A) It is the fourth entry in the General Journal on that date. What entry should appear in the General Ledger to reflect the 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. D) Debit Cash, $250,000; Credit R. Sanders Capital, $250,00 0 Were reimagining what it means to work, and doing so in profound ways. Jeremy is single with two withholding allowances. Ring up sales and take payments in style with the sleek touchscreen Register device Make it mobile Every Register comes with a PAX A920 terminal to use as a mobile credit card reader Add on wireless POS hardware Complete your hardware suite with Bluetooth barcode scanners, receipt printers and cash drawers Hardware that won't hold you back Copyright ), What is the total amount of FICA that needs, Earn our Payroll Accounting Certificate of Achievement. The agreement also states that the two weeks of vacation shall be taken any time in 2023 and the amount paid will be 80 hours multiplied by the employee's rate of pay at December 31, 2022. & \text{ } & \text{ }\\ Verify the date and enter General as the reference. The company does not provide health insurance, paid vacations, or any other benefits. What special accounts must usually be opened in the general ledger to record payroll tax entries? 15. It is quite common to create a manual check, either because an employee was short-paid in the preceding payroll, or because the company is laying off or firing an employee, and so is obligated to pay that person before the next regularly scheduled payroll. DEBIT CREDIT DEBIT CREDIT Which of the following is NOT part of the social security program? 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. Chapter 7 quiz - the payroll register, employees' earning - StuDocu 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. Which report contains employer share tax expenses for a period? D) Because payroll represents a liability and an expense of the business. The ________ is the master document that contains an employee's marital status, deductions, pay All salaried employees. Want more exclusive business insights like this delivered to your inbox?Subscribe now. 1. 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. A) Debit Cash $27,237; Credit Health Insurance Payable $27,237. (You may A) $399,472. Complete the Regular Earnings columns (Rate per Hour and Amount) for hourly employees. \text{13. A) $2,253. Feb 15 J Saleofequipmentforanotereceivable. Withholding" and "Earnings subject to FICA"? B) It is an individual register maintained for each employee, listing of all the payroll information. B. ERISA requires each employer to establish a pension plan. Record the journal entry to account for employer payroll taxes based on the totals in the payroll register and the FUTA and SUTA calculations. C) It allows payroll employees to divert funds into faux accounts. 221 Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer. & \text{ } & \text{ }\\ a wrong answer. \text{8. Workers' Commpensation Insurance Expense-Operating expense Recording Payroll and Payroll Liabilities - Accounting In Focus True, Besides containing the supporting data for periodic tax reports, the employee earnings record Want more exclusive business insights like this delivered to your inbox? Quickly connect ADP solutions to popular software, ERPs and other HR systems. D) Company website A(n) ________ is a collection of cash and other items that are used in the operation of the The town is considering an ordinance that would prohibit putting Learn how we can make your work easier. Which items would be debited in the General Journal entry to record the employees' share of So that the total amount of accumulated wages can be recorded for each pay period thus when the accumulated wages of an employee reaches the cutoff level has been reached. Social Security tax payable 221 17,980. Discover what others say about us. c. McNamara-O'Hara Service Contract Act Under the FLSA, what information concerning employees' wages earned must be maintained by the employer? 8. * Listed below are several transactions. True, The information in the payroll register forms the basis for entries in the Employee Earnings On which financial report will employer-paid portions of health insurance premiums be listed? 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? B) It is employee labor that does not pertain to labor on customer jobs. account: Social Security tax payable ACCOUNT NO. C. 40 Payroll journals are records of all payroll transactions. Solved Continuing Payroll Problem, 6B: Chapter 6 You have - Chegg Employee SIT Payable-liability ordinance is passed? 5. The ___ is a multicolumn form used to assemble and summarize the data needed at the end of each payroll period. B) A debit balance will increase the expenses of the firm's income statement. Paymentofincometaxes. Quiz 6: Payroll Register, employees Earning Records, and Accounting mark to empty the box For a wrong answer. 18 A cell phone company offers two different plans. B) FUTA Savings bonds payable 227 1,850. How do the Stanford-Binet and Wechsler tests differ? How does a payroll accountant keep track of employee's year-to-date earnings for wage bases Attend webinars or find out where and when we can connect at in-person events. one answer. Can employees view documents in their files that are marked confidential? Using the accounting equation, determine the following amounts: a. Owners equity as of December 31, 2013. 