the employee earnings record quizlet
Fair Labor Standards Act. 1. Study with Quizlet and memorize flashcards containing terms like How can the information shown in the employees' earnings record be used? -A description is sometimes included. 30 seconds . a percentage of the previous week's gross payroll. B) False, 7. Taxes Payable is credited for the total taxes owed (FICA, FUTA, and SUTA). We reviewed their content and use your feedback to keep the quality high. d. are the earnings paid for optional employee benefits. 2020, to record compensation expense, if any, in 2020. c. Prepare the entry on December 31, 2020, assuming that all 150,000 SARs are exercised. Data relating to the contract are summarized below: 20212022Costsincurredduringtheyear$300,000$1,575,000Estimatedcoststocompleteasof12/311,200,0000Billingsduringtheyear380,0001,620,000Cashcollectionsduringtheyear250,0001,750,000\begin{array}{lrr} (A) monthly using the same amount as the prior month's adjustment. create the need for more entries. General ledger entries are made ______ (after/before) general journal entries. 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. y=100(1e0.462t). When the company pays for the state taxes withheld from the employee, the entry would be: Entering transactions in the general ledger. True costs(allfixed)$500.000\begin{matrix} requires deduction from employee paychecks . There are no price, spending, or efficiency variances. -journal entries to post backward. FICA Taxes c.The Civil Rights Act of 1964 Revenue c.Laborers for contractors who furnish materials, supplies, articles, and equipment to any agency of the United States, provided the minimum contract amount is $2,000. Tipton and Seferi were charged with hiring and harboring undocumented aliens. The production-volume variance is written off to cost of goods sold. E) preparing the payroll register. True What if each firm produces a somewhat different product? A separate record of each employee's . The following information was obtained for the Assembling Department for the month of September. a. the expense has already been recorded. Have you included any other mandatory deductions? The total amount earned by all employees for a pay period is a ____. Amounts withheld from employees' wages for health insurance are credited to a liability account. a. is used to record Workers' Compensation premiums paid by the company. What is the purpose of the Age Discrimination in Employment Act (ADEA)? and an employee earnings record? Employee payments False. T F, The employer keeps track of each employee's accumulated wages in the employee's earnings record. D. payroll. T F, 28. Wages payable FICA Taxes Payable-OASDI D. all of the above. A) a federal tax levy Other Quizlet sets. Terms in this set (20) The period covered by a salary payment is a ____. (C) a liability account 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 Payroll Taxes c. a credit to Vacation Benefits Expense = $1,178. Multiple choice question. (A) a revenue FUTA Taxes Payable, The entry made at the end of the accounting period to record wages 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. A Company who credits the cash account cannot pay their employees by check. Which of these employee types is an allowable exception to the protection of the Age Discrimination in Employment? credit to cash, debit to liability. \text{Over 90 days}&\text{\hspace{5pt}15,330}&\text{25\\\%}\\ electronic system. c. is used to record Workers' Compensation premiums paid by the employee. 7. EE retirement income security act (ERISA). a.The total additions to or deductions from wages 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. voluntary contributions to IRAs are no longer allowed in an employee retirement plan. d. the account "Vacation Benefits Expense" is accrued. Employees are assigned to departments to foster accurate measurements of business segment profitability. Wages Expense 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. How are the funds used which are provided by FUTA and SUTA? The entries into the first pair of debit and credit columns for State Income Tax Payable will be: Chapter 12 accounting Flashcards | Quizlet Accounting reports provide managers with insights into company profitability and stability. Description information. general journal entries. An accounting firm would pay higher Workers' Compensation Insurance premiums than a steel mill because their employee wages would be higher. 7 and 8) 141 terms. Which law governs the fiduciary responsibility that employers have with regards to employees' payroll deductions? The account balances form the basis for accounting reports. False, False -when payroll spans two months. C. Wages Payable (b) The second group will assess whether Tipton and Seferi can assert a defense by claiming that they did not know that the workers were unauthorized aliens. E) 26.85. A posting reference in the general ledger should T F, In the case of multiple wage attachments, a garnishment for a student loan has priority over any Hintley Duck Blinds Ltd received a federal tax levy garnishment for their marketing manager, Joanna Mallard, in the amount of $8,523.25. general ledger entries. -Balances in the general ledger payroll accounts are used in payroll reports. Multiple select question. (9). Multiple select question. Period totals are also included C) a creditor garnishment If there are employees who have taken payroll advances, which are amounts to be repaid by the employee, these will show in the current assets section. taxing authorities, Informed business leaders can use payroll data for all except: (A) social security tax. Immunology Exam 4 Study Guide (Ch. (D) none of these. They must pay the employees with actual dollars. With the passage of the Pension Protection Act of 2006: -general ledger entries to post backward. a. wages for child support. Have you