payroll register quizlet

When specific payroll details are needed, such as during an audit, accountants typically refer to the payroll journal instead of the general ledger. Whenever employers withhold taxes and deductions from wages, pay employees or deposit tax payments with government agencies, that information should be simultaneously documented in the payroll register. View notices and letters. A) the firm's payroll checking account information $y = -x - 4$. pay date. 3. What is the effect of each of the following posting upon the assets, liabilities, and owner's equity of a company. mark to produce a Check mark for a correct answer and double click the box with the question (You may select more than one answer. Medicare tax $ 390. D) It is non-employee labor that the company must pay. If the expected returns are 3.8%3.8 \%3.8% for the T-bills, 12.3%12.3 \%12.3% for the large-company stocks, and 17.4%17.4 \%17.4% for the small-company stocks, what is the expected return of the portfolio? 2. 6. the payroll? How is information that is usually on a paper stub given to an employee if the employer is using electronic paystubs. How will payroll deductions from employees wages for their portion of 401K plans be recorded? D) General journal numbers On December 1, 20XX, Riley Sanders invested $250,000 to open Sanders Enterprises. D. FMLA B) It is an individual register maintained for each employee, listing of all the payroll information. Any boxes left with a question mark will be a. Walsh-Healey Public Contracts Act Set up payroll accounts If you haven't already, set up your payroll accounts in your chart of accounts (COA). This will increase Upload your study docs or become a Course Hero member to access this document Continue to access Term Winter Professor N/A Tags When a firm has wages earned but not yet paid at the end of a financial reporting period, what B) Payroll register \text{6. C) Employee earnings record Employers can exempt the following employees from the Family and Medical Leave Act. Medicare tax payable 222 ??? 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? What obligations are imposed upon the employer by the Fair Credit Reporting Act of 1968? How does a debit balance in the wages and salaries expense account affect a firm's income B) Payroll register 18 Jun 23 Wages and. the box With the question mark to empty the box for a wrong answer. Simplify and unify your HCM compliance processes. C) It designates where labor is used in a firm. C) Form W- B) By dollar amount & \text{ } & \text{ }\\ Payment of an account payable.} Age Administrating the state unemployment taxes. C. All employees under the age of 30. A company may occasionally print manual paychecks to employees, either because of pay adjustments or employment terminations. We provide payroll, global HCM and outsourcing services in more than 140 countries. To rule the payroll register means that the payroll accountant establishes procedures about the payroll register. A) Ledgering B) Gross pay This sort of regular data-entry routine, when strictly adhered to, can help ensure accurate payroll records. Use the following information for Questions 19 - 20: Protest Unemployment Insurance benefit charges or rates. 2. What is the amount of the Social Security tax payable? C. 40 Which employee payroll classification will likely require an accrual adjusting entry for the gross salaries or wages at the end of a calendar month? At ADP, we are committed to unlocking potential not only in our clients and their businesses, but in our people, our communities and society as a whole. All of these journal entries are noted below. 57. Safe-guards your retirement plans *not required to have a pension plan. : an American History (Eric Foner), Psychology (David G. Myers; C. 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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%. Total Earnings 9. A payroll register is the record for a pay period that lists employee hours worked, gross pay, net pay, deductions, and payroll date. Gross wages of $500.00 less withholdings of $38.25 for FICA and $87.25 for federal and state income taxes. We have credited a liability account for each of the tax amounts. The Federal Insurance Contribution Act, the Medicare portion of the tax is only paid by the employer. SUTA tax payable 9,481. Under FMLA, may an employer substitute an employee's earned paid leave for part of the 12-week family leave? What information is commonly provided by a job-seeker on the application for employment form? 1. \text{15. B) It is always expressed as assets = liabilities - owners' equity. Collectionofnotesreceivable. 5. Federal withholding tax payable 220 $ 2,207. D) It may contain whatever accounts the accountant wishes to include. What are the enhancing qualities of the qualitative characteristics? Plan A costs $80 per month for unlimited talk and text. D) The transaction appears on page four of the General Journal. Wages and salaries payable 226 ??? BALANCE A payroll register can also . At ADP, security is integral to our products, our business processes and our infrastructure. Jeremy is single with two withholding allowances. A) $399,472. May 14 Wages and salaries payable 226 117,334. Fair Labor Standards Act (Federal Wage & Hour Law). The purpose of payroll register is to record of all the payment details for employees during a specific pay period. 