the employee earnings record quizlet

What is the second line of the general journal entry used for? Payroll Accounting 2018 CH 7 Flashcards | Quizlet Chapter 12 accounting Flashcards | Quizlet true or false: The larger the number of withholding allowances claimed, the larger the amount of income tax withheld. A separate record of each employee's . Terms in this set (20) The period covered by a salary payment is a ____. d.All of these choices are correct. -union negotiations. A) True Payment of voluntary withholdings, The ___ ____ column in the General Ledger is a combination of letters and numbers, The use of reversing entries is: When the I-999 forms for the restaurant's employees were reviewed, none were found for the six aliens. When using the equity method of accounting, when is revenue recorded on the books of the investor company? Study with Quizlet and memorize flashcards containing terms like Unclaimed employee wages are returned to the employer. E. Wages Expense Owners' Equity B) Federal Income Taxes Payable a. are what is left over after the employee pays rent and utilities. SUTA Taxes Payable b. is used to record the company's' liability to injured workers. the master document accountants use to track employees' marital status, deductions (mandatory, voluntary, and mandated), and year-to-date earnings A) FUTA Tax Expense-Cash payroll register. D) an administrative wage garnishment SUTA taxes expense Tax withholding and remittance Payment of statutory withholdings at the employer's discretion. preparing reports required by state unemployment compensation laws. Accounting principles assist in the classification of payroll costs and organizational performance. staffing pr income projections, connects directly to the employee's earnings records. accounting period, the amount of the adjustment would usually be a.They must disclose to the job applicant that they are seeking an investigative report. Question 1: Why would you enter "N/A" on the line for federal withholding allowances on an employee earnings record? Balance sheet (C) federal unemployment tax owed. The total pay due for a pay period before deductions is ____. (C) Net Pay column. True False, An accounting firm would pay higher Workers' Compensation Insurance premiums than a steel mill because their employee wages would be higher. What information is commonly provided by a job-seeker on the application for employment form? The production-volume variance is written off to cost of goods sold. 8 & 9 Part 2 - Infant Nutrition, Microsoft Office 2016 Excel 2016 Chapter 7 Wo, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Fundamentals of Financial Management, Concise Edition, Daniel F Viele, David H Marshall, Wayne W McManus. Multiple choice question. Take-home pay minus weekly exempted amount = federal tax levy garnishment. true or false:Payroll taxes withheld represent a liability for an employer until payment is made. Each employee name is listed in a payroll register along with (A) employee number. C) determining when the accumulated wages of an employee reach cutoff levels. A financial obligation of the firm arising from revenues received in advance of services or sales or expenses incurred but not paid. Production line worker. (9). The first pair of debit and credit columns on the general ledger are for: The second set of debit and credit columns in the general ledger show: The cash based business will show an increase in payroll expenses when: In a manufacturing environment, which of the employees time would be considered entirely directly billable? using the wages of the salaried workers only. FUTA Taxes Payable is an expense account in which are recorded the employer's federal unemployment taxes. Income Statement, A labor report provided to management would display: and more. B) False, 11. \end{array} (D) semiannually. have amounts in both debit and credit per account (b) The second group will assess whether Tipton and Seferi can assert a defense by claiming that they did not know that the workers were unauthorized aliens. A. The degree of completion of work-in-process inventory at September 30 was as follows: Required Other Quizlet sets. Multiple choice question. Advanced Accounting Ch. 3 Review | Other Quiz - Quizizz Hintley Duck Blinds Ltd received a federal tax levy garnishment for their marketing manager, Joanna Mallard, in the amount of $8,523.25. Highest 50 percent c. Highest 5 percent, d. Highest 80 percent e. Lowest 10 percent f. Middle 50 percent, g. Lowest 93 percent h. Middle 95 percent i. B. (B) quarterly C. Payroll Taxes $845.00 - $364.42 = $480.58. a. wages for child support. Find the time -by account type. FIT Payable 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. b.The Fair Labor Standard Act sets the minimum wage and the current minimum wage rate is $7.25 per hour. -Balances in the general ledger payroll accounts are used in payroll reports. Employees FIT Payable $987.00, ($1,534.78 + $358.94 + $987.00) = $2,880.72. Study with Quizlet and memorize flashcards containing terms like Which column exists in the employees' earnings records but not in the payroll register?, What is the connection between the employees' earnings records and payroll tax reporting?, A debit increases which of the following types of accounts? Multiple select question. Since vacation time is paid when used, there is no need to accrue this time in a liability account at the end of each accounting period. create the need for fewer entries. -Transactions from the general journal are posted to individual accounts. bottles of its 100% juices. (a) What is yyy after 111 hour (t=1)(t=1)(t=1)? 