Multiple choice question. 1. True . The purpose of a labor report is to do what? The project began in 2021 and was completed in 2022. The accounting process generates financial reports for both internal and external users. D) SUTA tax SUTA Taxes Payable $383.69 c. affect the cash account. a. all the data must be both manually and digitally centered and checked, to ensure that the system is functioning properly. What obligations are imposed upon the employer by the Fair Credit Reporting Act of 1968? d. union dues. What is the purpose of the Age Discrimination in Employment Act (ADEA)? (C) IRS Form W-2 Description information. 2 general ledger postings. Lowest 7 percent. Payments for payroll regulation courses, Payment of statutory withholdings 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 credit increases which of the following types of accounts? a.The Federal Unemployment Tax Act (FUTA) Federal withholding tax, Social Security tax Based on the data presented in the previous exercise, journalize Belarus Co.s entries for (c) the payment of the invoice within the discount period. expenses, assets, liabilities. FICA Taxes Payable-OASDI. What taxes would be monitored for maximum withholding amounts through the payroll register? The payroll register, Employees' Earning Records and Accounting System Entries. False. c.The Civil Rights Act of 1964 Study with Quizlet and memorize flashcards containing terms like How can the information shown in the employees' earnings record be used? A separate record of each employee's earnings, used to complete W-2. Once the journal entry for the payroll is complete, the information is posted to the appropriate general ledger accounts. Entering the transactions in the general journal. when payroll spans two months. FUTA taxes payable 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. A payroll accrual would be Study with Quizlet and memorize flashcards containing terms like The _____ is a multicolumn form used to assemble and summarize the data needed at the end of each payroll period. determining market price for company products d.The Civil Rights Act of 1964 sets the minimum wage and the current minimum wage rate is $7.50 per hour. Accounting reports provide managers with insights into company profitability and stability. Wages Expense False, A ____ ____ report proves the equality of debits and credits. True false question. -department breakdown of labor cost, billiable and nonbillable time 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. Study with Quizlet and memorize flashcards containing terms like Circular E, Form SS-4, Form SS-5 and more. Which amounts on the payroll register reduce Federal withholding tax but are not deducted for FICA tax computations? Immunology Exam 4 Study Guide (Ch. a. the expense has already been recorded. Multiple select question. When the fair value of the affiliate stock increases. assets, liabilities, equity. Multiple choice question. (B) IRS Form 941 Fair Labor Standards Act. 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. Garnishment for child support payments 3. There are no price, spending, or efficiency variances. a. can take 50% of an employee's disposable income for child support payments. d.None of these choices are correct. D. FUTA Taxes Payable A. the description is usually left blank. Owners' Equity c. the "Vacation Benefits Payable" account is credited. E) preparing the payroll register. Cash, When recording the deposit of FUTA taxes owed, the proper entry is: Where will entries for payroll show up in the income statement? The following accounts receivable information pertains to Growth Markets LLC. The cash based businesses will show an increase in payroll expenses when: (D) Total Deductions column. How does a payroll accountant use the information in the General Ledger? A. One employee earnings record is used each payroll period to detail the earnings of all employees. Medicare tax Ways the general ledger is different from the general journal include: Assets c. a credit to Vacation Benefits Expense = $1,178. Entering the transactions in the general ledger. A Company who credits the cash account cannot pay their employees by check. B) False, FICA Taxes PayableHI is a liability account in which is recorded the liability of the employer A federal tax paid for old-age, survivors, and disability insurance. Employer taxes. Contributions payable -Balances in the general ledger payroll accounts are used in payroll reports. Accounting principles assist in the classification of payroll costs and organizational performance. B) False, 8. Payment of voluntary withholding, When payday is after the end of the month Federal withholding tax, Which of the following are reversed as part of the payroll adjustment process? 