Employers are required to furnish each employee with an annual statement of earnings and withholdings before: A separate record of each employee's earnings, used to complete W-2. Option#1:Option#2:Option#3:$12,000,000afterfiveyears$2,150,000peryearforfiveyears$10,000,000afterthreeyears. Wages Expense False, An employee who is garnished creates a liability for the business. 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. (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. False, 27. b. the account "Vacation Benefits Expense" is credited. Wages payable 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. T F, 28. When a dividend is received from the affiliate. Multiple choice question. Reconcile the difference in operating income based on theoretical capacity and practical capacity with the difference in fixed manufacturing overhead included in inventory. a. voluntary contributions to IRAs are no longer allowed in an employee retirement plan. Shared taxes Multiple choice question. the description is usually left blank. Did you deposit the payroll taxes? a.The Self-Employment Contributions Act sets the minimum wage and the current minimum wage rate is $9.19 per hour. Executive orders. A credit increases which of the following types of accounts? following except: Does your company have employees? Maple is a behaviorist, he would MOST likely believe that the cause of a child's disruptive behavior in school is the result of what? Cash How are the funds used which are provided by FUTA and SUTA? Wages expense, On which accounting reports would payroll-related assets appear? Did you transmit remittances for the mandatory and voluntary deductions? b. are only necessary when employees are paid in cash at the end of the year. 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. Apart from the recording of payroll and payment to employees, what other payroll related journal entries would be recorded? The time of peak efficiency is the time when the learning rate is maximized. True Payments to sales taxing authorities The employee's earnings record provides information for each of the following except: Closing entries 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. What is always true about the income statement? -Employer social security tax (p. 378), The payroll journal entry is based on the totals of the payroll register (A) Total . E) a percentage of the previous week's net payroll. Payroll transactions will have an effect on: A relationship, specifically financial, built on trust between a trustee and a beneficiary. D) Union dues withheld Which of the following items would require an adjusting entry at the end of each accounting period? Where will entries for payroll show up in the income statement? SUTA Taxes Payable Have you computed their voluntary deductions? The FICA taxes on the employer represent both business expenses and liabilities of the employer. Federal Income tax Multiple select question. . When the company pays for the state taxes withheld from the employee, the entry would be: Entering transactions in the general ledger. (C) gross earnings. An employer: FICA Taxes Payable - HI $358.94 \text{Total budgeted operating (non-manuf.) medicare tax payable, Recorded employer payroll tax expense for the semimonthly pay period ended april 15. c. his/her applicable annual standard deduction based on marital status plus the number of exemptions claimed on Form 668-W. T F, The only portion of wages that are exempt from a federal tax levy is: (B) is the total earnings since the first of the year. determining market price for company products true or false:Social security tax is paid by both employees and employers. A) True C) a creditor garnishment 4. Medicare tax (D) accumulated earnings. An item of value that a business uses in the course of its operations and from which it expects future economic benefit. A computer system based on a software package that performs all payroll record keeping and prepares payroll checks. Payroll Taxes B. Multiple choice question. Payroll records serve as backup for Credit accounting information -Employee review date, What changes should be included in the employee earnings record? The Accumulated Earnings column of the employee earnings record (A) shows net pay for the year. chart of accounts. Multiple choice question. A payroll register is a record of employee hours worked, gross pay, net pay, deductions, and payroll date for a pay period. 3. d. Vacation Benefits Payable is debited. -department breakdown of labor cost, billiable and nonbillable time 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. Social Security tax Multiple choice question. Cash for each event. (D) tax fulfillment. True or False: In each pay period, the payroll information for each employee is recorded on his or her employee earnings record. Company viability depends on expense control, form the link between the accounting and the human resource departments. -letter and number 7. -include all descriptions in the general journal. Earnings records are supporting documents for How does a payroll accountant use the information in the General Ledger? Write your answers in simplest terms. (D) total earnings. Accounting system entries record all payroll-related activity A qualified retirement plan that provides most individuals with a deferred federal income tax benefit. Multiple choice question. The maximum amount of gross earnings on which a tax is calculated, A retirement plan approved by the Internal Revenue Service. expenses, assets, liabilities. remove the accrual from the account balances. The project began in 2021 and was completed in 2022. have amounts in both debit and credit per account -Balances in the general ledger payroll accounts are used in payroll reports. department breakdown of labor cost, What can cause a journal entry to post on only one side (either debit or credit)? (D) none of these. Garnishments B) False, Proving the payroll register entails sending company records to