computed their voluntary deductions? (p. 390), To record the payment of federal unemployment tax, the account debited is Multiple choice question. would be used for reporting, All of the following are examples of payroll liabilities except: Disposable earnings are the earnings remaining after withholding federal income taxes. double payroll account balances. B) completing the journal entry to record the payroll. C) using the wages of the salaried workers only. state income tax expense -journal entries to post to unknown accounts Do you know much each employee should be paid? 2 Compute the amount of revenue and gross profit or loss to be recognized in 2021 and 2022 assuming this project does not qualify for revenue recognition over time. Did you transmit remittances for the mandatory and voluntary deductions? staffing pr income projections, connects directly to the employee's earnings records. Payment of voluntary withholdings Which basic records are generated in most payroll accounting systems? Past-DueCategory0-30days31-90daysOver90daysAccountsReceivableTotal$22,48036,54015,330PercentageUncollectible6%17%25%. Payments to sales taxing authorities b. variable, depending upon county that the levy originates. Accounts Payable Assume that when you were in high school you saved $1,000\$ 1,000$1,000 to invest for your college education. T F, 10. A federal tax paid for hospital insurance. (a) The first group will develop an argument that Tipton and Seferi were guilty of hiring and harboring illegal aliens. Have you disbursed the employees' pay? D) Salaries Payable E. FUTA Tax Expense Business managers use accounting entries to inform their decisions What is the second line in the general journal entry used for? (p. 383), Each employer who withholds income tax, social security tax, and Medicare tax from employee earnings must furnish each employee an true or false:Businesses use payroll records to inform employees of their annual earnings and to prepare payroll reports for the government. b.The payroll period (A) W-2 Medicare tax Laborers for contractors who furnish materials, supplies, articles, and equipment to any agency of the United States, provided the minimum contract amount is $15,000. Tax withholding and remittance 401(k) contributions expense True Although the garnishment would be deducted from the employee's pay, the business is responsible (liable) for remitting the deduction to the creditor. What is the total uncollectible estimated bad debt for Growth Markets LLC? no general ledger postings. An item of value that a business uses in the course of its operations and from which it expects future economic benefit. a. they are part of the payroll package required to be sent to the IRS on an annual basis. completing the journal entry to record the payroll. A) True employee earnings record. A business form used to record details affecting payments made to an employee is a(n) (A) employee earnings record. \hline\\ The chart below shows the hourly pay and hours worked for Trilton Company's Past-DueCategoryAccountsReceivableTotalPercentageUncollectible0-30days$22,4806%31-90days36,54017%Over90days15,33025%\begin{array}{c} -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? bottles of its juice cocktails or 12 oz. A qualified retirement plan that provides most individuals with a deferred federal income tax benefit. When asked if they would purchase the product, the people gave these responses: a. Payroll Taxes b.The employee a.The Federal Unemployment Tax Act (FUTA) What is always true about the general ledger? MASTERING CORRECTION OF ACCOUNTING ERRORS TES, Totalbudgetedoperating(non-manuf.) (B) a receipt. Multiple choice question. C) FICA tax--OASDI (B) accumulated earnings. -current amount of reduction to the payroll account Multicolumn form used to summarize data needed each paydate. accounting chapter 7 Flashcards | Quizlet c.All of the funds are used to provide the benefits of unemployment compensation to qualified unemployed workers. Wages Expense is debited and Cash is credited. Credit Protection Act. the need for increased or decreased staff within a department, determining market price for company products, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Fundamentals of Financial Management, Concise Edition, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield. 401(k) contributions expense (D) in all 50 states. Write your answers in simplest terms. 2 general ledger postings. B. A) True One employee earnings record is used each payroll period to detail the earnings of all employees. They were paid in cash while other employees were paid by check. d.Neither of these choices is correct. \text { Cash collections during the year } & 250,000 & 1,750,000 Multiple choice question. FICA Taxes Payable - HI $358.94 Identify some of the groups of users. -Supervisor change Union Dues. d. What age group is most likely to purchase the product? Multiple choice question. salaries and wages payable. Explain your reasoning. determining market price for company products payroll register employee's earnings record employee history record personnel record, The information provided in the payroll register is used primarily to meet the requirements of the Fair Labor Standards Act. In accrual accounting, there may also be end-of-period entries to accrue for payroll earned by the employees. D) preparing reports required by state unemployment compensation laws. \\\hline D) a percentage of the previous week's gross payroll. dividends, equity, assets. What is the opportunity cost of the machine when we analyze the alternative to produce 12 oz. a. (D) state unemployment tax owed. A fundamental concept in accounting is the _____ ____ , which must remain balanced. (D) revenue. - The date of the transaction is attached. Payroll Accounting Flashcards | Quizlet Multiple choice question. -bring the accountant to the related entry in the general journal. unemployment tax payable-federal(multiply salary expense by .8%) When using the equity method of accounting, when is revenue recorded on the books of the investor company? debit to expense, credit to liability. expenditures or expenses The employee earns tips. b. the standard deduction of the taxpayer. (B) during the month following each calendar quarter. A) True False. b.To provide protection only for workers under the age of 18 -account number and date, Where will entries for payroll show in the trial balance? (A) monthly. (C) Net Pay column. The employee earns more than the federal minimum wage. financial reports. general accounting, Fritz Industries accrued payroll state withholding of $1,234 for the current payroll. 