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. D. Religion 2. 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? incorrect.) c. More than five have large-screen TVs? What is meant by the garnishment of wages? Jeremy is single with two withholding allowances. From recruitment to retirement, getting the very best out of your people. Employee FIT Payable-liability Want to read all 11 pages? D) Credit $30. 2. Issuanceofbonds. 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. Paymentofanaccountpayable.15. box for a wrong Answer. They must disclose to the job applicant that they are seeking an investigative report. 1. Wages and salaries payable 226 ??? 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. answer And double click the box with the question mark to empty the box for a wrong answer. This entry usually includes debits for the direct labor expense, salaries, and the company's portion of payroll taxes. A) It is employee labor that may be billed to customers. Social Security tax payable 221 17,980. 61. Employers use the employee's earnings record in preparing ___. What are the General Journal entries that should appear on each pay date? True, A debit always decreases the balance of an account. What si the primary purpose of the Employee Retirement Income Security Act (ERISA)? B) It is employee labor that does not pertain to labor on customer jobs. What is the primary purpose of a labor report? < Prey 18 of 40 Pay period dates. According to Adam Smith, why do the butcher, brewer, and baker provide food for us to buy? How does a payroll accountant keep track of employee's year-to-date earnings for wage bases on taxes like FICA, FUTA, and SUTA? B) It allows managers to predict future labor costs. Correct answer: Option (1) Medicare tax is the correct answer. C) Earnings subject to FICA tax lf both federal and state regulations cover minimum wages for the same employee, is the federal rate always used for the minimum wage? Single click the box with the question mark to produce a check mark for a correct 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 E. OASDI. Dont take our word for it. mark to empty the box For a wrong answer. 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. Savings bonds payable 227 1,850. 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. Harold Averkamp (CPA, MBA) has worked as a university accounting instructor, accountant, and consultant for more than 25 years. Which of the following reports links the accounting and the human resources departments? 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 See Answer. 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? Quiz 6: Payroll Register, Employee Earning Records, and Accounting This information is also reflected in summary level entries in the businesss general ledger. 5. 33. The higher payroll C) Form W- 20. \text{1. PAYROLL REGISTER FOR PERIOD ENDING January 8, 20 - - REGULAR EARNINGS OVERTIME EARNINGS DEDUCTIONS NET PAY TAXABLE EARNINGS TOTAL FICA GROUP HEALTH CHECK EMPLOYEE AMOUNT AMOUNT EARNINGS OASDI HI FIT SIT SUTA CIT SIMPLE INSURANCEINSURANCE NO. Sale and delivery of finished goods to customers for cash (record unadjusted cost of sales). D) Debit Cash, $250,000; Credit R. Sanders Capital, $250,00 0 ls Form l-9 completed only by employees born in outside of the USA? How might globalists and traditionalists view cultures, places, and regions differently. Learn more about Privacy at ADP, including understanding the steps that weve taken to protect personal data globally. What is the amount of the Social Security tax payable? C) Employee pay disbursement and voluntary deduction remittance Heartland Register the All-in-one POS System | Heartland Social Security tax payable ??? Paymentofanaccountpayable. This entry usually includes debits for the direct labor expense, salaries, and the company's portion of payroll taxes. Upload your study docs or become a Course Hero member to access this document Continue to access Term Winter Professor N/A Tags 20XX: Gross pay $ 27,894. Health Insurance $ 950. 17. B) Gross pay $y = -x - 4$. Does FLSA require the employer to display a poster with the FLSA rules? 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? Its best practice to audit payroll every pay period. C) The balance sheet What is the total amount of FICA that needs to be remitted by an employer in 2023 for an employee earning $50,000? Title of report 2. 