40. 20. What are the main kinds of information contained in a payroll register? expenses A. It lists payroll information about each employee, such as hours worked, gross pay, deductionsand net pay. 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. The total of each distribution column shows the total amount of that department's wage expense. C) Because payroll represents a liability and an expense of the business. Which of the following bases for discrimination in employment is not covered under the Civil Rights Act of 1964? A) Employee pay accrual and employee pay disbursement in its Federal withholding tax payable account. What is general priority order concerning wage attachements. What is the term for transferring data from the General Journal to the General Ledger? the total expenses of the firm and increase the net income of the firm. Calculate regular and overtime pay. ls the FUTA tax used to pay unemployment benefits? Union Dues Payable-liability Federal income tax payable 11,955. B) It facilitates accuracy in employee payroll tax computations. Employers also use it to: While all of these functions can be accomplished manually, dedicated payroll software provides information at the click of a button, making reporting fast and simple. 5. What options might Hazel consider if the TransactionTypeofActivityCashInfloworOutflow1. Multiple Choice. Manage labor costs and compliance with easy time & attendance tools. Jan 19 Wages and salaries payable 226 8,134. Does every state have both federal and state unemployment laws? employees' payroll, one for the employer's share of the taxes. tax Remittance on February 15? Deductions. Megan Newell is the owner and operator of Ultima LLC, a motivational consulting business. 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. lf an investigative consumer report is used in an employment decision, does the employer need to tell the individual? Payroll liabilities are any type of payment related to payroll that a business owes but has not yet paid. How do the Stanford-Binet and Wechsler tests differ? & \text{ } & \text{ }\\ Gross wages of $500.00 + employer's portion of FICA $38.25 ($500.00 X employer rate of 7.65%) + unemployment tax of $24.00 + worker comp insurance of $5.00. 3. Purchase of rent in advance.} Type the formula, then press Enter. A) The statement of owners' equity The employers total expense for Marys employment during the week is. C. FLSA What is the Define hours worked. Federal Insurance Contribution Act (FICA), Form 941, Employer's Quarterly Federal Tax Return, Form W-3, Transmittal of Wage and Tax Statements, Applicable pay rates (regular or overtime), Review outgoing costs, either per employee or for the entire organization, Track employee deductions and tax withholding amounts, Reconcile payroll expenses to the general ledger, Record and track employee leave time, such as sick, vacation and paid time off (PTO), Validate direct deposit transactions and employer contributions to deferred compensation plans, such as a, Federal income taxes withheld from employee wages, State and local income taxes withheld from employee wages (if applicable), Federal unemployment taxes payable by the employer, State unemployment taxes payable by the employer, State unemployment taxes withheld from employee wages (if applicable), Benefits and other voluntary deductions from employee wages, Employer contributions to benefits and retirement savings plans. True False. A. D) $1,875. A) Form W-4 B) Form W-2 C) Payroll register D) Employee earnings record 28. Single click the box with the question mark to produce a check mark for a correct C) It is the fourth repetition of the same entry. ls the Federal Government covered under the Civil Rights Act of 1964? Prior year's earnings < Prev 18 of 40 . Which of the following steps should be taken by the Human Resources Department when hiring new employees? B) As equity Which of the following is not a provision of FLSA? The certificates include Debits and Credits, Adjusting Entries, Financial Statements, Balance Sheet, Income Statement, Cash Flow Statement, Working Capital and Liquidity, Financial Ratios, Bank Reconciliation, and Payroll Accounting. D) Credit $30. What special accounts must usually be opened in the general ledger to record payroll tax entries? You need to purchase a plan for your teenage sister. C. National Origin B) It must create an adjusting entry to recognize the payroll accrual. Purchaseofinventory.7. C) As expenses Harold Averkamp (CPA, MBA) has worked as a university accounting instructor, accountant, and consultant for more than 25 years. FUTA tax payable 1,322. depositor, what entry Should appear on November 15 for the remittance of the month's Social C. Restrictions the employment of child labor. To which items is information from the payroll register transferred? d. At least seven homes have large-screen TVs? Collectionofanaccountreceivable.5. Learn more about the senior executives who are leading ADPs business. During this process, employers reconcile their payroll transactions and make sure that their accounting and recordkeeping practices comply with regulations. E. Sex, Which of the following statements is NOT a provisions of ERISA? What is your sisters total cost under each of the two plans? pay It records payroll record on each employee separately. 