Social Security Tax Payable B) False, At the time of depositing FICA taxes and employees' federal income taxes, the account FICA Have you prepared the appropriate tax returns? -by posting reference. -the description is usually left blank. The amount that an employee is allowed to keep as take-home pay when a federal tax levy is in play is: A) Payroll Taxes (C) FUTA earnings In all computerized payroll systems, there is still the need to manually post from the printed payroll journal entry to the general ledger. Payroll records serve as backup for (7), True or False: 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. The employees' earnings records are the link between accounting and human resources and contain information from the payroll register. Restoration Midterm. -employees are paid T F, 10. Revenues area, Liabilities area (1), True of False, Multiple Choice, and Journalizing, True or False: The payroll register provides all the payroll information needed to prepare a payroll. (C) deposit. -general ledger entries to post backward. (D) employee earnings account. True When remitting or depositing federal income taxes, the employer credits the cash account. The general ledger contains information about the individual accounts used in general journal transactions a.25 B) Payroll Taxes liabilities or liability, Apart from the recording of payroll and payment to employees, what other payroll related journal entries would be recorded? What is always true about the general ledger? -bank reconciliation. (C) W-3 Garnishments False, False How does a payroll accountant use the information in the General Ledger? Federal Income Tax d. The Assembling Department added the following costs: Assembling fi nished 400,000 units and transferred them to the Finishing Department. Have you disbursed the employees' pay? (B) accumulated earnings. B) Payroll Taxes- Cash General ledger (C) yearly Employees FIT Payable $987.00, ($1,534.78 + $358.94 + $987.00) = $2,880.72. False. The time of peak efficiency is the time when the learning rate is maximized. c. the "Vacation Benefits Payable" account is credited. (1) . Multiple select question. Tracking of governmental liabilities 401k contributions payable, SS tax payable. Company management, True or false: Payroll reports help managers to determine payroll staffing needs. A) $107.40 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. 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. 9. What is the second line in the general journal entry used for? Entering the transactions in the general journal. The cash based businesses will show an increase in payroll expenses when: When the company pays for the state taxes withheld from the employee the entry would be b.ERISA ensures that workers covered by state and federal government pension plans receive benefits from those plans in accordance with their credited years of service with their employers. for each event. At the time that the entry is made to record the employers payroll taxes, the SUTA tax is recorded at the net amount (0.6%). (a) The first group will develop an argument that Tipton and Seferi were guilty of hiring and harboring illegal aliens. b.Vesting conveys to employees the right to share in the retirement fund in the event they are terminated before the normal retirement age. Under the Affordable Care Act, which employers are required to provide insurance coverage for all full-time employees and their dependents? False, 27. \text{Practical capacity} & \text{279.070} & \text{units}\\ c. employees can be required to participate in an employer's pension plan. determining the per department cost of business operations Cash The employees' gross earnings are posted to which General Journal account? d.All employees of companies with federal agency contracts. 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. unnecessary under GAAP (D) an asset account. 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. C) determining when the accumulated wages of an employee reach cutoff levels. . bottles of its 100% juices. Multiple choice question. Multiple select question. False, When remitting or depositing federal income taxes, the employer credits the cash account. General ledger entries are made ______ (after/before) general journal entries. Psychologists refer to the graph of y=f(x)y=f(x)y=f(x) as a learning curve and to f(x)f^{\prime}(x)f(x) as the learning rate. A distribution column in a payroll register separates payroll expenses into classifications such as FUTA, SUTA and net payroll. (4), True or False: The transaction to record employer payroll taxes expense is journalized at the end of the quarter. employee earnings record. Description information. 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: 401(k) contributions expense Multiple choice question. Have you obtained approval for pay disbursements? B) False, 4. Which of the following accounts is an expense account in which an employer records the FICA, FUTA, and SUTA taxes? B) False, 6. (D) all of these. Which amounts on the payroll register reduce Federal withholding tax but are not deducted for FICA tax computations? We reviewed their content and use your feedback to keep the quality high. Production line worker. B) False, 5. Assume Nortel Networks contracted to provide a customer with Internet infrastructure for $2,000,000. -Transactions from the general journal are posted to individual accounts. He is paid time-and-a-half for hours over 40 and his pay rate is $17.90/hour. FICA Taxes Payable-HI. (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. The total earnings paid to an employee after payroll taxes and other deductions is recorded in the payroll register's (A) Gross Pay column. (B) an expense account a. \text { Estimated costs to complete as of } 12 / 31 & 1,200,000 & -0- \\ Transactions from the general journal are posted to individual accounts. - Designated to inform managers and department heads. -when payday is before the end of the month. The issuance of checks to employees would reduce:(which account). Withholding's for a 401(k) plan Do you know what pay method each employee needs? Overtime pay is paid for hours worked in excess of eight hours per day. (A) tax reimbursement. The employee earns tips. An accounting firm would pay higher Workers' Compensation Insurance premiums than a steel mill because their employee wages would be higher. When does peak efficiency occur? Wages Payable b. is used to record the company's' liability to injured workers. Multiple choice question. C) $50.70 \text{Sales volume} & \text{260.000} & \text{units}\\ d. the account "Vacation Benefits Expense" is accrued. determining market price for company products Trial Balance Employee taxes \text{Normal capacity utilization} & \text{232.558} & \text{units}\\ 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. Automated entries, Identify the users of financial statements. D) Union dues withheld Did you journalize and post the employer's share transactions? Have you completed the payroll register? Multiple choice question. SUTA Taxes Payable a.The employer C) Payroll Taxes- FUTA Taxes Payable The average daily pay for Tortuga Travel's employees = $589. How are the funds used which are provided by FUTA and SUTA? \end{array} T F, When union dues that have been withheld from employees' wages are turned over to the union State unemployment tax Multiple choice question. (9). Since you plan to conduct business in the target country, you should be concerned about transparency of political institutions and judiciary. \textbf{Past-Due Category}&\textbf{Accounts Receivable Total}&\textbf{Percentage Uncollectible}\\[5pt] Where will entries for payroll show up in the income statement? FUTA Taxes Payable $74.26 4. true or false:Qualified retirement plans are approved by an act of Congress. Tipton and Seferi were charged with hiring and harboring undocumented aliens. (C) Net Pay column. The letters denote which journal the entry correlates. create the need for more entries. -Balances in the general ledger payroll accounts are used in payroll reports. When the initial payroll journal entries are created, the accountant would debit the: Employer related payroll entries would include: Shared employer-employee taxes A) True general journal entries. Which column exists in the employees' earnings records but not in the payroll register? medicare tax payable, Recorded employer payroll tax expense for the semimonthly pay period ended april 15. a. can take 50% of an employee's disposable income for child support payments. Wages Expense is debited and Cash is credited. -Transactions from the general journal are posted to individual accounts. Question 1: Why would you enter "N/A" on the line for federal withholding allowances on an employee earnings record? B) completing the journal entry to record the payroll. Who is covered by the Walsh-Healey Public Contracts Act? TheoreticalcapacityPracticalcapacityNormalcapacityutilizationSellingpriceBeginninginventoryProductionSalesvolumeVariablebudgetedmanufacturingcostTotalbudgetedfixedmanufacturingcostsTotalbudgetedoperating(non-manuf.) May be used to re-create payroll data in the event of computer failure or a catastrophic event Executive orders. 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. redundancy. D) an administrative wage garnishment Study with Quizlet and memorize flashcards containing terms like a business form used to record payroll information os, the total earnings paid to an employee after payroll taxes and other deductions, a business form used to record details affecting payments made to an employee is and more. using the same amount as the prior month's adjustment. a. they are part of the payroll package required to be sent to the IRS on an annual basis. C) Payroll Taxes- FUTA Taxes Payable False. A federal tax paid for hospital insurance. (C) a liability account B) False, 8. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. FICA Taxes Payable - HI $358.94 Immunology Exam 4 Study Guide (Ch. collecting the time sheets for the days accrued. T F, The only portion of wages that are exempt from a federal tax levy is: Did you journalize and post the employees' payroll transaction? A) True a business form used to record details affecting payments made to an employee. Multiple select question. Multiple choice question. Federal withholding tax, Which of the following are reversed as part of the payroll adjustment process? Allocate employee expenses to specific departments, Tax withholding and remittance 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) marital status. T F, The employer keeps track of each employee's accumulated wages in the employee's earnings record. b.The payroll period b. all employers are now mandated to contribute at least 2% of gross wages to an employee's retirement account. Additionally, information from the payroll register is used to complete payroll entries in the General Journal costs (all fixed)} & \text{\$ 500.000}\\ The employee's earnings record provides information for each of the following except: (B) separate payroll checking account. (B) Total Earnings column. 