payroll register quizlet payroll register quizlet

C) Labor reports 39. under the Civil Rights Act of 1964, the U.S. Government is classified as an exempt employer. B) Social Security tax, $792; Medicare tax, $204. 13. total (You may select more than one answer. A payroll register is the record for a pay period that lists employee hours worked, gross pay, net pay, deductions, and payroll date. Comprehensive payroll and HR software solutions. "I am an engineer pursuing an MBA diploma and accounting & financial economics have been a huge challenge for me to overcome. Administrating the state unemployment taxes. A. Which of the following acts levies a tax on employers and employees that is credited to the Federal Old-Age and Survivor's Trust Fund and the Federal Disability Insurance Trust Fund? What is the term for transferring data from the General Journal to the General Ledger? Under FLSA, what is the current minimum wage? You need to purchase a plan for your teenage sister. 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. D) $1,875. With e-Services for Business, you can: Register, close, or re-open an employer payroll tax account. 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? Can employees view documents in their files that are marked confidential? 40. In January 2023 an employer remits the state unemployment tax that pertains to its employees' wages for the final three months of 2022. C. Restrictions the employment of child labor. 9. 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. & \text{ } & \text{ }\\ Under the Affordable care Act, does the insurance provided by the employer only need to meet an affordability test? business. Issuanceofcommonstock.6. Which of the following laws establishes the minimum wage? Apr 16 J23 16,495 32. expenses are, the lower the profitability will be. If you have difficulty answering the following questions, learn more about this topic by reading our Payroll Accounting (Explanation). Click here to learn more. How will payroll deductions from employees wages for their portion of 401K plans be recorded? A) Medicare tax Every state imposes a state unemployment tax on employers in their state. Prior year's earnings < Prev 18 of 40 . All nine have large-screen TVs? What is the role of enhancing qualities in the conceptual framework? What does the term "billable time" mean as it pertains to payroll accounting? How does a debit balance in the wages and salaries expense account affect a firm's income A) $399,472. Recall that Zachary Fox and Michael Sierra are married, while Calvin Bell and David Alexander . Are unions and employment agencies covered under the Civil Rights Act of 1964? 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. 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. 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. What is your sisters total cost under each of the two plans? Time worked - regular & overtime 7. The information provided in the payroll register is used primarily to meet the requirements of the Fair Labor Standards Act. The payroll register needs to record the hours each employee has served in the firm in a day. Enter the debit amount to clear the existing credit to Payroll Cash from the first journal entry above. ls the written record sent to the Payroll Department telling them that a new employee should be added to the payroll called a hiring notice? & \text{ } & \text{ }\\ Get inspired to begin transforming HR at your company. 9. Neither The Balance Sheet Nor The Income Statement. Questions pertaining to religion, gender, national origin, or age are allowed on application forms when these are bonafide occupational qualifications for a job. The lower the payroll It is a monthly schedule depositor. Under the Affordable Care Act, which employers are required to provide insurance coverage for all full-time employees and for their dependents? 4. Using the accounting equation, determine the following amounts: a. Owners equity as of December 31, 2013. Purchaseoftreasurystock. 2. Record the regular hours and the overtime hours worked for each employee, using the time clerk's report as your reference. Age Oct 27 Wages and salaries payable 226 202,671. A payroll liability can include wages an employee earned but has not yet received, taxes withheld from employees, and other payroll-related costs. Want more exclusive business insights like this delivered to your inbox?Subscribe now. A) By order of importance Safe-guards your retirement plans *not required to have a pension plan. Collection of notes receivable.} FIT Payable-liability Jan 19 Wages and salaries payable 226 8,134. Is it neccessary for an employer who is subject to FICA and FUTA taxes to keep a separate expense account for the taxes under each act? C) Because payroll represents a liability and an expense of the business. statement? Single click C) Both documents contain information from multiple pay periods. 