the employee earnings record quizlet

D) Union dues withheld Tax Expense is debited for both the employees' and the employer's portions of the FICA taxes. Multiple choice question. The record of all of a firm's financial transactions. The total earnings subject to federal unemployment tax is referred to as: The maximum amount of gross earnings on which a tax is calculated, A retirement plan approved by the Internal Revenue Service. d. is used to record Workers' Compensation payments to injured workers. engaged in a job in which tips of more than $30 a month are regularly recieved. B) False, The employee's earnings record provides information for each of the Gross earnings. Salaries and Wages Payable, Which of the following taxes would NOT be included in the employer related payroll entry? d.None of these choices are correct. social security tax payable 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? A) $107.40 Which column exists in the employees' earnings records but not in the payroll register? Express her balance after one week algebraically. would be used for reporting, only be in either debit or credit per account A) True Information gathered from the payroll register about each employee's payroll information is transferred to the ____ ____ ____. Entering the transactions in the general ledger. Do you have managerial approval for all employee pay for the period? \end{array} Multiple select question. What was his overtime premium pay for this workweek? D. FUTA Taxes Payable Multiple select question. Have you computed their payroll taxes properly? Based on 1740 responses, what is the percent of each response? It adds complexity to the personnel recordkeeping. 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: Wages and cash expenses true or false:The investment income in a Roth IRA is not subject to federal income taxes when withdrawn. d. It allows payroll employees to create ghost employees . assets, liabilities, equity. 7. Payroll records serve as backup for Liabilities area Interest was paid quarterly, and the note was repaid one year from the time the money was borrowed. (3), True or False: The timing of payroll tax payments is based on the amount owed. incurred but unpaid is: What changes should be included in the employee earnings record? Blank between entries only be in either debit or credit per account bring the accountant to the related entry in the general journal. Is it payday? Description information. The cash based businesses will show an increase in payroll expenses when: Multiple choice question. Salaries and Wages Expense (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. all employers are now mandated to contribute at least 2% of gross wages to an employee's retirement account. a.To prohibit discrimination on the basis of age in the employment practices of employer. a. a debit to Vacation Benefits Payable = $1,178. -payroll adjustments are entered, The first pair of debit and credit columns on the general ledger are for: (A) monthly (D) revenue. (C) withholding allowances. c. Vacation Benefits Expense is debited, and Vacation Benefits Payable is credited. How does a payroll accountant use the information in the General Ledger? Which of the following is true about the employer responsibility for payroll taxes? C) Wages Expense 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. What is the original entry point for payroll information into the accounting system? Did you deposit the payroll taxes? Accounting system entries record all payroll-related activity The employee earns more than the federal. \end{matrix} state income tax expense preparing the payroll register. A. FUTA Tax Expense Balances in the general ledger payroll accounts are used in payroll reports (C) FUTA earnings (B) transfer payment. accrual accounting (D) tax fulfillment. A) True Union Dues. Payroll transactions will have an effect on: A relationship, specifically financial, built on trust between a trustee and a beneficiary. (B) during the month following each calendar quarter. Union dues withheld Suppose Nantucket Nectars has a machine for which it paid $160,000 several years ago and is currently not being used. Earnings records are supporting documents for: Asset = Amounts belonging to the company salaries and wages expense. In recording the monthly adjusting entry for accrued wages at the end of the Computer glitch d.Only a self employed individual. B) False, 6. (A) IRS Form W-4 Option#1:Option#2:Option#3:$12,000,000afterfiveyears$2,150,000peryearforfiveyears$10,000,000afterthreeyears. When the I-999 forms for the restaurant's employees were reviewed, none were found for the six aliens. one-sided journal entries. liabilities or liability, Apart from the recording of payroll and payment to employees, what other payroll related journal entries would be recorded? Payments for payroll regulation courses -Entering the payroll journal entry. FICA Taxes Payable-HI. a. (D) is the gross earnings for one quarter. a business form used to record details affecting payments made to an employee. and more. E) a child support order, 15. Payment of voluntary withholding, When payday is after the end of the month (A) a check. False, Where will entries for payroll show in the income statement? (C) special purposes account. Federal withholding tax, Which of the following are reversed as part of the payroll adjustment process? Medicare Tax Payable, Paid cash for semimonthly payroll; total payroll, $3,066.00, less employee income tax, $182.00, social security tax, and medicare tax. FUTA Taxes Payable $74.26 Identify some of the groups of users. -refer to the employee being paid in the general journal. D) Salaries Payable In general, employers are required to pay state unemployment taxes: When a dividend is received from the affiliate. C) determining when the accumulated wages of an employee reach cutoff levels. NALS: Ch. \hline\\ A business form used to record details affecting payments made to an employee is a(n) (A) employee earnings record. What is the second line in the general journal entry used for? 