Which of the following are true about the general ledger? (C) FUTA earnings -property tax audit. A federal tax paid for hospital insurance. 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. False. 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. -payroll entries are accrued bank reconciliation. B) Payroll Taxes- Cash C) a creditor garnishment (A) IRS Form W-4 and an employee earnings record? create the need for more entries. -Employee supervisor True all income & expense accounts are included in the report; only accounts w/ balances @ the end of the period are included. Did you update the employees' earning records? D) 53.70 Did you transmit remittances for the mandatory and voluntary deductions? Have you computed their payroll taxes properly? Credit Protection Act. \text{Normal capacity utilization} & \text{232.558} & \text{units}\\ management/department heads 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. Assume an initial starting FtF_tFt of 300 units, a trend (Tt)\left(T_t\right)(Tt) of eight units, an alpha of 0.300.300.30, and a delta of 0.400.400.40. c.The Civil Rights Act of 1964 -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? The amount that an employee is allowed to keep as take-home pay when a federal tax levy is in play is: Cash, When recording the deposit of FUTA taxes owed, the proper entry is: . Wages and taxes payable, Labor reports would be provided to: A debit to the employees' FIT payable account removes the liability for the amount of federal income taxes withheld from employees' wages. 2. FICA Taxes Payable - OASDI $1,534.78 -bring the accountant to the next entry in the general ledger. d. are required when the fiscal accounting period does not coincide with the end of the payroll period. b. variable, depending upon county that the levy originates. 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. Did you journalize and post the employer's share transactions? B) Payroll Taxes- Cash a. Employee Income Tax Payable For each choice of denominator level, the budgeted production cost per unit is also the cost per unit of beginning inventory. B) False, Net pay" is sometimes known as "take-home" pay. In other terms, a payroll . -when payday is after the end of the month. A reversing entry would B) FICA tax--HI (B) is the total earnings since the first of the year. Employee payments 12-3 Preparing Payroll Records Flashcards | Quizlet It uses absorption costing based on standard costs and reports the following data for 2017: Theoreticalcapacity300unitsPracticalcapacity279.070unitsNormalcapacityutilization232.558unitsSellingprice$50perunitBeginninginventory40.000unitsProduction240.000unitsSalesvolume260.000unitsVariablebudgetedmanufacturingcost$10perunitTotalbudgetedfixedmanufacturingcosts$3.000.000Totalbudgetedoperating(non-manuf.) journal entry and page number. True. A debit to an account in a general journal transaction is a debit to that account in the general ledger In accrual accounting, there may also be end-of-period entries to accrue for payroll earned by the employees. (B) during the month following each calendar quarter. c. What is the percent of definitely responses in each age group? B) False, 29. Multiple select question. A qualified retirement plan sponsored by an employer. -journal entries to post to unknown accounts (B) net earnings would be reduced by every transaction 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. Entering the payroll journal entry. The project began in 2021 and was completed in 2022. (C) a memorandum. Past-DueCategoryAccountsReceivableTotalPercentageUncollectible0-30days$22,4806%31-90days36,54017%Over90days15,33025%\begin{array}{c} true or false: When an employee's earnings exceed the tax base, no more social security tax is deducted. (5), True or False: Each employer is required by law to periodically report the payroll taxes withheld from employee salaries. 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? a.They must disclose to the job applicant that they are seeking an investigative report. Which of the following does not describe a purpose of the employee's earnings records? A) True SURVEY . c. affect the cash account. d. under ERISA, must withhold pension and retirement benefits before any other deduction. employees' earnings records Payments for payroll regulation courses Multiple choice question. adjusted in the next month. -billable and nonbillable time Multiple choice question. would be used for reporting, only be in either debit or credit per account debit to expense, credit to liability. Multiple select question. What is the original entry point for payroll information into the accounting system? When recording the deposit of FUTA taxes owed, the proper entry is: Garnishments Question 1: Why would you enter "N/A" on the line for federal withholding allowances on an employee earnings record? True -alphabetical. Medicare tax would be used for reporting, All of the following are examples of payroll liabilities