive a pension at retirement even if they no longer work for that company? Paymentofalong-termnotepayable. mark to produce a Check mark for a correct answer and double click the box with the question Total Earnings 9. 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. 55. \text{1. Access the definitive source for exclusive data-driven insights on todays working world. ls Form l-9 completed only by employees born in outside of the USA? D) Employer's Federal Income tax, Which of the following columns would be used as part of a general journal entry? B) It depicts the ideal distribution of labor in a firm. In Philadelphia, Pennsylvania, most workers are subject to three income taxes upon their earnings - federal state and city. B) It should make a note to create the reversing entry at the end of the next financial period. & \text{ } & \text{ }\\ FUTA Taxes Payable-liability Payment of a long-term note payable.} D) Federal withholding tax payable Payroll registers include all of the information in a pay period for all employees. Payment of an account payable.} Which of the following is not a provision of ERISA? 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. Indirect labor usage. \text{6. During this process, employers reconcile their payroll transactions and make sure that their accounting and recordkeeping practices comply with regulations. It records payroll record on each employee separately. Continuing Payroll Problem-B OLNEY COMPANY, INC. Information available through a secured web sit, kiosk, or interactive voice response system. \text{8. and year-to- date earnings. A) Net pay For classifying the gross wages and salaries according to the nature of the wage and salary expense. Regardless of the format, payroll registers tend to follow the same basic structure. SUTA tax payable 9,481. Issuance of bonds.} Wages Payable-liability What must the employer do with unclaimed checks. 18. The following data is for the January 19 pay date for Waryzbok Inc.: Jan 19 Wages and salaries. Listed below are several transactions. Record the journal entry to account for employer payroll taxes based on the totals in the payroll register and the FUTA and SUTA calculations. Fast, easy, accurate payroll and tax, so you can save time and money. Under FMLA, the time must be used in one uninterrupted period of time. (You may select more than Since Eco Brewers is a monthly schedule the total incomes of the firm and decrease the net income of the firm. A) As assets Complete the steps outlined below: 1. Under the Consumer Credit Protection Act, what is the maximum percentage that can be deducted from an employee's pay to satisfy a student loan garnishment? Another important step in maintaining a payroll register is to perform audits. the box With the question mark to empty the box for a wrong answer. b. What is the purpose of the Age Discrimination in Employment Act (ADEA)? B) Payroll register employees' payroll, one for the employer's share of the taxes. 221 30. It records payroll record on each employee separately. The highest-paid 10 percent of their workforce. 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. The primary payroll journal entry is for the initial recordation of a payroll. We have credited a liability account for each of the tax amounts. The Federal Insurance Contributions Act covers restrictions on the employment of child labor. 62. 4. C) It is non-traceable labor that a company must absorb as overhead. & \text{ } & \text{ }\\ Accounting questions and answers. Chapter 6: Analyzing and Journalizing Payroll, , , AP Lang - Television: The Plug-In Drug (T/V), Don Herrmann, J. David Spiceland, Wayne Thomas, Fundamentals of Financial Management, Concise Edition, Alvin A Arens, Mark A Beasley, Randal J Elder, National Association for the Advancement of Colored People. What information is commonly provided by a job-seeker on the application for employment form? Executive employees who are 65 years or older and have high policymaking positions during the two-year period prior to retirement. This will increase The higher payroll Of the items in the following list, which one (s) should appear in a payroll register? D. Religion How to do payroll accounting: 7 steps At first glance, payroll accounting can be scary. ls the payroll register used for journalizing the payroll entries? How do the Stanford-Binet and Wechsler tests differ? FUTA was designed to ensure that workers who are covered by pension plans receive benefits from those plans, Under ERISA, vesting conveys to employees the right to share in a retirement fund in the event they are terminated before the normal retirement age, Under ERISA, if there is a pension plan, every employee is eligible after reaching age 21 or completing one year of service, whichever is later, ERISA provides for full vesting of the employer's contributions in 3 years or gradually over 6, The total cost of workers' compensation insurance is borne by the employees, Worker's compensation insurance premiums for employers vary according to the different degrees of danger in various classes of jobs and the employers' accident experience rate, Workers' compensation benefits are paid directly to the employer, Only one state has passed a law to provide disability benefits to employees absent from their jobs due to illness, accident, or disease not arising out of their employment, The requisition for personnel form is sent to the Payroll Dept. Saleofequipmentforcash.TypeofActivityOCashInfloworOutflowCO. 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. Your portfolio has three asset classes. 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. lf an investigative consumer report is used in an employment decision, does the employer need to tell the individual? D) It should create a reversing entry in the General Journal. B) Equity C) It allows payroll employees to divert funds into faux accounts. A) The income statement B) By dollar amount in sin did my mother conceived me meaning Age NAME MARITAL STAT. This information is also reflected in summary level entries in the businesss general ledger. DEBIT CREDIT DEBIT CREDIT D. ERISA provides that all employees are eligible to set up their own individual retirement accounts. Vacaction Benefits Payable- liability. so that the new employee can be properly added to the payroll, Employment application forms are usually discarded when the applicant is hired. Which of the following acts levies a tax on employers and employees that is credited to the Federal Old-Age and Survivor's Trust Fund and the Federal Disability Insurance Trust Fund? E. Highest-paid 10% of their workforce. 