A(n) ________ is a collection of cash and other items that are used in the operation of the 221 To rule the payroll register means that the payroll accountant establishes procedures about the payroll register. 57. Does the Federal Income Tax Withholding Law require all employment data to be kept permanently? DEBIT CREDIT DEBIT CREDIT True, Payroll accruals reflect the amount of payroll paid but not earned at the end of the financial $3,825 of employee withholding ($50,000 X 0.0765), Exempt Salaried Employees Paid Semi-monthly. Cash 101 202,671. Does the ADEA quit protecting employees after the age of 70? d. Occupational Safety and Health Act Q08. business. D) It should create a reversing entry in the General Journal. From recruitment to retirement, getting the very best out of your people. File, adjust, and print returns and reports. A) It is a list of all persons and companies that the company pays money during a period. 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. Does every state have both federal and state unemployment laws? For multiple-choice and true/false questions, simply press or click on what you think is the correct answer. Chapter 7 quiz - the payroll register, employees' earning record, and accounting system entries. Your portfolio has three asset classes. 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? Quickly connect ADP solutions to popular software, ERPs and other HR systems. 1. McHale Enterprises has the following incomplete General Journal entry for the most recent pay 12. The holder of any unclaimed property must file a report after a specified sttutory period and then surrender the money to the stte as abandoned property. 29. Which of the following are processes that occur in most payroll accounting systems? Want to read all 11 pages? It is a monthly schedule depositor. Small, midsized or large, your business has unique needs, from technology to support and everything in between. the box With the question mark to empty the box for a wrong answer. Who is covered by the Walsh-Healey Public Contract Act? The payroll register lists all the employees who earned remuneration, the amount of remuneration, the deductions, and the net amount paid. C) Earnings subject to FICA tax Payment of a long-term note payable.} True, Employee earnings records form the link between accounting and the human resources This entry usually includes debits for the direct labor expense, salaries, and the company's portion of payroll taxes. Fair Labor Standards Act It records payroll record on each employee separately. 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. May 14 Wages and salaries payable 226 117,334. Read the latest news, stories, insights and tips to help you ignite the power of your people. Enchanted Creations has the following data in its Federal withholding tax payable General Ledger B) A debit balance will increase the expenses of the firm's income statement. Compute and record the Kipley Company's SUTA and FUTA contributions. A payroll register is a valuable tool that records employee wage information for each pay period and pay date. \text{6. D) Credit $30. Paymentofincometaxes. Loan to another firm.} A) Form W-4 B) Form W-2 C) Payroll register D) Employee earnings record 28. Which of the following represents the missing Social Security and Medicare taxes, assuming that. Switching payroll service providers made easy. 30. Wages and salaries payable 226 ??? Single click Collectionofanaccountreceivable. Saleoflandforcash.3. During the past week, the employee worked 50 hours. The primary payroll journal entry is for the initial recordation of a payroll. 64. ADP and the ADP logo are registered trademarks of ADP, Inc. All other marks are the property of their respective owners. Attend webinars or find out where and when we can connect at in-person events. What is the amount of the 401(k) contributions for the pay date? tax Remittance on February 15? Columns included in the payroll register to compute net pay may include which of the following? C) It allows payroll employees to divert funds into faux accounts. D) It is a report that becomes published with other financial reports. A) As assets A) Social Security tax, $204; Medicare tax, $792. As of the June 11 pay date, the General Ledger account for Burling Mills has a balance of $14, Medicare tax payable 222 ??? the total expenses of the firm and increase the net income of the firm. Purchaseoftreasurystock.14. The ___ is a multicolumn form used to assemble and summarize the data needed at the end of each payroll period. 39. box for a wrong Answer. D) Debit Health Insurance Payable $27,237; Credit Cash $27,237. Employee SIT Payable-liability Cash 101 117,334. The higher payroll Requirements: 1. Discover what others say about us. The Federal Insurance Contribution Act, the Medicare portion of the tax is only paid by the employer. D. ERISA provides that all employees are eligible to set up their own individual retirement accounts. When specific payroll details are needed, such as during an audit, accountants typically refer to the payroll journal instead of the general ledger. A) the firm's payroll checking account information This entry may be avoided if the amount is immaterial. Also, indicate whether the transaction is a cash inflow (CI) or cash outflow (CO), or has no effect on cash (NE). Form W-2 Payroll registers include all of the information in a pay period for all employees. B) Debit $4, Sale and delivery of finished goods to customers for cash (record unadjusted cost of sales). 54. Required: 1. Transcribed image text: Columns included in the payroll register to compute net pay may include which of the following? B. pay date. On October 15, Eco Brewers had a balance of $4,390 in its Social Security tax payable account. Using the accounting equation, determine the following amounts: a. Owners equity as of December 31, 2013. The lower payroll This sort of regular data-entry routine, when strictly adhered to, can help ensure accurate payroll records. Jan 31 J4 420 1, All salaried employees. the total incomes of the firm and decrease the net income of the firm. Which of the following is not a provision of FLSA? Tasks previously performed include determining gross earnings, FICA withholding, federal, state and city taxes. Todays digital landscape means limitless possibilities, and also complex security risks and threats. Saleofequipmentforanotereceivable. Any boxes left with a What are the main kinds of information contained in a payroll register? 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. 