taxing authorities, Informed business leaders can use payroll data for all except: Garnishment for child support payments (B) IRS Form W-2 When recording the deposit of FUTA taxes owed, the proper entry is: Employer taxes, Shared taxes A separate record of each employee's . -Marital status (C) Net Pay column. Multiple choice question. What is the connection between the employees' earnings records and payroll tax reporting? A computer system based on a software package that performs all payroll record keeping and prepares payroll checks. False, 27. 401(k) contributions expense create the need for more entries. False, An employee who is garnished creates a liability for the business. -employees earn wages A) True salaries and wages expense. Multiple select question. What is the purpose of the Age Discrimination in Employment Act (ADEA)? costs(allfixed)300279.070232.558$5040.000240.000260.000$10$3.000.000$500.000unitsunitsunitsperunitunitsunitsunitsperunit. Have you computed their payroll taxes properly? determining when the accumulated wages of an employee reach cutoff levels. d. It allows payroll employees to create ghost employees . Accounting reports provide managers with insights into company profitability and stability. (D) semiannually. -Employer social security tax It can use the machine to produce 12 oz. Multiple choice question. E) 26.85. A reversing entry would Computer glitch unemployment tax payable-federal(multiply salary expense by .8%) 2. (A) a check. -when payroll spans two months. (C) gross earnings. In each pay period, the payroll information for each employee is recorded on his or her employee earnings record. Solved Question 1: Why would you enter "N/A" on the line for - Chegg Multiple choice 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. B) $161.10 Which of the following are true about the general ledger? Allocate employee expenses to specific accounts employee income tax payable one-sided journal entries. Recording expenses only when paid is an example of: \textbf{Past-Due Category}&\textbf{Accounts Receivable Total}&\textbf{Percentage Uncollectible}\\[5pt] Payroll Chapter 7 Flashcards | Quizlet \text{0-30 days}&\text{\$\hspace{1pt}22,480}&\text{6\\\%}\\ Douglas Toys is a manufacturer that applies the weighted-average process costing method to account for costs of production. -Entering the transactions in the general ledger. Hintley Duck Blinds Ltd received a federal tax levy garnishment for their marketing manager, Joanna Mallard, in the amount of $8,523.25. You purchased 200 shares of Smiley Incorporated, a small but profitable company. d.None of these choices are correct. Which of the following is not an expense of the employer? would be used for reporting, only be in either debit or credit per account -alphabetical. (C) a memorandum. (5), True or False: In the journal entry for a payroll, the amount debited to Salary Expense is the total of the Net Pay column of the payroll register. An accounting firm would pay higher Workers' Compensation Insurance premiums than a steel mill because their employee wages would be higher. The source document for paying state unemployment tax is: Owner's equity = Residual value. False, A ____ ____ report proves the equality of debits and credits. T F, The employer keeps track of each employee's accumulated wages in the employee's earnings record. Ch 6 Payroll PRACTICE Flashcards | Quizlet Actual operating costs equal budgeted operating costs. The balances in the General Ledger accounts form the foundation of financial reports. 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? Earnings records are supporting documents for In recording the monthly adjusting entry for accrued wages at the end of the accounting period, the amount of the adjustment would usually be determined by: FUTA Taxes Payable, The entry made at the end of the accounting period to record wages 6. FUTA Taxes Payable have amounts in both debit and credit per account Do you have managerial approval for all employee pay for the period? The time of peak efficiency is the time when the learning rate is maximized. Does your company have employees? C) FICA tax--OASDI The employee earns more than the federal. At September 30, 200,000 units were still in work-in-process inventory. When using the equity method of accounting, when is revenue recorded on the books of the investor company? true or false: Total earnings are sometimes referred to as net pay. Federal income tax is withheld from employee earnings (A) only in those states electing to do so. Employee's earning record. The adjusting entry to record the accrued vacation pay at the end of an accounting period includes credits to the tax withholding liability accounts. redundancy. (B) total hours divided by regular rate. D. FUTA Taxes Payable Cash, When recording the deposit of FUTA taxes owed, the proper entry is: -journal entry and account number Which of these accounts shows the total gross earnings that the employer Overtime pay is paid for hours worked in excess of eight hours per day. If Dr. Credit accounting information Closing entries D) FUTA Taxes Payable- Cash \end{array} a. is used to record Workers' Compensation premiums paid by the company. Payroll Register, Employees' Earning Records, and Accounting System Entries, Payroll register and employees' earnings records are important payroll accountant tools Multiple select question. A) Garnishment for child support payments a.To prohibit discrimination on the basis of age in the employment practices of employer. (B) accumulated earnings. Apart from the recording of payroll and payment to employees, what other payroll related journal entries would be recorded? management/department heads (A) IRS Form W-4 \text{Selling price} & \text{\$ 50} & \text{per unit}\\ 401k contributions payable, SS tax payable. True false question. A qualified retirement plan that allows tax-free withdrawals from the account. Deductions from gross pay in the payroll register are reflected on the credit side of the journal entry to record the payroll. financial reports. Advanced Accounting Ch. 3 Review | Other Quiz - Quizizz Unclaimed employee wages are returned to the employer. Cash Study with Quizlet and memorize flashcards containing terms like All the payroll information needed to prepare payroll and tax reports is found on (A) Form W-4 and the employee earnings record (B) Form W-4 and the payroll register (C) the payroll register and the employee earnings record (D) Form W-4. and more. payment to employee based on a stated percentage of revenue. