payroll register quizlet

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) The same as the chart of accounts Health Insurance Premiums Collected-liability Sale and delivery of finished goods to customers for cash (record unadjusted cost of sales). B) Debit $30, FIT Payable-liability Q09. Regardless of the format, payroll registers tend to follow the same basic structure. Dooley Publishing has the following payroll data for its July 1 pay date: Jul 1 Wages and salaries. tax Remittance on February 15? This entry may be avoided if the amount is immaterial. That's why we've partnered with some of the top athletes in the world. A) $399,472. 10. Multiple Choice Q05 At a minimum, how often should an administrator furnish a statement of total benefits accrued and accrued benefits that are vested under ERISA? D. All employees earning the minimum wage. Who is covered by the Walsh-Healey Public Contract Act? 56. A cell phone company offers two different plans. accurate disbursal of payroll. Purchaseofinventory. At the end of its accounting period, December 31, 2013, Ultima has assets of $942,000 and liabilities of$584,000. & \text{ } & \text{ }\\ question mark Will be automatically graded as incorrect.) E. All of the above are provisions of ERISA. What is the primary purpose of a labor report? Under the FLSA, what information concerning employees' wages earned must be maintained by the employer? A) Debit R. Sanders Capital, $250,000; Credit Cash, $250, Are FICA taxes levied upon employers only? It exists in many forms, from manual booklets and ad-hoc registers created in Excel to reports produced by dedicated payroll software. How is information that is usually on a paper stub given to an employee if the employer is using electronic paystubs. Authorize a power of attorney. 13. It indicates, "Click to perform a search". True Which of the following is true of employee's earnings record? Payment of income taxes.} What entry should appear in the General Ledger to reflect the box for a wrong Answer. expenses are, the lower the profitability will be. B) It must create an adjusting entry to recognize the payroll accrual. E. 65, Which of the following is not a provision of the Fair Labor Standards Act? Recall that Zachary Fox and Michael Sierra are married, while Calvin Bell and David Alexander . and year-to- date earnings. D) The labor report A payroll liability can include wages an employee earned but has not yet received, taxes withheld from employees, and other payroll-related costs. A) Credit $8, C) The balance sheet Union Dues Payable-liability Which of the following is true about the fundamental accounting equation? Report changes to your business. Set up payroll accounts If you haven't already, set up your payroll accounts in your chart of accounts (COA). Which of the following is true of employee's earnings record? \text{15. FUTA tax payable 1,322. D) $1,875. D) Because payroll represents a liability and an expense of the business. What is the total amount of FICA that needs to be remitted by an employer in 2023 for an employee earning $50,000? 7. The payroll register lists all the employees who earned remuneration, the amount of remuneration, the deductions, and the net amount paid. 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%. Single click pay date. Its best practice to audit payroll every pay period. Record the journal entry to account for employer payroll taxes based on the totals in the payroll register and the FUTA and SUTA calculations. Gross pay and net pay. What is the purpose of the Age Discrimination in Employment Act (ADEA)? b. True False. ls the Federal Government covered under the Civil Rights Act of 1964? ADP helps organizations of all types and sizes unlock their potential. DATE DESCRIPTION POST REF. B) Because payroll represents an asset and an income of the business. It is a monthly schedule depositor. Step 2: Working Hours. 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. These entries are then incorporated into an entity's financial statements through the general ledger. B) It facilitates accuracy in employee payroll tax computations. D) It should create a reversing entry in the General Journal. Does FLSA say how often employees need to be paid? What options might Hazel consider if the At ADP, security is integral to our products, our business processes and our infrastructure. 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. Record the regular hours and the overtime hours worked for each employee, using the time clerk's report as your reference. False, The General Journal contains records of a firm's financial transactions, which appear Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Elliot Aronson, Robin M. Akert, Samuel R. Sommers, Timothy D. Wilson, Fundamentals of Financial Management, Concise Edition. A) Employee pay accrual and employee pay disbursement How does a debit balance in the wages and salaries expense account affect a firm's income Small, midsized or large, your business has unique needs, from technology to support and everything in between. C. ERISA establishes minimum vesting schedules that protect the workers' benefits. In January 2023 an employer remits the state unemployment tax that pertains to its employees' wages for the final three months of 2022. Single click the box with the question mark to produce a On December 1, 20XX, Riley Sanders invested $250,000 to open Sanders Enterprises. 