59. Wages and salaries-Operating expense-debit D. ERISA provides that all employees are eligible to set up their own individual retirement accounts. C) It is a report designed for external stakeholders. prepare the payroll register enter the information into the employee payroll records prepare paychecks and send them to paymaster for distribution to employees send a copy of the payroll register to Accounts Payable social security taxes income tax withholding payroll deductions in tax: Wages and salaries withholding taxes payable Dont just take our word for it. Health Insurance Premiums Collected-liability B) tax remittance information Discover what others say about us. It's useful for record-keeping in a business and has legal implications if not kept correctly.. A summary of all payroll activity is an excellent way to look at the payroll register report. D) As liabilities A magnifying glass. 61. accurate disbursal of payroll. Payroll registers can be created using spreadsheets, although this may not be ideal for most employers. Apr 16 J23 16,495 32. In this last task, the following steps will be completed. Which act covers employee pension and welfare plan.? Which of the following is not a provision of ERISA? Which of the following reports links the accounting and the human resources departments? B) The labor report, C) The statement of owners' equity (You may select more than one answer. For fill-in-the-blank questions, press or click on the blank space provided. Does FLSA require the employer to display a poster with the FLSA rules? grass clippings at the curb for pickup because local landfills cannot handle the volume. D. 50 What is a use of a firm's labor trend reports? in sin did my mother conceived me meaning What is the purpose of the Age Discrimination in Employment Act (ADEA)? D) Health insurance payable This entry usually includes debits for the direct labor expense, salaries, and the company's portion of payroll taxes. Social Security tax payable ??? A) It is employee labor that may be billed to customers. B) Debit $4, Any Boxes left with a question mark will be automatically graded as incorrect.) D) the employee's name, social security number, and address Recall that Zachary Fox and Michael Sierra are married, while Calvin Bell and David Alexander . business. A. ERISA applies to pension and welfare plans established by any employer engages in commerce. B. Who is covered by the Walsh-Healey Public Contract Act? A) It is the fourth entry in the General Journal on that date. The completed Payroll Register for the February and March biweekly pay periods is provided, assuming benefits went into effect as anticipated. Vesting conveys to employees the right to share in the retirement fund in the event they are terminated before the normal retirement age. Payroll-Operating expense-liability Book the entry on the date paychecks are distributed. NAME MARITAL STAT. With e-Services for Business, you can: Register, close, or re-open an employer payroll tax account. \text{7. Complete the steps outlined below: 1. ADP and the ADP logo are registered trademarks of ADP, Inc. All other marks are the property of their respective owners. Under the Consumer Credit Protection Act, what is the maximum percentage that can be deducted from an employee's pay to satisfy a student loan garnishment? Vacaction Benefits Payable- liability. $3,825 of employee withholding ($50,000 X 0.0765), Exempt Salaried Employees Paid Semi-monthly. Wages and salaries payable 226 202,671. Neither The Balance Sheet Nor The Income Statement. 18. A) Employee earnings record Purchaseofinventory. Collectionofnotesreceivable.8. Record the journal entry to account for employer payroll taxes based on the totals in the payroll register and the FUTA and SUTA calculations. D) Company website Information available through a secured web sit, kiosk, or interactive voice response system. Payroll liabilities In most business organizations, accounting for payroll is particularly important because (1) payrolls often are the largest expense that a company incurs, (2) both federal and state governments require maintaining detailed payroll records, and (3) companies must file regular payroll reports with state and federal governments Rushing River Boats has the following data in its Social Security tax payable General Ledger & \text{ } & \text{ }\\ & \text{ } & \text{ }\\ For classifying the gross wages and salaries according to the nature of the wage and salary expense. What are the main kinds of information contained in a payroll register? To enter a formula manually, follow these steps: Move the cell pointer to the cell that you want to hold the formula. expense 522 $ 12,987. On which income statement will the state unemployment tax expense appear under accrual accounting? A) Form W- Any boxes left with a For each transaction, indicate by letter whether the cash effect of each transaction is reported in a statement of cash flows as an operating (O), investing (I), financing (F), or noncash (NC) activity. Although they record much of the same information, payroll journals and payroll registers are not identical. How to do payroll accounting: 7 steps At first glance, payroll accounting can be scary. In Philadelphia, Pennsylvania, most workers are subject to three income taxes upon their earnings - federal state and city. It is quite common to create a manual check, either because an employee was short-paid in the preceding payroll, or because the company is laying off or firing an employee, and so is obligated to pay that person before the next regularly scheduled payroll. Learn how we can tackle your industry demands together. D) The balance sheet The amounts needed for the payroll entries in the journal come from the employee's earning records. PAYROLL REGISTER Upload your study docs or become a Course Hero member to access this document Continue to access End of preview. When the firm remits its health insurance premium for this pay date, what is the General Journal Jan 31 J4 420 1, When the employer pays the employee in 2023 for the vacation earned in 2022, what account will the company debit? & \text{ } & \text{ }\\ A) Debit $1, 30. 