the employee earnings record quizlet

Have you disbursed the employees' pay? When the I-999 forms for the restaurant's employees were reviewed, none were found for the six aliens. true or false:Qualified retirement plans are approved by an act of Congress. The withholding allowances of an employee affect (A) social security tax withheld. (p. 390), To record the payment of federal unemployment tax, the account debited is The reports are identical and provide necessary using the wages of the salaried workers only. You may assume that f(0)=0f(0)=0f(0)=0. -refer to the employee being paid in the general journal. 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. Why is the operating income under normal capacity utilization lower than the other two scenarios? Period totals are also included 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. True 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. d.All employees of companies with federal agency contracts. Have you prepared the financial statements and managerial reports? Multiple select question. useful in determining overhead allocations by department and the need for increased or decreased staff within a specific department, tracks the time employees have spent specifically on projects for which customers are paying, allow managers to determine how much overtime has been paid to employees during a specified time period, Trend reports of income over the period of the year can reveal seasonal increases or decreases in business. Multiple select question. management/department heads determining when the accumulated wages of an employee reach cutoff levels. d. (C) federal unemployment tax owed. -when payroll spans two months. The debit to Payroll Taxes for FICA, FUTA and SUTA taxes (rate = 4.5%) on a gross payroll of $200,876 (if no one has capped for FICA and not subject to the .9% Medicare on wages over $200,000, no one has capped for SUTA, and FUTA wages= $85,000), is: The employer FICA - OASDI ($200,876 x.062) + FICA - HI ($200,876 x .0145) + SUTA ($200,876 x .045) + FUTA ($85,000 x .006) = $24,916.43, On July 30, an analysis of the general ledger of Biomet Device Inc.'s shows the following credit balances: 5. Employer has the right to control both what work will be done and how it will be done. Government officials Payments for payroll regulation courses, Payment of statutory withholdings (C) FUTA earnings All the payroll information needed to prepare payroll and tax reports is found on, C- Payroll register and employee earnings records provide, The payroll journal entry is based on the totals of the payroll register, The Total Earnings column total of a payroll register is journalized as a debit to, The total of the Federal Income Tax column of a payroll register is credited to (A) a revenue account, The total of the Net Pay column of the payroll register is credited to, When a semimonthly payroll is paid, the credit to Cash is equal to the, Payroll taxes that are paid by both the employer and the employee are, A tax paid to administer the unemployment program is the, A state tax used to pay benefits to unemployed workers is the, An employee's earnings subject to unemployment taxes are referred to as (A) gross Multiple choice question. unnecessary under GAAP Which column exists in the employees' earnings records but not in the payroll register? A) True at the employer's discretion. True Fair Labor Standards Act. When does peak efficiency occur? Employees FIT Payable. End-of-Period Adjustments: Have you included any other mandatory deductions? Closing entries In recording the monthly adjusting entry for accrued wages at the end of the True for each event. C. Payroll Taxes a. (B) transfer payment. -posting date and posting time When the fair value of the affiliate stock increases. What changes should be included in the employee earnings record? When payroll spans two months. What obligations are imposed upon the employer by the Fair Credit Reporting Act of 1968? four employees. c. are the earnings remaining after withholding income taxes and other amounts required by law. Type of entry Contributions payable Multiple select question. Under the FLSA, what information concerning employees' wages must be maintained by the employer? Have you obtained approval for pay disbursements? B) False, 11. Employer taxes, Shared taxes (4), True or False: Form W-2 reports an employee's annual earnings and the withholdings for federal income, social security, and Medicare taxes. Define the process of "posting." In the case of a federal tax levy, the employee will notify the employer of the amount to take out, The payment of the FUTA tax and the FICA taxes by the employer to the IRS is recorded in the. (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. earnings Recording expenses only when paid is an example of: bottles of juice cocktails? assets, liabilities, equity. Multiple choice question. True When remitting or depositing federal income taxes, the employer credits the cash account. SUTA Taxes Payable B) False, Net pay" is sometimes known as "take-home" pay. -current amount of reduction to the payroll account d. companies are allowed to automatically enroll employees in the company's retirement plan. (D) semiannually. (C) shows net pay for one quarter. A separate record of each employee's . Revenues area, Liabilities area . E. Wages Expense (B) net earnings A payroll accrual occurs B) Withholdings for a 401(k) plan B) completing the journal entry to record the payroll. 