2 general ledger postings. Tipton and Seferi were charged with hiring and harboring undocumented aliens. The amount that an employee is allowed to keep as take-home pay when a federal tax levy is in play is: Assets purchasing managers False, A ____ ____ report proves the equality of debits and credits. (D) total earnings. the need for increased or decreased staff within a department, determining market price for company products, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Fundamentals of Financial Management, Concise Edition, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield. a. -when entries increase the account balance True b. are the part of the paycheck used to pay taxes. What if each firm produces a somewhat different product? True false question. The FICA taxes on the employer represent both business expenses and liabilities of the employer. & 2021 & 2022 \\ 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. Do you know what pay method each employee needs? (D) social security taxes. A credit increases which of the following types of accounts? Accounting reports provide managers with insights into company profitability and stability. C. Wages Payable Union dues withheld Liabilities = Amounts or services owed by the company In each pay period, the payroll information for each employee is recorded on his or her employee earnings record. a. must use the exact amounts withheld in order to balance the appropriate accounts (FICA, FUTA, SUTA, etc.) (B) is the total earnings since the first of the year. b. used to prepare internal management analyses. \hline \text { Costs incurred during the year } & \$ 300,000 & \$ 1,575,000 \\ 12. True Trend reports offer business leaders insight about changes in labor costs over a period. b. should discharge any employee receiving a wage garnishment. Actual operating costs equal budgeted operating costs. Where will entries for payroll show up in the income statement? c.10 You'll get a detailed solution from a subject matter expert that helps you learn core concepts. for each event. (D) tax withholding form. 4. d.Only a self employed individual. determining the per department cost of business operations Study with Quizlet and memorize flashcards containing terms like . Multiple choice question. a. a debit to Vacation Benefits Payable = $1,178. Employer has the right to control both what work will be done and how it will be done. Medicare tax (D) none of these. incurred but unpaid is: -debit state withholding $1,234, The second set of debit and credit balances in a general ledger will: employers' HI portion of FICA taxes is not.. Under the FLSA, what information concerning employees' wages must be maintained by the employer? adjusted when employees are paid. d.The Civil Rights Act of 1964 sets the minimum wage and the current minimum wage rate is $7.50 per hour. (D) state unemployment tax. a business form used to record details affecting payments made to an employee. A separate record of each employee's earnings, used to complete W-2. What are the arguments for giving separate accounting recognition to the conversion feature of debentures? B) False, 3. Multiple choice question. Entering the transactions in the general ledger. a. can take 50% of an employee's disposable income for child support payments. (B) net earnings Company management, True or false: Payroll reports help managers to determine payroll staffing needs. What is always true about the General Ledger? withheld and the other payroll deductions in effect before the tax levy was received. You may assume that f(0)=0f(0)=0f(0)=0. Financial transactions can be displayed for explanation and evaluation through Additional liability accounts for accrued salaries, accrued hourly wages, accrued holiday pay, and accrued paid time off could also appear, depending on the timing of the end of the period and the types of employees and benefits with which the company operates, A report that contains details about the number of hours worked and wages paid to employees, designates where the labor is used within the company -Recording the individual balances of each paycheck. a.To prohibit discrimination on the basis of age in the employment practices of employer -posting date and posting time General journal entries are the original ____ ____ for payroll events to be recorded in the accounting system. (C) federal unemployment tax. true or false:The first task in preparing a payroll is to determine the number of days worked by each employee. debit to expense, credit to cash. (A) IRS Form W-4 Entering the transactions in the general journal. Multiple choice question. Report an individual employees regular time and over time Payroll Taxes A state tax used to pay benefits to unemployed workers is: A payroll register is a record of employee hours worked, gross pay, net pay, deductions, and payroll date for a pay period. Vacation pay earned by employees a percentage of the previous week's net payroll. -bring the accountant to the next entry in the general ledger. A garnishment cannot exceed 25 percent of an employee's gross pay. . D. payroll. a. Entries to the general ledger will post amounts in the first pair of debit or credit columns: bank reconciliation. general journal entries. Write your answers in simplest terms. B) $161.10 FUTA Taxes Payable $74.26 (A) IRS Form W-4 Yields the data needed for financial reports . only be in either debit or credit per account What account would be classified as a liability account? What is the production-volume variance in 2017 when the denominator level is (a) theoretical capacity, (b) practical capacity, and (c) normal capacity utilization? a.The employer Employer only taxes. 6. (C) shows net pay for one quarter. \text{Option \#1:}&&\text{\$ 12,000,000 after five years}\\ The amount of employee pay left after federally mandated deductions are made, including federal and state income tax, social security . b. Employees are assigned to departments to foster accurate measurements of business segment profitability. In recording the monthly adjusting entry for accrued wages at the end of the accounting period, the amount of the adjustment would usually be determined by: create the need for more entries. A) FUTA Tax Expense- Cash One employee earnings record is used each payroll period to detail the earnings of all employees. Multiple choice question. 