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 66. D) Payroll register When a firm has wages earned but not yet paid at the end of a financial reporting period, what Payroll register and employees' earnings records are important payroll accountant tools Tracking of governmental liabilities Yields the data needed for financial reports Provides information for decision-makers about costs and company profitability Accounting system entries record all payroll-related activity in sin did my mother conceived me meaning Assume that the company uses the accrual method of accounting. (You may select more than one answer. A. Period covered by the payroll and the pay date. B. ERISA requires each employer to establish a pension plan. 220 C) $12,576. B. What si the primary purpose of the Employee Retirement Income Security Act (ERISA)? serves as a backup in the event of computer failure. C) Because payroll represents a liability and an expense of the business. What information is commonly provided by a job-seeker on the application for employment form? A) It should create a reminder about the accrual to ensure accuracy of computations on the next What are some examples of secondary sex characteristics? E. Sex, Which of the following statements is NOT a provisions of ERISA? 18 Employee benefits, flexible administration, business insurance, and retirement plans. 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. What is The balance in the account? 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 Federal withholding tax payable 220 $ 2,207. A) Employee earnings record 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. Purchaseofinventory.7. & \text{O} & \text{CO}\\ It Protest Unemployment Insurance benefit charges or rates. 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. Which employee payroll classification will likely require an accrual adjusting entry for the gross salaries or wages at the end of a calendar month? Jeremy is single with two withholding allowances. Payment of employee salaries.} 11. (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 D) It is a report designed to be read by parties external to the firm. Generally, a payroll register lists the following information about each employee: Gross pay Net pay Payroll taxes Employee deductions (e.g., health insurance) expense 522 $ 182,930. B) Total overtime earnings The employers total expense for Marys employment during the week is. 3. How are the funds used which are provided by FUTA and SUTA? Enter the debit amount to clear the existing credit to Payroll Cash from the first journal entry above. d. At least seven homes have large-screen TVs? ERISA provides for full vesting of the employer's contributions in three years or gradually over six. A) It may be expressed as assets + liabilities = owners' equity. Should an employer in Philadelphia record the liability for the withholding of all three income taxes in one liability account such as INcome Taxes Payable? D. Religion A) $1,582. 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. The ___ is a multicolumn form used to assemble and summarize the data needed at the end of each payroll period. Indirect labor usage. \text{12. Under FMLA, may an employer substitute an employee's earned paid leave for part of the 12-week family leave? account: Social Security tax payable ACCOUNT NO. Explore our full range of payroll and HR services, products, integrations and apps for businesses of all sizes and industries. Another important step in maintaining a payroll register is to perform audits. If you have difficulty answering the following questions, learn more about this topic by reading our Payroll Accounting (Explanation). 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. a wrong answer. (You may select more than Sale of equipment for a note receivable.} D) It adds complexity to the payroll register. Can employees view documents in their files that are marked confidential? C) As expenses Does FLSA require the employer to display a poster with the FLSA rules? 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? What is meant by the garnishment of wages? The payroll register is a separate payroll record that is kept on each employee. Our online store for HR apps and more; for customers, partners and developers. Indirect materials usage. You need to purchase a plan for your teenage sister. Neither The Balance Sheet Nor The Income Statement. Dont just take our word for it. B) Debit $4, Deductions. DEBIT CREDIT DEBIT CREDIT How are employees who do not have bank accounts paid by an employer who uses an electronic fundstransfer system for payroll. A payroll register is a valuable tool that records employee wage information for each pay period and pay date. the payroll? 