the employee earnings record quizlet

Wages and cash expenses Withholding's for a 401(k) plan Did you prepare tax deposits and have them checked for accuracy? Payments to sales taxing authorities Calculate the amount of cash payments Jacobs was required to make in each of the two calendar years that were affected by the note payable. determining when the accumulated wages of an employee reach cutoff levels. c. to aid in completion of year-end informational returns, such as W-2s. d. are required when the fiscal accounting period does not coincide with the end of the payroll period. Federal Income tax general accounting, Fritz Industries accrued payroll state withholding of $1,234 for the current payroll. It produces a plastic toy in three separate departments: Molding, Assembling, and Finishing. Multiple choice question. preparing the payroll register. Medicare tax For each choice of denominator level, the budgeted production cost per unit is also the cost per unit of beginning inventory. bottles of its 100% juices. Multiple choice question. Define the process of "posting." Every general journal entry will have at least a. is used to record Workers' Compensation premiums paid by the company. Multiple select question. Apart from recording of payroll and payment to employees, what other payroll related journal entries would be recorded? At a minimum, how often should an administrator furnish a statement of total benefits accrued and accrued benefits that are vested under ERISA? Columns in the Employees' Earnings Records, Each piece of data is used in multiple ways, Connection of the Employees' Earnings Records to Periodic Tax Reports. debit to expense, credit to cash. A) True (C) FUTA earnings -general ledger entries to post backward. (a) What is yyy after 111 hour (t=1)(t=1)(t=1)? a. A separate record of each employee's . when payroll spans two months. Data relating to the contract are summarized below: 20212022Costsincurredduringtheyear$300,000$1,575,000Estimatedcoststocompleteasof12/311,200,0000Billingsduringtheyear380,0001,620,000Cashcollectionsduringtheyear250,0001,750,000\begin{array}{lrr} the master document accountants use to track employees' marital status, deductions (mandatory, voluntary, and mandated), and year-to-date earnings Allocate employee expenses to specific departments. 2 general ledger postings. What taxes would be monitored for maximum withholding amounts through the payroll register? Direct deposit of paychecks can be forced on employees in every state. at the employer's discretion. (p. 378), The payroll journal entry is based on the totals of the payroll register (A) Total . a.The employer How can the information shown in the employees' earnings record be used? \text{Theoretical capacity} & \text{300} & \text{units}\\ adjusted in the next month. salaries and wages payable. c.Laborers for contractors who furnish materials, supplies, articles, and equipment to any agency of the United States, provided the minimum contract amount is $2,000. general journal entries. In accrual accounting, there may also be end-of-period entries to accrue for payroll earned by the employees. general ledger entries. The information needed in preparing a journal entry to record the wages earned, deductions from wages, and net amount paid each payday is obtained from the payroll register. Multiple select question. Do you know what pay method each employee needs? The source document for paying state unemployment tax is: Employees FIT Payable $987.00, ($1,534.78 + $358.94 + $987.00) = $2,880.72. How are the funds used which are provided by FUTA and SUTA? determining seasonal workforce requirements How good is your target country in enforcing the rule of law of the country? Federal Income Tax management/department heads and an employee earnings record? Hintley Duck Blinds Ltd received a federal tax levy garnishment for their marketing manager, Joanna Mallard, in the amount of $8,523.25. Amounts listed on Employees' Earnings Records are used to facilitate computations and to verify accuracy of Form 941, 940, 944, and W-2/W-3. Cash, When recording the deposit of FUTA taxes owed, the proper entry is: Disposable earnings are the earnings remaining after withholding federal income taxes. (A) a check. The issuance of checks to employees would reduce:(which account). Who pays the social security taxes that are levied by the Federal Insurance Contributions Act? d.Neither of these choices is correct. b. When the I-999 forms for the restaurant's employees were reviewed, none were found for the six aliens. \text{Normal capacity utilization} & \text{232.558} & \text{units}\\ Tipped employee. a. the expense has already been recorded. (B) total hours divided by regular rate. Assume Nortel Networks contracted to provide a customer with Internet infrastructure for $2,000,000. (D) none of these. (B) liabilities. (D) IRS Form 941. B) False, At the time of depositing FICA taxes and employees' federal income taxes, the account FICA (B) total hours divided by regular rate. redundancy. c. the "Vacation Benefits Payable" account is