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. Multiple choice question. Multiple choice question. (B) Form 941 The following information was obtained for the Assembling Department for the month of September. pay cards. The first pair of debit and credit columns on the general ledger are for: The second set of debit and credit columns in the general ledger show: The cash based business will show an increase in payroll expenses when: In a manufacturing environment, which of the employees time would be considered entirely directly billable? Medicare tax and an employee earnings record? An item of value that a business uses in the course of its operations and from which it expects future economic benefit. bottles of its juice cocktails or 12 oz. A) collecting the timesheets for the days accrued. -Supervisor change -by account type. one-sided journal entries. A) True costs(allfixed)$500.000\begin{matrix} Using an automated entry, the payroll accountant would record transactions through In general, employers are required to pay state unemployment taxes: (C) a liability account Take-home pay minus weekly standard deduction and exemptions = federal tax levy garnishment. Explain your reasoning. E) None of the above. b.Employees who work for vendors who provide legal services to any agency of the United States, provided the minimum contract amount is $15,000. Union Dues. Terms in this set (20) The period covered by a salary payment is a ____. when payroll spans two months. a. is used to record Workers' Compensation premiums paid by the company. Are the tax returns and remittances approved and signed by the appropriate parties? -account number and date, Where will entries for payroll show in the trial balance? Paid cash for liability for employee income tax, $693.00; social security tax, $770.04; Medicare tax, $180.09; total, $1643.13. Transactions from the general journal are posted to individual accounts. A) True -Employee review date, What changes should be included in the employee earnings record? 7 and 8) 141 terms. a. Payroll Taxes. 3 general ledger postings. payroll report interface. Employee taxes Once the journal entry for the payroll is complete, the information is posted to the appropriate general ledger accounts. What information is commonly provided by a job-seeker on the application for employment form? 7. Financial transactions can be displayed for explanation and evaluation through credit to cash, debit to liability. Who pays the social security taxes that are levied by the Federal Insurance Contributions Act? What is the second line in the general journal entry used for? Express her balance after one week algebraically. chart of accounts. Entries to the general ledger will post amounts in the first pair of debit or credit columns: When the I-999 forms for the restaurant's employees were reviewed, none were found for the six aliens. Assume an initial starting FtF_tFt of 300 units, a trend (Tt)\left(T_t\right)(Tt) of eight units, an alpha of 0.300.300.30, and a delta of 0.400.400.40. Shared taxes (C) gross earnings. -bring the accountant to the next entry in the general ledger. Tips received by employees are included as disposable earnings subject to garnishment for child support. (B) transfer payment. B. b.Executive employees who are 65 years or older and have held high policymaking positions during the two-year period prior to retirement Payroll Accounting 2018 CH 7 Flashcards | Quizlet In each pay period, the payroll information for each employee is recorded on his or her employee earnings record, The payroll register provides all the payroll information needed to prepare a payroll, A business deposits the total of gross wages in a separate payroll checking account, Employer payroll taxes are business expenses, The employer social security tax rate is different than the employee social security tax rate, Federal unemployment insurance laws require that employers and employees pay taxes for unemployment compensation, The transaction to record employer payroll taxes expense is journalized at the end of the quarter, Each employer is required by law to periodically report the payroll taxes withheld from employee salaries, The timing of payroll tax payments is based on the amount owed, Form W-2 reports an employee's annual earnings and the withholdings for federal income, social security, and Medicare taxes, In the journal entry for a payroll, the amount debited to Salary Expense is the total of the Net Pay column of the payroll register, The tax base for Medicare tax is the same as the tax base for social security tax, If the tax base for calculating unemployment taxes is $7,000 and an employee's accumulated earnings are $6,500.00, and the employee earns another $1,500.00, the amount of new earnings subject to unemployment tax is $1,500.00, Some employers must deposit payments for withheld employees' federal income tax and social security and Medicare taxes on the next banking day, Each employer who withholds income tax, social security tax, and Medicare tax from employee earnings must furnish each employee with a quarterly statement, Until the amounts withheld from employee salaries are paid by the employer, they are recorded as, The payment of payroll taxes to the government is referred to as a, The total earnings subject to federal unemployment tax is referred to as, Each employer must file a _________ federal tax return showing the federal income tax, social security tax, and Medicare tax due the government, Employers are required to furnish each employee with an annual statement of earnings and withholdings before (A) December 31 of the current year, The source document for paying employee income tax and social security and Medicare tax is, During the month following each calendar quarter, In general, employers are required to pay state unemployment taxes, The source document for paying state