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 . Earnings records are supporting documents for In recording the monthly adjusting entry for accrued wages at the end of the The financial investment and any accumulated profits or losses of the owner of a firm. -Balances in the general ledger payroll accounts are used in payroll reports. b. the standard deduction of the taxpayer. management/department heads 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 (A) social security tax. Which of the following taxes would be included in the employer related payroll entry? taxing authorities, Informed business leaders can use payroll data for all except: D. all of the above. The employee earns more than the federal. Federal withholding tax, Social Security tax Multiple select question. y=100(1e0.462t). c. It facilitates accuracy in employee personnel records. true or false:The amount of income tax withheld from each employee's total earnings is determined solely from the number of withholding allowances. -Transactions in general ledger accounts are the source for general journal entries. unemployment tax payable-state (multiply salary expense by 5.4%). social security tax payable Which portion of the accounting equation represents the amounts owed by the company? The Form 940 is the source document for all employee payroll journal entries. B) Payroll Taxes- Cash A financial obligation of the firm arising from revenues received in advance of services or sales or expenses incurred but not paid. Multiple select question. -when payday is after the end of the month. 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. D. Wages Expense Multiple choice question. T-tables. when payday is after the end of the month. Employer taxes. b.The employee Owner's equity = Residual value. financial reports. -debit state withholding $1,234, The second set of debit and credit balances in a general ledger will: Which basic records are generated in most payroll accounting systems? D) FUTA Taxes Payable- Cash journal entry and page number. Wages Expense Multiple choice question. (A) a revenue \text{Selling price} & \text{\$ 50} & \text{per unit}\\ general ledger entries. B) False, 7. Cash -current transaction in the payroll account -by account type. regular earnings plus overtime earnings. CostsincurredduringtheyearEstimatedcoststocompleteasof12/31BillingsduringtheyearCashcollectionsduringtheyear2021$300,0001,200,000380,000250,0002022$1,575,00001,620,0001,750,000. A payroll register is a record of employee hours worked, gross pay, net pay, deductions, and payroll date for a pay period. The Accumulated Earnings column of the employee earnings record (A) shows net pay for the year. Prepare a production cost report using the weighted-average method. How good is your target country in enforcing the rule of law of the country? \end{array} Express her balance after one week algebraically. The total earnings subject to federal unemployment tax is referred to as: -account number and date, Where will entries for payroll show in the trial balance? Garnishment for child support payments A debit to an account in a general journal transaction is a debit to that account in the general ledger B) False, 9. (See Immigration Law.). Computer glitch In each pay period, the payroll information for each employee is recorded on his or her employee earnings record. (B) taxable earnings. Employee payments A garnishment cannot exceed 25 percent of an employee's gross pay. $845.00 - $364.42 = $480.58. Closing entries Apart from recording of payroll and payment to employees, what other payroll related journal entries would be recorded? payroll accounting (D) overtime hours minus overtime rate., A business form used to record details affecting payments made to an employee is a(n) (A) employee earnings record. Federal Income Taxes Payable General Leger account balances aggregate data to determine payroll costs Once the journal entry for the payroll is complete, the information is posted to the appropriate general ledger accounts. b.Executive employees who are 65 years or older and have held high policymaking positions during the two-year period prior to retirement. (C) only in states where a state income tax is levied. 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? (B) is the total earnings since the first of the year. 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? salaries and wages expense. Highest 10 percent b. The source document for paying employee income tax and social security and Medicare tax is: a. the expense has already been recorded. Multiple choice question. A credit increases which of the following types of accounts? FICA Taxes Payable-OASDI c. is used to record Workers' Compensation premiums paid by the employee. False, Which of the following accounts will appear on the balance sheet? When payroll spans two months. (B) quarterly D. FUTA Taxes Payable A separate record of each employee's . Did you prepare remittances for the mandatory and voluntary deductions? account balances form the basis for accounting reports; general ledger account balances aggregate data to determine payroll costs. What account would be classified as a liability account? B) False, Proving the payroll register entails sending company records to the IRS. d. a credit to Vacation Benefits Payable = $1,178. \\\hline The following information was obtained for the Assembling Department for the month of September. (D) overtime hours minus overtime rate. b. C) a creditor garnishment Multiple choice question. Which of following steps should be taken by the Human Resources Department when hiring new employees? 7. -refer to the employee being paid in the general journal. Who pays the social security taxes that are levied by the Federal Insurance Contributions Act? -alphabetical. The degree of completion of work-in-process inventory at September 30 was as follows: Required -current entry amount per account type a. is used to record Workers' Compensation premiums paid by the company. 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. A) True Payroll transactions will have an effect on: A relationship, specifically financial, built on trust between a trustee and a beneficiary. is jerry campbell dead, western holster for ruger redhawk,
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