payroll register quizlet payroll register quizlet

Indirect materials usage. B) It must create an adjusting entry to recognize the payroll accrual. B) Social Security tax, $792; Medicare tax, $204. For advanced capabilities, workforce management adds optimized scheduling, labor forecasting/budgeting, attendance policy, leave case management and more. On which income statement will the state unemployment tax expense appear under accrual accounting? May 14 Wages and salaries payable 226 117,334. Under the FLSA, what information concerning employees' wages earned must be maintained by the employer? This information is also reflected in summary level entries in the businesss general ledger. 17. False - also needs to be a reasonable amount. Deductions from total earnings 10. C) It designates where labor is used in a firm. (You may select more than one answer. Laborers for contractors who furnish materials, supplies, articles, and equipment to any agency of the United States, provided the minimum contract amount is $10,000. To which items is information from the payroll register transferred? A) Debit R. Sanders Capital, $250,000; Credit Cash, $250, in sin did my mother conceived me meaning Loantoanotherfirm.12. C) It is a report designed for external stakeholders. Explain the major provisions of the Fair Labor Standards Act. A) Employee earnings record Single click the box with the question mark to produce a check mark for a correct During the past week, the employee worked 50 hours. B. Net pay $ 19,747. employees' payroll, one for the employer's share of the taxes. Jun 23 Wages and. A) It is the fourth entry in the General Journal on that date. The lower the payroll Exempt salaried employees are often paid for their work right up to payday. 2. Discover a wealth of knowledge to help you tackle payroll, HR and benefits, and compliance. The primary payroll journal entry is for the initial recordation of a payroll. A) Both columns contain information about the employer's tax matching responsibilities. 1. var d=new Date(); document.write(d.getFullYear()); ADP, Inc. Find the package that's right for your business. What obligations are imposed upon the employer by the Fair Credit Reporting Act of 1968? A) It is a list of all persons and companies that the company pays money during a period. FICA Taxes Payable-OASDI-liability The certificates include Debits and Credits, Adjusting Entries, Financial Statements, Balance Sheet, Income Statement, Cash Flow Statement, Working Capital and Liquidity, Financial Ratios, Bank Reconciliation, and Payroll Accounting. B) It is an individual register maintained for each employee, listing of all the payroll information. Cash 101 117,334. Book the entry on the date paychecks are distributed. ls Form l-9 completed only by employees born in outside of the USA? For classifying the gross wages and salaries according to the nature of the wage and salary expense. A) $2,253. Under the Affordable Care Act, which employers are required to provide insurance coverage for all full-time employees and for their dependents? A) Worker's Compensation ERISA provides for full vesting of the employer's contributions in three years or gradually over six. For fill-in-the-blank questions, press or click on the blank space provided. When the employer pays the employee in 2023 for the vacation earned in 2022, what account will the company debit? "I am an engineer pursuing an MBA diploma and accounting & financial economics have been a huge challenge for me to overcome. B. ERISA requires each employer to establish a pension plan. Focus on what matters most by outsourcing payroll and HR tasks, or join our PEO. Read more about the author. Jul 1 Wages and salaries payable 226 113,562. Q08. What is the Which of the following is true of employee's earnings record? TransactionTypeofActivityCashInfloworOutflow1. ls the payroll register used for journalizing the payroll entries? What is your sisters total cost under each of the two plans? D) Garnishments, Which columns might an employer include to facilitate employer-share payroll tax General Which of these employee types is an allowable exeption to the protection of the Age Discrimination in Employment? e. None of the above. Most office supply stores also carry books that are formatted specifically to record payroll information. 30. C) It must pay its employees for the wages earned as of that date. Wages and salaries-Operating expense-debit Time worked - regular & overtime 7. 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? B) It should make a note to create the reversing entry at the end of the next financial period. The entry to record vacations earned in 2022 will affect Vacation Expense on the 2022 income statement and Vacation Payable, a liability on the 2022 balance sheet. Single click the box with the question mark to produce a C) The balance sheet *Graph the equation using the slope and $y$-intercept, as in the Previous Examples. Describe the main types of records used to collect payroll data. Employers use the employee's earnings record in preparing ___. When a firm has wages earned but not yet paid at the end of a financial reporting period, what 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? DATE DESCRIPTION POST REF. These entries are then incorporated into an entity's financial statements through the general ledger. True (California, New Jersey, New York & Rhode Island). Collectionofanaccountreceivable. B) Employee address Requirements: 1. Todays digital landscape means limitless possibilities, and also complex security risks and threats. Any boxes Left with a question mark will be automatically graded as incorrect.) B) It is employee labor that does not pertain to labor on customer jobs. Once vested, can employees receive a pension at retirement even if they no longer work for that company? This will increase 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. 