unemployment tax is, A state tax used to pay benefits to unemployed workers is, John David Jackson, Patricia Meglich, Robert Mathis, Sean Valentine. Study with Quizlet and memorize flashcards containing terms like Unclaimed employee wages are returned to the employer. None of the above, The entry to deposit FICA taxes and federal income taxes withheld involves all of the following accounts except: A payroll method in which the employee does not handle the paycheck; payment is made by the employer directly to the employee's bank using EFT. adjusted in the next month. debit to expense, credit to liability. true or false:Payroll taxes withheld represent a liability for an employer until payment is made. When recording the deposit of FUTA taxes owed, the proper entry is: A business form used to record details affecting payments made to an employee is a(n) (A) employee earnings record. When does peak efficiency occur? Revenue There are no price, spending, or efficiency variances. b.The Federal Personal Responsibility and Work Opportunity Reconciliation Act of 1996 D) 53.70 Compute the amount of revenue and gross profit or loss to be recognized in 2021 and 2022 assuming Nortel recognizes revenue over time according to percentage of completion. 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. a.The Federal Unemployment Tax Act (FUTA) Salaries and Wages Payable, Which of the following taxes would NOT be included in the employer related payroll entry? 1 general ledger posting. Vacation pay earned by employees a. True d. It allows payroll employees to create ghost employees . remove the accrual from the account balances. 7. MASTERING CORRECTION OF ACCOUNTING ERRORS TES, Totalbudgetedoperating(non-manuf.) Multiple choice question. c. employees can be required to participate in an employer's pension plan. true or false:A single person will have more income tax withheld than a married employee. The Accumulated Earnings column of the employee earnings record (A) shows net pay for the year. reversed in the next month. B) False, 14. should be retained and destroyed at the same interval as other accounting records, A chronological record of a firms financial transactions, A record of a firm's financial transactions, grouped by account -when payday is after the end of the month. B) a government student loan Which of the following are true about the general ledger? Chapter 12 accounting Flashcards | Quizlet redundancy. A. T F, When recording the employer's payroll taxes, a liability account entitled Employers Payroll \\\hline A) FUTA tax True False, An accounting firm would pay higher Workers' Compensation Insurance premiums than a steel mill because their employee wages would be higher. \hline \text { Costs incurred during the year } & \$ 300,000 & \$ 1,575,000 \\ b. a credit to Cash = $1,178. Multicolumn form used to summarize data needed each paydate. B) False, 3. (C) total hours plus overtime rate. (D) state unemployment tax owed. (D) tax withholding form. (1), True or False: A business deposits the total of gross wages in a separate payroll checking account. Before beginning production of its new vacuum cleaner, the Devaney Company conducted an opinion survey of 1740 people. 4. Study with Quizlet and memorize flashcards containing terms like In each pay period the payroll information for each employee is recorded on each employee earnings record., The payroll register and employee earnings records provide all the payroll information needed to prepare a payroll., The source document for payment of a payroll is the time card. (B) a receipt. c. It facilitates accuracy in employee personnel records. (B) is the total earnings since the first of the year. incurred but unpaid is: 20. Which of these employee types is an allowable exception to the protection of the Age Discrimination in Employment? (1) . Identify some of the groups of users. (p. 396), Fundamentals of Financial Management, Concise Edition, Don Herrmann, J. David Spiceland, Wayne Thomas, Alvin A Arens, Mark A Beasley, Randal J Elder, Financial Reporting and Analysis: Using Financial Accounting Information. What if each firm produces a somewhat different product? -chronological. d. are required when the fiscal accounting period does not coincide with the end of the payroll period. Wages and taxes payable, Labor reports would be provided to: 12. (B) total hours divided by regular rate. state income tax expense Ch. 12 Flashcards | Quizlet (A) a revenue 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. answer choices . T F, Federal tax levies are not subject to the limits imposed on garnishments under the Consumer Have you completed the payroll register? Wages Payroll, Which of the following items would require an adjusting entry at the end of each accounting period? Which of the following taxes would be included in the employer related payroll entry? Tipped employee. Wages payable The amount of employee pay left after federally mandated deductions are made, including federal and state income tax, social security . Entering the payroll journal entry. Expenses area State unemployment tax How is your target country ranked by Transparency International, Drugs in the bloodstream The concentration yyy of a certain drug in the bloodstream ttt hours after an oral dosage (with 0t150 \leq t \leq 150t15 ) is given by the equation, y=100(1e0.462t)y=100\left(1-e^{-0.462 t}\right) engaged in a job in which tips of more than $30 a month are regularly recieved. C) Payroll Taxes- FUTA Taxes Payable The following accounts receivable information pertains to Growth Markets LLC. for each event. Multiple choice question. Experts are tested by Chegg as specialists in their subject area. Report an individual employees regular time and over time \end{array} For each choice of denominator level, the budgeted production cost per unit is also the cost per unit of beginning inventory. Wages Expense B) False, 29. Debits show increases to C246, Salary expense The reports are identical and provide necessary -Transactions from the general journal are posted to individual accounts. Copy and complete the chart. a.The Self-Employment Contributions Act sets the minimum wage and the current minimum wage rate is $9.19 per hour.