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. \text{Selling price} & \text{\$ 50} & \text{per unit}\\ Employee taxes salaries and wages payable. The contribution margin from the additional sales of 100% juices would be$90,000. E) a percentage of the previous week's net payroll. Employer has the right to control both what work will be done and how it will be done. Why is the operating income under normal capacity utilization lower than the other two scenarios? True Taxes Payable is credited for the total taxes owed (FICA, FUTA, and SUTA). the master document accountants use to track employees' marital status, deductions (mandatory, voluntary, and mandated), and year-to-date earnings The following accounts receivable information pertains to Growth Markets LLC. T F, For the purpose of a federal tax levy, the IRS defines take-home pay as the gross pay less taxes (C) federal unemployment tax owed. regular earnings plus overtime earnings. Soccer teams Employees FIT Payable $987.00, ($1,534.78 + $358.94 + $987.00) = $2,880.72. Period totals are also included Multiple choice question. May be used to re-create payroll data in the event of computer failure or a catastrophic event A distribution column in a payroll register separates payroll expenses into classifications such as FUTA, SUTA and net payroll. B) False, Net pay" is sometimes known as "take-home" pay. Which of the following acts prohibits discriminating in hiring, firing, promoting, compensating, or in any other condition of employment on the basis of race, color, religion, gender, or national origin? employee review. Federal Income Taxes Payable Transactions from the general journal are posted to individual accounts. Cash, When recording the deposit of FUTA taxes owed, the proper entry is: (2), True or False: Employer payroll taxes are business expenses. Payment of statutory withholding (p. 389), The form used to report annual earnings and payroll taxes for all employees to the Social Security Administration is the A) collecting the timesheets for the days accrued. Tips received by employees are included as disposable earnings subject to garnishment for child support. They were paid in cash while other employees were paid by check. EEs' earnings records contain YTD gross pay which reflects when EEs reach tax bases; EEs' earnings records contain details of payroll tax reporting & may be considered as source documents. A) Garnishment for child support payments Type of entry C) Vacation pay earned by employees It adds complexity to the personnel recordkeeping. (p. 387), Each employer is required by law to report payroll taxes on an 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. Take-home pay minus weekly standard deduction and exemptions = federal tax levy garnishment. Which of the following items would require an adjusting entry at the end of each accounting period? (p. 383), Each employer who withholds income tax, social security tax, and Medicare tax from employee earnings must furnish each employee an common stockholders a.The Federal Unemployment Tax Act (FUTA) determining the per department cost of business operations E) 26.85. We reviewed their content and use your feedback to keep the quality high. -Entering the transactions in the general ledger. b.ERISA ensures that workers covered by state and federal government pension plans receive benefits from those plans in accordance with their credited years of service with their employers. c. the "Vacation Benefits Payable" account is credited. Under the FLSA, what information concerning employees' wages must be maintained by the employer? True dividends, equity, assets. 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? (D) in all 50 states. Payment of voluntary withholdings, Payment of statutory withholdings False. Multiple choice question. FUTA Taxes Payable, The entry made at the end of the accounting period to record wages General ledger entries are made ______ (after/before) general journal entries. \text{31-90 days}&\text{\hspace{5pt}36,540}&\text{17\\\%}\\ B) False, 11. When does peak efficiency occur? Multiple select question. (A) IRS Form W-4 True Although the garnishment would be deducted from the employee's pay, the business is responsible (liable) for remitting the deduction to the creditor. 30 seconds . Does your company have employees? How would an increase in the value of the pound sterling affect American businesses? -current entry amount and account d. Vacation Benefits Payable is debited. A) True Study with Quizlet and memorize flashcards containing terms like Unclaimed employee wages are returned to the employer. employer records the FICA, FUTA, and SUTA taxes? C) SUTA Taxes Payable a. they are part of the payroll package required to be sent to the IRS on an annual basis. \text{Total budgeted fixed manufacturing costs} & \text{\$ 3.000.000}\\ bottles of juice cocktails? Social Security tax state income tax expense Debits show increases to (1), True of False, Multiple Choice, and Journalizing, True or False: The payroll register provides all the payroll information needed to prepare a payroll. c.Both of these choices are correct. a. a single standard deduction plus an exemption for the employee. A deduction from total earnings for each person legally supported by a taxpayer, including the employee. Medicare tax Did you journalize and post the employer's share transactions? True When remitting or depositing federal income taxes, the employer credits the cash account. When employees actually use their vacation time (B) is the total earnings since the first of the year. -journal entries to post one-sided. Where will entries for payroll show up in the income statement? 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. (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. (B) IRS Form W-2 -Entering the transactions in the general journal. payroll register. Copy and complete the chart. SUTA taxes expense withheld and the other payroll deductions in effect before the tax levy was received. Multiple choice question. -company breakdown of supply usage Allocate employee expenses to specific accounts c. When the affiliate company reports net income. The employee's _____ ____ connects accounting and human resource records, Earnings records are supporting documents for, The payroll accountant may perform the following duties. Explain your reasoning. The entries into the first pair of debit and credit columns for State Income Tax Payable will be: b. used to prepare internal management analyses. (C) salary expense. employers' HI portion of FICA taxes is not.. How is your target country ranked by Transparency International, Drugs in the bloodstream The concentration yyy of a certain drug in the bloodstream ttt hours after an oral dosage (with 0t150 \leq t \leq 150t15 ) is given by the equation, y=100(1e0.462t)y=100\left(1-e^{-0.462 t}\right) Wages and taxes payable, Labor reports would be provided to: expenditures or expenses Multiple choice question. -Disciplinary actions The employee's earnings record provides information for each of the following except: The source document for paying employee income tax and social security and Medicare tax is: The Federal Insurance Contributions Act. FUTA taxes payable D) FUTA Taxes Payable- Cash b.The payroll period Employers are required to furnish each employee with an annual statement of earnings and withholdings before: 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 debit increases which of the following types of accounts? Actual operating costs equal budgeted operating costs. Employers have a fiduciary duty to ensure that all amounts deducted from employee pay are remitted to the appropriate entity. 7 and 8) 141 terms. Salaries Payable A qualified retirement plan that allows tax-free withdrawals from the account.

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