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 each choice of denominator level, the budgeted production cost per unit is also the cost per unit of beginning inventory. Multiple choice question. B) False, At the time of depositing FICA taxes and employees' federal income taxes, the account FICA SUTA Taxes Payable The time required to verify and fill a common prescription at a neighborhood pharmacy is normally distributed with a mean of 10 minutes and a standard deviation of 3 minutes. Which of the following is an employer's payroll responsibility? False. All the payroll information needed to prepare payroll and tax reports is found on, C- Payroll register and employee earnings records provide, The payroll journal entry is based on the totals of the payroll register, The Total Earnings column total of a payroll register is journalized as a debit to, The total of the Federal Income Tax column of a payroll register is credited to (A) a revenue account, The total of the Net Pay column of the payroll register is credited to, When a semimonthly payroll is paid, the credit to Cash is equal to the, Payroll taxes that are paid by both the employer and the employee are, A tax paid to administer the unemployment program is the, A state tax used to pay benefits to unemployed workers is the, An employee's earnings subject to unemployment taxes are referred to as (A) gross Find the time A. FUTA Tax Expense c. are the earnings remaining after withholding income taxes and other amounts required by law. -current transaction in the payroll account d. are the earnings paid for optional employee benefits. (C) a memorandum. debit to expense, credit to liability. T-accounts. C) determining when the accumulated wages of an employee reach cutoff levels. -general ledger entries to post backward. (B) payroll . The total amount earned by all employees for a pay period is a ____. -Employee contributes to United Way Work in process on September 1 had 100,000 units made up of the following: During September, 500,000 units were transferred in from the Molding Department at a cost of$640,000. -current amount of reduction to the payroll account The employee earns tips. d. the account "Vacation Benefits Expense" is accrued. . Salaries Payable Business managers use accounting entries to inform their decisions Allocate employee expenses to specific departments, Tax withholding and remittance Social Security Tax Payable c.10 c.Laborers for contractors who furnish materials, supplies, articles, and equipment to any agency of the United States, provided the minimum contract amount is $2,000. The information contained within each row of the payroll register is transferred to the employees' earnings records. Antidiscrimination orders for employees with contracts involving federal funds. Multiple choice question. (2), True or False: The employer social security tax rate is different than the employee social security tax rate. Which of the following items would require an adjusting entry at the end of each accounting period? Take-home pay minus weekly standard deduction and exemptions = federal tax levy garnishment. \text{31-90 days}&\text{\hspace{5pt}36,540}&\text{17\\\%}\\ It adds complexity to the personnel recordkeeping. journal entry and page number. (D) semiannually. (D) state unemployment tax owed. 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. (1), True of False, Multiple Choice, and Journalizing, True or False: The payroll register provides all the payroll information needed to prepare a payroll. B) a government student loan d.Only "A payroll register" and "The employee's earnings record" are correct. A) True when payday is after the end of the month. A) True C. pay period. \text{Over 90 days}&\text{\hspace{5pt}15,330}&\text{25\\\%}\\ Multiple choice question. \hline \text { Costs incurred during the year } & \$ 300,000 & \$ 1,575,000 \\ Have you computed their payroll taxes properly? (D) overtime hours minus overtime rate., A business form used to record details affecting payments made to an employee is a(n) (A) employee earnings record. E) Union dues withheld, 17. for each event. a.25 The typical overtime rate is $5.00 more than the regular hourly rate. (C) withholding allowances. B) False, Net pay" is sometimes known as "take-home" pay. general journal entries. employee income tax payable b. useful in determining overhead allocations by department and the need for increased or decreased staff within a specific department, tracks the time employees have spent specifically on projects for which customers are paying, allow managers to determine how much overtime has been paid to employees during a specified time period, Trend reports of income over the period of the year can reveal seasonal increases or decreases in business. A computerized cash payments system that transfers funds without the use of checks, currency, or other paper documents. d.All employees of companies with federal agency contracts. Accounts Payable Each employer must file a _________ federal tax return showing the federal income tax, social security tax, and Medicare tax due the government. Earnings records are supporting documents for Employer taxes, Shared taxes c. It facilitates accuracy in employee personnel records. Multiple choice question. d. is used to record Workers' Compensation payments to injured workers. E) None of the above, 30. $368.07. A) True credit to cash, debit to liability. -credit state withholding $1,234 Multiple choice question. (D) state unemployment tax. The amount that an employee is allowed to keep as take-home pay when a federal tax levy is in play is: 4. a. Multiple choice question. Jacobs Company borrowed $10,000\$ 10,000$10,000 on a one-year, 8 percent note payable from the local bank on April 1. 