a. is used to record Workers' Compensation premiums paid by the company. d. companies are allowed to automatically enroll employees in the company's retirement plan. Wages Expense -payroll entries are accrued What is the primary purpose of the Employee Retirement Income Security Act (ERISA)? journal entry and page number. Cash A) Garnishment for child support payments payroll report interface. FIT Payable a. wages for child support. Employee's earning record. . Which of the following accounts is an expense account in which an employer records the FICA, FUTA, and SUTA taxes? true or false:The amount of income tax withheld from each employee's total earnings is determined solely from the number of withholding allowances. Multiple choice question. When employees actually use their vacation time c.All of the funds are used to provide the benefits of unemployment compensation to qualified unemployed workers. D. FUTA Taxes Payable Multiple choice question. 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. Accounts Payable true or false: When an employee's earnings exceed the tax base, no more social security tax is deducted. 1. Examples of payroll related liabilities include: Garnishments D) Union dues withheld What are the arguments for giving separate accounting recognition to the conversion feature of debentures? The total amount earned by all employees for a pay period is a ____. Financial statements for a company are prepared according to GAAP. B) Payroll Taxes T F, In calculating overtime premium earnings at one and a half times the regular hourly rate, the overtime hours are multiplied by one-half the hourly rate of pay. Prepare absorption costing-based income statements for Magic Me Corporation using theoretical capacity, practical capacity, and normal capacity utilization as the denominator levels. False. They were paid in cash while other employees were paid by check. The payroll register provides all the payroll information needed to prepare a payroll. (D) W-4. Option#1:Option#2:Option#3:$12,000,000afterfiveyears$2,150,000peryearforfiveyears$10,000,000afterthreeyears. General ledger entries are made ______ (after/before) general journal entries. Nicole Tipton and Sadik Seferi owned and operated a restaurant in Iowa. property tax audit. Owner's equity = Residual value. 3 general ledger postings. (B) Medicare tax. -Disciplinary actions -journal entries to post backward. (B) Form 941 The amount of employee pay left after federally mandated deductions are made, including federal and state income tax, social security . True -letter and number Wages Expense Did you update the employees' earning records? Which column exists in the employees' earnings records but not in the payroll register? Employee Income Tax Payable b.11 What are the common components of the posting reference? preparing reports required by state unemployment compensation laws. False, False C. Wages Payable a.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. employee review. a. they are part of the payroll package required to be sent to the IRS on an annual basis. Disposable earnings: Which of the following are processes that occur in most payroll accounting systems? determining market price for company products Past-DueCategoryAccountsReceivableTotalPercentageUncollectible0-30days$22,4806%31-90days36,54017%Over90days15,33025%\begin{array}{c} (C) gross earnings. (C) Net Pay column. FUTA Taxes Payable $74.26 Multiple choice question. (B) transfer payment. FICA Taxes Payable-HI T F, For the purpose of a federal tax levy, the IRS defines take-home pay as the gross pay less taxes Multiple select question. . The reports are identical and provide necessary redundancy. employer records the FICA, FUTA, and SUTA taxes? b.The Federal Personal Responsibility and Work Opportunity Reconciliation Act of 1996 It adds complexity to the personnel recordkeeping. Which of the following taxes would be included in the employer related payroll entry? Employer only taxes. None of the above, Which of the following accounts is an expense account in which an T F, 10. Are the tax returns and remittances approved and signed by the appropriate parties? Period totals are also included Question 1: Why would you enter "N/A" on the line for federal withholding allowances on an employee earnings record? a. is used to record Workers' Compensation premiums paid by the company. (p. 390), To record the payment of federal unemployment tax, the account debited is Which of the following are true about the general ledger? Multiple choice question. D) an administrative wage garnishment C) Wages Expense financial reports. d.None of these choices are correct. electronic system. The total pay due for a pay period before deductions is ____. B) using the same amounts as the prior month's adjustment. would be used for reporting, All of the following are examples of payroll liabilities except: Transactions from the general journal are posted to individual accounts. -Employee contributes to United Way no general ledger postings. Under the Civil Rights Act of 1964 and the Age Discrimination in Employment Act, which of the following questions may not be asked by an employer during pre-hire inquiries? Wages payable allocating employee expenses to departments. B) completing the journal entry to record the payroll. If actual demand turned out to be 288 , calculate the forecast for the next period. laurencbezzant. 