11. & \text{ } & \text{ }\\ A) Revenue Discover a wealth of knowledge to help you tackle payroll, HR and benefits, and compliance. B) It must create an adjusting entry to recognize the payroll accrual. Which act sets the minimum wage, and what is the current wage rate? As of the June 11 pay date, the General Ledger account for Burling Mills has a balance of $14, What Is A Payroll Register - Forbes Advisor in sin did my mother conceived me meaning the box with the question mark to produce a check mark for a correct answer and double click A) It is employee labor that may be billed to customers. Which of the following acts prohibits discriminating in hiring, firing, promoting, compensating, or in nay other condition of employment on the basis of race, color, religion, gender, or national origin? Payroll Test #1 Flashcards | Quizlet During the past week, the employee worked 50 hours. Saleofequipmentforanotereceivable.10. TransactionTypeofActivityCashInfloworOutflow1. Of the items in the following list, which one (s) should appear in a payroll register? Sale and delivery of finished goods to customers for cash (record unadjusted cost of sales). Read more about the author. For example, there may be deductions for 401(k) pension plans, health insurance, life insurance, vision insurance, and for the repayment of advances. 27. NAME MARITAL STAT. Two complete payroll-related General Journal entries are recorded each pay period: one for the employees' payroll,one for the employer's share of the taxes. \text{11. Paymentofemployeesalaries.OCO2. Wages and salaries payable 226 202,671. \text{10. Calculate regular and overtime pay. Any Boxes left with a question mark will be automatically graded as incorrect.) so that the new employee can be properly added to the payroll, Employment application forms are usually discarded when the applicant is hired. A) Both documents contain year-to-date totals of taxes. Allocation (closing) of overapplied or underapplied overhead to Cost of Goods Sold. Federal withholding tax payable 220 $ 2,207. A) Employee earnings record expenses A) Debit R. Sanders Capital, $250,000; Credit Cash, $250, entry? Does FLSA require the employer to display a poster with the FLSA rules? B) By dollar amount the box With the question mark to empty the box for a wrong answer. & \text{ } & \text{ }\\ Employee FIT Payable-liability The information provided in the payroll register is used primarily to meet the requirements of the Fair Labor Standards Act. Payroll liabilities In most business organizations, accounting for payroll is particularly important because (1) payrolls often are the largest expense that a company incurs, (2) both federal and state governments require maintaining detailed payroll records, and (3) companies must file regular payroll reports with state and federal governments The higher payroll ls the payroll register used in preparing the Form W-2? D) A debit balance will increase the income of the firm's income statement. Book the entry on the date paychecks are distributed. The total of each distribution column shows the total amount of that department's wage expense. What is true about the trial balance? FUTA Taxes Payable-liability 1. D) the employee's name, social security number, and address Learn more about the senior executives who are leading ADPs business. incorrect.) Employers use the employee's earnings record in preparing ___. 3. On December 1, 20XX, Riley Sanders invested $250,000 to open Sanders Enterprises. C) Earnings subject to FICA tax FICA (Federal Insurance Contributions Act). D) Credit $30. With e-Services for Business, you can: Register, close, or re-open an employer payroll tax account. Discover what others say about us. What is the amount of the Social Security tax payable? All rights reserved.AccountingCoach is a registered trademark. 56. Harold Averkamp (CPA, MBA) has worked as a university accounting instructor, accountant, and consultant for more than 25 years. During this process, employers reconcile their payroll transactions and make sure that their accounting and recordkeeping practices comply with regulations. 19. B) Debit $4, Under the Affordable care Act, does the insurance provided by the employer only need to meet an affordability test? True, A debit always decreases the balance of an account. Keeping vital payroll data up to date and easily accessible is essential for employers to address unexpected discrepancies without confusion. FICA Taxes Payable-OASDI-liability & \text{ } & \text{ }\\ DEBIT CREDIT DEBIT CREDIT Continuing payroll problem b olney company inc - Course Hero If a firm accrues the payroll due but not paid at the end of a financial period, what should it do 11+ Payroll Register Templates in PDF What is your sisters total cost under each of the two plans? B) $15,298. A payroll register lists all basic information related to employee take-home pay. That's why we've partnered with some of the top athletes in the world. C. Restrictions the employment of child labor. Records and the General Journal. posted an additional $4,390 on its October 31 pay date. D) The labor report \text{Transaction} & \text{Type of Activity} & \text{Cash Inflow or Outflow}\\ \hline 41. Paymentofincometaxes.9. Whether you operate in multiple countries or just one, we can provide local expertise to support your global workforce strategy. A) Credit $8, Hence, no need to accrue any salaries. B) It is always expressed as assets = liabilities - owners' equity. 