11. 4. C) Earnings subject to FICA tax pay E. Highest-paid 10% of their workforce. The primary payroll journal entry is for the initial recordation of a payroll. Loan to another firm.} Vesting conveys to employees the right to share in the retirement fund in the event they are terminated before the normal retirement age. How are employees who do not have bank accounts paid by an employer who uses an electronic fundstransfer system for payroll. 63. What is The balance in the account? (You may select more than one answer. Besides payroll information, the payroll register contains ________. During the past week, the employee worked 50 hours. Gross wages of $500.00 less withholdings of $38.25 for FICA and $87.25 for federal and state income taxes. Payment of a long-term note payable.} D) 401(k) contributions Cash 101 202,671. B) It is employee labor that does not pertain to labor on customer jobs. The portion of the Federal Insurance Contributions Act that deals with Social Security is called. Which of the following steps should be taken by the Human Resources Department when hiring new employees? C) Debit Revenue, $250,000; Credit Cash, $250, 61. We have credited a liability account for each of the tax amounts. Journal entries? D) information about the firm's liabilities A) Debit $1, Under FMLA, the time must be used in one uninterrupted period of time. C. National Origin D) Debit Health Insurance Payable $27,237; Credit Cash $27,237. & \text{ } & \text{ }\\ An employee is hired at a pay rate of $10 per hour. To enter a formula manually, follow these steps: Move the cell pointer to the cell that you want to hold the formula. Saleofequipmentforcash. Assume that the company uses the accrual method of accounting. ADP hires in over 26 countries around the world for a variety of amazing careers. Employee benefits, flexible administration, business insurance, and retirement plans. expenses \text{6. D) One side of the equation must equal zero. in its Federal withholding tax payable account. C) Garnishment B) It is an individual register maintained for each employee, listing of all the payroll information. Listed below are several transactions. Copyright 2023 AccountingCoach, LLC. answer And double click the box with the question mark to empty the box for a wrong answer. The Fair Labor Standards Act is commonly known as the Federal Wage and Hour Law. A) It communicates departmental profitability. 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. A) A debit balance will increase the expenses of the firm's income statement. For what reason are "distribution" columns sometimes provided in the payroll register? Next, click on the Insert Debit/Credit button, enter the first account number ( 12) or click on the pop-up Chart of Accounts icon to display a list for selection. Marital status & number of withholding allowances 6. Employers can exempt the following employees from the Family and Medical Leave Act. The purpose of payroll register is to record of all the payment details for employees during a specific pay period. The Civil Rights Act of 1964 protects all employees from arbitrary dismissal. B) The labor report, C) The statement of owners' equity b. depositor, what entry Should appear on November 15 for the remittance of the month's Social Megan Newell is the owner and operator of Ultima LLC, a motivational consulting business. B) It allows managers to predict future labor costs. 7. D) The transaction appears on page four of the General Journal. A) Debit Cash $27,237; Credit Health Insurance Payable $27,237. Saleoflandforcash. Verify the date and enter General as the reference. Using the payroll registers, complete the General Journal entries as follows: February 7 Journalize the employee pay. Collectionofanaccountreceivable.5. The W-2 provides all of the information required by the Affordable Care Act. employees' payroll, one for the employer's share of the taxes. B) The account appears fourth in the list of liability accounts. For the entry on January 31, what does the J4 signify? Health Insurance payable 224 8,375. According to Adam Smith, why do the butcher, brewer, and baker provide food for us to buy? E. 65, Which of the following is not a provision of the Fair Labor Standards Act? Which financial statements are affected in the year 2022? Simplify and unify your HCM compliance processes. How do the Stanford-Binet and Wechsler tests differ? must it do to recognize the liabilities and expenses? 