100 terms. What taxes would be monitored for maximum withholding amounts through the payroll register? General journal entries are the original ____ ____ for payroll events to be recorded in the accounting system. -department breakdown of labor cost, billiable and nonbillable time (6), True or False: The tax base for Medicare tax is the same as the tax base for social security tax. Assuming you can earn 6% on your funds, which option would you prefer? EEs' earnings records contain YTD gross pay which reflects when EEs reach tax bases; EEs' earnings records contain details of payroll tax reporting & may be considered as source documents. Financial statements for a company are prepared according to GAAP. Multiple select question. A) True How good is your target country in enforcing the rule of law of the country? A) FUTA Tax Expense-Cash If employees must contribute to the state unemployment fund, this deduction should be shown in the payroll tax entry. Tags: Question 11 . B) False, 3. Nicole Tipton and Sadik Seferi owned and operated a restaurant in Iowa. It adds complexity to the personnel recordkeeping. C) Vacation pay earned by employees $368.07. (D) January 31 of the following year. (D) state unemployment tax. Medicare tax c. the "Vacation Benefits Payable" account is credited. Payroll costs represent an expense of the business. redundancy. Assets area SURVEY . It adds complexity to the personnel recordkeeping. Multiple choice question. medicare tax payable, Recorded employer payroll tax expense for the semimonthly pay period ended april 15. Deductions from gross pay in the payroll register are reflected on the credit side of the journal entry to record the payroll. Recording expenses only when paid is an example of: Do you know what pay method each employee needs? (C) IRS Form W-3 Carmen Gaetano worked 46 hours during this pay week. The average daily pay for Tortuga Travel's employees = $589. (A) unemployment taxable earnings. a.To prohibit discrimination on the basis of age in the employment practices of employer Overtime pay is paid for hours worked in excess of eight hours per day. The agents discovered six undocumented aliens who worked at the restaurant and lived together. Multiple choice question. Examples of payroll related liabilities include: Garnishments d.None of these choices are correct. b. a. can take 50% of an employee's disposable income for child support payments. (D) IRS Form 941. The source document for paying employee income tax and social security and Medicare tax is: Multiple select question. 13-1 Recording a Payroll Flashcards | Quizlet 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? Labor reports for more than one year could provide: seasonal labor requirements \text{Practical capacity} & \text{279.070} & \text{units}\\ The Form 940 is the source document for all employee payroll journal entries. a. a single standard deduction plus an exemption for the employee. a. is used to record Workers' Compensation premiums paid by the company. b.11 The reports are identical and provide necessary (A) a check. -Employer social security tax Federal Income Taxes Payable Company management, Unions (B) an expense account False. 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. Direct deposit of paychecks can be forced on employees in every state. Why is the operating income under normal capacity utilization lower than the other two scenarios? preparing reports required by state unemployment compensation laws. Federal income tax is withheld from employee earnings (A) only in those states electing to do so. -journal entry and account number Solved Why is it important for a firm to use both a payroll - Chegg 2. d.None of these choices are correct. The letters denote which journal the entry correlates. Executive orders. Multiple choice question. The employees' gross earnings are posted to which General Journal account? The project began in 2021 and was completed in 2022. The time required to verify and fill a common prescription at a neighborhood pharmacy is normally distributed with a mean of 10 minutes and a standard deviation of 3 minutes. Wages Payable C. pay period. Using an automated entry, the payroll accountant would record transactions through Did you transmit the tax returns and remittances? a.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 8: Payroll Accounting Flashcards | Quizlet - Designated to inform managers and department heads. 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. -Social Security tax is matched by the employer up to the Social Security wage base. Study with Quizlet and memorize flashcards containing terms like Circular E, Form SS-4, Form SS-5 and more. preparing the payroll register. c. It facilitates accuracy in employee personnel records. a business form used to record details affecting payments made to an employee. Accounting system entries record all payroll-related activity -payroll adjustments are entered, The first pair of debit and credit columns on the general ledger are for: Since you plan to conduct business in the target country, you should be concerned about transparency of political institutions and judiciary. c. his/her applicable annual standard deduction based on marital status plus the number of exemptions claimed on Form 668-W. (A) tax reimbursement. What is the connection between the employees' earnings records and payroll tax reporting? Multiple choice question. 