credited. B) using the same amounts as the prior month's adjustment. c. It facilitates accuracy in employee personnel records. Labor reports for more than one year could provide: seasonal labor requirements Have you computed their payroll taxes properly? The reports are identical and provide necessary A. Which of the following is an employer's payroll responsibility? -current balance in the payroll account d.Only "A payroll register" and "The employee's earnings record" are correct. salaries and wages payable. (Check all that apply). Define the process of "posting." C. The employee completed the current version of Form W-4. remove the accrual from the account balances. A qualified retirement plan that allows tax-free withdrawals from the account. ACC 140 chapter 6 Flashcards | Quizlet Wages Payable Have you included any other mandatory deductions? Each employer must file a _________ federal tax return showing the federal income tax, social security tax, and Medicare tax due the government. a. voluntary contributions to IRAs are no longer allowed in an employee retirement plan. Payments to sales taxing authorities -current entry amount per account type FUTA Taxes Payable using the wages of the salaried workers only. Earnings records are supporting documents for: Asset = Amounts belonging to the company The total of the Gross Earnings column of the payroll register for a given pay period will appear in which account for the payroll-related general journal entry? Which of the following acts prohibits discriminating in hiring, firing, promoting, compensating, or in any other condition of employment on the basis of race, color, religion, gender, or national origin? 480.58 Journal entry and page number. 2. Employee Earnings Record. 3. purchasing managers A) True d. a determination made by the IRS and sent to the employee on a Form 668-W. c. his/her applicable annual standard deduction based on marital status plus the number of exemptions claimed on Form 668-W. The process of transferring amounts from the general journal to the general ledger is called posting. Multiple choice question. (A) W-2 (p. 387), Each employer is required by law to report payroll taxes on an b.To provide protection only for workers under the age of 18 d. they are used to determine where cumulative wages are in relationship to wage bases (caps) for various taxes, such as OASDI, FUTA and SUTA. FICA Taxes Payable-OASDI (2), True or False: The employer social security tax rate is different than the employee social security tax rate. A deduction from total earnings for each person legally supported by a taxpayer, including the employee. C) $50.70 (D) semiannually. d.Only a self employed individual. Accounting system entries record all payroll-related activity Payroll Taxes. A) True (C) a memorandum. B) completing the journal entry to record the payroll. (p. 383), Each employer who withholds income tax, social security tax, and Medicare tax from employee earnings must furnish each employee an Production supervisor 3 general ledger postings. a. can take 50% of an employee's disposable income for child support payments. b. used to prepare internal management analyses. Write the equation of the line passing through (5,-3) and parallel to the line with equation 2x+y=-3. (1), True of False, Multiple Choice, and Journalizing, True or False: The payroll register provides all the payroll information needed to prepare a payroll. a.To prepare period reports and complete Form W-2 for each employee b.To complete Form W-2 for each employee c.To prepare period reports and complete Form W-2 for employer d.To prepare period reports e.To complete Form W-2 for employer, Which basic records . Accounting reports provide managers with insights into company profitability and stability. would be reduced by every transaction A business form used to record details affecting payments made to an employee is a(n) (A) employee earnings record. Salaries and Wages Expense Employees are assigned to departments to foster accurate measurements of business segment profitability. b. are only necessary when employees are paid in cash at the end of the year. B. Examples of payroll related liabilities include: Garnishments A debit to an account in a general journal transaction is a debit to that account in the general ledger A) True Record used in preparing employee's W-2. Copy and complete the chart. True Although the garnishment would be deducted from the employee's pay, the business is responsible (liable) for remitting the deduction to the creditor. Yields the data needed for financial reports C) SUTA Taxes Payable A) completing forms W-2. Restoration Midterm. Have you computed their voluntary deductions? -journal entries to post one-sided. (A) IRS Form W-4 - Designated to inform managers and department heads. Liabilities = Amounts or services owed by the company -when new entries reduce the account balance You may assume that f(0)=0f(0)=0f(0)=0. When payroll spans two months. Payment of voluntary withholdings, The ___ ____ column in the General Ledger is a combination of letters and numbers, The use of reversing entries is: b. the Payroll Manager is required by the Social Security Administration to e-verify in duplicate all the employees' social security numbers. Business managers use accounting entries to inform their decisions How does a payroll accountant use the information in the General Ledger? In this case, "J" means that the original entry may be found in the General Journal, A relationship, specifically financial, built on trust between a trustee and a beneficiary, any unpaid liabilities will be reported in the current liability section. . \end{array} Multiple select question. b.