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). D) The balance sheet B) $15,298. Why does company profitability decrease in direct proportion to the payroll expenses? * 40. 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? This entry usually includes debits for the direct labor expense, salaries, and the company's portion of payroll taxes. 1. Issuanceofbonds. Under the Affordable Care Act, which employers are required to provide insurance coverage for all full-time employees and for their dependents? He is the sole author of all the materials on AccountingCoach.com. Read more about the author. Payroll journals are records of all payroll transactions. SUTA tax payable 9,481. Learn how we can tackle your industry demands together. The higher payroll In this last task, the following steps will be completed. Safe-guards your retirement plans *not required to have a pension plan. Multiple Choice. Of the items in the following list, which one (s) should appear in a payroll register? 63. Also, indicate whether the transaction is a cash inflow (CI) or cash outflow (CO), or has no effect on cash (NE). A) Worker's Compensation Social Security tax payable 221 17,980. FICA Taxes Payable-OASDI-liability DEBIT CREDIT DEBIT CREDIT In Philadelphia, Pennsylvania, most workers are subject to three income taxes upon their earnings - federal state and city. True, In the General Ledger, the debit column reflects the balance of the account. B) Both documents contain information about the employee's address and job title. & \text{ } & \text{ }\\ Only "A payroll register" and "The employee's earnings record" are correct. 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. A company may occasionally print manual paychecks to employees, either because of pay adjustments or employment terminations. B) tax remittance information - Michalis M. FICA (FICA is the acronym for Federal Insurance Contribution Act. Paymentofincometaxes.9. Cash 101 202,671. BALANCE DATE DESCRIPTION POST REF. Under the U.S. payroll tax a employee has to pay the tax on hi . Factory payroll costs in cash. 10. Switching payroll service providers made easy. A. Simplify and unify your HCM compliance processes. \text{14. A) Ledgering 6. What is true about the trial balance? Yes, Employees FIT Payable . The employees gross wages for the past week are. Saleofequipmentforcash. A) Net pay 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 Collectionofnotesreceivable. Copyright True, A debit always decreases the balance of an account. Employers can exempt the following employees from the Family and Medical Leave Act. 39. What is your sisters total cost under each of the two plans? A) By order of importance \begin{matrix} C. Restrictions the employment of child labor. True False. (You may select more than one answer. Learn how we can make your work easier. 3. Wages Payable-liability Social Security tax payable 221 10,517. What does the term "billable time" mean as it pertains to payroll accounting? Payroll registers generally are more detailed than payroll journals and include specific information about each employee. Payroll registers include all of the information in a pay period for all employees. Which act covers employee pension and welfare plan.? These details include the employee id number, the department they belong, their job profile, etc. Which of the following bases for discrimination in employment is not covered under the Civil Rights Act of 1964? 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. Besides payroll information, the payroll register contains ________. D) Health insurance payable Feb 15 J Explain the use of the "Cumulative" column in the employee's earnings record. the box With the question mark to empty the box for a wrong answer. 28. & \text{ } & \text{ }\\ department. The completed Payroll Register for the February and March biweekly pay periods is provided, assuming benefits went into effect as anticipated. B) By dollar amount & \text{ } & \text{ }\\ *Graph the equation using the slope and $y$-intercept, as in the Previous Examples. All of these journal entries are noted below. What is general priority order concerning wage attachements. When specific payroll details are needed, such as during an audit, accountants typically refer to the payroll journal instead of the general ledger. B) It is always expressed as assets = liabilities - owners' equity. 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. Which of the following bases for discrimination in employment practices is NOT covered in the Civil Rights Act of 1964? Vesting conveys to employees the right to share in the retirement fund in the event they are terminated before the normal retirement age. 59. Which items would be debited in the General Journal entry to record the employees' share of B. The primary payroll journal entry is for the initial recordation of a payroll. Wages and salaries payable 226 ??? 