2. We have been recognized by esteemed organizations for the value we bring to our clients, our associates and the global community. Employers can exempt the following employees from the Family and Medical Leave Act. Tap into a wealth of knowledge designed to simplify complex tasks and encourage strategic decisions across key functions. When you later pay the withheld taxes and company portion of payroll taxes to the IRS, you then use the following entry to reduce the balance in the cash account, and eliminate the balances in the liability accounts: It is quite common to have some amount of unpaid wages at the end of an accounting period, so you should accrue this expense (if it is material). Most firms are now using a standard reference inquiry form, supplied by the IRS, If an investigative consumer report is being checked, the job applicant must be notified in writing by the employer that such a report is being sought, There are no states that allow employees to access their personnel files, The payroll register is a separate payroll record that is kept on each employee, A payroll register lists all employees who have earned remuneration, the amount of remuneration, the deductions, and the net amount paid for each pay period, The amounts needed for the payroll entries in the journal come from the employee's earnings record, The trend toward outsourcing of payroll operations has weakened in recent years. D) One side of the equation must equal zero. All earnings are taxable. The W-2 provides all of the information required by the Affordable Care Act. Gross wages of $500.00 less withholdings of $38.25 for FICA and $87.25 for federal and state income taxes. This account is credited for the total amount of FIT with held each payday and is subsequently debited for the amounts paid to a depositary or to the IRS. Also, indicate whether the transaction is a cash inflow (CI) or cash outflow (CO), or has no effect on cash (NE). A) Ledgering These details include the employee id number, the department they belong, their job profile, etc. D. ERISA provides that all employees are eligible to set up their own individual retirement accounts. A) Form W-4 B) Form W-2 C) Payroll register D) Employee earnings record 28. 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? But if you follow these seven steps, you can learn how to account for payroll with ease. \text{12. Focus on what matters most by outsourcing payroll and HR tasks, or join our PEO. Learn how we can tackle your industry demands together. The total of each distribution column shows the total amount of that department's wage expense. 27. D) It is a report that becomes published with other financial reports. 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? For multiple-choice and true/false questions, simply press or click on what you think is the correct answer. The town is considering an ordinance that would prohibit putting To prohibit discrimination on the basis of age in the employment practices of employer. Step 2: Working Hours. Factory payroll costs in cash. & \text{ } & \text{ }\\ Paymentofemployeesalaries.2. (review sheet 4), Leadership class , week 3 executive summary, I am doing my essay on the Ted Talk titaled How One Photo Captured a Humanitie Crisis https, School-Plan - School Plan of San Juan Integrated School, SEC-502-RS-Dispositions Self-Assessment Survey T3 (1), Techniques DE Separation ET Analyse EN Biochimi 1, The purpose of the net pay and check number columns in the payroll register is to verify All nine have large-screen TVs? Social Security tax $ 1,670. ls the payroll register used for journalizing the payroll entries? Any boxes Left with a question mark will be automatically graded as incorrect.) Read more about the author. E. All are provisions of FLSA. Wages and salaries payable 226 202,671. Switching payroll service providers made easy. 65. Can employees view documents in their files that are marked confidential? Security taxes? The highest-paid 10 percent of their workforce. B) Employee address 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%. A) Credit $8, ADP and the ADP logo are registered trademarks of ADP, Inc. All other marks are the property of their respective owners. \text{13. 1. In other words, a payroll register is the document that records all of the details about employees' payroll during a period. Collection of notes receivable.} Purchaseoftreasurystock. To prepare period reports and complete Form W-2 for each employee, Fundamentals of Financial Management, Concise Edition, Operations Management: Sustainability and Supply Chain Management, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman. C) It allows payroll employees to divert funds into faux accounts. To which items is information from the payroll register transferred? C. All employees under the age of 30. Quickly connect ADP solutions to popular software, ERPs and other HR systems. The information in the payroll register forms the basis for entries in the Employee Earnings Records and the General Journal. C) Garnishment To rule the payroll register means that the payroll accountant establishes procedures about the payroll register. Which of the following is true about the fundamental accounting equation? 