except: accrual accounting earnings Apart from recording of payroll and payment to employees, what other payroll related journal entries would be recorded? -bank reconciliation. Yields the data needed for financial reports Tipped employee. unemployment tax payable-federal(multiply salary expense by .8%) Accounting reports provide managers with insights into company profitability and stability. Payment of voluntary withholdings, True or false: The general ledger is the point where information gets entered into the accounting system database. A) True Payments to sales taxing authorities -employees earn wages \text{Variable budgeted manufacturing cost} & \text{\$ 10} & \text{per unit}\\ See Answer. incurs as an expense each payday? Multiple choice question. Prepare a production cost report using the weighted-average method. 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. Employee regular earnings are calculated as ____. a.To prepare period reports and complete Form W-2 for each employee. (2), True or False: Employer payroll taxes are business expenses. Suppose the learning rate is assets, liabilities, equity. (D) IRS Form W-3. d. companies are allowed to automatically enroll employees in the company's retirement plan. debit to cash, credit to liability. 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? Company viability depends on expense control, form the link between the accounting and the human resource departments. reversed in the next month. D) Salaries Payable B) False, At the time of depositing FICA taxes and employees' federal income taxes, the account FICA (D) IRS Form 941. Actual operating costs equal budgeted operating costs. FICA Taxes Wages and cash expenses 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. The total earnings subject to federal unemployment tax is referred to as: other garnishment.. & 2021 & 2022 \\ A) True Did you prepare tax deposits and have them checked for accuracy? Deductions from gross pay in the payroll register are reflected on the credit side of the journal entry to record the payroll. -chronological. An accounting firm would pay higher Workers' Compensation Insurance premiums than a steel mill because their employee wages would be higher. Multiple choice question. B) using the same amounts as the prior month's adjustment. pay cards. preparing the payroll register. (B) an expense account How are the funds used which are provided by FUTA and SUTA? -Transactions in general ledger accounts are the source for general journal entries. -Employee contributes to United Way Which of the following accounts would appear on the balance sheet? 7. (A) a check. SUTA Taxes Payable $383.69 \text{Theoretical capacity} & \text{300} & \text{units}\\ A) True They must pay the employees with actual dollars. 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 B) $161.10 E) a child support order, 15. salaries and wages expense. Using an automated entry, the payroll accountant would record transactions through The cash based businesses will show an increase in payroll expenses when: Federal withholding tax, Which of the following are reversed as part of the payroll adjustment process? (B) a receipt. Salaries and Wages Expense Medicare tax Show your work. b.The payroll period bring the accountant to the related entry in the general journal. C) using the wages of the salaried workers only. When using the equity method of accounting, when is revenue recorded on the books of the investor company? Federal income tax is withheld from employee earnings (A) only in those states electing to do so. 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? Experts are tested by Chegg as specialists in their subject area. What is always true about the general ledger? true or false:Payroll taxes withheld represent a liability for an employer until payment is made. Lowest 7 percent. costs(allfixed)300279.070232.558$5040.000240.000260.000$10$3.000.000$500.000unitsunitsunitsperunitunitsunitsunitsperunit. (D) none of these. computer backup. with the Form 940 reconciliation at the end of the year. Take-home pay minus weekly standard deduction and exemptions = federal tax levy garnishment. The balances in the General Ledger accounts form the foundation of financial reports. 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. Do you know much each employee should be paid? Employee Earnings Record. (4), True or False: Form W-2 reports an employee's annual earnings and the withholdings for federal income, social security, and Medicare taxes. Owners' Equity Under the FLSA, what information concerning employees' wages must be maintained by the employer? c. must pay federal tax levies before any other deduction. The payment of payroll taxes to the government is referred to as a Employee regular earnings are calculated as (A) regular hours times regular rate. treasurer, the account Union Dues Payable is debited. -include all descriptions in the general journal. 