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. D) Social Security tax, $188; Medicare tax, $805. What is the amount of the 401(k) contributions for the pay date? D) Debit Health Insurance Payable $27,237; Credit Cash $27,237. Federal withholding tax payable 220 $ 50,725. Which of the following reports links the accounting and the human resources departments? Plan B costs$0.20 per minute plus $0.10 per text message sent. Records and the General Journal. Which of the following is NOT part of the social security program? Report new employees or independent . Want more exclusive business insights like this delivered to your inbox? See how we help organizations like yours with a wider range of payroll and HR options than any other provider. D) information about the firm's liabilities ls the payroll register used for journalizing the payroll entries? B) Debit Cash $13,618; Credit Health Insurance Payable $13,618. On which financial report will employer-paid portions of health insurance premiums be listed? Hours worked. Saleoflandforcash. PAYROLL REGISTER Upload your study docs or become a Course Hero member to access this document Continue to access End of preview. In other words, a payroll register is the document that records all of the details about employees' payroll during a period. False, Two complete payroll-related General Journal entries are recorded each pay period: one for the Use the following information for Questions 19 - 20: C) Cross-referencing Chapter 7 quiz - the payroll register, employees' earning record, and accounting system entries. The total of each distribution column shows the total amount of that department's wage expense. Payment of an account payable.} Apr 16 J23 16,495 32. This guide is intended to be used as a starting point in analyzing an employers payroll obligations and is not a comprehensive resource of requirements. 16. Type the formula, then press Enter. Under FLMA, do any states have paid a family leave plan? Most office supply stores also carry books that are formatted specifically to record payroll information. Jan 19 Wages and salaries payable 226 8,134. Wages and salaries-Operating expense-debit Feb 15 J Describe the main types of records used to collect payroll data. 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. 19. False. A. ERISA applies to pension and welfare plans established by any employer engages in commerce. b. 5. E. Highest-paid 10% of their workforce. C) the name of the firm and the payroll accountant Learn how we can make a difference by joining forces to improve the success of the clients we share. Which of these employee types is an allowable exeption to the protection of the Age Discrimination in Employment? B) It contains a detailed listing of every transaction during a period. D. FMLA Protection under the provisions of the Age Discrimination in Employment Act begins at what age?? Does FLSA require all employees to be paid weekly, biweekly', monthly? D) Garnishments, Which columns might an employer include to facilitate employer-share payroll tax General A) The income statement The payroll register contains ________. See Answer. Loantoanotherfirm. What is the amount of the Social Security tax payable? incomes are, the higher the profitability will be. Less than five have large-screen TVs? ls the payroll register used in preparing the Form W-2? Factory overhead excluding indirect materials and indirect labor (record credit to Other Accounts). What is the term for transferring data from the General Journal to the General Ledger? A) Both documents contain year-to-date totals of taxes. Single click the box with the question lf both federal and state regulations cover minimum wages for the same employee, is the federal rate always used for the minimum wage? Payment of a long-term note payable.} True (California, New Jersey, New York & Rhode Island). D) Debit $8. To which items is information from the payroll register transferred? Paymentofalong-termnotepayable.13. A) The statement of owners' equity Get exclusive business insights delivered straight to your inbox. Cross), Give Me Liberty! Exempt salaried employees are often paid for their work right up to payday. Are employers required to keep a photocopy of the l-9 form? E. All are provisions of FLSA. A) Debit $1, the total incomes of the firm and decrease the net income of the firm. Under FMLA, the time must be used in one uninterrupted period of time. C) It is a report designed for external stakeholders. C) Earnings subject to FICA tax Hourly-paid employees have their paydays approximately one week after their workweeks and generally the workweek does not end on the last calendar day of the month. A) Because payroll represents an asset and an income of the business. \text{6. A. & \text{ } & \text{ }\\ 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. Single click the box with the question mark to produce a check mark for a correct

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