the IRS. Deductions from gross pay in the payroll register are reflected on the credit side of the journal entry to record the payroll. D) FUTA Taxes Payable- Cash (B) total hours divided by regular rate. Apart from recording of payroll and payment to employees, what other payroll related journal entries would be recorded? dividends, expenses, assets. The account "Workers' Compensation Insurance Expense": (D) state unemployment tax. Did you journalize and post the employees' payroll transaction? Company management, Unions In each pay period, the payroll information for each employee is recorded on his or her employee earnings record. If Joanna is single with three exemptions and brings home $845.00/week, what amount will go towards the garnishment each week (manually calculate)? (2), True or False: The employer social security tax rate is different than the employee social security tax rate. remove the accrual from the account balances. b.The Fair Labor Standard Act sets the minimum wage and the current minimum wage rate is $7.25 per hour. D. (1), True of False, Multiple Choice, and Journalizing, True or False: The payroll register provides all the payroll information needed to prepare a payroll. D) an administrative wage garnishment A) $107.40 Multiple choice question. Multiple choice question. (5), True or False: Each employer is required by law to periodically report the payroll taxes withheld from employee salaries. How would an increase in the value of the pound sterling affect American businesses? b. A payroll accrual occurs (B) separate payroll checking account. Take-home pay minus weekly standard deduction and exemptions = federal tax levy garnishment. Which of the following accounts would appear on the balance sheet? a. FICA Taxes Payable-OASDI. \end{array} A) True Nicole Tipton and Sadik Seferi owned and operated a restaurant in Iowa. Allocate employee expenses to specific departments, Tax withholding and remittance -employees are paid (C) a memorandum. costs(allfixed)$500.000\begin{matrix} d. What age group is most likely to purchase the product? 480.58 Assume Nortel Networks contracted to provide a customer with Internet infrastructure for $2,000,000. The payroll register is used by employers in completing Forms W-2. Did you prepare remittances for the mandatory and voluntary deductions? Magic Me is a manufacturer of magic kits. using the same amount as the prior month's adjustment. -alphabetical. c. What is the largest number of items memorized by the subject? Study with Quizlet and memorize flashcards containing terms like . 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. -lifetime balance in the payroll account, What are the common components of the posting reference How is your target country ranked by Transparency International, Drugs in the bloodstream The concentration yyy of a certain drug in the bloodstream ttt hours after an oral dosage (with 0t150 \leq t \leq 150t15 ) is given by the equation, y=100(1e0.462t)y=100\left(1-e^{-0.462 t}\right) d.Only "A payroll register" and "The employee's earnings record" are correct. a. can take 50% of an employee's disposable income for child support payments. d. Antidiscrimination orders for employees with contracts involving federal funds. Who pays the social security taxes that are levied by the Federal Insurance Contributions Act? c. It facilitates accuracy in employee personnel records. completing Forms W-2. A financial obligation of the firm arising from revenues received in advance of services or sales or expenses incurred but not paid. d.None of these choices are correct. Multiple choice question. T F, For child support garnishments, tips are considered part of an employee's disposable earnings. Multiple choice question. bottles of its 100% juices. Multiple select question. The following information was obtained for the Assembling Department for the month of September. b. should discharge any employee receiving a wage garnishment. 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. The payment of payroll taxes to the government is referred to as a B) a government student loan The general ledger contains information about the individual accounts used in general journal transactions Multiple select question. The chart below shows the hourly pay and hours worked for Trilton Company's A) completing forms W-2. Payment of statutory withholdings Why is it important for a firm to use both a payroll register true or false:Businesses use payroll records to inform employees of their annual earnings and to prepare payroll reports for the government. Have you prepared the financial statements and managerial reports? Employee's earning record. If Joanna is single with three exemptions and brings home $845.00/week, what amount will go towards the garnishment each week (manually calculate)? Blank between entries b. all employers are now mandated to contribute at least 2% of gross wages to an employee's retirement account. T F, In the case of multiple wage attachments, a garnishment for a student loan has priority over any d. the Payroll Manager is required by the IRS to submit the electronic records for verification. c. must pay federal tax levies before any other deduction. -Entering the transactions in the general ledger. There are no price, spending, or efficiency variances. \text{Variable budgeted manufacturing cost} & \text{\$ 10} & \text{per unit}\\ General journal Missed Exam ?'s. Allocate employee expenses to specific departments. 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. Information gathered from the payroll register about each employee's payroll information is transferred to the ____ ____ ____. 