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The accrual entry, as shown next, is simpler than the comprehensive payroll entry already shown, because you typically clump all payroll taxes into a single expense account and offsetting liability account. Loan to another firm.} B. ERISA requires each employer to establish a pension plan. \end{matrix} 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. Under the FLSA, what information concerning employees' wages earned must be maintained by the employer? Plan A costs $80 per month for unlimited talk and text. Employee FIT Payable-liability Enter the debit amount to clear the existing credit to Payroll Cash from the first journal entry above. DATE DESCRIPTION POST REF. A) Net pay B) FUTA & \text{ } & \text{ }\\ B) It is always expressed as assets = liabilities - owners' equity. Under FLMA, do any states have paid a family leave plan? What is The balance in the account? statement? C) $1,715. \text{1. 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. \text{13. E. All of the above are provisions of ERISA. Paymentofincometaxes.9. D) Because payroll represents a liability and an expense of the business. Under FLSA, what is the current minimum wage? D. Religion Health Insurance Premiums Collected-liability Discover what others say about us. the payroll? employees' payroll, one for the employer's share of the taxes. B) As equity Wages and salaries-Operating expense-debit Our online store for HR apps and more; for customers, partners and developers. Multiple Choice. Withholding" and "Earnings subject to FICA"? Direct labor usage. D) It highlights issues and results of seasonal labor. Tasks previously performed include determining gross earnings, FICA withholding, federal, state and city taxes. B) tax remittance information Executive employees who are 65 years or older and have high policymaking positions during the two-year period prior to retirement. pay date. answer And double click the box with the question mark to empty the box for a wrong answer. on the first day of the next financial period? Your sister currently uses 1,700 minutes and sends 1,600 texts each month. total Which basic records are generated in most payroll accounting systems? In other words, a payroll register is the document that records all of the details about employees' payroll during a period. On which financial report will employer-paid portions of health insurance premiums be listed? \text{12. ls the payroll register used for journalizing the payroll entries? 65. How is information that is usually on a paper stub given to an employee if the employer is using electronic paystubs. Saleofequipmentforcash. 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. The portion of the Federal Insurance Contributions Act that deals with Social Security is called. 14. Why is it important to have columns on the payroll register title "Earnings subject to Federal An employee worked the entire year of 2022 and earned two weeks of vacation as specified in the company's labor agreement. 1. Step 2: Working Hours. True, Payroll accruals reflect the amount of payroll paid but not earned at the end of the financial Click here to learn more. Switching payroll service providers made easy. C) Debit Revenue, $250,000; Credit Cash, $250, What are the enhancing qualities of the qualitative characteristics? 18 3. Correct answer: Option (1) Medicare tax is the correct answer. Chapter 7 quiz - the payroll register, employees' earning record, and accounting system entries. Social Security tax payable 221 10,517. Take your organization to the next level with tools and resources that help you work smarter, regardless of your businesss size and goals. Dooley Publishing has the following payroll data for its July 1 pay date: Jul 1 Wages and salaries. Q08. ADP is a better way to work for you and your employees, so everyone can reach their full potential. Employee SIT Payable-liability 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. D) Credit $. At a minimum, how often should an administrator furnish a statement of total benefits accrued and accrued benefits that are vested under ERISA? Does FLSA require all employees to be paid weekly, biweekly', monthly? Forbids discrimination in hiring. 9. A) The statement of owners' equity The employee's earnings records is used in preparing the employees' W-2 forms. What is the effect of each of the following posting upon the assets, liabilities, and owner's equity of a company. C) It must remain in balance at all times. True, Besides containing the supporting data for periodic tax reports, the employee earnings record Complete the Regular Earnings columns (Rate per Hour and Amount) for hourly employees. D) As liabilities Paymentofemployeesalaries.2. A(n) ________ is a collection of cash and other items that are used in the operation of the B) It allows managers to predict future labor costs. Describe the main types of records used to collect payroll data. Does the Federal Income Tax Withholding Law require all employment data to be kept permanently? Federal withholding tax $ 3,570. 2. Regardless of the format, payroll registers tend to follow the same basic structure. C) It is a report designed for external stakeholders. Safe-guards your retirement plans *not required to have a pension plan. Chapter 6: Analyzing and Journalizing Payroll, , , AP Lang - Television: The Plug-In Drug (T/V), Don Herrmann, J. David Spiceland, Wayne Thomas, Fundamentals of Financial Management, Concise Edition, Alvin A Arens, Mark A Beasley, Randal J Elder, National Association for the Advancement of Colored People. Workers' Commpensation Insurance Expense-Operating expense Purchaseofinventory. 2. 41. pay date. Payroll-Operating expense-liability 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. B. On December 1, 20XX, Riley Sanders invested $250,000 to open Sanders Enterprises. A. ADEA A. A) It must credit the asset accounts for the appropriate payroll amounts. Single click the box with the question mark to produce a check mark for a correct 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 Verify the date and enter General as the reference. d. At least seven homes have large-screen TVs? D) Employee pay recording and employer share payroll taxes recording Saleofequipmentforcash.TypeofActivityOCashInfloworOutflowCO. B) Debit Cash $13,618; Credit Health Insurance Payable $13,618. each option. What must the employer do with unclaimed checks. A magnifying glass. e. None of the above. How are employees who do not have bank accounts paid by an employer who uses an electronic fundstransfer system for payroll. What is the term for transferring data from the General Journal to the General Ledger? B) A debit balance will increase the expenses of the firm's income statement. A) Employee earnings record the total expenses of the firm and decrease the net income of the firm. C. National Origin Jan 19 Wages and salaries payable 226 8,134. But if you follow these seven steps, you can learn how to account for payroll with ease. Savings bonds payable 227 1,850. 