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. T-tables. 401k contributions payable, SS tax payable. Reconcile the difference in operating income based on theoretical capacity and practical capacity with the difference in fixed manufacturing overhead included in inventory. Wages expense, On which accounting reports would payroll-related assets appear? When recording the deposit of FUTA taxes owed, the proper entry is: Transactions from the general journal are posted to individual accounts. completing Forms W-2. d. a credit to Vacation Benefits Payable = $1,178. b. all employers are now mandated to contribute at least 2% of gross wages to an employee's retirement account. -account number and date, Where will entries for payroll show in the trial balance? Recording expenses only when paid is an example of: Company management, True or false: Payroll reports help managers to determine payroll staffing needs. b.The Federal Personal Responsibility and Work Opportunity Reconciliation Act of 1996 Which of the following are true about the general ledger? . (D) employee earnings account. collecting the time sheets for the days accrued. Federal income tax is withheld from employee earnings (A) only in those states electing to do so. They were paid in cash while other employees were paid by check. process of transferring amounts from the journal to the ledger is called posting; debit to an account in a journal transaction is a debit to that account in the ledger; ledger contains info about the individual accounts used in the journal transactions. \text{Over 90 days}&\text{\hspace{5pt}15,330}&\text{25\\\%}\\ Since FUTA tax is paid only once a quarter, the FUTA tax expense is recorded only at the time of payment. True a. False, Which of the following accounts will appear on the balance sheet? What is the original entry point for payroll information into the accounting system? Each employee name is listed in a payroll register along with (A) employee number. Period totals are also included Let f(x)f(x)f(x) represent the total number of items a subject has memorized xxx minutes after being presented with a long list of items to learn. A) True Find the total for each response. The employee's _____ ____ connects accounting and human resource records, Earnings records are supporting documents for, The payroll accountant may perform the following duties. c. Vacation Benefits Expense is debited, and Vacation Benefits Payable is credited. Union Dues. Multiple select question. a. A federal tax paid for old-age, survivors, and disability insurance. Multiple choice question. It adds complexity to the personnel recordkeeping. Which of the following taxes would be included in the employer related payroll entry? state income tax expense Wages Expense Past-DueCategoryAccountsReceivableTotalPercentageUncollectible0-30days$22,4806%31-90days36,54017%Over90days15,33025%\begin{array}{c} The total earnings paid to an employee after payroll taxes and other deductions. employee earnings record. -letter and number What changes should be included in the employee earnings record? a. a single standard deduction plus an exemption for the employee. True (D) an asset account. The agents discovered six undocumented aliens who worked at the restaurant and lived together. Solved Why is it important for a firm to use both a payroll - Chegg The degree of completion of work-in-process inventory at September 30 was as follows: Required (C) IRS Form W-2 -Entering the payroll journal entry. (D) IRS Form W-3. T F, When union dues that have been withheld from employees' wages are turned over to the union Payroll Chapter 7 Flashcards | Quizlet E) preparing the payroll register. Payroll transactions will have an effect on: A relationship, specifically financial, built on trust between a trustee and a beneficiary. true or false: Total earnings are sometimes referred to as net pay. Payroll Accounting Flashcards | Quizlet Since vacation time is paid when used, there is no need to accrue this time in a liability account at the end of each accounting period. What is the opportunity cost of the machine when we analyze the alternative to produce 12 oz. and an employee earnings record? Accounting 1 - Chapter 13 Flashcards | Quizlet (b) The second group will assess whether Tipton and Seferi can assert a defense by claiming that they did not know that the workers were unauthorized aliens. Which of the following is true about the employer responsibility for