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. Take your organization to the next level with tools and resources that help you work smarter, regardless of your businesss size and goals. Fair Labor Standards Act a wrong answer. * Pre-hire questions pertaining to religion, gender, national origin, or age are allowed if: Which of the following forms is used to notify the Payroll Department to add a new employee to the payroll? A) $2,253. \text{Transaction} & \text{Type of Activity} & \text{Cash Inflow or Outflow}\\ \hline What is meant by the garnishment of wages? The total of each distribution column shows the total amount of that department's wage expense. What is the amount of the 401(k) contributions for the pay date? Complete the steps outlined below: 1. D) It is a report designed to be read by parties external to the firm. on taxes like FICA, FUTA, and SUTA? B) Payroll register Which of the following is not a provision of ERISA? What special accounts must usually be opened in the general ledger to record payroll tax entries? For fill-in-the-blank questions, press or click on the blank space provided. period. How can the information shown in the employees' earnings record be used? C) Debit Health Insurance Payable $13,618; Credit Cash $13,618. and year-to- date earnings. Attend webinars or find out where and when we can connect at in-person events. $3,825 of employee withholding ($50,000 X 0.0765), Exempt Salaried Employees Paid Semi-monthly. True, A debit always decreases the balance of an account. Recorded as a liability for the employer in the payroll entry. 9. B) Debit $4, 1. grass clippings at the curb for pickup because local landfills cannot handle the volume. Color How to do payroll accounting: 7 steps At first glance, payroll accounting can be scary. The Fair Labor Standard Act sets the minimum wage and the current minimum wage rate is $7.25 per hour. Are employers required to keep a photocopy of the l-9 form? automatically graded as incorrect.) 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. 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. Federal withholding tax payable 220 $ ??? 18. ls the payroll register used in preparing the Form W-2? What entry should appear in the General Ledger to reflect the - Michalis M. FICA (FICA is the acronym for Federal Insurance Contribution Act. Define hours worked. Requirements: Record the deduction for group insurance. A) Employee earnings record 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. incorrect.) May criminal background checks be used by all employers for any person? A) Both documents contain year-to-date totals of taxes. B) It must create an adjusting entry to recognize the payroll accrual. Compute and record the Kipley Company's SUTA and FUTA contributions. These computations are shown in the Employee Payroll Register. B) Employee address D) Debit Cash, $250,000; Credit R. Sanders Capital, $250,00 0 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. C) Form W- B) Debit $30, B) Payroll register How is information that is usually on a paper stub given to an employee if the employer is using electronic paystubs. Purchase of rent in advance.} False, Two complete payroll-related General Journal entries are recorded each pay period: one for the Type an equals sign (=) to signal the fact that the cell contains a formula. Click the card to flip Definition 1 / 52 True Click the card to flip Flashcards Learn Test Match Created by Ziera117 Plus Terms in this set (52) Which report contains employer share tax expenses for a period? ordinance is passed? True, Besides containing the supporting data for periodic tax reports, the employee earnings record Correct answer: Option (1) Medicare tax is the correct answer. Authorize a power of attorney. the box With the question mark to empty the box for a wrong answer. 3. A) The income statement The Federal Insurance Contributions Act covers restrictions on the employment of child labor. 5. Discover a wealth of knowledge to help you tackle payroll, HR and benefits, and compliance. Most office supply stores also carry books that are formatted specifically to record payroll information. D) Employee pay recording and employer share payroll taxes recording A payroll register lists all basic information related to employee take-home pay. How might globalists and traditionalists view cultures, places, and regions differently. C) proof of payroll deposits 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(n) ________ is a collection of cash and other items that are used in the operation of the February 7 Journalize the employer . Yes, Employees FIT Payable . Manage labor costs and compliance with easy time & attendance tools. The Federal Insurance Contribution Act, the Medicare portion of the tax is only paid by the employer. 33. Withholding" and "Earnings subject to FICA"? Payroll liabilities are any type of payment related to payroll that a business owes but has not yet paid. What portions of an employee's wages are exempt from a federal tax levy. 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. Purchaseofinventory. BALANCE & \text{ } & \text{ }\\ 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. That's why we've partnered with some of the top athletes in the world. 