401(k) contributions expense Multiple choice question. When asked if they would purchase the product, the people gave these responses: a. 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. computer backup. 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. The FICA taxes on the employer represent both business expenses and liabilities of the employer. true or false: The larger the number of withholding allowances claimed, the larger the amount of income tax withheld. debit to cash, credit to liability. Which of the following accounts is an expense account in which an employer records the FICA, FUTA, and SUTA taxes? The issuance of checks to employees would reduce:(which account). costs(allfixed)300279.070232.558$5040.000240.000260.000$10$3.000.000$500.000unitsunitsunitsperunitunitsunitsunitsperunit. Columns in the Employees' Earnings Records, Each piece of data is used in multiple ways, Connection of the Employees' Earnings Records to Periodic Tax Reports. \text{Production } & \text{240.000} & \text{units}\\ a. they are part of the payroll package required to be sent to the IRS on an annual basis. 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. Company management, Unions Payroll costs represent an expense of the business. (C) W-3 -Employee 401(k) contributions, Employee receives an advance of their pay, The Current Tax Payment Act requires employers to remit taxes at the end of each month? 3. (B) IRS Form W-2 adjusted in the next month. tax filing support. Accounting system entries record all payroll-related activity Tax Expense is debited for both the employees' and the employer's portions of the FICA taxes. The total pay due for a pay period before deductions is ____. T F, For child support garnishments, tips are considered part of an employee's disposable earnings. You may assume that f(0)=0f(0)=0f(0)=0. determining seasonal workforce requirements General ledger entries are made ______ (after/before) general journal entries. incurred but unpaid is: Multiple choice question. The debit to Payroll Taxes for FICA, FUTA and SUTA taxes (rate = 4.5%) on a gross payroll of $200,876 (if no one has capped for FICA and not subject to the .9% Medicare on wages over $200,000, no one has capped for SUTA, and FUTA wages= $85,000), is: The employer FICA - OASDI ($200,876 x.062) + FICA - HI ($200,876 x .0145) + SUTA ($200,876 x .045) + FUTA ($85,000 x .006) = $24,916.43, On July 30, an analysis of the general ledger of Biomet Device Inc.'s shows the following credit balances: (C) a memorandum. (C) a liability account -bank reconciliation. Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Fundamentals of Financial Management, Concise Edition, Jeffrey Jaffe, Randolph W. Westerfield, Stephen A. Ross, Module 10: Influences on Real Estate Values. Which act sets the minimum wage, and what is the current wage rate? payroll report interface. account balances form the basis for accounting reports; general ledger account balances aggregate data to determine payroll costs. With the passage of the Pension Protection Act of 2006: D) a percentage of the previous week's gross payroll. An employer will use the payroll register to keep track of an employee's accumulated wages. d. a credit to Vacation Benefits Payable = $1,178. a. they are part of the payroll package required to be sent to the IRS on an annual basis. True Earnings records are supporting documents for: Asset = Amounts belonging to the company Before beginning production of its new vacuum cleaner, the Devaney Company conducted an opinion survey of 1740 people. E) 26.85. Multiple select question. Since FUTA tax is paid only once a quarter, the FUTA tax expense is recorded only at the time of payment. (D) January 31 of the following year. d. What age group is most likely to purchase the product? (C) employee accounts payable record. -Each entry will be on one side per account. In recording the monthly adjusting entry for accrued wages at the end of the Apart from the recording of payroll and payment to employees, what other payroll related journal entries would be recorded? a. and more. Copy and complete the chart. Multiple choice question. 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 true or false:Payroll taxes withheld represent a liability for an employer until payment is made. Which law governs the fiduciary responsibility that employers have with regards to employees' payroll deductions? True Allocate employee expenses to specific accounts
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