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? How do the Stanford-Binet and Wechsler tests differ? The lower the payroll D) Because payroll represents a liability and an expense of the business. What is The balance in the account? Payroll registers include all of the information in a pay period for all employees. How does a payroll accountant keep track of employee's year-to-date earnings for wage bases Simplify and unify your HCM compliance processes. True, The information in the payroll register forms the basis for entries in the Employee Earnings e. None of the above. C) Social Security tax, $746; Medicare tax, $174. AIS g Payroll Flashcards | Quizlet D) the employee's name, social security number, and address \text{Transaction} & \text{Type of Activity} & \text{Cash Inflow or Outflow}\\ \hline B. ERISA 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? Who are the winners and who are the losers when the minimum wage is increased? D) Form 941 D) It highlights issues and results of seasonal labor. Attend webinars or find out where and when we can connect at in-person events. expenses are, the higher the profitability will be. Factory overhead excluding indirect materials and indirect labor (record credit to Other Accounts). A. Jan 19 Wages and salaries payable 226 8,134. Payroll Test #1 Flashcards | Quizlet D) General journal numbers These liabilities accompany every payroll you run. & \text{ } & \text{ }\\ False. depositor, what entry Should appear on November 15 for the remittance of the month's Social Does FLSA require all employees to be paid weekly, biweekly', monthly? View notices and letters. Verify the date and enter General as the reference. Which items would be debited in the General Journal entry to record the employees' share of Health Insurance payable 224 8,375. Under the Affordable care Act, does the insurance provided by the employer only need to meet an affordability test? \text{15. Payroll journal entries are used to record the compensation paid to employees. Based on the following data, prepare the appropriate journal entry when paying employees: Total wages earned were $8000 Learn how we can make your work easier. 4. Rushing River Boats has the following data in its Social Security tax payable General Ledger Payroll Register This is the first task to completing Olney Company's payroll register. Saleoflandforcash.3. Collectionofanaccountreceivable. A) Debit Cash $27,237; Credit Health Insurance Payable $27,237. 30. A. Current period taxable earnings for FICA taxes are as. Sale of land for cash.} Payroll Accounting quiz 6 Flashcards | Chegg.com Which of the following laws establishes the minimum wage? C) It is the fourth repetition of the same entry. What is a use of a firm's labor trend reports? \text{3. 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. What is the current minimum wage under FLSA? On December 1, 20XX, Riley Sanders invested $250,000 to open Sanders Enterprises. ADP helps organizations of all types and sizes unlock their potential. Why is it important to have columns on the payroll register title "Earnings subject to Federal The ___ is a multicolumn form used to assemble and summarize the data needed at the end of each payroll period. Payroll Flashcards | Quizlet Vacation Benefits Expense-Operating expense Sale of equipment for cash.} Collection of an account receivable.} B) It facilitates accuracy in employee payroll tax computations. Saleofequipmentforanotereceivable. B) Posting Deductions. Regardless of the format, payroll registers tend to follow the same basic structure. C) proof of payroll deposits Workers' compensation insurance premiums are paid for by the employees, Workers' compensation insurance premiums vary according to the different degrees of danger in the employees' jobs. Does every state have state unemployment laws? 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 Workers' Commpensation Insurance Expense-Operating expense C. FLSA incomes are, the higher the profitability will be. Make payments. 57. 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. Another important step in maintaining a payroll register is to perform audits. This will increase Want more practice questions?Receive instant access to our graded Quick Tests (more than 1,800 unique test questions) when you join AccountingCoach PRO. 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. 4. Required: 1. Saleofequipmentforanotereceivable. lf an investigative consumer report is used in an employment decision, does the employer need to tell the individual? Social Security tax payable 221 10,517. True, In the General Ledger, the debit column reflects the balance of the account. pay date. 