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? Which of these accounts shows the total gross earnings that the employer incurs as an expense each payday? true or false: A business is required by law to withhold certain payroll taxes from employee salaries. Taxes Payable is credited for the total taxes owed (FICA, FUTA, and SUTA). 9. The state lottery offers you the following (after-tax) payout options: Option#1:$12,000,000afterfiveyearsOption#2:$2,150,000peryearforfiveyearsOption#3:$10,000,000afterthreeyears\begin{array}{lll} b. d.None of these choices are correct. A) FUTA Tax Expense-Cash d. union dues. Tax withholding and remittance the master document accountants use to track employees' marital status, deductions (mandatory, voluntary, and mandated), and year-to-date earnings A) collecting the timesheets for the days accrued. 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%). Highest 10 percent b. C) SUTA Taxes Payable Payments to sales taxing authorities 1 general ledger posting. Employees' Earnings Records serve as an audit trail. Payroll Chapter 1 Matching Flashcards | Quizlet (B) total hours divided by regular rate. Unions Payroll Accounting 2018 CH 7 Flashcards | Quizlet (D) tax fulfillment. Revenue 100 terms. when payday is after the end of the month. mandated under GAAP The total amount earned by all employees for a pay period is a ____. (B) is the total earnings since the first of the year. The Assembling Department added the following costs: Assembling fi nished 400,000 units and transferred them to the Finishing Department. true or false: The larger the number of withholding allowances claimed, the larger the amount of income tax withheld. Wages Expense is debited and Cash is credited. payroll report interface. An employer will use the payroll register to keep track of an employee's accumulated wages. The financial investment and any accumulated profits or losses of the owner of a firm. In many payroll systems: Withholding's for a 401(k) plan determined by: Multiple choice question. -tax deposits. C) Payroll Taxes- FUTA Taxes Payable social security tax payable -when managers want to pay employees later. a.Employees over the age of 40 who have held high policymaking positions during the two-year period prior to retirement A) Garnishment for child support payments 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. Entering the transactions in the general ledger. -debit state withholding $1,234, The second set of debit and credit balances in a general ledger will: nonqualified pre-tax insurance; retirement plan. CostsincurredduringtheyearEstimatedcoststocompleteasof12/31BillingsduringtheyearCashcollectionsduringtheyear2021$300,0001,200,000380,000250,0002022$1,575,00001,620,0001,750,000. employee income tax payable Multiple choice question. unnecessary under GAAP \text{Over 90 days}&\text{\hspace{5pt}15,330}&\text{25\\\%}\\ True A deduction from total earnings for each person legally supported by a taxpayer, including the employee. Compare taxes with other companies You may assume that f(0)=0f(0)=0f(0)=0. What is f(x)f(x)f(x) ? 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. B) completing the journal entry to record the payroll. ACC 301 - Chapter 14 "Stockholders' Equity", Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Fundamentals of Financial Management, Concise Edition, Don Herrmann, J. David Spiceland, Wayne Thomas, Lecture 7 - biological basis of language Part. a. voluntary contributions to IRAs are no longer allowed in an employee retirement plan. (C) deposit. A) $107.40 c. to aid in completion of year-end informational returns, such as W-2s. (A) W-2 Employers are required to furnish each employee with an annual statement of earnings and withholdings before: 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. a percentage of the previous week's gross payroll. c. is used to record Workers' Compensation premiums paid by the employee. \text { Cash collections during the year } & 250,000 & 1,750,000 4. What changes should be included in the employee earnings record? a. Since you plan to conduct business in the target country, you should be concerned about transparency of political institutions and judiciary. withheld and the other payroll deductions in effect before the tax levy was received. The contribution margin from the additional sales of 100% juices would be$90,000. Multiple select question. costs (all fixed)} & \text{\$ 500.000}\\ Reconcile the difference in operating income based on theoretical capacity and practical capacity with the difference in fixed manufacturing overhead included in inventory. A credit increases which of the following types of accounts? (A) social security tax. Multiple choice question. Entering the transactions in the general journal. b. the Payroll Manager is required by the Social Security Administration to e-verify in duplicate all the employees' social security numbers. E) a percentage of the previous week's net payroll. \text { Estimated costs to complete as of } 12 / 31 & 1,200,000 & -0- \\ Study with Quizlet and memorize flashcards containing terms like How can the information shown in the employees' earnings record be used? E) FUTA Tax Expense- FUTA Taxes Payable, 19. B) False, 5. (C) gross earnings. A) True Define the process of "posting." Which law governs the fiduciary responsibility that employers have with regards to employees' payroll deductions? How good is your target country in enforcing the rule of law of the country? The average daily pay for Tortuga Travel's employees = $589. A fundamental concept in accounting is the _____ ____ , which must remain balanced. 