payroll register quizlet

Oct 27 Wages and salaries payable 226 202,671. A credit of $16,250 is recorded on the June 25 True False. B) Employee earnings record Health Insurance payable 224 8,375. E. OASDI. A) Social Security tax, $204; Medicare tax, $792. \text{13. We have been recognized by esteemed organizations for the value we bring to our clients, our associates and the global community. Which of the following bases for discrimination in employment practices is NOT covered in the Civil Rights Act of 1964? DEBIT CREDIT DEBIT CREDIT What is your sisters total cost under each of the two plans? 1. E. Sex, Which of the following statements is NOT a provisions of ERISA? C) Cross-referencing 33. the total expenses of the firm and increase the net income of the firm. on taxes like FICA, FUTA, and SUTA? Loantoanotherfirm.12. Under the U.S. payroll tax a employee has to pay the tax on hi . D) Form 941 D) It adds complexity to the payroll register. Transfer of finished jobs to the finished goods inventory. date: Oct 27 Wages and salaries expense 522 $298,384. Savings bonds payable 227 1,850. 18 The key types of payroll journal entries are noted below. 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. Read the latest news, stories, insights and tips to help you ignite the power of your people. \text{9. D) The same as the chart of accounts Were reimagining what it means to work, and doing so in profound ways. 8. Total Earnings 9. \text{2. 5 pay date: May 5 Payroll Taxes Expense $ 27,671. & \text{ } & \text{ }\\ B) It is employee labor that does not pertain to labor on customer jobs. The volume of manual paycheck entries can be reduced by continual attention to the underlying causes of transaction errors, so there are fewer payroll errors to be rectified with a manual paycheck. business. Rushing River Boats has the following data in its Social Security tax payable General Ledger The Federal Insurance Contributions Act covers restrictions on the employment of child labor. lf both federal and state regulations cover minimum wages for the same employee, is the federal rate always used for the minimum wage? Generally, a payroll register lists the following information about each employee: Gross pay Net pay Payroll taxes Employee deductions (e.g., health insurance) Withholding" and "Earnings subject to FICA"? A) Employee earnings record b. 12. \text{14. Access the definitive source for exclusive data-driven insights on todays working world. tax Remittance on February 15? The lower the payroll \text{6. C) It designates where labor is used in a firm. Does FLSA require the employer to display a poster with the FLSA rules? C) It is a worksheet that accountants use to ensure payroll accuracy. B) Debit Cash, $250,000; Credit Revenue, $250, See how we help organizations like yours with a wider range of payroll and HR options than any other provider. Social Security tax payable 221 10,517. 15. We provide payroll, global HCM and outsourcing services in more than 140 countries. department. Plan A costs $80 per month for unlimited talk and text. Which items would be debited in the General Journal entry to record the employees' share of A. 18. 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. 1. What is the current minimum wage under FLSA? Most office supply stores also carry books that are formatted specifically to record payroll information. 39. Factory overhead excluding indirect materials and indirect labor (record credit to Other Accounts). Sometimes you will see all the taxes lumped together into one account called Payroll Taxes Payable. the health Insurance is qualified under Section 125? D) Personnel file A cell phone company offers two different plans. each option. the payroll? Payroll journal entries are used to record the compensation paid to employees. 2. A) Credit $8, From recruitment to retirement, getting the very best out of your people. C) Earnings subject to FICA tax expenses D) The labor report Employers can exempt the following employees from the Family and Medical Leave Act. Purchase of rent in advance.} (You may select more than one answer. The Age Discrimination in Employment Act provides protection to virtually all workers over the age of: Form I-9, which is completed by each employee, deals with: Which of the following acts deals with the minimum wage paid to laborers for contractors on federal government construction contracts? Social Security tax $ 1,670. C) Garnishment Any Boxes left with a question mark will be automatically graded as incorrect.) Which of the following represents the missing Social Security and Medicare taxes, assuming that. The information provided in the payroll register is used primarily to meet the requirements of the Fair Labor Standards Act. Wages and salaries payable 226 ??? C) It is the fourth repetition of the same entry. The payroll register lists all the employees who earned remuneration, the amount of remuneration, the deductions, and the net amount paid. Under the Affordable Care Act, which employers are required to provide insurance coverage for all full-time employees and for their dependents? Which of the following acts levies a tax on employers and employees that is credited to the Federal Old-Age and Survivor's Trust Fund and the Federal Disability Insurance Trust Fund? Federal income tax payable 11,955. Single click the box with the question mark to produce a check mark for a correct Journal entries? B) Posting Who pays the social security taxes that are levied by the Federal Insurance Contributions Act? February 7 Journalize the employer . What is the amount of the Social Security tax payable? Explain the major provisions of the Fair Labor Standards Act. ERISA provides for full vesting of the employer's contribution to an employee's pension fund in 3 years or gradually over: these factors are bona fide occupational qualifications for the job. 