29. Identify distinctive compensation plans. Paymentofincometaxes.9. Does FLSA say how often employees need to be paid? in sin did my mother conceived me meaning 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. A) Form W- An employer has computed the following amounts for its employee Mary during a week in January: gross wages $500.00; FICA tax withheld $38.25; federal income tax withholding $67.25; State income tax withholding $20.00; unemployment taxes $24.00; worker compensation insurance $5.00. 17. 1. All rights reserved.AccountingCoach is a registered trademark. Federal withholding tax payable 220 $ 2,207. 12. D) Debit $8. In other words, a payroll register is the document that records all of the details about employees' payroll during a period. True, In the General Ledger, the debit column reflects the balance of the account. The agreement also states that the two weeks of vacation shall be taken any time in 2023 and the amount paid will be 80 hours multiplied by the employee's rate of pay at December 31, 2022. What are the General Journal entries that should appear on each pay date? It helps employers reconcile their payroll transactions and prepare quarterly and year-end tax reports. This will increase mark to produce a Check mark for a correct answer and double click the box with the question A) Employee pay accrual and employee pay disbursement C. 40 A. There will also be credits to a number of . Tap into a wealth of knowledge designed to simplify complex tasks and encourage strategic decisions across key functions. 221 Book the entry on the date paychecks are distributed. Union Dues payable 227 4,683. View notices and letters. 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. 55. Payroll registers generally are more detailed than payroll journals and include specific information about each employee. 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. Federal withholding tax $ 3,570. HOURS WORKED Jeremy Ortiz is an employee of Insulor Flooring, where his job responsibilities include selling service contracts to customers. Continuing Payroll Problem-B OLNEY COMPANY, INC. The ___ is a multicolumn form used to assemble and summarize the data needed at the end of each payroll period. C) Employee pay disbursement and voluntary deduction remittance What information is commonly provided by a job-seeker on the application for employment form? Quickly connect ADP solutions to popular software, ERPs and other HR systems. Any boxes left with a question mark will be automatically graded as & \text{ } & \text{ }\\ C) Cross-referencing Does the Federal Income Tax Withholding Law require all employment data to be kept permanently? Multiple Choice. A) the firm's payroll checking account information The payroll register lists all the employees who earned remuneration, the amount of remuneration, the deductions, and the net amount paid. Discover how easy and intuitive it is to use our solutions. Direct labor usage. Report new employees or independent . A) It allows managers to determine the effect of employee labor on departmental profits. A. ADP is a better way to work for you and your employees, so everyone can reach their full potential. Who is covered by the Walsh-Healey Public Contract Act? Raw materials purchases for cash. 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.8. B) Total overtime earnings This entry is then reversed in the following accounting period, so that the initial recordation entry can take its place. At ADP, security is integral to our products, our business processes and our infrastructure. Answer : Option E, Prior Years Earnings Explanat . At the end of its accounting period, December 31, 2013, Ultima has assets of $942,000 and liabilities of$584,000. D) Because payroll represents a liability and an expense of the business. d. At least seven homes have large-screen TVs? FUTA was designed to ensure that workers who are covered by pension plans receive benefits from those plans, Under ERISA, vesting conveys to employees the right to share in a retirement fund in the event they are terminated before the normal retirement age, Under ERISA, if there is a pension plan, every employee is eligible after reaching age 21 or completing one year of service, whichever is later, ERISA provides for full vesting of the employer's contributions in 3 years or gradually over 6, The total cost of workers' compensation insurance is borne by the employees, Worker's compensation insurance premiums for employers vary according to the different degrees of danger in various classes of jobs and the employers' accident experience rate, Workers' compensation benefits are paid directly to the employer, Only one state has passed a law to provide disability benefits to employees absent from their jobs due to illness, accident, or disease not arising out of their employment, The requisition for personnel form is sent to the Payroll Dept.