8. C) A debit balance will decrease the expenses of the firm's income statement. Any boxes left with a question mark will be pay date. statement? What does the Civil Rights Act of 1954 cover? (You may select more than one answer. The other hourly employees receive overtime pay when they work more than 35 hours in one week. pay date. All earnings are taxable. Under the Family and Medical Leave Act, employers can exempt an employee who has not worked for the employer for at least one year and has worked for the company for at least 1,250 hours in the last year. 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. 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. The payroll register needs to record the hours each employee has served in the firm in a day. tax Remittance on February 15? 15. Deductions. Which basic records are generated in most payroll accounting systems? Forbids discrimination in hiring. Payment of income taxes.} It records payroll record on each employee separately. NAME MARITAL STAT. Workers' Commpensation Insurance Expense-Operating expense Jan 19 Wages and salaries payable 226 8,134. C) As expenses There will also be credits to a number of . Record the regular hours and the overtime hours worked for each employee, using the time clerk's report as your reference. \text{5. Who pays the social security taxes that are levied by the Federal Insurance Contributions Act? D) Transcribing Union Dues Payable-liability Which of the following is not a provision of FLSA? 9. Want more practice questions?Receive instant access to our graded Quick Tests (more than 1,800 unique test questions) when you join AccountingCoach PRO. D) Credit $. We have been recognized by esteemed organizations for the value we bring to our clients, our associates and the global community. D) It should create a reversing entry in the General Journal. Issuanceofcommonstock.6. c. McNamara-O'Hara Service Contract Act B) Employee pay remittance and voluntary deduction remittance A) Employee pay accrual and employee pay disbursement An employee worked the entire year of 2022 and earned two weeks of vacation as specified in the company's labor agreement. Union Dues payable 227 4,683. On which financial report will employer-paid portions of health insurance premiums be listed? below deck mediterranean 2022 cast. Which act sets the minimum wage, and what is the current wage rate? expense 522 $ 12,987. \ Which of the following is true about the fundamental accounting equation? Factory overhead excluding indirect materials and indirect labor (record credit to Other Accounts). 55. 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. McHale Enterprises has the following incomplete General Journal entry for the most recent pay 12. E. OASDI. 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? B) tax remittance information Protection under the provisions of the Age Discrimination in Employment Act begins at what age?? True False. The Fair Labor Standard Act sets the minimum wage and the current minimum wage rate is $7.25 per hour. A payroll register can also . A. ERISA applies to pension and welfare plans established by any employer engages in commerce. the payroll? Vesting conveys to employees the right to share in the retirement fund in the event they are terminated before the normal retirement age. Garnishment $ 450. E. Sex, Which of the following statements is NOT a provisions of ERISA? 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. Purchaseoftreasurystock.14. A) Medicare tax Employers can exempt the following employees from the Family and Medical Leave Act. Issuance of common stock.} The amounts needed for the payroll entries in the journal come from the employee's earning records. Fair Labor Standards Act At ADP, security is integral to our products, our business processes and our infrastructure. 4. A credit of $16,250 is recorded on the June 25 19. Direct materials usage. E. All are provisions of FLSA. What must the employer do with unclaimed checks. a. Walsh-Healey Public Contracts Act B) It allows managers to predict future labor costs. the total incomes of the firm and decrease the net income of the firm. 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 Our online store for HR apps and more; for customers, partners and developers. Does FLSA require the employer to display a poster with the FLSA rules? February 7 Journalize the employer . Under FLMA, do any states have paid a family leave plan? What are the main kinds of information contained in a payroll register? CH2 Payroll Acounting CHAPTER 2 Learning Objectives After studying this chapter, students should be able to: 1. Which of the following represents the missing Social Security and Medicare taxes, assuming that. B) Posting What special accounts must usually be opened in the general ledger to record payroll tax entries? & \text{O} & \text{CO}\\ 58. Wages Payable-liability D) Debit $8. Neither The Balance Sheet Nor The Income Statement. Which of the following laws establishes the minimum wage? & \text{ } & \text{ }\\ Journal entries? Enchanted Creations has the following data in its Federal withholding tax payable General Ledger Purchase of rent in advance.} What does the term "billable time" mean as it pertains to payroll accounting? expenses are, the lower the profitability will be. \text{2. Discover how easy and intuitive it is to use our solutions. 401(k) contributions $ 1,115. 6. What options might Hazel consider if the For superior accuracy, many smalland largebusinesses rely on automated digital payroll solutions, such as those offered by ADP, which can integrate with accounting software and other programs. How is information that is usually on a paper stub given to an employee if the employer is using electronic paystubs. account: Social Security tax payable ACCOUNT NO. Name two advantages and two drawbacks of 7. What information is commonly provided by a job-seeker on the application for employment form? Are FICA taxes levied upon employers only? Step 2: Working Hours. Record the health insurance deduction. ADP helps organizations of all types and sizes unlock their potential. Wages and salaries payable 226 117,334. 