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. BALANCE DATE DESCRIPTION POST REF. The volume of manual paycheck entries can be reduced by continual attention to the underlying causes of transaction errors, so there are fewer payroll errors to be rectified with a manual paycheck. Payment of income taxes.} E. All of the above are provisions of ERISA. C) Credit $1, What is a payroll register? | Heartland Loantoanotherfirm. Which basic records are generated in most payroll accounting systems? \text{14. 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. Define hours worked. 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. Find payroll and retirement calculators, plus tax and compliance resources. The entry to record vacations earned in 2022 will affect Vacation Expense on the 2022 income statement and Vacation Payable, a liability on the 2022 balance sheet. This will increase the Which act covers employee pension and welfare plan.? FUTA funds are used to pay the state and federal administrative expenses and SUTA funds are used to pay the unemployment compensation benefits to the qualified unemployed workers. C. 40 B) Employee earnings record It offers practical information concerning the subject matter and is provided with the understanding that ADP is not rendering legal or tax advice or other professional services. expense 522 $ 12,987. Federal withholding tax payable 220 $ 2,207. 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. Purchaseoftreasurystock.14. The amounts needed for the payroll entries in the journal come from the employee's earning records. The Fair Labor Standard Act sets the minimum wage and the current minimum wage rate is $7.25 per hour. ERISA provides for full vesting of the employer's contribution to an employee's pension fund in 3 years or gradually over: these factors are bona fide occupational qualifications for the job. When the firm remits its health insurance premium for this pay date, what is the General Journal A) It communicates departmental profitability. ERISA provides for full vesting of the employer's contributions in three years or gradually over six. A) Social Security tax, $204; Medicare tax, $792. Compute and record the employee's SUTA contributions. Federal withholding tax payable 220 399,472. Under FLSA, what is the current minimum wage? Saleofequipmentforanotereceivable.10. True (California, New Jersey, New York & Rhode Island). Assume that the company uses the accrual method of accounting. d. At least seven homes have large-screen TVs? \text{8. The completed Payroll Register for the February and | Chegg.com TransactionTypeofActivityCashInfloworOutflow1. (You may select more than one answer. Record the regular hours and the overtime hours worked for each employee, using the time clerk's report as your reference. D) Company website B) The account appears fourth in the list of liability accounts. Two complete payroll-related General Journal entries are recorded each pay period: one for the employees' payroll,one for the employer's share of the taxes. During this process, employers reconcile their payroll transactions and make sure that their accounting and recordkeeping practices comply with regulations. Keeping vital payroll data up to date and easily accessible is essential for employers to address unexpected discrepancies without confusion. Why does company profitability decrease in direct proportion to the payroll expenses? He is the sole author of all the materials on AccountingCoach.com. 16. Which of these employee types is an allowable exeption to the protection of the Age Discrimination in Employment? Any boxes left with a Which of the following acts prohibits discriminating in hiring, firing, promoting, compensating, or in nay other condition of employment on the basis of race, color, religion, gender, or national origin? Legalor equitable procedure by which a protion of the wages of any person must be withheld for payment of a debt. It helps employers reconcile their payroll transactions and prepare quarterly and year-end tax reports. (Solved) - Payroll Register This is the first task to - Transtutors Chapter 11 Payroll Taxes Deposits, and Reports EXERCISE # 9 mark to produce a Check mark for a correct answer and double click the box with the question $3,825 of employee withholding ($50,000 X 0.0765), Exempt Salaried Employees Paid Semi-monthly. A. ERISA applies to pension and welfare plans established by any employer engages in commerce. Payroll Accounting Entries | Financial Accounting - Lumen Learning CH2 Payroll Acounting CHAPTER 2 Learning Objectives After studying this chapter, students should be able to: 1. Purchase of rent in advance.