13. Multiple select question. c.Both of these choices are correct. Study with Quizlet and memorize flashcards containing terms like How can the information shown in the employees' earnings record be used? The record of all of a firm's financial transactions. (D) Total Deductions column. -when payday is before the end of the month. Salaries Payable report an individual EE's regular time & OT; promote analysis of payroll expenses. A business form used to record details affecting payments made to an employee is a(n) (A) employee earnings record. Balance sheet False. The payment of payroll taxes to the government is referred to as a (B) liabilities. C. pay period. -general ledger entries to post backward. What is the opportunity cost of the machine when we analyze the alternative to produce 12 oz. -journal entry and page number, letter and number (B) is the total earnings since the first of the year. Cash Compare taxes with other companies -when payroll spans two months. treasurer, the account Union Dues Payable is debited. \text{Total budgeted fixed manufacturing costs} & \text{\$ 3.000.000}\\ Payments to sales taxing authorities have amounts in both debit and credit per account (5), True or False: 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. b. a credit to Cash = $1,178. How would an increase in the value of the pound sterling affect American businesses? The amount that an employee is allowed to keep as take-home pay when a federal tax levy is in play is: \end{matrix} False, A ____ ____ report proves the equality of debits and credits. What is the second line of the general journal entry used for? Garnishment for child support payments (B) payroll . Federal Income Taxes Payable (A) December 31 of the current year. (B) during the month following each calendar quarter. 20. (7), True or False: 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. (B) a receipt. The reports are identical and provide necessary Employee payments The balances in the General Ledger accounts form the foundation of financial reports. -before journal entries are recorded The adjusting entry to record the accrued vacation pay at the end of an accounting period includes credits to the tax withholding liability accounts. (D) overtime hours minus overtime rate. Denominator-level choices, changes in inventory levels, effect on operating income. Salaries and Wages Expense None of the above. Payroll Taxes using the wages of the salaried workers only. b.The payroll period c. state taxes. (1), True or False: A business deposits the total of gross wages in a separate payroll checking account. Tags: Question 11 . c. It facilitates accuracy in employee personnel records. Data relating to the contract are summarized below: 20212022Costsincurredduringtheyear$300,000$1,575,000Estimatedcoststocompleteasof12/311,200,0000Billingsduringtheyear380,0001,620,000Cashcollectionsduringtheyear250,0001,750,000\begin{array}{lrr} Wages and cash expenses Study with Quizlet and memorize flashcards containing terms like Unclaimed employee wages are returned to the employer. a.They must disclose to the job applicant that they are seeking an investigative report. Fair Labor Standards Act. salaries and wages payable. Multiple choice question. Have you completed the payroll register? Multiple choice question. \text{31-90 days}&\text{\hspace{5pt}36,540}&\text{17\\\%}\\ (B) January 1 of the following year. employees' earnings records When the initial payroll journal entries are created, the accountant would debit the: Employer related payroll entries would include: Shared employer-employee taxes debit to expense, credit to liability. D) a percentage of the previous week's gross payroll. (B) accumulated earnings. (p. 396), Fundamentals of Financial Management, Concise Edition, Don Herrmann, J. David Spiceland, Wayne Thomas, Alvin A Arens, Mark A Beasley, Randal J Elder, Financial Reporting and Analysis: Using Financial Accounting Information. (D) tax fulfillment. The entries into the first pair of debit and credit columns for State Income Tax Payable will be: Question: Why is it important for a firm to use both a payroll register and an employee earnings record? A) True The degree of completion of work-in-process inventory at September 30 was as follows: Required False, Where will entries for payroll show in the income statement? Company management, True or false: Payroll reports help managers to determine payroll staffing needs. Have you computed their payroll taxes properly? True medicare tax payable (1time) What information is on an employee earnings record? b. variable, depending upon county that the levy originates. True false question. -property tax audit. Employee taxes d. determining when the accumulated wages of an employee reach cutoff levels. -Employee receives an advance of their pay c.ERISA requires that all companies offer private pension plans. -current entry amount per account type Wages Payable (a) The first group will develop an argument that Tipton and Seferi were guilty of hiring and harboring illegal aliens. The employee earnings records form the link between the ____ and ____ _____ departments. b. determining seasonal workforce requirements Did you transmit remittances for the mandatory and voluntary deductions? mandated under GAAP 7 and 8) 141 terms. b.Employees who work for vendors who provide legal services to any agency of the United States, provided the minimum contract amount is $15,000. True false question. Multiple select question. Tipton and Seferi were charged with hiring and harboring undocumented aliens. When recording the deposit of FUTA taxes owed, the proper entry is: Garnishments Based on 1740 responses, what is the percent of each response? Do you know much each employee should be paid? -Employer social security tax a.The Self-Employment Contributions Act sets the minimum wage and the current minimum wage rate is $9.19 per hour. Payment of statutory withholdings 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. -Transactions from the general journal are posted to individual accounts. D) FUTA Taxes Payable- Cash Multiple choice question. disposable earnings. $845.00 - $364.42 = $480.58. Multiple choice question. (C) deposit. d.All of these choices are correct. FUTA taxes payable d. What age group is most likely to purchase the product? B. 