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%). nonqualified pre-tax insurance; retirement plan. A debit to an account in a general journal transaction is a debit to that account in the general ledger 1. NALS: Ch. Lowest 7 percent. In all computerized payroll systems, there is still the need to manually post from the printed payroll journal entry to the general ledger. The total pay due for a pay period before deductions is ____. Debits show increases to Show your work. Labor reports for more than one year could provide: seasonal labor requirements The employee earns more than the federal. $368.07. (A distribution column in the payroll register separates the various expenses into classifications such as Sales Expenses, Administrative Expenses, Factory Expenses, etc), 1. Payment of voluntary withholding, When payday is after the end of the month The source document for paying employee income tax and social security and Medicare tax is: E) FUTA Tax Expense- FUTA Taxes Payable, 14. Union Dues. When employees actually use their vacation time answer choices . (B) a receipt. \text{Option \#3:}&&\text{\$ 10,000,000 after three years}\\ We reviewed their content and use your feedback to keep the quality high. B) False, Net pay" is sometimes known as "take-home" pay. Multiple choice question. False, When remitting or depositing federal income taxes, the employer credits the cash account. The process of transferring amounts from the general journal to the general ledger is called posting. With the passage of the Pension Protection Act of 2006: Assets area T F, For the purpose of a federal tax levy, the IRS defines take-home pay as the gross pay less taxes financial reports. (D) January 31 of the following year. What is the opportunity cost of the machine when we analyze the alternative to produce 12 oz. Compare taxes with other companies A) FUTA Tax Expense-Cash b.The employee T F, Federal tax levies are not subject to the limits imposed on garnishments under the Consumer True Unclaimed employee wages are returned to the employer. Copy and complete the chart. A posting reference in the general ledger should payroll report interface. f(x)=0.1(10+12x0.6x2)f^{\prime}(x)=0.1\left(10+12 x-0.6 x^2\right) \quadf(x)=0.1(10+12x0.6x2) for 0x250 \leq x \leq 250x25. The general journal entries will be in what order FUTA Taxes Payable is an expense account in which are recorded the employer's federal unemployment taxes. -property tax audit. a. Restoration Midterm. Withholding's for a 401(k) plan c. It facilitates accuracy in employee personnel records. The reports are identical and provide necessary one-sided journal entries. (C) salary expense. Employer taxes, Shared taxes C) $50.70 (D) revenue. You may assume that f(0)=0f(0)=0f(0)=0. b. a credit to Cash = $1,178. The record of all of a firm's financial transactions. The information needed in preparing a journal entry to record the wages earned, deductions from wages, and net amount paid each payday is obtained from the payroll register. A debit to the employees' FIT payable account removes the liability for the amount of federal income taxes withheld from employees' wages. A third alternative is selling the machine for cash of $75,000. A) collecting the timesheets for the days accrued. Payroll Taxes What was his overtime premium pay for this workweek? E) None of the above. costs (all fixed)} & \text{\$ 500.000}\\ Assets d.None of these choices are correct. Also known as the Federal Wage and Hour Law. Employee payments B) False, 5. true or false: Total earnings are sometimes referred to as net pay. completing the journal entry to record the payroll. B) False, 14. Multiple choice question. a. (A) assets. Tax Expense is debited for both the employees' and the employer's portions of the FICA taxes. a.The Federal Unemployment Tax Act (FUTA) Have you computed their payroll taxes properly? The adjusting entry to record accrued vacation pay for two days includes: Multiple choice question. B) False, The employee's earnings record provides information for each of the Employees' Earnings Records serve as an audit trail. (D) none of these. E) preparing the payroll register. E) a child support order, 15. -Transactions in general ledger accounts are the source for general journal entries. -company breakdown of supply usage Explain your reasoning. Employees FIT Payable $987.00, ($1,534.78 + $358.94 + $987.00) = $2,880.72. Are all outgoing remittances double-checked and approved? A) True D) preparing reports required by state unemployment compensation laws. a. a debit to Vacation Benefits Payable = $1,178. d. are required when the fiscal accounting period does not coincide with the end of the payroll period. EE retirement income security act (ERISA). Which of the following are processes that occur in most payroll accounting systems? (D) IRS Form W-3. T F, In calculating overtime premium earnings at one and a half times the regular hourly rate, the overtime hours are multiplied by one-half the hourly rate of pay. 401(k) contributions expense \\\hline -bring the accountant to the related entry in the general journal. B) FICA tax--HI -debit state withholding $1,234, The second set of debit and credit balances in a general ledger will: a. the expense has already been recorded. A) True -when payday is after the end of the month. Which of these accounts shows the total gross earnings that the employer -Disciplinary actions Medicare Tax Payable, Paid cash for semimonthly payroll; total payroll, $3,066.00, less employee income tax, $182.00, social security tax, and medicare tax. Express her balance after one week algebraically. Multiple choice question. A computer error could cause (C) deposit. 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 (C) IRS Form W-3 a percentage of the previous week's gross payroll. Define the process of "posting." -Transactions from the general journal are posted to individual accounts. c. to aid in completion of year-end informational returns, such as W-2s. with the Form 940 reconciliation at the end of the year. b.Executive employees who are 65 years or older and have held high policymaking positions during the two-year period prior to retirement. payroll register. A) True B) False, 15. 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.
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