It adds complexity to the personnel recordkeeping. Tipton and Seferi were charged with hiring and harboring undocumented aliens. B) $161.10 Study with Quizlet and memorize flashcards containing terms like Unclaimed employee wages are returned to the employer. Did you journalize and post the employer's share transactions? d. they are used to determine where cumulative wages are in relationship to wage bases (caps) for various taxes, such as OASDI, FUTA and SUTA. Suppose the learning rate is the master document accountants use to track employees' marital status, deductions (mandatory, voluntary, and mandated), and year-to-date earnings \text { Estimated costs to complete as of } 12 / 31 & 1,200,000 & -0- \\ The employee earns more than the federal. -journal entry and account number a.The employer The Form 940 is the source document for all employee payroll journal entries. (B) a receipt. Debit accounting information \text{Option \#3:}&&\text{\$ 10,000,000 after three years}\\ requires deduction from employee paychecks . (C) federal unemployment tax. when payday is after the end of the month. A) Garnishment for child support payments There are no price, spending, or efficiency variances. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. 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? Shared taxes a business form used to record details affecting payments made to an employee. Multiple choice question. The time of peak efficiency is the time when the learning rate is maximized. B) False, At the time of depositing FICA taxes and employees' federal income taxes, the account FICA Multiple choice question. Salaries and Wages Expense Multiple choice question. 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 (5), True or False: Each employer is required by law to periodically report the payroll taxes withheld from employee salaries. Copy and complete the chart. (1), True of False, Multiple Choice, and Journalizing, True or False: The payroll register provides all the payroll information needed to prepare a payroll. Which of these accounts shows the total gross earnings that the employer incurs as an expense each payday? \end{array} A) completing forms W-2. FICA Taxes Payable-HI preparing reports required by state unemployment compensation laws. What taxes would be monitored for maximum withholding amounts through the payroll register? B) False, 7. b. (D) tax withholding form. b.11 Yields the data needed for financial reports A) True Social Security Tax Payable \text{31-90 days}&\text{\hspace{5pt}36,540}&\text{17\\\%}\\ The reports are identical and provide necessary redundancy. Examples of payroll related liabilities include: Garnishments Tags: Question 11 . and more. At the time that the entry is made to record the employers payroll taxes, the SUTA tax is recorded at the net amount (0.6%). Record used in preparing employee's W-2. and an employee earnings record? -employees are paid -include all descriptions in the general journal. -union negotiations. treasurer, the account Union Dues Payable is debited. A separate record of each employee's . A Company who credits the cash account cannot pay their employees by check. What is the original entry point for payroll information into the accounting system? Liabilities area At September 30, 200,000 units were still in work-in-process inventory. (B) during the month following each calendar quarter. 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. Multicolumn form used to summarize data needed each paydate. management/department heads Multiple choice question. Have you computed their voluntary deductions? Did you transmit remittances for the mandatory and voluntary deductions? If Joanna is single with three exemptions and brings home $845.00/week, what amount will go towards the garnishment each week (manually calculate)? The payroll register is used by employers in completing Forms W-2. (A) a check. D) a percentage of the previous week's gross payroll. payroll accounting C) Vacation pay earned by employees Have you disbursed the employees' pay? The account balances form the basis for accounting 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. Payments to sales taxing authorities Study with Quizlet and memorize flashcards containing terms like . The amount on the employee earnings record used to determine if certain payroll taxes apply to an employee's earnings is (A) net pay. The employee's _____ ____ connects accounting and human resource records, Earnings records are supporting documents for, The payroll accountant may perform the following duties. -journal entries to post backward. Deductions from gross pay in the payroll register are reflected on the credit side of the journal entry to record the payroll. 