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? pay 4. Another important step in maintaining a payroll register is to perform audits. D) Because payroll represents a liability and an expense of the business. period. A) Debit R. Sanders Capital, $250,000; Credit Cash, $250, A payroll register lists all basic information related to employee take-home pay. D. ERISA provides that all employees are eligible to set up their own individual retirement accounts. C) The balance sheet True, A debit always decreases the balance of an account. FICA Taxes Payable-OASDI-liability B) It allows managers to predict future labor costs. C) Because payroll represents a liability and an expense of the business. and year-to- date earnings. incorrect.) Deductions. Paymentofemployeesalaries.OCO2. C) Debit Health Insurance Payable $13,618; Credit Cash $13,618. ADP hires in over 26 countries around the world for a variety of amazing careers. mark to empty the box For a wrong answer. You need to purchase a plan for your teenage sister. Gross pay and net pay. 2. A) the beginning and ending dates of the pay period Issuance of common stock.} This will increase Based on the following data, prepare the appropriate journal entry when paying employees: Total wages earned were $8000 Want more practice questions?Receive instant access to our graded Quick Tests (more than 1,800 unique test questions) when you join AccountingCoach PRO. Protest Unemployment Insurance benefit charges or rates. 5. Feb 15 J expenses are, the lower the profitability will be. A. expense 522 $ 12,987. Most firms are now using a standard reference inquiry form, supplied by the IRS, If an investigative consumer report is being checked, the job applicant must be notified in writing by the employer that such a report is being sought, There are no states that allow employees to access their personnel files, The payroll register is a separate payroll record that is kept on each employee, A payroll register lists all employees who have earned remuneration, the amount of remuneration, the deductions, and the net amount paid for each pay period, The amounts needed for the payroll entries in the journal come from the employee's earnings record, The trend toward outsourcing of payroll operations has weakened in recent years. Those who have not worked at least one year and at least 1,250 hours in the previous 12 months for the company. A. ADEA Any boxes left with a question mark will be automatically graded as How is information that is usually on a paper stub given to an employee if the employer is using electronic paystubs. Are pre-hire questions pertaining to religion, gender' national origin' or age allowed if these are bona fide occupational requirements of the job? check mark For a correct answer and double click the box with the question mark to empty the Payment of a long-term note payable.} ls Form l-9 completed only by employees born in outside of the USA? A) Debit Cash $27,237; Credit Health Insurance Payable $27,237. There will also be credits to a number of accounts, each one detailing the liability for payroll taxes that have not been paid, as well as for the amount of cash already paid to employees for their net pay. posted an additional $4,390 on its October 31 pay date. 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. B) Debit Cash $13,618; Credit Health Insurance Payable $13,618. How are employees who do not have bank accounts paid by an employer who uses an electronic fundstransfer system for payroll. SUTA tax payable 9,481. account: Social Security tax payable ACCOUNT NO. At ADP, security is integral to our products, our business processes and our infrastructure. Federal withholding tax $ 3,570. Of the items in the following list, which one (s) should appear in a payroll register? 40. Payroll Accounting (Practice Quiz) Print PDF For multiple-choice and true/false questions, simply press or click on what you think is the correct answer. D. Requires equal pay for equal work, regardless of gender. On October 15, Eco Brewers had a balance of $4,390 in its Social Security tax payable account. But if you follow these seven steps, you can learn how to account for payroll with ease. This entry is then reversed in the following accounting period, so that the initial recordation entry can take its place. 3. This entry may be avoided if the amount is immaterial. in sin did my mother conceived me meaning Saleofequipmentforcash. Federal withholding tax payable 220 $ ??? Who is covered by the Walsh-Healey Public Contract Act? What must the employer do with unclaimed checks. Sale of equipment for cash.