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? Federal withholding tax, Which of the following are reversed as part of the payroll adjustment process? -Balances in the general ledger payroll accounts are used in payroll reports. D) Salaries Payable Maple is a behaviorist, he would MOST likely believe that the cause of a child's disruptive behavior in school is the result of what? -cumulative total on the account If Dr. A) True Express her balance after one week algebraically. 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. (4), True or False: Form W-2 reports an employee's annual earnings and the withholdings for federal income, social security, and Medicare taxes. Allocate employee expenses to specific accounts d. companies are allowed to automatically enroll employees in the company's retirement plan. a.To prohibit discrimination on the basis of age in the employment practices of employer. 9. Overtime pay is paid for hours worked in excess of eight hours per day. management/department heads requires deduction from employee paychecks . Union dues withheld Description information. Did you prepare tax deposits and have them checked for accuracy? a. When asked if they would purchase the product, the people gave these responses: a. A) True You have won a state lottery. Shared taxes Would you expect the kinked demand curve to be more extreme (like a right angle) or less extreme (like a normal demand curve) if each firm in the cartel produces a near-identical product like OPEC and petroleum? Payroll Taxes (D) accumulated earnings. Tax withholding and remittance c. must pay federal tax levies before any other deduction. What are some of the problems faced by West African economies? 2 general ledger postings. Multiple choice question. payroll register employee's earnings record employee history record personnel record, The information provided in the payroll register is used primarily to meet the requirements of the Fair Labor Standards Act. (C) total hours plus overtime rate. true or false: The larger the number of withholding allowances claimed, the larger the amount of income tax withheld. Wages Payroll, Which of the following items would require an adjusting entry at the end of each accounting period? False, 27. c.Employees who earn more than $44,000 per year (B) a receipt. General ledger (A) monthly general ledger entries. T-tables. A Company who credits the cash account cannot pay their employees by check. A) FUTA Tax Expense-Cash EE retirement income security act (ERISA). When the company pays for the state taxes withheld from the employee the entry would be true or false:A single person will have more income tax withheld than a married employee. E) preparing the payroll register. costs(allfixed)300279.070232.558$5040.000240.000260.000$10$3.000.000$500.000unitsunitsunitsperunitunitsunitsunitsperunit. (D) semiannually. 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. -payroll adjustments are entered, The first pair of debit and credit columns on the general ledger are for: (2), True or False: Employer payroll taxes are business expenses. Balances in the general ledger payroll accounts are used in payroll reports a percentage of the previous week's gross payroll. (D) revenue. Under the Affordable Care Act, which employers are required to provide insurance coverage for all full-time employees and their dependents? Social Security Tax Payable Employee regular earnings are calculated as ____. The maximum amount of gross earnings on which a tax is calculated, A retirement plan approved by the Internal Revenue Service. E) Union dues withheld, 17. double payroll account balances. true or false:Qualified retirement plans are approved by an act of Congress. The withholding allowances of an employee affect (A) social security tax withheld. Recording expenses only when paid is an example of: a.Laborers for contractors who furnish materials, supplies, articles, and equipment to any agency of the United States, provided the minimum contract amount is $15,000. E) None of the above, 16. True True B) False, 11. costs(allfixed), Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Daniel F Viele, David H Marshall, Wayne W McManus, Fundamentals of Financial Management, Concise Edition, Macro 01: The Core Principles of Economics. FICA Taxes Payable-OASDI. Multiple choice question. A federal tax paid for old-age, survivors, and disability insurance. In the case of a federal tax levy, the employee will notify the employer of the amount to take out, The payment of the FUTA tax and the FICA taxes by the employer to the IRS is recorded in the. True false question. Which amounts on the payroll register reduce Federal withholding tax but are not deducted for FICA tax computations? (B) IRS Form W-2 Payroll-related transactions contain both expenses and liabilities of a company. Payroll Taxes -chronological. b.The Fair Labor Standard Act sets the minimum wage and the current minimum wage rate is $7.25 per hour. A) True Employers have a fiduciary duty to ensure that all amounts deducted from employee pay are remitted to the appropriate entity. B) False, The employee's earnings record provides information for each of the When the I-999 forms for the restaurant's employees were reviewed, none were found for the six aliens. (A) W-2 A payroll accrual would be Accounting system entries record all payroll-related activity Study with Quizlet and memorize flashcards containing terms like All the payroll information needed to prepare payroll and tax reports is found on (A) Form W-4 and the employee earnings record (B) Form W-4 and the payroll register (C) the payroll register and the employee earnings record (D) Form W-4. A financial obligation of the firm