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. (9). Multiple choice question. \text{Beginning inventory} & \text{40.000} & \text{units}\\ There are no price, spending, or efficiency variances. -Supervisor change Which of the following does not describe a purpose of the employee's earnings records? unemployment tax payable-federal(multiply salary expense by .8%) (B) in states without a state income tax. The adjusting entry to record the accrued vacation pay at the end of an accounting period includes credits to the tax withholding liability accounts. Why is it important for a firm to use both a payroll register c.Employees who earn more than $44,000 per year 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? E) None of the above, 30. Once the journal entry for the payroll is complete, the information is posted to the appropriate general ledger accounts. and more. \text{Theoretical capacity} & \text{300} & \text{units}\\ a.Employees over the age of 40 who have held high policymaking positions during the two-year period prior to retirement -Social Security tax is matched by the employer up to the Social Security wage base. D) Salaries Payable E) Union dues withheld, 17. computer backup. would be reduced by every transaction d.Neither of these choices is correct. c. it is not necessary to even enter the data since the time-keeping device synchs with the payroll register, employee earnings record, paychecks, etc. Past-DueCategoryAccountsReceivableTotalPercentageUncollectible0-30days$22,4806%31-90days36,54017%Over90days15,33025%\begin{array}{c} Description information. true or false:The first task in preparing a payroll is to determine the number of days worked by each employee. Entering the transactions in the general journal. True Prepare absorption costing-based income statements for Magic Me Corporation using theoretical capacity, practical capacity, and normal capacity utilization as the denominator levels. The payment of an employee's net pay using electronic funds transfer, A method of paying an employee based on the amount of sales the employee generates. answer choices . Chapter 13 Accounting Flashcards | Quizlet b. the account "Vacation Benefits Expense" is credited. Unclaimed employee wages are returned to the employer. d. the account "Vacation Benefits Expense" is accrued. b.The Federal Personal Responsibility and Work Opportunity Reconciliation Act of 1996 general journal entries. Past-DueCategory0-30days31-90daysOver90daysAccountsReceivableTotal$22,48036,54015,330PercentageUncollectible6%17%25%. redundancy. -Marital status A) True C) FICA tax--OASDI Assume Nortel Networks contracted to provide a customer with Internet infrastructure for $2,000,000. -Entering the payroll journal entry. -company breakdown of supply usage Multiple select question. B. 1 general ledger posting. Blank between entries Did you transmit the tax returns and remittances? d. are the earnings paid for optional employee benefits. b. c. to aid in completion of year-end informational returns, such as W-2s. 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? \text{Selling price} & \text{\$ 50} & \text{per unit}\\ 4. -account number and date, Where will entries for payroll show in the trial balance? Who pays the social security taxes that are levied by the Federal Insurance Contributions Act? Disposable earnings are the earnings remaining after withholding federal income taxes. -Balances in the general ledger payroll accounts are used in payroll reports. d. are required when the fiscal accounting period does not coincide with the end of the payroll period. (B) an expense account A) True Company viability depends on expense control, form the link between the accounting and the human resource departments. (C) W-3 d.None of these choices are correct. Over the three years that you have owned the stock, the corporation's board of directors have taken the following actions: Congratulations! B) completing the journal entry to record the payroll. 5. The contribution margin from the additional sales of 100% juices would be$90,000. (C) employee accounts payable record. (3), True or False: Federal unemployment insurance laws require that employers and employees pay taxes for unemployment compensation. -Transactions in general ledger accounts are the source for general journal entries. Entries to the general ledger will post amounts in the first pair of debit or credit columns: The employees' gross earnings are posted to which General Journal account? C) $50.70 What is the total uncollectible estimated bad debt for Growth Markets LLC? -include all descriptions in the general journal. Study with Quizlet and memorize flashcards containing terms like . 20. c.The amount and nature of exempt pay Chapter 8: Payroll Accounting Flashcards | Quizlet Accounting principles assist in the classification of payroll costs and organizational performance. Wages Payable ACC 301 - Chapter 14 "Stockholders' Equity", Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Fundamentals of Financial Management, Concise Edition, Don Herrmann, J. David Spiceland, Wayne Thomas, Lecture 7 - biological basis of language Part. 401(k) contributions expense (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. true or false:Businesses use payroll records to inform employees of their annual earnings and to prepare payroll reports for the government. Acting on a tip from the local police, agents of Immigration and Customs Enforcement executed search warrants at the restaurant and at an apartment where some restaurant workers lived. Cash (p. 389), The form used to report annual earnings and payroll taxes for all employees to the Social Security Administration is the Payroll Accounting Final Exam Study Guide Part 1 - Quizlet 12-3 Preparing Payroll Records Flashcards | Quizlet -cumulative total on the account C. Wages Payable when payroll spans two months. d. are required when the fiscal accounting period does not coincide with the end of the payroll period. Direct deposit of paychecks can be forced on employees in every state. Multiple choice question. Payroll Register, Employees' Earning Records, and Accounting System Entries, Payroll register and employees' earnings records are important payroll accountant tools costs(allfixed), Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Daniel F Viele, David H Marshall, Wayne W McManus, Fundamentals of Financial Management, Concise Edition, Macro 01: The Core Principles of Economics. In general, employers are required to pay state unemployment taxes: T-tables. Highest 50 percent c. Highest 5 percent, d. Highest 80 percent e. Lowest 10 percent f. Middle 50 percent, g. Lowest 93 percent h. Middle 95 percent i. 