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? Prior year's earnings < Prev 18 of 40 . Employers can exempt the following employees from the Family and Medical Leave Act. A) It is a list of all persons and companies that the company pays money during a period. How will payroll deductions from employees wages for their portion of 401K plans be recorded? B) Payroll register Employee SIT Payable-liability In January 2023 an employer remits the state unemployment tax that pertains to its employees' wages for the final three months of 2022. A) It allows managers to determine the effect of employee labor on departmental profits. Sale of equipment for cash.} lf both federal and state regulations cover minimum wages for the same employee, is the federal rate always used for the minimum wage? Which basic records are generated in most payroll accounting systems? When the firm remits its health insurance premium for this pay date, what is the General Journal B) The income statement In Philadelphia, Pennsylvania, most workers are subject to three income taxes upon their earnings - federal state and city. There may be an accrued wages entry that is recorded at the end of each accounting period, and which is intended to record the amount of wages owed to employees but not yet paid. Most office supply stores also carry books that are formatted specifically to record payroll information. DATE DESCRIPTION POST REF. D) The transaction appears on page four of the General Journal. Purchase of treasury stock.} U.S. government T-bills account for 45%45 \%45% of the portfolio, large-company stocks constitute another 40%40 \%40%, and small-company stocks make up the remaining 15%15 \%15%. 64. Which of the following is NOT part of the social security program? posted an additional $4,390 on its October 31 pay date. 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. Make payments. Switching payroll service providers made easy. True, Besides containing the supporting data for periodic tax reports, the employee earnings record B) Debit $4, 53. D) It adds complexity to the payroll register. 4. Compute and record the Kipley Company's SUTA and FUTA contributions. Under FMLA, may employers exempt the highest paid 10 percent of the workforce? 18 B) It is an individual register maintained for each employee, listing of all the payroll information. Payroll registers also provide aggregate employee information at a glance, which can be helpful when depositing tax payments, filing tax returns and performing other basic accounting tasks. CH2 Payroll Acounting CHAPTER 2 Learning Objectives After studying this chapter, students should be able to: 1. \text{10. 221 Which of the following steps should be taken by the Human Resources Department when hiring new employees? 21 Any boxes left with a question mark will be automatically graded as Employers also use it to: While all of these functions can be accomplished manually, dedicated payroll software provides information at the click of a button, making reporting fast and simple. 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. A) Both columns contain information about the employer's tax matching responsibilities. select more than one answer. Vacaction Benefits Payable- liability. 401(k) contributions $ 1,115. True, Employee earnings records form the link between accounting and the human resources 6. Social Security tax payable 221 10,517. All earnings are taxable. C) Garnishment A company may occasionally print manual paychecks to employees, either because of pay adjustments or employment terminations. b. D) Transcribing Payroll Register This is the first task to completing Olney Company's payroll register. C) It should disburse the accrued pay to the employees. Q08. Your portfolio has three asset classes. Using the payroll registers, complete the General Journal entries as follows: February 7 Journalize the employee pay. B) It is always expressed as assets = liabilities - owners' equity. Period covered by the payroll and the pay date. 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. & \text{ } & \text{ }\\ File, adjust, and print returns and reports. Multiple Choice. < Prey 18 of 40 Pay period dates. D. 50 Single click the box with the question mark to produce a check, In the following payroll transaction, what is the amount of the net pay? Direct materials usage. Q09. How does a payroll accountant keep track of employee's year-to-date earnings for wage bases on taxes like FICA, FUTA, and SUTA? Wages and salaries payable 226 117,334. Jun 23 Wages and. Single click the box with the question mark to produce a check mark for a correct Which of the following is true about the fundamental accounting equation? What is the amount of the Social Security tax payable? B) A debit balance will increase the expenses of the firm's income statement. The payroll register lists all the employees who earned remuneration, the amount of remuneration, the deductions, and the net amount paid. Purchaseoftreasurystock.14. Jan 31 J4 420 1, What is your sisters total cost under each of the two plans? E. 65, Which of the following is not a provision of the Fair Labor Standards Act? Record the regular hours and the overtime hours worked for each employee, using the time clerk's report as your reference. C. 40 E. All of the above are provisions of ERISA. 4. False. 10. Calculate regular and overtime pay. Health Insurance Premiums Collected-liability 15. Enter the debit amount to clear the existing credit to Payroll Cash from the first journal entry above. Type the formula, then press Enter. 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? A. ERISA applies to pension and welfare plans established by any employer engages in commerce. Which act sets the minimum wage, and what is the current wage rate? & \text{ } & \text{ }\\ At ADP, we say that were Always Designing for People, starting with our own. Who is covered by the Walsh-Healey Public Contract Act? A) It is the fourth entry in the General Journal on that date. For advanced capabilities, workforce management adds optimized scheduling, labor forecasting/budgeting, attendance policy, leave case management and more. Complete the steps outlined below: 1. D) $1,875. C. FLSA Plan A costs $80 per month for unlimited talk and text. How to do payroll accounting: 7 steps At first glance, payroll accounting can be scary. The higher payroll \ He is the sole author of all the materials on AccountingCoach.com. A) By order of importance Cash 101 202,671. What is the role of enhancing qualities in the conceptual framework? 