payroll register quizlet

Rate of pay 8. Dont take our word for it. select more than one answer. 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. Which financial statements are affected in the year 2022? c. McNamara-O'Hara Service Contract Act A payroll register can also . 54. Although they record much of the same information, payroll journals and payroll registers are not identical. 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. \text{3. Use the following information for Questions 19 - 20: A) The total of the debits must equal the total of the credits. Learn how we can tackle your industry demands together. ls the payroll register used for journalizing the payroll entries? So that the total amount of accumulated wages can be recorded for each pay period thus when the accumulated wages of an employee reaches the cutoff level has been reached. Fair Labor Standards Act Payroll Flashcards | Quizlet Payroll Term 1 / 52 Garnishments are court-ordered amounts that an employer must withhold from an employee's post-tax pay and remit the amount to the appropriate authority. Which report contains employer share tax expenses for a period? Payment of employee salaries.} FIT Payable-liability Employee benefits, flexible administration, business insurance, and retirement plans. C) $12,576. Set up payroll accounts If you haven't already, set up your payroll accounts in your chart of accounts (COA). A) It allows managers to determine the effect of employee labor on departmental profits. Paymentofalong-termnotepayable. 1. It records payroll record on each employee separately. View the full answer. What is the amount of the Social Security tax payable? The Fair Labor Standards Act is commonly known as the Federal Wage and Hour Law. C. Restrictions the employment of child labor. Wages and salaries-Operating expense-debit Besides payroll information, the payroll register contains ________. Oct 27 Wages and salaries payable 226 202,671. Recording Payroll and Payroll Liabilities - Accounting In Focus \text{4. Kipley Company Payroll Register (Continuing Payroll Problem a) - StudyMode date: Oct 27 Wages and salaries expense 522 $298,384. \text{5. A payroll liability can include wages an employee earned but has not yet received, taxes withheld from employees, and other payroll-related costs. The primary journal entry for payroll is the summary-level entry that is compiled from the payroll register, and which is recorded in either the payroll journal or the general ledger. Questions pertaining to religion, gender, national origin, or age are allowed on application forms when these are bonafide occupational qualifications for a job. Calculate regular and overtime pay. Whenever employers withhold taxes and deductions from wages, pay employees or deposit tax payments with government agencies, that information should be simultaneously documented in the payroll register. Under the Consumer Credit Protection Act, what is the maximum percentage that can be deducted from an employee's pay to satisfy a student loan garnishment? C) Because payroll represents a liability and an expense of the business. Payroll Chapter 1 Flashcards | Quizlet Payroll Chapter 1 5.0 (5 reviews) Term 1 / 50 True Click the card to flip Definition 1 / 50 The current minimum wage set by the Fair Labor Standards Act is $7.25 per hour Click the card to flip Flashcards Learn Test Match Created by kittykiss Terms in this set (50) True The higher payroll D) One side of the equation must equal zero. and year-to- date earnings. check mark For a correct answer and double click the box with the question mark to empty the For the entry on January 31, what does the J4 signify? D) Garnishments, Which columns might an employer include to facilitate employer-share payroll tax General 14. What are the main kinds of information contained in a payroll register? C. 40 An employer has computed the following amounts for its employee Mary during a week in January: gross wages $500.00; FICA tax withheld $38.25; federal income tax withholding $67.25; State income tax withholding $20.00; unemployment taxes $24.00; worker compensation insurance $5.00. D) Payroll register Purchase of rent in advance.} Not only will this make it easier for you to pay your taxes and do payroll reconciliation, but it also allows employees to better understand their finances. Discover how easy and intuitive it is to use our solutions. Why is it important to have columns on the payroll register title "Earnings subject to Federal ls the payroll register used in preparing the Form W-2? C) Garnishment What does the Civil Rights Act of 1954 cover? A) It is the fourth entry in the General Journal on that date. Upload your study docs or become a Course Hero member to access this document Continue to access Term Winter Professor N/A Tags Fast, easy, accurate payroll and tax, so you can save time and money. It indicates, "Click to perform a search". A payroll register does not include: Multiple Choice Pay period dates. Which of the following acts prohibits discriminating in hiring, firing, promoting, compensating, or in nay other condition of employment on the basis of race, color, religion, gender, or national origin? Deductions from total earnings 10. How does the FIFO method different from the weighted-average method? 3. 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. & \text{ } & \text{ }\\ At ADP, we are committed to unlocking potential not only in our clients and their businesses, but in our people, our communities and society as a whole. 40. \text{7. 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. 11. Payroll data for the current week are as follows: hours worked, 46; federal income taxwithheld, $110; cumulative earnings for the year prior to this week, $24,500; Social security tax rate, 6% on maximum of $100,000; and Medicare tax rate, 1.5% on all earnings; state unemployment compensation tax, 3.4% on the first $7,000; federal unemployment B) The labor report, C) The statement of owners' equity The company does not provide health insurance, paid vacations, or any other benefits. Payroll-Operating expense-liability Paymentofanaccountpayable. What is general priority order concerning wage attachements. Chapter 11 Payroll Taxes Deposits, and Reports EXERCISE # 9 Indirect labor usage. A) $2,253. Factory overhead excluding indirect materials and indirect labor (record credit to Other Accounts). Paymentofanaccountpayable.15. I never regret investing in this online self-study website and I highly recommend it to anyone looking for a solid approach in accounting." E. 65, Which of the following is not a provision of the Fair Labor Standards Act? 3. 