5. The total earnings paid to an employee after payroll taxes and other deductions. true or false: A business is required by law to withhold certain payroll taxes from employee salaries. 6. allocating employee expenses to departments. Have you prepared the financial statements and managerial reports? b. The process of transferring amounts from the general journal to the general ledger is called posting. c.Both of these choices are correct. None of the above. Employee regular earnings are calculated as ____. Paid cash for liability for employee income tax, $693.00; social security tax, $770.04; Medicare tax, $180.09; total, $1643.13. Where will entries for payroll show up in the income statement? The financial investment and any accumulated profits or losses of the owner of a firm. Under the FLSA, what information concerning employees' wages must be maintained by the employer? costs(allfixed)300279.070232.558$5040.000240.000260.000$10$3.000.000$500.000unitsunitsunitsperunitunitsunitsunitsperunit. Take-home pay minus weekly standard deduction and exemptions = federal tax levy garnishment. a.SUTA funds are used to pay the state and federal administrative expenses and FUTA funds are used to pay the unemployment compensation benefits to the qualified unemployed workers. It uses absorption costing based on standard costs and reports the following data for 2017: Theoreticalcapacity300unitsPracticalcapacity279.070unitsNormalcapacityutilization232.558unitsSellingprice$50perunitBeginninginventory40.000unitsProduction240.000unitsSalesvolume260.000unitsVariablebudgetedmanufacturingcost$10perunitTotalbudgetedfixedmanufacturingcosts$3.000.000Totalbudgetedoperating(non-manuf.) 4. Payroll register. (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. What account would be classified as a liability account? Multiple select question. (C) January 15 of the following year. Did you prepare tax deposits and have them checked for accuracy? d. Vacation Benefits Payable is debited. -before journal entries are recorded (D) IRS Form W-3. \text{31-90 days}&\text{\hspace{5pt}36,540}&\text{17\\\%}\\ and more. b. all employers are now mandated to contribute at least 2% of gross wages to an employee's retirement account. a.To prepare period reports and complete Form W-2 for each employee. Which of the following is not an expense of the employer? 480.58 Vacation pay earned by employees Debits show increases to Payroll Register, Employees' Earning Records, and Accounting System Entries, Payroll register and employees' earnings records are important payroll accountant tools -credit state withholding $1,234 . 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. Before beginning production of its new vacuum cleaner, the Devaney Company conducted an opinion survey of 1740 people. Multiple choice question. -payroll entries are accrued Did you journalize and post the employees' payroll transaction? When the fair value of the affiliate stock increases. A) Garnishment for child support payments A credit increases which of the following types of accounts? Multiple choice question. B) False, FICA Taxes PayableHI is a liability account in which is recorded the liability of the employer Wages Expense Let f(x)f(x)f(x) represent the total number of items a subject has memorized xxx minutes after being presented with a long list of items to learn. Actual operating costs equal budgeted operating costs. 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? At September 30, 200,000 units were still in work-in-process inventory. General ledger 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. d.Only "A payroll register" and "The employee's earnings record" are correct. Payroll Mod 14 Flashcards | Quizlet 13. The source document for paying state unemployment tax is: payroll register. (B) marital status. T F, The only portion of wages that are exempt from a federal tax levy is: Did you have the returns checked for accuracy? would be reduced by every transaction When employees actually use their vacation time Trial Balance (2), True or False: The employer social security tax rate is different than the employee social security tax rate. A separate record of each employee's earnings, used to complete W-2. (C) shows net pay for one quarter. Which of the following is true about the employer responsibility for payroll taxes? What changes should be included in the employee earnings record? Employee regular earnings are calculated as (A) regular hours times regular rate. -when entries increase the account balance mandated under GAAP \text{Total budgeted fixed manufacturing costs} & \text{\$ 3.000.000}\\ What is f(x)f(x)f(x) ? payroll report interface. Which of the following accounts would appear on the balance sheet? Are all outgoing remittances double-checked and approved? For each choice of denominator level, the budgeted production cost per unit is also the cost per unit of beginning inventory. (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. Production line worker. Payroll Chapter 1 Matching Flashcards | Quizlet B) False, 8. Multiple select question. E) None of the above, 16. B) False, At the time of depositing FICA taxes and employees' federal income taxes, the account FICA You may assume that f(0)=0f(0)=0f(0)=0. None of the above, The entry to deposit FICA taxes and federal income taxes withheld involves all of the following accounts except: B) False, 6. 4. a.Laborers for contractors who furnish materials, supplies, articles, and equipment to any agency of the United States, provided the minimum contract amount is $15,000.
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