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. How will payroll deductions from employees wages for their portion of 401K plans be recorded? Sale and delivery of finished goods to customers for cash (record unadjusted cost of sales). the health Insurance is qualified under Section 125? Saleoflandforcash. For fill-in-the-blank questions, press or click on the blank space provided. 5. 2. A payroll liability can include wages an employee earned but has not yet received, taxes withheld from employees, and other payroll-related costs. D) The same as the chart of accounts It indicates, "Click to perform a search". D) It must wait until the next financial period to record the payroll data. Want to read all 11 pages? d. Occupational Safety and Health Act Sale of equipment for a note receivable.} In a sample of nine homes, what is the probability that: a. 221 Explore our full range of payroll and HR services, products, integrations and apps for businesses of all sizes and industries. \text{7. B) Debit $30, A. 10. Rushing River Boats has the following data in its Social Security tax payable General Ledger This entry usually includes debits for the direct labor expense, salaries, and the company's portion of payroll taxes. At a minimum, how often should an administrator furnish a statement of total benefits accrued and accrued benefits that are vested under ERISA? C) proof of payroll deposits 221 Dooley Publishing has the following payroll data for its July 1 pay date: Jul 1 Wages and salaries. & \text{ } & \text{ }\\ You need to purchase a plan for your teenage sister. Using the accounting equation, determine the following amounts: a. Owners equity as of December 31, 2013. May criminal background checks be used by all employers for any person? Why does company profitability decrease in direct proportion to the payroll expenses? Transcribed image text: Columns included in the payroll register to compute net pay may include which of the following? A) Both documents contain year-to-date totals of taxes. It records payroll record on each employee separately. The payroll register lists all the employees who earned remuneration, the amount of remuneration, the deductions, and the net amount paid. Saleofequipmentforanotereceivable. D) It highlights issues and results of seasonal labor. C) Labor reports These computations are shown in the Employee Payroll Register. Learn how we can tackle your industry demands together. A) Net pay (You may select more than one answer. Does FLSA require all employees to be paid weekly, biweekly', monthly? 7. Who are the winners and who are the losers when the minimum wage is increased? Compute the employer's payroll taxes for the period. FICA Taxes payable-HI-liability A) $399,472. Deductions. Manage labor costs and compliance with easy time & attendance tools. What are some examples of secondary sex characteristics? C) Debit $ serves as a backup in the event of computer failure. Paymentofincometaxes.9. depositor, what entry Should appear on November 15 for the remittance of the month's Social Employers use the employee's earnings record in preparing ___. 64. Less than five have large-screen TVs? FUTA tax payable 1,322. Any Boxes left with a question mark will be automatically graded as incorrect.) D) It is a report designed to be read by parties external to the firm. 2. pay B) Credit $1, In a recent study, 90 percent of the homes in the United States were found to have largescreen TVs. 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. (You may Collectionofnotesreceivable.8. Any boxes left with a entry? Verify the date and enter General as the reference. D) information about the firm's liabilities D) The balance sheet See Answer. Were reimagining what it means to work, and doing so in profound ways. Payment of employee salaries.} Issuanceofbonds. A) It communicates departmental profitability. 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 purpose of payroll register is to record of all the payment details for employees during a specific pay period. in its Federal withholding tax payable account. D) It may contain whatever accounts the accountant wishes to include. The following data is for the January 19 pay date for Waryzbok Inc.: Jan 19 Wages and salaries. 39. Basic payroll register templates can be found online or created in programs like Excel. and year-to- date earnings. General Journal entry to record this transaction? 21 A) Credit $8, 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. All of these journal entries are noted below. B) Debit Cash $13,618; Credit Health Insurance Payable $13,618. B) General Journal The ___ is a multicolumn form used to assemble and summarize the data needed at the end of each payroll period. Federal Insurance Contribution Act (FICA), Form 941, Employer's Quarterly Federal Tax Return, Form W-3, Transmittal of Wage and Tax Statements, Applicable pay rates (regular or overtime), Review outgoing costs, either per employee or for the entire organization, Track employee deductions and tax withholding amounts, Reconcile payroll expenses to the general ledger, Record and track employee leave time, such as sick, vacation and paid time off (PTO), Validate direct deposit transactions and employer contributions to deferred compensation plans, such as a, Federal income taxes withheld from employee wages, State and local income taxes withheld from employee wages (if applicable), Federal unemployment taxes payable by the employer, State unemployment taxes payable by the employer, State unemployment taxes withheld from employee wages (if applicable), Benefits and other voluntary deductions from employee wages, Employer contributions to benefits and retirement savings plans.