8. the total incomes of the firm and decrease the net income of the firm. Paymentofincometaxes.9. Forbids discrimination in hiring. A) As assets \begin{matrix} Under FLMA, do any states have paid a family leave plan? Once vested, can employees receive a pension at retirement even if they no longer work for that company? C) $1,715. A magnifying glass. B. ERISA requires each employer to establish a pension plan. C) Labor reports Loantoanotherfirm.12. He is the sole author of all the materials on AccountingCoach.com. D) It is a report that becomes published with other financial reports. Jan 19 Wages and salaries payable 226 8,134. ERISA provides for full vesting of the employer's contributions in three years or gradually over six. I firmly believe that the well-organized material provided by the PRO account of AccountingCoach has motivated me to excel during the academic year through the MBA program's working assignments and to be much better prepared for my finals. FUTA tax payable 1,322. Direct materials usage. A) It may be expressed as assets + liabilities = owners' equity. Pre-hire questions pertaining to religion, gender, national origin, or age are allowed if: Which of the following forms is used to notify the Payroll Department to add a new employee to the payroll? Next, click on the Insert Debit/Credit button, enter the first account number ( 12) or click on the pop-up Chart of Accounts icon to display a list for selection. If you have difficulty answering the following questions, learn more about this topic by reading our Payroll Accounting (Explanation). Megan Newell is the owner and operator of Ultima LLC, a motivational consulting business. A. ERISA applies to pension and welfare plans established by any employer engages in commerce. A) Employee earnings record C) Employee pay disbursement and voluntary deduction remittance The payroll register contains ________. 16. ordinance is passed? You need to have a record of how many hours your employees have worked, their gross salary, tax withholdings, and all other deductions. You can think of it as a summary of all the payroll activity during a period. D) The same as the chart of accounts must it do to recognize the liabilities and expenses? 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. What is your sisters total cost under each of the two plans? ADP helps organizations of all types and sizes unlock their potential. & \text{ } & \text{ }\\ The town is considering an ordinance that would prohibit putting Payroll registers include all of the information in a pay period for all employees. Under FLSA, what is the current minimum wage? Federal withholding tax payable 220 $ 50,725. Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer. Access the definitive source for exclusive data-driven insights on todays working world. B) It contains a detailed listing of every transaction during a period. prepare the payroll register enter the information into the employee payroll records prepare paychecks and send them to paymaster for distribution to employees send a copy of the payroll register to Accounts Payable social security taxes income tax withholding payroll deductions in tax: Wages and salaries withholding taxes payable What obligations are imposed upon the employer by the Fair Credit Reporting Act of 1968? e-Services for Business - Employment Development Department A) Both columns contain information about the employer's tax matching responsibilities. Payroll registers show employers just how much money they need to set aside for payroll expenses, such as the following: In the event of an audit, these records of payroll expenses can help make the process as pain-free as possible. \text{8. the health Insurance is qualified under Section 125? It exists in many forms, from manual booklets and ad-hoc registers created in Excel to reports produced by dedicated payroll software. Manage labor costs and compliance with easy time & attendance tools. Its easier to keep accurate payroll records and run reports quickly with payroll software. Payroll Accounting Entries | Financial Accounting - Lumen Learning A(n) ________ is a collection of cash and other items that are used in the operation of the Purchase of treasury stock.} Employee FIT Payable-liability The highest-paid 10 percent of their workforce. February 7 Journalize the employer . How might globalists and traditionalists view cultures, places, and regions differently. 63. File, adjust, and print returns and reports. When the employer pays the employee in 2023 for the vacation earned in 2022, what account will the company debit? e. None of the above. Which of the following represents the missing Social Security and Medicare taxes, assuming that. C) Credit $4, What is the purpose of the Age Discrimination in Employment Act (ADEA)? 13. & \text{ } & \text{ }\\ D) It highlights issues and results of seasonal labor. C. FLSA Take your organization to the next level with tools and resources that help you work smarter, regardless of your businesss size and goals. These computations are shown in the Employee Payroll Register. Legalor equitable procedure by which a protion of the wages of any person must be withheld for payment of a debt. ), What is the total amount of FICA that needs, Earn our Payroll Accounting Certificate of Achievement. Harold Averkamp (CPA, MBA) has worked as a university accounting instructor, accountant, and consultant for more than 25 years. business. C) Employee earnings record Loan to another firm.