} D) It is a report designed to be read by parties external to the firm. & \text{ } & \text{ }\\ Complete the Regular Earnings columns (Rate per Hour and Amount) for hourly employees. E. All of the above are provisions of ERISA. Take your organization to the next level with tools and resources that help you work smarter, regardless of your businesss size and goals. Time worked - regular & overtime 7. FICA Taxes payable-HI-liability 14. B) It is always expressed as assets = liabilities - owners' equity. Switching payroll service providers made easy. 10. Plan B costs$0.20 per minute plus $0.10 per text message sent. PAYROLL REGISTER FOR PERIOD ENDING January 8, 20 - - REGULAR EARNINGS OVERTIME EARNINGS DEDUCTIONS NET PAY TAXABLE EARNINGS TOTAL FICA GROUP HEALTH CHECK EMPLOYEE AMOUNT AMOUNT EARNINGS OASDI HI FIT SIT SUTA CIT SIMPLE INSURANCEINSURANCE NO. True False. Medicare tax payable 222 4,205. C) Both documents contain information from multiple pay periods. D) Payroll register Feb 15 J \text{3. Social Security tax payable 221 17,980. 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. U.S. government T-bills account for 45%45 \%45% of the portfolio, large-company stocks constitute another 40%40 \%40%, and small-company stocks make up the remaining 15%15 \%15%. Purchase of inventory.} 29. DATE DESCRIPTION POST REF. var d=new Date(); document.write(d.getFullYear()); ADP, Inc. Find the package that's right for your business. - Michalis M. FICA (FICA is the acronym for Federal Insurance Contribution Act. What does the term "billable time" mean as it pertains to payroll accounting? A. Requirements: 1. Issuanceofcommonstock.6. A payroll register does not include: Multiple Choice Pay period dates. Payroll registers show employers just how much money they need to set aside for payroll expenses, such as the following: In the event of an audit, these records of payroll expenses can help make the process as pain-free as possible. For fill-in-the-blank questions, press or click on the blank space provided. Didier and Sons had the following employer's share payroll tax general journal entry for the May (You may select more than one answer. $3,825 of employee withholding ($50,000 X 0.0765), Exempt Salaried Employees Paid Semi-monthly. To prohibit discrimination on the basis of age in the employment practices of employer. Laborers for contractors who furnish materials, supplies, articles, and equipment to any agency of the United States, provided the minimum contract amount is $10,000. 8. Focus on what matters most by outsourcing payroll and HR tasks, or join our PEO. There will also be credits to a number of . E. 65, Which of the following is not a provision of the Fair Labor Standards Act? B. ERISA This will increase To which items is information from the payroll register transferred? lf an investigative consumer report is used in an employment decision, does the employer need to tell the individual? Which of the following best describes the purpose of the payroll register? An employee is hired at a pay rate of $10 per hour. pay date. C) Debit $ Should an employer in Philadelphia record the liability for the withholding of all three income taxes in one liability account such as INcome Taxes Payable? the total incomes of the firm and decrease the net income of the firm. Purchase of treasury stock.} Fast, easy, accurate payroll and tax, so you can save time and money. 3. Which of the following records lists all employees who earn remuneration, the amount of remuneration, the deductions, and the net amount paid for each payroll period? \text{5. C) A debit balance will decrease the expenses of the firm's income statement. Compute the employer's payroll taxes for the period. Q08. Report new employees or independent . B. The town is considering an ordinance that would prohibit putting Form W-2 Complete the steps outlined below: 1. What options might Hazel consider if the B) The income statement Discover what others say about us. Information available through a secured web sit, kiosk, or interactive voice response system. Basic payroll register templates can be found online or created in programs like Excel. Q09. Your portfolio has three asset classes. 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. The payroll register contains ________. Zipperle Company has the following payroll information for the pay period ending September 18, For fill-in-the-blank questions, press or click on the blank space provided. The payroll register lists all the employees who earned remuneration, the amount of remuneration, the deductions, and the net amount paid. Federal withholding tax payable 220 $ 2,207. The payroll register for Nazir Corporation contained the following totals at the end of July: wages, $139,125; federal income taxes withheld, $35,582; state income taxes withheld, $5,863;. b. Owners equity as of December 31, 2014, assuming that assets increased by $113,000 and liabilities increased by$44,000 during 2014. D) 401(k) contributions May 14 Wages and salaries payable 226 117,334. Are newly hired independent contractors covered under federal laws pertaining to new-hire reporting? This entry usually includes debits for the direct labor expense, salaries, and the company's portion of payroll taxes. A) The statement of owners' equity A) By order of importance The lower payroll File, adjust, and print returns and reports. expenses are, the higher the profitability will be. * Type the formula, then press Enter. B) It should make a note to create the reversing entry at the end of the next financial period. Loan to another firm.} Employee benefits, flexible administration, business insurance, and retirement plans. a wrong answer. During the past week, the employee worked 50 hours. 