arising from revenues received in advance of services or sales or expenses incurred but not paid. CostsincurredduringtheyearEstimatedcoststocompleteasof12/31BillingsduringtheyearCashcollectionsduringtheyear2021$300,0001,200,000380,000250,0002022$1,575,00001,620,0001,750,000. Withholding's for a 401(k) plan Assets area C) FICA tax--OASDI -Year-to-date earnings Executive orders. Employees are assigned to departments to foster accurate measurements of business segment profitability. process of transferring amounts from the journal to the ledger is called posting; debit to an account in a journal transaction is a debit to that account in the ledger; ledger contains info about the individual accounts used in the journal transactions. Business managers use accounting entries to inform their decisions y=100(1e0.462t). E) None of the above. Wages expense, On which accounting reports would payroll-related assets appear? In all computerized payroll systems, there is still the need to manually post from the printed payroll journal entry to the general ledger. Suppose Nantucket Nectars has a machine for which it paid $160,000 several years ago and is currently not being used. Employees FIT Payable. Take-home pay minus weekly exempted amount = federal tax levy garnishment. It produces a plastic toy in three separate departments: Molding, Assembling, and Finishing. Multiple choice question. should be retained and destroyed at the same interval as other accounting records, A chronological record of a firms financial transactions, A record of a firm's financial transactions, grouped by account Once the journal entry for the payroll is complete, the information is posted to the appropriate general ledger accounts. A computer error could cause b. is used to record the company's' liability to injured workers. Medicare tax Multiple choice question. C) $50.70 a. can take 50% of an employee's disposable income for child support payments. (D) IRS Form W-3. $368.07. Until the amounts withheld from employee salaries are paid by the employer, they are recorded as: Owners' Equity A posting reference in the general ledger should a. -journal entries to post to unknown accounts 7. (B) in states without a state income tax. c. affect the cash account. A) True a.The employer c. a credit to Vacation Benefits Expense = $1,178. Which of the following is true about the employer responsibility for payroll taxes? \text{Option \#3:}&&\text{\$ 10,000,000 after three years}\\ Blank between entries 1 general ledger posting. C) using the wages of the salaried workers only. Earnings records are supporting documents for True or False: In each pay period, the payroll information for each employee is recorded on his or her employee earnings record. Have you obtained approval for pay disbursements? (C) IRS Form W-2 Multicolumn form used to summarize data needed each paydate. (A) IRS Form W-4 Why is the operating income under normal capacity utilization lower than the other two scenarios? general ledger entries. 7. 8. chart of accounts. Have you computed the employer's share of the payroll taxes? You'll get a detailed solution from a subject matter expert that helps you learn core concepts. (A distribution column in the payroll register separates the various expenses into classifications such as Sales Expenses, Administrative Expenses, Factory Expenses, etc), 1. (C) shows net pay for one quarter. A. FUTA Tax Expense remove the accrual from the account balances. FICA Taxes Payable - HI $358.94 Multiple choice question. pay cards. A) $107.40 B) Payroll Taxes- Cash The accounting process generates financial reports for both internal and external users. e.None of these choices are correct. (D) employee earnings account. (B) IRS Form 941 None of the above, The entry to deposit FICA taxes and federal income taxes withheld involves all of the following accounts except: Reconcile the difference in operating income based on theoretical capacity and practical capacity with the difference in fixed manufacturing overhead included in inventory. (C) a memorandum. The garnishment that takes priority over all others is: 2. A fundamental concept in accounting is the _____ ____ , which must remain balanced. 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. State unemployment tax. Multiple choice question. 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. False. (C) annually. -Entering the payroll journal entry. Did you transmit the tax returns and remittances? (p. 383), Each employer who withholds income tax, social security tax, and Medicare tax from employee earnings must furnish each employee an In each pay period, the payroll information for each employee is recorded on his or her employee earnings record. Multiple choice question. A) True Study with Quizlet and memorize flashcards containing terms like a business form used to record payroll information os, the total earnings paid to an employee after payroll taxes and other deductions, a business form used to record details affecting payments made to an employee is and more. and more. \text{Variable budgeted manufacturing cost} & \text{\$ 10} & \text{per unit}\\ expensed in the next month. nonqualified pre-tax insurance; retirement plan. A payroll register is a record of employee hours worked, gross pay, net pay, deductions, and payroll date for a pay period. Payment of voluntary withholdings, The ___ ____ column in the General Ledger is a combination of letters and numbers, The use of reversing entries is: 30 seconds . Show your work. \hline\\ four employees. b. Multiple choice question. (C) a memorandum. True E) a percentage of the previous week's net payroll. Psychologists refer to the graph of y=f(x)y=f(x)y=f(x) as a learning curve and to f(x)f^{\prime}(x)f(x) as the learning rate.
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