payroll register quizlet

How does the payroll register connect with the employees' earnings records? What is meant by the garnishment of wages? What entry should appear in the General Ledger to reflect the e. None of the above. Neither The Balance Sheet Nor The Income Statement. This information is also reflected in summary level entries in the businesss general ledger. 2. E. All are provisions of FLSA. Enchanted Creations has the following data in its Federal withholding tax payable General Ledger D) One side of the equation must equal zero. NAME MARITAL STAT. How does the FIFO method different from the weighted-average method? 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? C. 40 b. check mark For a correct answer and double click the box with the question mark to empty the DATE DESCRIPTION POST REF. 9. A) Debit $1, the box With the question mark to empty the box for a wrong answer. Federal withholding tax payable 220 399,472. B) It allows managers to predict future labor costs. (You may select more than one answer. 31. False - also needs to be a reasonable amount. A) It may be expressed as assets + liabilities = owners' equity. You face specific challenges that require solutions based on experience. It helps employers reconcile their payroll transactions and prepare quarterly and year-end tax reports. This entry usually includes debits for the direct labor expense, salaries, and the company's portion of payroll taxes. 11. Single click E. Highest-paid 10% of their workforce. Sale of land for cash.} View notices and letters. Only "A payroll register" and "The employee's earnings record" are correct. What are the main kinds of information contained in a payroll register? Payroll registers are typically a series ofsimple charts (one for each employee during a given pay period) that include such information as: Note that payroll recordkeeping laws differ across jurisdictions. 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 Payment of an account payable.} All of these journal entries are noted below. 66. What is the role of enhancing qualities in the conceptual framework? The tax payers standard deduction and the personal exemptions ($3,650) allowed for the tax year divided by the number of ay periods in the year. Social Security tax payable 221 17,980. Federal withholding tax payable 220 $ 50,725. 221 What does the Civil Rights Act of 1954 cover? D) The labor report Q09. TransactionTypeofActivityCashInfloworOutflow1. 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. b. Owners equity as of December 31, 2014, assuming that assets increased by $113,000 and liabilities increased by$44,000 during 2014. Can employees view documents in their files that are marked confidential? ls Form l-9 completed only by employees born in outside of the USA? Medicare tax $ 390. A payroll register can also . B. Payroll registers also provide aggregate employee information at a glance, which can be helpful when depositing tax payments, filing tax returns and performing other basic accounting tasks. Title of report 2. 65. Using the payroll register, compute the employee gross pay and net pay using 35 hours as the standard workweek for all employees except Mary Shangraw, who works 20 hours per week and receives overtime for any time worked past that point. Employee benefits, flexible administration, business insurance, and retirement plans. Most office supply stores also carry books that are formatted specifically to record payroll information. department. FICA Taxes Payable-OASDI-liability How is information that is usually on a paper stub given to an employee if the employer is using electronic paystubs. Purchaseoftreasurystock. C) Cross-referencing D) Personnel file For the entry on January 31, what does the J4 signify? Multiple Choice. Payroll typically creates an accrued liability for all of the following reasons except Because it is unnecessary to report amounts owed to employees for salaries or wages earned. Executive employees who are 65 years or older and have high policymaking positions during the two-year period prior to retirement. ADP helps organizations of all types and sizes unlock their potential. To prohibit discrimination on the basis of age in the employment practices of employer. A payroll register is tool that records wage payment information about each employee - gross pay, deductions, tax withholding, net pay and other payroll-related information - for each pay period and pay date. Collection of an account receivable.} 28. B. Health Insurance $ 950. expenses are, the higher the profitability will be. E. Sex, Which of the following statements is NOT a provisions of ERISA? on the first day of the next financial period? The information provided in the payroll register is used primarily to meet the requirements of the Fair Labor Standards Act. The payroll register lists all the employees who earned remuneration, the amount of remuneration, the deductions, and the net amount paid. The Civil Rights Act of 1964 protects all employees from arbitrary dismissal. 56. On which income statement will the state unemployment tax expense appear under accrual accounting? 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. 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. D. Requires equal pay for equal work, regardless of gender. B) Debit $4, Security taxes? account: ACCOUNT Federal withholding tax payable ACCOUNT NO. Under the Civil Rights Act of 1964 and the Age Discrimination in Employment Act, which of the following questions may not be asked by an employer during pre-hire inquiries? Recorded as a liability for the employer in the payroll entry. The lower the payroll 53. Medicare tax payable 222 ??? D) Health insurance payable Federal withholding tax payable 220 $ 2,207. Compute and record the employee's SUTA contributions. 9. Purchase of treasury stock.} Age Listed below are several transactions. D) As liabilities Type an equals sign (=) to signal the fact that the cell contains a formula. The ___ is a multicolumn form used to assemble and summarize the data needed at the end of each payroll period. Recall that Zachary Fox and Michael Sierra are married, while Calvin Bell and David Alexander . Dont just take our word for it. Jan 19 Wages and salaries payable 226 8,134. 