} Employers use the employee's earnings record in preparing ___. Prior year's earnings < Prev 18 of 40 . Which of the following are processes that occur in most payroll accounting systems? In this last task, the following steps will be completed. An employee worked the entire year of 2022 and earned two weeks of vacation as specified in the company's labor agreement. It exists in many forms, from manual booklets and ad-hoc registers created in Excel to reports produced by dedicated payroll software. (You may select more than one answer. How to do payroll accounting: 7 steps At first glance, payroll accounting can be scary. PDF Payroll Practice Test - Atunlimited.com An employee is hired at a pay rate of $10 per hour. Set up payroll accounts If you haven't already, set up your payroll accounts in your chart of accounts (COA). A) Medicare tax May 14 Wages and salaries payable 226 117,334. What is the amount of the 401(k) contributions for the pay date? Recall that Zachary Fox and Michael Sierra are married, while Calvin Bell and David Alexander . Jan 31 J4 420 1, \text{6. D) The transaction appears on page four of the General Journal. department. 29. A) Both documents contain year-to-date totals of taxes. 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. 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. Record the health insurance deduction. serves as a backup in the event of computer failure. Purchaseofrentinadvance. A) Net pay Payment of a long-term note payable.} What Is A Payroll Register - Forbes Advisor \begin{matrix} Deductions from total earnings 10. A) Debit $1, D. 50 Name two advantages and two drawbacks of 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. Adp payroll calendar 2023 - Cnqesa.wikinger-turnier.de Kipley Company Payroll Register (Continuing Payroll Problem a) - StudyMode Under FMLA, may employers exempt the highest paid 10 percent of the workforce? A) Employee pay accrual and employee pay disbursement Using the payroll registers, complete the General Journal entries as follows: February 7 Journalize the employee pay. *Graph the equation using the slope and $y$-intercept, as in the Previous Examples. 9. Marital status & number of withholding allowances 6. B) Social Security tax, $792; Medicare tax, $204. It Cash 101 117,334. It exists in many forms, from manual booklets and ad-hoc registers created in Excel to reports produced by dedicated payroll software. May an employer terminate an employee for lying on an application form? At ADP, we believe sports and business both require the right approach. (You may select more than one answer. Neither The Balance Sheet Nor The Income Statement. Union Dues payable 227 4,683. 1. For fill-in-the-blank questions, press or click on the blank space provided. Time worked - regular & overtime 7. A) Employee pay accrual and employee pay disbursement Discover what others say about us. So that the total amount of accumulated wages can be recorded for each pay period thus when the accumulated wages of an employee reaches the cutoff level has been reached. 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. Forbids discrimination in hiring. I firmly believe that the well-organized material provided by the PRO account of AccountingCoach has motivated me to excel during the academic year through the MBA program's working assignments and to be much better prepared for my finals. Every state imposes a state unemployment tax on employers in their state. At ADP, we say that were Always Designing for People, starting with our own. B) It is always expressed as assets = liabilities - owners' equity. B) A debit balance will increase the expenses of the firm's income statement. A) Both columns contain information about the employer's tax matching responsibilities. A) Employee earnings record Solved Record the journal entry to account for employer - Chegg Gross pay and net pay. DEBIT CREDIT DEBIT CREDIT \text{2. b. A. chronologically. FICA Taxes Payable-OASDI-liability D) Federal withholding tax payable Does the Federal Income Tax Withholding Law require all employment data to be kept permanently? \text{10. Q09. You need to have a record of how many hours your employees have worked, their gross salary, tax withholdings, and all other deductions. 58. Cash 101 202,671. 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? Besides payroll information, the payroll register contains ________. B) General Journal The other hourly employees receive overtime pay when they work more than 35 hours in one week. A payroll register is a valuable tool that records employee wage information for each pay period and pay date. Copyright 2023 AccountingCoach, LLC. 66. D) Health insurance payable Who pays the social security taxes that are levied by the Federal Insurance Contributions Act? A) $1,582. Sets minimum wage. C) Employee signature D) Social Security tax, $188; Medicare tax, $805. B) Payroll register What are the main kinds of information contained in a payroll register? Department of branch 4. B) Debit $30, 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.

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