3. B) Gross pay At ADP, we are committed to unlocking potential not only in our clients and their businesses, but in our people, our communities and society as a whole. Payroll registers can be created using spreadsheets, although this may not be ideal for most employers. Report changes to your business. C) Debit $ & \text{ } & \text{ }\\ BALANCE What is general priority order concerning wage attachements. C) 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? What is the term for transferring data from the General Journal to the General Ledger? A. Gross pay and net pay. Generally, a payroll register lists the following information about each employee: Gross pay Net pay Payroll taxes Employee deductions (e.g., health insurance) Which of the following is an example of a trade association? & \text{ } & \text{ }\\ 41. Which act sets the minimum wage, and what is the current wage rate? Single click the box with the question FICA (Federal Insurance Contributions Act). 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. Didier and Sons had the following employer's share payroll tax general journal entry for the May department. 15. Discover the latest Today at Work insights from the ADP Research Institute. Under the Affordable care Act, does the insurance provided by the employer only need to meet an affordability test? 2. Purchase of inventory.} FUTA Taxes Payable-liability Payroll liabilities are any type of payment related to payroll that a business owes but has not yet paid. Purchaseofrentinadvance.4. B. E. OASDI. Less than five have large-screen TVs? D) Health insurance payable This will increase the Payment of an account payable.} If you have difficulty answering the following questions, learn more about this topic by reading our Payroll Accounting (Explanation). 62. D) The transaction appears on page four of the General Journal. Direct materials usage. Social Security tax $ 1,670. That's why we've partnered with some of the top athletes in the world. When a firm has wages earned but not yet paid at the end of a financial reporting period, what 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? Color employees' payroll, one for the employer's share of the taxes. How are the funds used which are provided by FUTA and SUTA? 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. What is the current minimum wage under FLSA? Employee benefits, flexible administration, business insurance, and retirement plans. D. 50 Safe-guards your retirement plans *not required to have a pension plan. Learn more about Privacy at ADP, including understanding the steps that weve taken to protect personal data globally. Security taxes? < Prey 18 of 40 Pay period dates. E. 65, Which of the following is not a provision of the Fair Labor Standards Act? C) It is a worksheet that accountants use to ensure payroll accuracy. Payroll journals are records of all payroll transactions. each option. Paymentofemployeesalaries.2. The employers total expense for Marys employment during the week is. DEBIT CREDIT DEBIT CREDIT 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? The lower the payroll 401(k) contributions payable 223 454. A) Employee earnings record 65. Can employees view documents in their files that are marked confidential? C) It must pay its employees for the wages earned as of that date. C) SUTA 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. must it do to recognize the liabilities and expenses? Want more practice questions?Receive instant access to our graded Quick Tests (more than 1,800 unique test questions) when you join AccountingCoach PRO. Federal withholding tax payable 220 399,472. 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. Record the health insurance deduction. Deductions. Garnishment $ 450. Because of the amount of sensitive information included in the payroll register, access tends to be limited only to those authorized within a company, such as the payroll manager. in its Federal withholding tax payable account. When the employer pays the employee in 2023 for the vacation earned in 2022, what account will the company debit? Jan 31 J4 420 1, mark to produce a Check mark for a correct answer and double click the box with the question expenses are, the lower the profitability will be. C) $12,576. 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 Which employee payroll classification will likely require an accrual adjusting entry for the gross salaries or wages at the end of a calendar month? What is true about the trial balance? May criminal background checks be used by all employers for any person? C. All employees under the age of 30. Copyright 2023 AccountingCoach, LLC. At a minimum, payroll registers help businesses: But thats hardly the extent of how beneficial a payroll register can be. True False. BALANCE DATE DESCRIPTION POST REF. Rushing River Boats has the following data in its Social Security tax payable General Ledger The first answer is provided as an example. 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. Withholding" and "Earnings subject to FICA"? Step 2: Working Hours. Paymentofanaccountpayable.15. C) Alphabetically Purchase of treasury stock.} grass clippings at the curb for pickup because local landfills cannot handle the volume. Regardless of the format, payroll registers tend to follow the same basic structure. Deductions from total earnings 10. Name of each employee 5. B) It contains a detailed listing of every transaction during a period. Jun 23 Wages and. Authorize a power of attorney. A) Form W- 8. Savings bonds payable 227 1,850. 10. A) Worker's Compensation What is your sisters total cost under each of the two plans? pay Protest Unemployment Insurance benefit charges or rates. Free True False Q03 Computing the sum of rows and columns is known by the term Multiple Choice Q04 Where is one place that information from the payroll register would not be transferred? It offers practical information concerning the subject matter and is provided with the understanding that ADP is not rendering legal or tax advice or other professional services. 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. 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. Employee FIT Payable-liability D) Employer's Federal Income tax, Which of the following columns would be used as part of a general journal entry? 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. Marital status & number of withholding allowances 6. What is The balance in the account? The portion of the Federal Insurance Contributions Act that deals with Social Security is called. Department of branch 4. c. McNamara-O'Hara Service Contract Act Jeremy is single with two withholding allowances. period. B. Zipperle Company has the following payroll information for the pay period ending September 18, Medicare tax payable 3,197. Wages and salaries payable 226 117,334. Use the following information for Questions 15 - 17: accurate disbursal of payroll. Total Earnings 9. C) It designates where labor is used in a firm. 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.
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