4. Basic payroll register templates can be found online or created in programs like Excel. Use rates of 6.2 percent for the employer's shareof the social security tax, 1.45 percent for Medicare tax, 0.6 percent for FUTA tax, and 5.4 percent for SUTA tax. Find payroll and retirement calculators, plus tax and compliance resources. Switching payroll service providers made easy. 18 3. How can the information shown in the employees' earnings record be used? B. ERISA requires each employer to establish a pension plan. Under FLSA, what is the current minimum wage? False. Our online store for HR apps and more; for customers, partners and developers. 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? Direct materials usage. & \text{ } & \text{ }\\ 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. A) Debit R. Sanders Capital, $250,000; Credit Cash, $250, 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. C) It should disburse the accrued pay to the employees. A) It is a list of all persons and companies that the company pays money during a period. Withholding" and "Earnings subject to FICA"? "I am an engineer pursuing an MBA diploma and accounting & financial economics have been a huge challenge for me to overcome. ADP and the ADP logo are registered trademarks of ADP, Inc. All other marks are the property of their respective owners. under the Civil Rights Act of 1964, the U.S. Government is classified as an exempt employer. Payroll registers can be created using spreadsheets, although this may not be ideal for most employers. File, adjust, and print returns and reports. Which of the following is true about the fundamental accounting equation? Under FLMA, do any states have paid a family leave plan? On which financial report will employer-paid portions of health insurance premiums be listed? A) By order of importance There may be an accrued wages entry that is recorded at the end of each accounting period, and which is intended to record the amount of wages owed to employees but not yet paid. HOURS WORKED Jeremy Ortiz is an employee of Insulor Flooring, where his job responsibilities include selling service contracts to customers. When the firm remits its health insurance premium for this pay date, what is the General Journal Transfer of finished jobs to the finished goods inventory. It exists in many forms, from manual booklets and ad-hoc registers created in Excel to reports produced by dedicated payroll software. Explain the use of the "Cumulative" column in the employee's earnings record. 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? Complete the Regular Earnings columns (Rate per Hour and Amount) for hourly employees. expenses On October 15, Eco Brewers had a balance of $4,390 in its Social Security tax payable account. A) the beginning and ending dates of the pay period Federal income tax payable 11,955. D) Debit $8. Why is it important to have columns on the payroll register title "Earnings subject to Federal A) As assets Gross pay and net pay. At a minimum, how often should an administrator furnish a statement of total benefits accrued and accrued benefits that are vested under ERISA? Social Security tax $ 1,670. Vacation Benefits Expense-Operating expense lf both federal and state regulations cover minimum wages for the same employee, is the federal rate always used for the minimum wage? Employers use the employee's earnings record in preparing ___. 2. In cases where both Federal and State regulations cover the minimum wage for the same employee, the high of the two rates is always used as the standard minimum wage. B. ERISA requires each employer to establish a pension plan. Form W-2 4. Time worked - regular & overtime 7. 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? 4. Continuing Payroll Problem-B OLNEY COMPANY, INC. C. All employees under the age of 30. The Fair Labor Standards Act is commonly known as the Federal Wage and Hour Law. \text{3. B) $2,572. C) the name of the firm and the payroll accountant 21 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? D) Form 941 total Requirements: 1. & \text{ } & \text{ }\\ What is the amount of the 401(k) contributions for the pay date? \text{11. Under the Family and Medical Leave Act, employers can exempt an employee who has not worked for the employer for at least one year and has worked for the company for at least 1,250 hours in the last year. Jan 31 J4 420 1, B) Credit $1, After recording this entry, reverse it at the beginning of the following accounting period, and then record the actual payroll expense (as just described under the "Primary Payroll Journal Entry" section whenever it occurs. A) Both documents contain year-to-date totals of taxes. Chapter 7 quiz - the payroll register, employees' earning record, and accounting system entries. D) The same as the chart of accounts Wages and salaries payable 226 117,334. All earnings are taxable. Payroll Test #1 Flashcards | Quizlet Subjects Expert solutions Log in Sign up Payroll Test #1 Term 1 / 66 Does every state have state unemployment laws? It exists in many forms, from manual booklets and ad-hoc registers created in Excel to reports produced by dedicated payroll software. Collectionofnotesreceivable.8. 221 A) The total of the debits must equal the total of the credits. in its Federal withholding tax payable account. 6. 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. B) Payroll register Does FLSA say how often employees need to be paid? B) It should make a note to create the reversing entry at the end of the next financial period. the payroll register, employees' earning record, and accounting system entries the purpose of the net pay and check number columns in the payroll register is to Skip to document Ask an Expert Sign inRegister Sign inRegister Home Ask an ExpertNew My Library Discovery Institutions Silver Creek High School (Colorado) Southern New Hampshire University Questions pertaining to religion, gender, national origin, or age are allowed on application forms when these are bonafide occupational qualifications for a job. Marital status & number of withholding allowances 6. Harold Averkamp (CPA, MBA) has worked as a university accounting instructor, accountant, and consultant for more than 25 years. Collectionofnotesreceivable. B) It facilitates accuracy in employee payroll tax computations.

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