payroll taxes? true or false: A business is required by law to withhold certain payroll taxes from employee salaries. disposable earnings. The source document for paying employee income tax and social security and Medicare tax is: (b) How long does it take for yyy to reach 505050? c.Employees who earn more than $44,000 per year Trend reports offer business leaders insight about changes in labor costs over a period. The entries into the first pair of debit and credit columns for State Income Tax Payable will be: E) a percentage of the previous week's net payroll. In the garnishment process, federal tax levies take secondary priority to wages withheld for child support orders. -by posting reference. Multiple select question. Salaries and Wages Payable, Which of the following taxes would NOT be included in the employer related payroll entry? -Employer social security tax (C) yearly Which of the following is not an expense of the employer? The total amount earned by all employees for a pay period is a ____. T F, In calculating overtime premium earnings at one and a half times the regular hourly rate, the overtime hours are multiplied by one-half the hourly rate of pay. A) collecting the timesheets for the days accrued. Multiple choice question. Employers are required to furnish each employee with an annual statement of earnings and withholdings before: have amounts in both debit and credit per account -Social Security tax is matched by the employer up to the Social Security wage base. Multiple select question. Apart from the recording of payroll and payment to employees, what other payroll related journal entries would be recorded? (A) monthly. (B) during the month following each calendar quarter. (D) state unemployment tax. payroll register employee's earnings record employee history record personnel record, The information provided in the payroll register is used primarily to meet the requirements of the Fair Labor Standards Act. True You purchased 200 shares of Smiley Incorporated, a small but profitable company. -when managers want to pay employees later. -Employee contributes to United Way B) False, FICA Taxes PayableHI is a liability account in which is recorded the liability of the employer Since you plan to conduct business in the target country, you should be concerned about transparency of political institutions and judiciary. Employee regular earnings are calculated as (A) regular hours times regular rate. If actual demand turned out to be 288 , calculate the forecast for the next period. b. \text{Beginning inventory} & \text{40.000} & \text{units}\\ Question 1: Why would you enter "N/A" on the line for federal withholding allowances on an employee earnings record? Salaries Payable B) $161.10 Which amounts on the payroll register reduce Federal withholding tax but are not deducted for FICA tax computations? True false question. Tags: Question 11 . B) False, 9. A) Garnishment for child support payments When a dividend is received from the affiliate. The financial investment and any accumulated profits or losses of the owner of a firm. d.12. B) Payroll Taxes C) a creditor garnishment following except: 20. Unions T F, For the purpose of a federal tax levy, the IRS defines take-home pay as the gross pay less taxes D) an administrative wage garnishment General Leger account balances aggregate data to determine payroll costs earnings MASTERING CORRECTION OF ACCOUNTING ERRORS TES, Totalbudgetedoperating(non-manuf.) c. employees can be required to participate in an employer's pension plan. Multiple choice question. A garnishment cannot exceed 25 percent of an employee's gross pay. Identify some of the groups of users. E) 26.85. Liabilities area Payroll Taxes Multiple select question. (D) accumulated earnings. bottles of its juice cocktails or 12 oz. When the fair value of the affiliate stock increases. Payroll Chapter 1 Matching Flashcards | Quizlet (4), True or False: The transaction to record employer payroll taxes expense is journalized at the end of the quarter. true or false:The amount of income tax withheld from each employee's total earnings is determined solely from the number of withholding allowances. Which of the following are true about the general ledger? \text{Option \#3:}&&\text{\$ 10,000,000 after three years}\\ Compare taxes with other companies A) Wages Expense The cash based businesses will show an increase in payroll expenses when: & 2021 & 2022 \\ d.All of these choices are correct. SUTA Taxes Payable A) FUTA Tax Expense-Cash c. It facilitates accuracy in employee personnel records. Medicare tax \text{Sales volume} & \text{260.000} & \text{units}\\ Unclaimed employee wages are returned to the employer. (6), True or False: Each employer who withholds income tax, social security tax, and Medicare tax from employee earnings must furnish each employee with a quarterly statement. Study with Quizlet and memorize flashcards containing terms like How can the information shown in the employees' earnings record be used? Multiple choice question. (p. 389), The form used to report annual earnings