401(k) contributions expense expensed in the next month. Cash Tipton and Seferi were charged with hiring and harboring undocumented aliens. Multiple choice question. Who is covered by the Walsh-Healey Public Contracts Act? c.Employees who earn more than $44,000 per year (B) Form 941 -per employee wage reporting MASTERING CORRECTION OF ACCOUNTING ERRORS TES, Totalbudgetedoperating(non-manuf.) Which of the following taxes would be included in the employer related payroll entry? Wages Expense double payroll account balances. False, A ____ ____ report proves the equality of debits and credits. Payroll Mod 14 Flashcards | Quizlet C. Wages Payable Hintley Duck Blinds Ltd received a federal tax levy garnishment for their marketing manager, Joanna Mallard, in the amount of $8,523.25. costs(allfixed)$500.000\begin{matrix} Multiple choice question. (A) monthly Multiple choice question. disposable earnings. A) True Which column exists in the employees' earnings records but not in the payroll register? Over the three years that you have owned the stock, the corporation's board of directors have taken the following actions: Congratulations! The reversal of General Journal entries is used to represent accrued employer payroll ____ and ____ at the end of the prior month. purchasing managers determining when the accumulated wages of an employee reach cutoff levels. 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? What is always true about the General Ledger? Blank between entries -when new entries reduce the account balance Multiple select question. T F, When union dues that have been withheld from employees' wages are turned over to the union Medicare tax \\\hline Missed Exam ?'s. You have won a state lottery. Individual payroll checks are usually written on a(n) (A) company's regular checking account. d.The Civil Rights Act of 1964 sets the minimum wage and the current minimum wage rate is $7.50 per hour. FICA Taxes Payable-HI. d. the Payroll Manager is required by the IRS to submit the electronic records for verification. 3. He is paid time-and-a-half for hours over 40 and his pay rate is $17.90/hour. and more. (D) overtime hours minus overtime rate. d. a determination made by the IRS and sent to the employee on a Form 668-W. c. his/her applicable annual standard deduction based on marital status plus the number of exemptions claimed on Form 668-W. chap. 7 practice Flashcards | Quizlet It can use the machine to produce 12 oz. a percentage of the previous week's gross payroll. b. are the part of the paycheck used to pay taxes. May be used to re-create payroll data in the event of computer failure or a catastrophic event Why is it important for a firm to use both a payroll register (1), True of False, Multiple Choice, and Journalizing, True or False: The payroll register provides all the payroll information needed to prepare a payroll. \end{array} It adds complexity to the personnel recordkeeping. - The date of the transaction is attached. salaries and wages expense. a.The employer Cash A payroll method in which the employee does not handle the paycheck; payment is made by the employer directly to the employee's bank using EFT. What changes should be included in the employee earnings record? Multiple select question. A computerized cash payments system that transfers funds without the use of checks, currency, or other paper documents. Did you have the returns checked for accuracy? In each pay period, the payroll information for each employee is recorded on his or her employee earnings record. Direct deposit of paychecks can be forced on employees in every state. Solved Question 1: Why would you enter "N/A" on the line for - Chegg Multiple choice question. Payroll Register, Employees' Earning Records, and Accounting System Entries, Payroll register and employees' earnings records are important payroll accountant tools using the wages of the salaried workers only. c.The Federal Unemployment Tax Act sets the minimum wage and the current minimum wage rate is $7.25 per hour. remove the accrual from the account balances. Amounts withheld from employees' wages for health insurance are credited to a liability account. true or false:Qualified retirement plans are approved by an act of Congress. (D) none of these. The payroll register is used by employers in completing Forms W-2.
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