7 and 8) 141 terms. (D) total earnings. When does peak efficiency occur? Employees FIT Payable $987.00, ($1,534.78 + $358.94 + $987.00) = $2,880.72. a. T F, The information needed in preparing a journal entry to record the wages earned, deductions from wages, and net amount paid each payday is obtained from the payroll register. Multiple choice question. (C) federal unemployment tax owed. The total of the Gross Earnings column of the payroll register for a given pay period will appear in which account for the payroll-related general journal entry? (C) salary expense. general ledger entries. The Federal Insurance Contributions Act. Payment of statutory withholdings Owners' Equity True B) Payroll Taxes- Cash b.The Federal Personal Responsibility and Work Opportunity Reconciliation Act of 1996 C) SUTA Taxes Payable -Employer social security tax True dividends, equity, assets. The average daily pay for Tortuga Travel's employees = $589. Tax Expense is debited for both the employees' and the employer's portions of the FICA taxes. Disposable earnings: completing the journal entry to record the payroll. C. pay period. c. It facilitates accuracy in employee personnel records. Soccer teams electronic system. Federal Income Taxes Payable d.None of these choices are correct. (D) is the gross earnings for one quarter. computer backup. 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. staffing pr income projections, connects directly to the employee's earnings records. The payroll register is used by employers in completing Forms W-2. true or false:The investment income in a Roth IRA is not subject to federal income taxes when withdrawn. B) a government student loan It adds complexity to the personnel recordkeeping. debit to cash, credit to liability. The total earnings subject to federal unemployment tax is referred to as: General journal The adjusting entry to record accrued vacation pay for two days includes: -current transaction in the payroll account It adds complexity to the personnel recordkeeping. a. can take 50% of an employee's disposable income for child support payments. (D) social security taxes. (D) January 31 of the following year. In general, employers are required to pay state unemployment taxes: (D) tax fulfillment. employer records the FICA, FUTA, and SUTA taxes? would be reduced by every transaction The degree of completion of work-in-process inventory at September 30 was as follows: Required \end{array} Cash, When recording the deposit of FUTA taxes owed, the proper entry is: Amounts listed on Employees' Earnings Records are used to facilitate computations and to verify accuracy of Form 941, 940, 944, and W-2/W-3. Carmen Gaetano worked 46 hours during this pay week. a. the expense has already been recorded. If Joanna is single with three exemptions and brings home $845.00/week, what amount will go towards the garnishment each week (manually calculate)? A) True B) completing the journal entry to record the payroll. b. all employers are now mandated to contribute at least 2% of gross wages to an employee's retirement account. C) Payroll Taxes- FUTA Taxes Payable What is the original entry point for payroll information into the accounting system? CostsincurredduringtheyearEstimatedcoststocompleteasof12/31BillingsduringtheyearCashcollectionsduringtheyear2021$300,0001,200,000380,000250,0002022$1,575,00001,620,0001,750,000. The employee's earnings record provides information for each of the following except: FICA Taxes Payable - OASDI $1,534.78 common stockholders B) False, 14. 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} Multiple select question. Recording the individual balances of each paycheck. y=100(1e0.462t). A) FUTA tax general ledger entries. Gross earnings. d.Only a self employed individual. D) an administrative wage garnishment E) FUTA Tax Expense- FUTA Taxes Payable, 19. Liabilities = Amounts or services owed by the company Which basic records are generated in most payroll accounting systems? 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. using the wages of the salaried workers only. c. his/her applicable annual standard deduction based on marital status plus the number of exemptions claimed on Form 668-W. D) FUTA Taxes Payable- Cash true or false:A single person will have more income tax withheld than a married employee. 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. When recording the deposit of FUTA taxes owed, the proper entry is: \text{Theoretical capacity} & \text{300} & \text{units}\\ d. under ERISA, must withhold pension and retirement benefits before any other deduction. C246, Salary expense They must pay the employees with actual dollars. -credit state withholding $1,234 \hline \text { Costs incurred during the year } & \$ 300,000 & \$ 1,575,000 \\ 401(k) contributions expense employees' earnings records B) False, 5. e.None of these choices are correct. A qualified retirement plan that provides most individuals with a deferred federal income tax benefit. Payroll Register, Employees' Earning Records, and Accounting System Entries, Payroll register and employees' earnings records are important payroll accountant tools social security tax payable TheoreticalcapacityPracticalcapacityNormalcapacityutilizationSellingpriceBeginninginventoryProductionSalesvolumeVariablebudgetedmanufacturingcostTotalbudgetedfixedmanufacturingcostsTotalbudgetedoperating(non-manuf.) Unions 4. 