} Employee SIT Payable-liability \text{13. For fill-in-the-blank questions, press or click on the blank space provided. The holder of any unclaimed property must file a report after a specified sttutory period and then surrender the money to the stte as abandoned property. statement? It is a monthly schedule depositor. Regardless of the format, payroll registers tend to follow the same basic structure. Payroll typically creates an accrued liability for all of the following reasons except Because it is unnecessary to report amounts owed to employees for salaries or wages earned. Loantoanotherfirm. the total expenses of the firm and increase the net income of the firm. & \text{ } & \text{ }\\ How does a payroll accountant keep track of employee's year-to-date earnings for wage bases on taxes like FICA, FUTA, and SUTA? B) It is an individual register maintained for each employee, listing of all the payroll information. The following totals for the month of april were - Course Hero D. ERISA provides that all employees are eligible to set up their own individual retirement accounts. so that the new employee can be properly added to the payroll, Employment application forms are usually discarded when the applicant is hired. The primary journal entry for payroll is the summary-level entry that is compiled from the payroll register, and which is recorded in either the payroll journal or the general ledger. Since Eco Brewers is a monthly schedule 2. Marital status & number of withholding allowances 6. var d=new Date(); document.write(d.getFullYear()); ADP, Inc. Find the package that's right for your business. A) the firm's payroll checking account information expenses are, the higher the profitability will be. A) Medicare tax Accounting questions and answers. a. Walsh-Healey Public Contracts Act 11+ Payroll Register Templates in PDF What does the term "billable time" mean as it pertains to payroll accounting? Paymentofemployeesalaries.2. Quiz 6: Payroll Register, Employee Earning Records, and Accounting Any boxes Left with a question mark will be automatically graded as incorrect.) Free True False Q03 Computing the sum of rows and columns is known by the term Multiple Choice Q04 Where is one place that information from the payroll register would not be transferred? Sale of equipment for cash.} Compute and record the Kipley Company's SUTA and FUTA contributions. Learn more about the senior executives who are leading ADPs business. Read the latest news, stories, insights and tips to help you ignite the power of your people. The other hourly employees receive overtime pay when they work more than 35 hours in one week. B) the total gross pay, deductions, and net pay during the period D) the employee's name, social security number, and address employees' payroll, one for the employer's share of the taxes. 7. C) It is a report designed for external stakeholders. \text{6. Raw materials purchases for cash. Time worked - regular & overtime 7. Employee Earnings Record: What It Is and How to Use It Type the formula, then press Enter. For advanced capabilities, workforce management adds optimized scheduling, labor forecasting/budgeting, attendance policy, leave case management and more. Which basic records are generated in most payroll accounting systems? True, A debit always decreases the balance of an account. Payroll register and employees' earnings records are important payroll accountant tools Tracking of governmental liabilities Yields the data needed for financial reports Provides information for decision-makers about costs and company profitability Accounting system entries record all payroll-related activity Are FICA taxes levied upon employers only? C) It is non-traceable labor that a company must absorb as overhead. A cell phone company offers two different plans. automatically graded as incorrect.) Tap into a wealth of knowledge designed to simplify complex tasks and encourage strategic decisions across key functions. Payroll registers generally are more detailed than payroll journals and include specific information about each employee. McHale Enterprises has the following incomplete General Journal entry for the most recent pay B. C) As expenses Recall that Zachary Fox and Michael Sierra are married, while Calvin Bell and David Alexander . We have credited a liability account for each of the tax amounts. When the firm remits its health insurance premium for this pay date, what is the General Journal Multiple Choice. C) Social Security tax, $746; Medicare tax, $174. Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Elliot Aronson, Robin M. Akert, Samuel R. Sommers, Timothy D. Wilson, Fundamentals of Financial Management, Concise Edition. The primary journal entry for payroll is the summary-level entry that is compiled from the payroll register, and which is recorded in either the payroll journal or the general ledger. Federal Insurance Contribution Act (FICA), Form 941, Employer's Quarterly Federal Tax Return, Form W-3, Transmittal of Wage and Tax Statements, Applicable pay rates (regular or overtime), Review outgoing costs, either per employee or for the entire organization, Track employee deductions and tax withholding amounts, Reconcile payroll expenses to the general ledger, Record and track employee leave time, such as sick, vacation and paid time off (PTO), Validate direct deposit transactions and employer contributions to deferred compensation plans, such as a, Federal income taxes withheld from employee wages, State and local income taxes withheld from employee wages (if applicable), Federal unemployment taxes payable by the employer, State unemployment taxes payable by the employer, State unemployment taxes withheld from employee wages (if applicable), Benefits and other voluntary deductions from employee wages, Employer contributions to benefits and retirement savings plans. Payment of income taxes.} How are employees who do not have bank accounts paid by an employer who uses an electronic fundstransfer system for payroll. Social Security tax payable 221 10,517. mark to empty the box For a wrong answer. 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. Compute and record the employee's SUTA contributions. What entry should appear in the General Ledger to reflect the How does a debit balance in the wages and salaries expense account affect a firm's income What is a payroll register? | Heartland FUTA Taxes Payable-liability True False. D) Because payroll represents a liability and an expense of the business. Saleofequipmentforanotereceivable. B) Social Security tax, $792; Medicare tax, $204. Q08. Medicare tax payable 222 ??? Does every state have both federal and state unemployment laws? Protest Unemployment Insurance benefit charges or rates. 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.