and payroll taxes for all employees to the Social Security Administration is the (2), True or False: Employer payroll taxes are business expenses. b.The payroll period State unemployment tax. expenses, assets, liabilities. (8), True or False: Some employers must deposit payments for withheld employees' federal income tax and social security and Medicare taxes on the next banking day. Payment of voluntary withholdings, Payment of statutory withholdings False. d.The Civil Rights Act of 1964 sets the minimum wage and the current minimum wage rate is $7.50 per hour. Multiple choice question. \text{Option \#2:}&&\text{\$\hspace{7pt}2,150,000 per year for five years}\\ Wages and taxes payable, Labor reports would be provided to: Accounting II: Chapter 13 Flashcards | Quizlet Study with Quizlet and memorize flashcards containing terms like . Which portion of the accounting equation represents the amounts owed by the company? -property tax audit. (B) Total Earnings column. d. the account "Vacation Benefits Expense" is accrued. Company management, Unions Did you have the returns checked for accuracy? Entering the transactions in the general journal. would be used for reporting, only be in either debit or credit per account the description is usually left blank. Accounting principles assist in the classification of payroll costs and organizational performance. Under the Family and Medical Leave Act, what is the maximum number of weeks of unpaid leave that a covered employer is required to offer an employee whose spouse is seriously ill? A) True M52, payroll taxes expense Study with Quizlet and memorize flashcards containing terms like Which column exists in the employees' earnings records but not in the payroll register?, What is the connection between the employees' earnings records and payroll tax reporting?, A credit increases which of the following types of accounts? Find the time Deductions from gross pay in the payroll register are reflected on the credit side of the journal entry to record the payroll. -Recording the individual balances of each paycheck. There are no price, spending, or efficiency variances. When does peak efficiency occur? What account would be classified as a liability account? Entering the transactions in the general ledger. Payment of voluntary withholdings, True or false: The general ledger is the point where information gets entered into the accounting system database. (a) The first group will develop an argument that Tipton and Seferi were guilty of hiring and harboring illegal aliens. General ledger d. Vacation Benefits Payable is debited. c.Both of these choices are correct. D) SUTA tax True A) FUTA Tax Expense- Cash employee income tax payable Amounts withheld from employees' wages for health insurance are credited to a liability account. Production line worker. Based on the data presented in the previous exercise, journalize Belarus Co.s entries for (c) the payment of the invoice within the discount period. E) a child support order, 15. Federal withholding tax, Social Security tax one-sided journal entries. EEs' earnings records contain YTD gross pay which reflects when EEs reach tax bases; EEs' earnings records contain details of payroll tax reporting & may be considered as source documents. -Entering the transactions in the general ledger. Once the journal entry for the payroll is complete, the information is posted to the appropriate general ledger accounts. Payroll Taxes expenditures or expenses D) Salaries Payable \text{Option \#1:}&&\text{\$ 12,000,000 after five years}\\ Take-home pay minus weekly standard deduction and exemptions = federal tax levy garnishment. b. cash basis accounting Financial transactions can be displayed for explanation and evaluation through state income tax expense Payroll Accounting 2018 CH 7 Flashcards | Quizlet What is the total uncollectible estimated bad debt for Growth Markets LLC? Financial statements for a company are prepared according to GAAP. \\\hline Which of the following does not describe a purpose of the employee's earnings records? Would you expect the kinked demand curve to be more extreme (like a right angle) or less extreme (like a normal demand curve) if each firm in the cartel produces a near-identical product like OPEC and petroleum? Blank between entries You have won a state lottery. None of the above, The entry to deposit FICA taxes and federal income taxes withheld involves all of the following accounts except: 26. (B) an expense account E) FUTA Tax Expense- FUTA Taxes Payable, 14. State unemployment tax Did you transmit remittances for the mandatory and voluntary deductions? 7. A) FUTA tax Until the amounts withheld from employee salaries are paid by the employer, they are recorded as: journal entry and page number. If there are employees who have taken payroll advances, which are amounts to be repaid by the employee, these will show in the current assets section. False. d. are required when the fiscal accounting period does not coincide with the end of the payroll period.

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