8. the total incomes of the firm and decrease the net income of the firm. D) It is a report that becomes published with other financial reports. \text{14. accurate disbursal of payroll. Records and the General Journal. D) the employee's name, social security number, and address In January 2023 an employer remits the state unemployment tax that pertains to its employees' wages for the final three months of 2022. Those who have not worked at least one year and at least 1,250 hours in the previous 12 months for the company. A) It communicates departmental profitability. What is general priority order concerning wage attachements. 54. Using the accounting equation, determine the following amounts: a. Owners equity as of December 31, 2013. Record the health insurance deduction. FICA Taxes payable-HI-liability 29. var d=new Date(); document.write(d.getFullYear()); ADP, Inc. Find the package that's right for your business. Although they record much of the same information, payroll journals and payroll registers are not identical. select more than one answer. Payroll registers include all of the information in a pay period for all employees. D) $1,875. View the full answer. B) General Journal 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. Focus on what matters most by outsourcing payroll and HR tasks, or join our PEO. The town is considering an ordinance that would prohibit putting 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. Use the following information for Questions 15 - 17: Application of overhead to goods in process. Learn more about Privacy at ADP, including understanding the steps that weve taken to protect personal data globally. 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. \text{2. Many employers find a payroll register to be an indispensable part of their business because of its ability to help them keep both their payroll records and their budgets in order. Protest Unemployment Insurance benefit charges or rates. Does every state have state unemployment laws? The W-2 provides all of the information required by the Affordable Care Act. Collection of an account receivable.} 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. Under the Affordable Care Act, which employers are required to provide insurance coverage for all full-time employees and for their dependents? Since Eco Brewers is a monthly schedule The information in the payroll register forms the basis for entries in the Employee Earnings Records and the General Journal. D. 50 Loantoanotherfirm. Report changes to your business. the box With the question mark to empty the box for a wrong answer. C) Labor reports 64. What are some examples of secondary sex characteristics? A payroll register can also . \text{9. 2. General Journal entry to record this transaction? Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer. The payroll register of any firm needs to have specific details on every employee. Age account: Social Security tax payable ACCOUNT NO. A) Both documents contain year-to-date totals of taxes. Which of the following is true about the fundamental accounting equation? a. Walsh-Healey Public Contracts Act 2. Collectionofnotesreceivable. 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. Feb 15 J A) The income statement 221 Under FMLA, the time must be used in one uninterrupted period of time. C) As expenses Of the items in the following list, which one (s) should appear in a payroll register? You need to have a record of how many hours your employees have worked, their gross salary, tax withholdings, and all other deductions. This will decrease This sort of regular data-entry routine, when strictly adhered to, can help ensure accurate payroll records. Fair Labor Standards Act How do accrued, but not paid, wages appear on the balance sheet? The higher payroll department. What is the primary purpose of a labor report? Indirect materials usage. BALANCE DATE DESCRIPTION POST REF. 3. This will increase the Explain the use of the "Cumulative" column in the employee's earnings record. This entry records the gross wages earned by employees, as well as all withholdings from their pay, and any additional taxes owed to the government by the company. 19. D. Requires equal pay for equal work, regardless of gender. 10. Under the Family and Medical Leave Act, employers can exempt an employee who has not worked for the employer for at least one year and has worked for the company for at least 1,250 hours in the last year. Federal income tax payable 11,955. c. McNamara-O'Hara Service Contract Act True, In the General Ledger, the debit column reflects the balance of the account. Discover the latest Today at Work insights from the ADP Research Institute. How does the FIFO method different from the weighted-average method? It helps employers reconcile their payroll transactions and prepare quarterly and year-end tax reports. Union Dues payable 227 4,683. For the entry on January 31, what does the J4 signify? Calculate regular and overtime pay. For example, there may be deductions for 401(k) pension plans, health insurance, life insurance, vision insurance, and for the repayment of advances. Saleoflandforcash.3. in its Federal withholding tax payable account. 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. 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 11. A) Worker's Compensation Any boxes left with a question mark will be 62. What is the role of enhancing qualities in the conceptual framework? B) It facilitates accuracy in employee payroll tax computations. Megan Newell is the owner and operator of Ultima LLC, a motivational consulting business. B) Debit Cash, $250,000; Credit Revenue, $250, Sale of equipment for cash.} Medicare tax payable 3,197. What information is commonly provided by a job-seeker on the application for employment form? What portions of an employee's wages are exempt from a federal tax levy.