64. BALANCE DATE DESCRIPTION POST REF. These details include the employee id number, the department they belong, their job profile, etc. Which of the following are processes that occur in most payroll accounting systems? What is the total amount of FICA that needs to be remitted by an employer in 2023 for an employee earning $50,000? Find payroll and retirement calculators, plus tax and compliance resources. Identify distinctive compensation plans. Safe-guards your retirement plans *not required to have a pension plan. Learn how we can tackle your industry demands together. The Civil Rights Act of 1964 protects all employees from arbitrary dismissal. Collection of notes receivable.} Why does company profitability decrease in direct proportion to the payroll expenses? DEBIT CREDIT DEBIT CREDIT A) Employee earnings record Medicare tax $ 390. What are the main kinds of information contained in a payroll register? Health Insurance $ 950. The higher payroll In January 2023 an employer remits the state unemployment tax that pertains to its employees' wages for the final three months of 2022. According to Adam Smith, why do the butcher, brewer, and baker provide food for us to buy? It records payroll record on each employee separately. 4. A well-kept payroll register is also useful when preparing payroll tax reports, including: A payroll register is a record of payroll information for every employee each pay period. Indirect materials usage. 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. Rushing River Boats has the following data in its Social Security tax payable General Ledger B) It facilitates accuracy in employee payroll tax computations. Although they record much of the same information, payroll journals and payroll registers are not identical. Factory payroll costs in cash. B) Payroll register B) Social Security tax, $792; Medicare tax, $204. Payroll Register This is the first task to completing Olney Company's payroll register. 63. Exempt salaried employees are often paid for their work right up to payday. depositor, what entry Should appear on November 15 for the remittance of the month's Social \ D) Social Security tax, $188; Medicare tax, $805. & \text{ } & \text{ }\\ Get exclusive business insights delivered straight to your inbox. account: ACCOUNT Federal withholding tax payable ACCOUNT NO. For classifying the gross wages and salaries according to the nature of the wage and salary expense. True, Payroll accruals reflect the amount of payroll paid but not earned at the end of the financial below deck mediterranean 2022 cast. Name of each employee 5. C) It should disburse the accrued pay to the employees. Harold Averkamp (CPA, MBA) has worked as a university accounting instructor, accountant, and consultant for more than 25 years. Collection of an account receivable.} C. All employees under the age of 30. Which of the following bases for discrimination in employment is not covered under the Civil Rights Act of 1964? Chapter 7 quiz - the payroll register, employees' earning record, and accounting system entries. This account would be credited for the amount paid. Employees with less than a five year tenure of employment. Employee SIT Payable-liability The employees gross wages for the past week are. Apr 16 J23 16,495 32. mark to produce a Check mark for a correct answer and double click the box with the question FUTA tax payable 1,322. A) It may be expressed as assets + liabilities = owners' equity. Under FMLA, may employers exempt the highest paid 10 percent of the workforce? A. ERISA applies to pension and welfare plans established by any employer engages in commerce. Want more exclusive business insights like this delivered to your inbox? Click the card to flip Definition 1 / 66 True Click the card to flip Flashcards Learn Test Match Created by lauraberth67 Terms in this set (66) Does every state have state unemployment laws? Net pay $ 19,747. With e-Services for Business, you can: Register, close, or re-open an employer payroll tax account. B) Because payroll represents an asset and an income of the business. Collectionofnotesreceivable. & \text{ } & \text{ }\\ Tap into a wealth of knowledge designed to simplify complex tasks and encourage strategic decisions across key functions. It is a monthly schedule depositor. Learn more about the senior executives who are leading ADPs business. C) Asset, Copyright 2023 StudeerSnel B.V., Keizersgracht 424, 1016 GC Amsterdam, KVK: 56829787, BTW: NL852321363B01, Campbell Biology (Jane B. Reece; Lisa A. Urry; Michael L. Cain; Steven A. Wasserman; Peter V. Minorsky), Civilization and its Discontents (Sigmund Freud), Chemistry: The Central Science (Theodore E. Brown; H. Eugene H LeMay; Bruce E. Bursten; Catherine Murphy; Patrick Woodward), Educational Research: Competencies for Analysis and Applications (Gay L. R.; Mills Geoffrey E.; Airasian Peter W.), Forecasting, Time Series, and Regression (Richard T. O'Connell; Anne B. Koehler), Brunner and Suddarth's Textbook of Medical-Surgical Nursing (Janice L. Hinkle; Kerry H. Cheever), Principles of Environmental Science (William P. Cunningham; Mary Ann Cunningham), Business Law: Text and Cases (Kenneth W. Clarkson; Roger LeRoy Miller; Frank B. An employee worked the entire year of 2022 and earned two weeks of vacation as specified in the company's labor agreement.

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