2. Free True False Q03 Computing the sum of rows and columns is known by the term Multiple Choice Q04 Where is one place that information from the payroll register would not be transferred? period. B) Employee pay remittance and voluntary deduction remittance ADP hires in over 26 countries around the world for a variety of amazing careers. Paymentofalong-termnotepayable. a wrong answer. Application of overhead to goods in process. This entry is then reversed in the following accounting period, so that the initial recordation entry can take its place. 20XX: Gross pay $ 27,894. Cash 101 202,671. The lower the payroll \text{8. the box with the question mark to produce a check mark for a correct answer and double click Which basic records are generated in most payroll accounting systems? To ensure compliance, employers must be familiar with the requirements applicable to their workforce and retain the appropriate documentation for the length of time specified by federal, state and local governments. It indicates, "Click to perform a search". 2. At ADP, we believe sports and business both require the right approach. A) It must credit the asset accounts for the appropriate payroll amounts. These computations are shown in the Employee Payroll Register. B) Debit $30, The primary journal entry for payroll is the summary-level entry that is compiled from the payroll register, and which is recorded in either the payroll journal or the general ledger. Dont take our word for it. Tap into a wealth of knowledge designed to simplify complex tasks and encourage strategic decisions across key functions. Using the accounting equation, determine the following amounts: a. Owners equity as of December 31, 2013. BALANCE DATE DESCRIPTION POST REF. chronologically. Verify the date and enter General as the reference. \text{9. Direct labor usage. Requirements: Record the deduction for group insurance. It records payroll record on each employee separately. box for a wrong Answer. Are unions and employment agencies covered under the Civil Rights Act of 1964? 60. & \text{ } & \text{ }\\ 58. Employers use the employee's earnings record in preparing ___. Paymentofanaccountpayable. Fast, easy, accurate payroll and tax, so you can save time and money. Payroll Flashcards | Quizlet Payroll Term 1 / 52 Garnishments are court-ordered amounts that an employer must withhold from an employee's post-tax pay and remit the amount to the appropriate authority. 66. Compute and record the employee's SUTA contributions. Basic payroll register templates can be found online or created in programs like Excel. Issuance of bonds.} Focus on what matters most by outsourcing payroll and HR tasks, or join our PEO. 1. C. ERISA establishes minimum vesting schedules that protect the workers' benefits. question mark Will be automatically graded as incorrect.) Factory payroll costs in cash. B) A debit balance will increase the expenses of the firm's income statement. Chapter 7 quiz - the payroll register, employees' earning record, and accounting system entries. Step 2: Working Hours. select more than one answer. Explain the major provisions of the Fair Labor Standards Act. The primary journal entry for payroll is the summary-level entry that is compiled from the payroll register, and which is recorded in either the payroll journal or the general ledger. A) It allows managers to determine the effect of employee labor on departmental profits. - Michalis M. FICA (FICA is the acronym for Federal Insurance Contribution Act. Dooley Publishing has the following payroll data for its July 1 pay date: Jul 1 Wages and salaries. 5. What are the General Journal entries that should appear on each pay date? Cash 101 117,334. Those who have not worked at least one year and at least 1,250 hours in the previous 12 months for the company. Federal withholding tax payable 220 $ 50,725. Take your organization to the next level with tools and resources that help you work smarter, regardless of your businesss size and goals. The key types of payroll journal entries are noted below. Under the FLSA, what information concerning employees' wages earned must be maintained by the employer? FUTA Taxes Payable-liability Rate of pay 8. Its easier to keep accurate payroll records and run reports quickly with payroll software. 8. The W-2 provides all of the information required by the Affordable Care Act. Discover what others say about us. How does the payroll register connect with the employees' earnings records? A cell phone company offers two different plans. Sale of equipment for cash.