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. It's useful for record-keeping in a business and has legal implications if not kept correctly.. A summary of all payroll activity is an excellent way to look at the payroll register report. B) Payroll register 1. This account would be credited for the amount paid. period. Which of the following bases for discrimination in employment practices is NOT covered in the Civil Rights Act of 1964? The payroll register contains ________. Loan to another firm.} Plan A costs $80 per month for unlimited talk and text. Medicare tax payable 222 4,205. File, adjust, and print returns and reports. A) It communicates departmental profitability. \end{matrix} Collectionofnotesreceivable.8. B) Employee earnings record Yes, Employees FIT Payable . How is information that is usually on a paper stub given to an employee if the employer is using electronic paystubs. 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 $ 50,725. This will increase the Payroll accounting | Payroll journal entries AccountingTools The payroll register needs to record the hours each employee has served in the firm in a day. employees' payroll, one for the employer's share of the taxes. Compute and record the Kipley Company's SUTA and FUTA contributions. What options might Hazel consider if the \text{5. 31. 10. Hourly-paid employees have their paydays approximately one week after their workweeks and generally the workweek does not end on the last calendar day of the month. There may be an accrued wages entry that is recorded at the end of each accounting period, and which is intended to record the amount of wages owed to employees but not yet paid. This check may be paid through the corporate accounts payable bank account, rather than its payroll account, so you may need to make this entry through the accounts payable system. 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. Cross), Give Me Liberty! (You may select more than B. ERISA This will increase Since Eco Brewers is a monthly schedule Saleofequipmentforcash. 1. Based on the following data, prepare the appropriate journal entry when paying employees: Total wages earned were $8000 Payroll Chapter 1 Flashcards | Quizlet The higher payroll General Journal entry to record this transaction? pay date. Information available through a secured web sit, kiosk, or interactive voice response system. 3. What obligations are imposed upon the employer by the Fair Credit Reporting Act of 1968? C) It designates where labor is used in a firm. & \text{ } & \text{ }\\ \text{2. \text{6. E. OASDI. HOURS WORKED Jeremy Ortiz is an employee of Insulor Flooring, where his job responsibilities include selling service contracts to customers. How are employees who do not have bank accounts paid by an employer who uses an electronic fundstransfer system for payroll. 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. answer And double click the box with the question mark to empty the box for a wrong answer. Issuance of bonds.} D) Employer's Federal Income tax, Which of the following columns would be used as part of a general journal entry? May an employer terminate an employee for lying on an application form? It indicates, "Click to perform a search". The payroll register of any firm needs to have specific details on every employee. Indirect labor usage. Solved Instructions Payroll Register Taxable Earnings - Chegg D) $1,875. 5 pay date: May 5 Payroll Taxes Expense $ 27,671. Social Security tax payable ??? C) Debit Revenue, $250,000; Credit Cash, $250, 4. PAYROLL REGISTER Upload your study docs or become a Course Hero member to access this document Continue to access End of preview. 1. ls the Federal Government covered under the Civil Rights Act of 1964? Learn how we can tackle your industry demands together. A company may occasionally print manual paychecks to employees, either because of pay adjustments or employment terminations. Tasks previously performed include determining gross earnings, FICA withholding, federal, state and city taxes. Issuanceofbonds. How does a payroll accountant keep track of employee's year-to-date earnings for wage bases on taxes like FICA, FUTA, and SUTA? What is the term for transferring data from the General Journal to the General Ledger? 401(k) contributions payable 223 454. Gross wages of $500.00 + employer's portion of FICA $38.25 ($500.00 X employer rate of 7.65%) + unemployment tax of $24.00 + worker comp insurance of $5.00. Discover the latest Today at Work insights from the ADP Research Institute. Does FLSA say how often employees need to be paid? Federal withholding tax $ 3,570. 5. Are employers required to keep a photocopy of the l-9 form? Purchaseofinventory.7. 2. the total expenses of the firm and decrease the net income of the firm. It helps employers reconcile their payroll transactions and prepare quarterly and year-end tax reports. The payroll register is a separate payroll record that is kept on each employee. AIS g Payroll Flashcards | Quizlet Federal withholding tax payable 220 399,472. Payroll Register | What It Is, What Is On It, & More - Patriot Software

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