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? FICA Taxes Payable-OASDI-liability How does a payroll accountant keep track of employee's year-to-date earnings for wage bases Harold Averkamp (CPA, MBA) has worked as a university accounting instructor, accountant, and consultant for more than 25 years. A payroll liability can include wages an employee earned but has not yet received, taxes withheld from employees, and other payroll-related costs. It helps employers reconcile their payroll transactions and prepare quarterly and year-end tax reports. 64. 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--. Under the FLSA, what information concerning employees' wages earned must be maintained by the employer? Also, indicate whether the transaction is a cash inflow (CI) or cash outflow (CO), or has no effect on cash (NE). 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. A credit of $16,250 is recorded on the June 25 Learn how we can make a difference by joining forces to improve the success of the clients we share. A) $1,582. What is your sisters total cost under each of the two plans? What obligations are imposed upon the employer by the Fair Credit Reporting Act of 1968? How does a payroll accountant keep track of employee's year-to-date earnings for wage bases on taxes like FICA, FUTA, and SUTA? A payroll register lists all basic information related to employee take-home pay. Payroll liabilities are any type of payment related to payroll that a business owes but has not yet paid. each option. 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. SUTA Taxes Payable-liability D) Health insurance payable D) 401(k) contributions Saleoflandforcash. 220 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. True False. Are newly hired independent contractors covered under federal laws pertaining to new-hire reporting? Jun 23 Wages and. Dont take our word for it. A) Ledgering D) Personnel file Employee benefits, flexible administration, business insurance, and retirement plans. 3. Employee SIT Payable-liability All earnings are taxable. C) Debit Revenue, $250,000; Credit Cash, $250, What is the total amount of FICA that needs to be remitted by an employer in 2023 for an employee earning $50,000? Find payroll and retirement calculators, plus tax and compliance resources. statement? A payroll register is the record for a pay period that lists employee hours worked, gross pay, net pay, deductions, and payroll date. 60. D) Credit $. D) Payroll register & \text{ } & \text{ }\\ The employee's earnings records is used in preparing the employees' W-2 forms. Gross pay and net pay. Gross pay and net pay. Wages and salaries payable 226 202,671. chronologically. Sale and delivery of finished goods to customers for cash (record unadjusted cost of sales). 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? C) Labor reports ADP is a better way to work for you and your employees, so everyone can reach their full potential. < Prey 18 of 40 Pay period dates. General Journal entry to record this transaction? What are the main kinds of information contained in a payroll register? 3. Calculate regular and overtime pay. B) the total gross pay, deductions, and net pay during the period The information provided in the payroll register is used primarily to meet the requirements of the Fair Labor Standards Act. The higher payroll 7. Correct answer: Option (1) Medicare tax is the correct answer. - Michalis M. FICA (FICA is the acronym for Federal Insurance Contribution Act. Who is covered by the Walsh-Healey Public Contract Act? True, In the General Ledger, the debit column reflects the balance of the account. To enter a formula manually, follow these steps: Move the cell pointer to the cell that you want to hold the formula. A. Zipperle Company has the following payroll information for the pay period ending September 18, & \text{ } & \text{ }\\ Wages and salaries payable 226 ??? 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. the box with the question mark to produce a check mark for a correct answer and double click B) Payroll register Use the information in the previous exercise to prepare journal entries for the following events in May. Rushing River Boats has the following data in its Social Security tax payable General Ledger It is a monthly schedule depositor. Purchase of rent in advance.} incomes are, the higher the profitability will be. Hence, no need to accrue any salaries. We provide payroll, global HCM and outsourcing services in more than 140 countries. On which income statement will the state unemployment tax expense appear under accrual accounting? May 14 Wages and salaries payable 226 117,334. Employers use the employee's earnings record in preparing ___. How are the funds used which are provided by FUTA and SUTA? These computations are shown in the Employee Payroll Register. The lower the payroll Does every state have state unemployment laws? Basic payroll register templates can be found online or created in programs like Excel. D) Debit Cash, $250,000; Credit R. Sanders Capital, $250,00 0 Tap into a wealth of knowledge designed to simplify complex tasks and encourage strategic decisions across key functions. mark for a correct Answer and double click the box with the question mark to empty the box for D) It adds complexity to the payroll register. \text{3. C) Alphabetically Paymentofanaccountpayable.15. one answer. 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. Chapter 7 quiz - the payroll register, employees' earning record, and accounting system entries. Plan B costs$0.20 per minute plus $0.10 per text message sent. 40. Which act sets the minimum wage, and what is the current wage rate? A) It should create a reminder about the accrual to ensure accuracy of computations on the next \end{matrix} C) Credit $4, B. ERISA requires each employer to establish a pension plan. expenses are, the higher the profitability will be. B. Safe-guards your retirement plans *not required to have a pension plan. B) tax remittance information Purchaseofinventory.7. How does the payroll register connect with the employees' earnings records? 401(k) contributions $ 1,115. Union Dues Payable-liability