3. When does peak efficiency occur? a.The total additions to or deductions from wages Tax Expense is debited for both the employees' and the employer's portions of the FICA taxes. -Balances in the general ledger payroll accounts are used in payroll reports. treasurer, the account Union Dues Payable is debited. T F, 2. c. What is the largest number of items memorized by the subject? Payroll transactions will have an effect on: A relationship, specifically financial, built on trust between a trustee and a beneficiary. Provides information for decision-makers about costs and company profitability Prepare absorption costing-based income statements for Magic Me Corporation using theoretical capacity, practical capacity, and normal capacity utilization as the denominator levels. a.25 a percentage of the previous week's gross payroll. Suppose Nantucket Nectars has a machine for which it paid $160,000 several years ago and is currently not being used. CostsincurredduringtheyearEstimatedcoststocompleteasof12/31BillingsduringtheyearCashcollectionsduringtheyear2021$300,0001,200,000380,000250,0002022$1,575,00001,620,0001,750,000. (1) . They must pay the employees with actual dollars. (B) an expense account Common-law relationship. Multiple select question. -Each entry will balance within the posting account. $368.07. accounting chapter 7 Flashcards | Quizlet regular earnings plus overtime earnings. Wages and taxes expenses EEs' earnings records contain YTD gross pay which reflects when EEs reach tax bases; EEs' earnings records contain details of payroll tax reporting & may be considered as source documents. c. it is not necessary to even enter the data since the time-keeping device synchs with the payroll register, employee earnings record, paychecks, etc. C246, Salary expense c. to aid in completion of year-end informational returns, such as W-2s. (A) monthly The typical overtime rate is $5.00 more than the regular hourly rate. a.To prepare period reports and complete Form W-2 for each employee. financial reports. There are no price, spending, or efficiency variances. B) False, 4. (A) December 31 of the current year. c.The amount and nature of exempt pay (D) January 31 of the following year. Missed Exam ?'s. B) False, FICA Taxes PayableHI is a liability account in which is recorded the liability of the employer salaries and wages payable. SURVEY . Payroll Accounting Final Exam Study Guide Part 1 - Quizlet expenses, assets, liabilities. c. the "Vacation Benefits Payable" account is credited. Once the journal entry for the payroll is complete, the information is posted to the appropriate general ledger accounts. Which amounts on the payroll register reduce Federal withholding tax but are not deducted for FICA tax computations? (B) liabilities. Which of the following taxes would be included in the employer related payroll entry? D) FUTA Taxes Payable- Cash Fundamentals of Financial Management, Concise Edition, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Daniel F Viele, David H Marshall, Wayne W McManus, Research Methods (Lecture 7): Multi-factor Ex, Prior department costs transferred in from the Molding Department. Prepare a production cost report using the weighted-average method. Which portion of the accounting equation represents the amounts owed by the company? B. Tags: Question 11 . -Entering the transactions in the general ledger. \textbf{Past-Due Category}&\textbf{Accounts Receivable Total}&\textbf{Percentage Uncollectible}\\[5pt] a.To prepare period reports and complete Form W-2 for each employee b.To complete Form W-2 for each employee c.To prepare period reports and complete Form W-2 for employer d.To prepare period reports e.To complete Form W-2 for employer, Which basic records . (C) special purposes account. management/department heads Multiple choice question. all income & expense accounts are included in the report; only accounts w/ balances @ the end of the period are included. 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? d. a credit to Vacation Benefits Payable = $1,178. It adds complexity to the personnel recordkeeping. The state lottery offers you the following (after-tax) payout options: Option#1:$12,000,000afterfiveyearsOption#2:$2,150,000peryearforfiveyearsOption#3:$10,000,000afterthreeyears\begin{array}{lll} double payroll account balances. Which of the following accounts is an expense account in which an employer records the FICA, FUTA, and SUTA taxes? determining market price for company products True He is paid time-and-a-half for hours over 40 and his pay rate is $17.90/hour. Revenues area, Liabilities area (B) IRS Form W-2 T F, The only portion of wages that are exempt from a federal tax levy is: -journal entries to post backward. (C) employee accounts payable record. Journal entry and page number. Solved Why is it important for a firm to use both a payroll - Chegg Multiple choice question. d. the Payroll Manager is required by the IRS to submit the electronic records for verification. C) a creditor garnishment b.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. Did you prepare tax deposits and have them checked for accuracy? Multiple choice question. Past-DueCategory0-30days31-90daysOver90daysAccountsReceivableTotal$22,48036,54015,330PercentageUncollectible6%17%25%. Multiple choice question. Salaries and Wages Payable, Which of the following taxes would NOT be included in the employer related payroll entry? d. union dues. (B) taxable earnings. -current balance in the payroll account other garnishment.. Owner's equity = Residual value. 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. (C) W-3 Study with Quizlet and memorize flashcards containing terms like Circular E, Form SS-4, Form SS-5 and more. True What other blunt questions do you think would be appropriate? Since you plan to conduct business in the target country, you should be concerned about transparency of political institutions and judiciary. 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. -employees are paid employee earnings record. Cash Closing entries Amounts listed on Employees' Earnings Records are used to facilitate computations and to verify accuracy of Form 941, 940, 944, and W-2/W-3. Payroll Chapter 7 Flashcards | Quizlet a. T-accounts. -Employer social security tax M52, payroll taxes expense Multicolumn form used to summarize data needed each paydate. 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. State unemployment tax Which of the following are true about the general ledger? b. Study Payroll Accounting Final Vocabulary Flashcards | Quizlet What is f(x)f(x)f(x) ? d.All employees of companies with federal agency contracts. D) a percentage of the previous week's gross payroll.

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