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. -bring the accountant to the next entry in the general ledger. union negotiations. -when entries increase the account balance Information gathered from the payroll register about each employee's payroll information is transferred to the ____ ____ ____. 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. 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. Antidiscrimination orders for employees with contracts involving federal funds. A separate record of each employee's earnings, used to complete W-2. Cash a. voluntary contributions to IRAs are no longer allowed in an employee retirement plan. Multiple choice question. -Employee receives an advance of their pay (B) quarterly Which of following steps should be taken by the Human Resources Department when hiring new employees? (D) none of these. B. B) False, FICA Taxes PayableHI is a liability account in which is recorded the liability of the employer disposable earnings. c. It facilitates accuracy in employee personnel records. The time of peak efficiency is the time when the learning rate is maximized. b. Wages and taxes expenses Allocate employee expenses to specific departments. The employee's earnings record provides information for each of the following except: \textbf{Past-Due Category}&\textbf{Accounts Receivable Total}&\textbf{Percentage Uncollectible}\\[5pt] Multiple select question. True Multiple choice question. An item of value that a business uses in the course of its operations and from which it expects future economic benefit. Wages Expense c. It facilitates accuracy in employee personnel records. (p. 383), Each employer who withholds income tax, social security tax, and Medicare tax from employee earnings must furnish each employee an Multiple choice question. d. a credit to Vacation Benefits Payable = $1,178. determining the per department cost of business operations Multiple choice question. withheld and the other payroll deductions in effect before the tax levy was received. expenditures or expenses true or false:A single person will have more income tax withheld than a married employee. How can the information shown in the employees' earnings record be used? Did you transmit remittances for the mandatory and voluntary deductions? Assets area Which of the following taxes would be included in the employer related payroll entry? -Employee 401(k) contributions, Employee receives an advance of their pay, The Current Tax Payment Act requires employers to remit taxes at the end of each month? A debit to the employees' FIT payable account removes the liability for the amount of federal income taxes withheld from employees' wages. Employees are assigned to departments to foster accurate measurements of business segment profitability. D. T F, 10. Have you computed their voluntary deductions? The total earnings paid to an employee after payroll taxes and other deductions. salaries and wages expense. It adds complexity to the personnel recordkeeping. Which of the following taxes would be included in the employer related payroll entry? It can use the machine to produce 12 oz. T-accounts. d. the Payroll Manager is required by the IRS to submit the electronic records for verification. would be used for reporting, only be in either debit or credit per account Employee payments Provides information for decision-makers about costs and company profitability A deduction from total earnings for each person legally supported by a taxpayer, including the employee. A third alternative is selling the machine for cash of $75,000. Tax Expense is debited for both the employees' and the employer's portions of the FICA taxes. A) collecting the timesheets for the days accrued. -alphabetical. True. D) FUTA Taxes Payable- Cash electronic system. Multiple select question. d. What age group is most likely to purchase the product? Add. D) Salaries Payable Medicare tax Additionally, information from the payroll register is used to complete payroll entries in the General Journal b. collecting the time sheets for the days accrued. FICA Taxes Payable-OASDI. a. all the data must be both manually and digitally centered and checked, to ensure that the system is functioning properly. Multiple choice question. -lifetime balance in the payroll account, What are the common components of the posting reference Examples of payroll related liabilities include: Garnishments Once the transaction has been recorded in the General Journal, the accountant posts the entry to corresponding General Ledger accounts, a combination of letters and numbers. When the company pays for the state taxes withheld from the employee the entry would be (D) none of these. -Employer social security tax 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? (2), True or False: Employer payroll taxes are business expenses. Union Dues. b.To provide protection only for workers under the age of 18 c.ERISA requires that all companies offer private pension plans. (C) yearly What if each firm produces a somewhat different product? Allocate employee expenses to specific accounts False, 27. union negotiations. True Show your work. a.To prepare period reports and complete Form W-2 for each employee. Multiple choice question. Which amounts on the payroll register reduce Federal withholding tax but are not deducted for FICA tax computations? True Find the time true or false: A business is required by law to withhold certain payroll taxes from employee salaries.

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