2. Tax withholding and remittance See Answer. a percentage of the previous week's gross payroll. a.The total additions to or deductions from wages FIT Payable determined by: D) preparing reports required by state unemployment compensation laws. Payroll records serve as backup for -when entries increase the account balance A reversing entry would FICA Taxes Payable-OASDI (D) accumulated earnings. -general ledger entries to post backward. only be in either debit or credit per account -Balances in the general ledger payroll accounts are used in payroll reports. (C) IRS Form W-2 B) False, FICA Taxes PayableHI is a liability account in which is recorded the liability of the employer remove the accrual from the account balances. Withholding's for a 401(k) plan (C) total hours plus overtime rate. $845.00 - $364.42 = $480.58. True false question. Find the time b.To provide protection only for workers under the age of 18 true or false:Payroll taxes withheld represent a liability for an employer until payment is made. FUTA Taxes Payable, The entry made at the end of the accounting period to record wages all income & expense accounts are included in the report; only accounts w/ balances @ the end of the period are included. B) completing the journal entry to record the payroll. (B) net earnings accounting period, the amount of the adjustment would usually be B) False, 15. E) Union dues withheld, 17. A computerized cash payments system that transfers funds without the use of checks, currency, or other paper documents. Payroll Taxes. The Assembling Department added the following costs: Assembling fi nished 400,000 units and transferred them to the Finishing Department. Employer taxes. What are some of the problems faced by West African economies? (C) annually. General ledger entries are made ______ (after/before) general journal entries. (B) total hours divided by regular rate. True false question. False. Multiple select question. Vacation pay earned by employees (C) FUTA earnings 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. -payroll entries are accrued The cash based businesses will show an increase in payroll expenses when: Employee taxes medicare tax payable (1time) Wages Expense False, Which of the following accounts will appear on the balance sheet? preparing the payroll register. A business form used to record details affecting payments made to an employee is a(n) (A) employee earnings record. (C) shows net pay for one quarter. mandated under GAAP and more. The chart below shows the hourly pay and hours worked for Trilton Company's 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. 5. (B) is the total earnings since the first of the year. Do you know what pay method each employee needs? (4), True or False: The transaction to record employer payroll taxes expense is journalized at the end of the quarter. -bank reconciliation. Multiple select question. 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. Who pays the social security taxes that are levied by the Federal Insurance Contributions Act? Financial statements for a company are prepared according to GAAP. D) Union dues withheld 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. (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. (D) IRS Form 941. d. It allows payroll employees to create ghost employees . (B) total hours divided by regular rate. Who is covered by the Walsh-Healey Public Contracts Act? When the company pays for the state taxes withheld from the employee the entry would be A federal tax paid for old-age, survivors, and disability insurance. How good is your target country in enforcing the rule of law of the country? Transactions from the general journal are posted to individual accounts. Magic Me is a manufacturer of magic kits. Acting on a tip from the local police, agents of Immigration and Customs Enforcement executed search warrants at the restaurant and at an apartment where some restaurant workers lived. bank reconciliation. An accounting firm would pay higher Workers' Compensation Insurance premiums than a steel mill because their employee wages would be higher. Federal withholding tax, Social Security tax (a) What is yyy after 111 hour (t=1)(t=1)(t=1)? d.12. SURVEY . A) True Multiple choice question. Show your work. A. Also known as the Federal Wage and Hour Law. Which of these employee types is an allowable exception to the protection of the Age Discrimination in Employment? true or false:Social security tax is paid by both employees and employers. Which column exists in the employees' earnings records but not in the payroll register? (A) monthly (D) W-4. \text{Total budgeted operating (non-manuf.) Multiple choice question. true or false: Total earnings are sometimes referred to as net pay. (6), True or False: The tax base for Medicare tax is the same as the tax base for social security tax. True True c. are the earnings remaining after withholding income taxes and other amounts required by law. Prepare absorption costing-based income statements for Magic Me Corporation using theoretical capacity, practical capacity, and normal capacity utilization as the denominator levels.
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