} \text{2. Who are the winners and who are the losers when the minimum wage is increased? These entries are then incorporated into an entity's financial statements through the general ledger. C) It must remain in balance at all times. Allocation (closing) of overapplied or underapplied overhead to Cost of Goods Sold. How does a payroll accountant keep track of employee's year-to-date earnings for wage bases What is true about the trial balance? Paymentofanaccountpayable.15. 62. *Graph the equation using the slope and $y$-intercept, as in the Previous Examples. Assume that the company uses the accrual method of accounting. Which of the following are processes that occur in most payroll accounting systems? one answer. It exists in many forms, from manual booklets and ad-hoc registers created in Excel to reports produced by dedicated payroll software. C) A debit balance will decrease the expenses of the firm's income statement. Which of the following is NOT part of the social security program? Question: Continuing Payroll Problem, 6B: Chapter 6 You have almost completed the Olney Company's Employee Payroll Register for the pay period ending January 8, 20--. 11. Loantoanotherfirm.12. C) The balance sheet D) It adds complexity to the payroll register. 3. Want more practice questions?Receive instant access to our graded Quick Tests (more than 1,800 unique test questions) when you join AccountingCoach PRO. Ring up sales and take payments in style with the sleek touchscreen Register device Make it mobile Every Register comes with a PAX A920 terminal to use as a mobile credit card reader Add on wireless POS hardware Complete your hardware suite with Bluetooth barcode scanners, receipt printers and cash drawers Hardware that won't hold you back D) Form 941 D) It should create a reversing entry in the General Journal. In other words, a payroll register is the document that records all of the details about employees' payroll during a period. Purchaseofrentinadvance. Medicare tax payable 222 4,205. B) Social Security tax, $792; Medicare tax, $204. 65. 15. True, Besides containing the supporting data for periodic tax reports, the employee earnings record 1. * 4. C) Social Security tax, $746; Medicare tax, $174. On October 15, Eco Brewers had a balance of $4,390 in its Social Security tax payable account. E. 65, Which of the following is not a provision of the Fair Labor Standards Act? department. Health Insurance payable 224 13,618. D) The labor report Federal withholding tax $ 3,570. 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. The other hourly employees receive overtime pay when they work more than 35 hours in one week. Savings bonds payable 227 1,850. That's why we've partnered with some of the top athletes in the world. The Federal Insurance Contributions Act covers restrictions on the employment of child labor. DEBIT CREDIT DEBIT CREDIT How does a payroll accountant keep track of employee's year-to-date earnings for wage bases on taxes like FICA, FUTA, and SUTA? on the first day of the next financial period? 39. 11. Regardless of the format, payroll registers tend to follow the same basic structure. Click here to learn more. C) Employee pay disbursement and voluntary deduction remittance Payroll data for the current week are as follows: hours worked, 46; federal income taxwithheld, $110; cumulative earnings for the year prior to this week, $24,500; Social security tax rate, 6% on maximum of $100,000; and Medicare tax rate, 1.5% on all earnings; state unemployment compensation tax, 3.4% on the first $7,000; federal unemployment Chapter 6: Analyzing and Journalizing Payroll, , , AP Lang - Television: The Plug-In Drug (T/V), Don Herrmann, J. David Spiceland, Wayne Thomas, Fundamentals of Financial Management, Concise Edition, Alvin A Arens, Mark A Beasley, Randal J Elder, National Association for the Advancement of Colored People. In a recent study, 90 percent of the homes in the United States were found to have largescreen TVs. Under FMLA, the time must be used in one uninterrupted period of time. The holder of any unclaimed property must file a report after a specified sttutory period and then surrender the money to the stte as abandoned property. Enter the debit amount to clear the existing credit to Payroll Cash from the first journal entry above. This check may be paid through the corporate accounts payable bank account, rather than its payroll account, so you may need to make this entry through the accounts payable system. C) Earnings subject to FICA tax D) It is a report that becomes published with other financial reports. Tasks previously performed include determining gross earnings, FICA withholding, federal, state and city taxes. Name two advantages and two drawbacks of ERISA provides for full vesting of the employer's contributions in three years or gradually over six. Purchase of inventory.} & \text{ } & \text{ }\\ posted an additional $4,390 on its October 31 pay date. The employee's earnings records is used in preparing the employees' W-2 forms. Purchaseofrentinadvance.4. B) It depicts the ideal distribution of labor in a firm. All nine have large-screen TVs? B) $15,298. \text{1. 4. C) $1,715. 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. under the Civil Rights Act of 1964, the U.S. Government is classified as an exempt employer. You face specific challenges that require solutions based on experience. C) SUTA B) Debit Cash, $250,000; Credit Revenue, $250,

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