3. C) Both documents contain information from multiple pay periods. \text{5. Saleofequipmentforanotereceivable. These details include the employee id number, the department they belong, their job profile, etc. Safe-guards your retirement plans *not required to have a pension plan. 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. A) the firm's payroll checking account information How does a debit balance in the wages and salaries expense account affect a firm's income 60. Wages and salaries payable 226 202,671. Accounting questions and answers. Single click the box with the question The payroll register of any firm needs to have specific details on every employee. You need to have a record of how many hours your employees have worked, their gross salary, tax withholdings, and all other deductions. Forbids discrimination in hiring. A payroll register is a valuable tool that records employee wage information for each pay period and pay date. Chapter 6: Analyzing and Journalizing Payroll, , , AP Lang - Television: The Plug-In Drug (T/V), Don Herrmann, J. David Spiceland, Wayne Thomas, Fundamentals of Financial Management, Concise Edition, Alvin A Arens, Mark A Beasley, Randal J Elder, National Association for the Advancement of Colored People. 1. B) Equity Does FLSA say how often employees need to be paid? Which of the following records lists all employees who earn remuneration, the amount of remuneration, the deductions, and the net amount paid for each payroll period? B) The account appears fourth in the list of liability accounts. & \text{ } & \text{ }\\ \end{matrix} Its easier to keep accurate payroll records and run reports quickly with payroll software. The following data is for the January 19 pay date for Waryzbok Inc.: Jan 19 Wages and salaries. 57. Employers use the employee's earnings record in preparing ___. 4. \text{8. Issuanceofbonds.11. For the entry on January 31, what does the J4 signify? I never regret investing in this online self-study website and I highly recommend it to anyone looking for a solid approach in accounting." 1. 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. 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? ADP and the ADP logo are registered trademarks of ADP, Inc. All other marks are the property of their respective owners. Jan 19 Wages and salaries payable 226 8,134. What does the term "billable time" mean as it pertains to payroll accounting? On October 15, Eco Brewers had a balance of $4,390 in its Social Security tax payable account. How do accrued, but not paid, wages appear on the balance sheet? To ensure compliance, employers must be familiar with the requirements applicable to their workforce and retain the appropriate documentation for the length of time specified by federal, state and local governments. total What is the amount of the 401(k) contributions for the pay date? The primary payroll journal entry is for the initial recordation of a payroll. What special accounts must usually be opened in the general ledger to record payroll tax entries? Legalor equitable procedure by which a protion of the wages of any person must be withheld for payment of a debt. C. All employees under the age of 30. 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? You can enter a formula into a cell manually (typing it in) or by pointing to the cells. ADP is a better way to work for you and your employees, so everyone can reach their full potential. expense 522 $ 12,987. This account would be credited for the amount paid. account: ACCOUNT Federal withholding tax payable ACCOUNT NO. The information in the payroll register forms the basis for entries in the Employee Earnings Records and the General Journal. A payroll register does not include: Multiple Choice Pay period dates. Chapter 7 quiz - the payroll register, employees' earning record, and accounting system entries. C) Social Security tax, $746; Medicare tax, $174. Wages Payable-liability Book the entry on the date paychecks are distributed. Union Dues payable 227 4,683. C) It must remain in balance at all times. At ADP, security is integral to our products, our business processes and our infrastructure. Which of the following is true of employee's earnings record? The agreement also states that the two weeks of vacation shall be taken any time in 2023 and the amount paid will be 80 hours multiplied by the employee's rate of pay at December 31, 2022. the health Insurance is qualified under Section 125? There will also be credits to a number of accounts, each one detailing the liability for payroll taxes that have not been paid, as well as for the amount of cash already paid to employees for their net pay. What is the term for transferring data from the General Journal to the General Ledger? date: Oct 27 Wages and salaries expense 522 $298,384. The company does not provide health insurance, paid vacations, or any other benefits. How does the payroll register connect with the employees' earnings records? 3. Union Dues Payable-liability Federal withholding tax payable 220 399,472. DEBIT CREDIT DEBIT CREDIT B. There will also be credits to a number of . Type an equals sign (=) to signal the fact that the cell contains a formula. A) Worker's Compensation May 14 Wages and salaries payable 226 117,334. The W-2 provides all of the information required by the Affordable Care Act. It's useful for record-keeping in a business and has legal implications if not kept correctly.. A summary of all payroll activity is an excellent way to look at the payroll register report. General Journal entry to record this transaction? (review sheet 4), Leadership class , week 3 executive summary, I am doing my essay on the Ted Talk titaled How One Photo Captured a Humanitie Crisis https, School-Plan - School Plan of San Juan Integrated School, SEC-502-RS-Dispositions Self-Assessment Survey T3 (1), Techniques DE Separation ET Analyse EN Biochimi 1, The purpose of the net pay and check number columns in the payroll register is to verify Purchaseofrentinadvance. 62. B) By dollar amount Set up payroll accounts If you haven't already, set up your payroll accounts in your chart of accounts (COA). Most firms are now using a standard reference inquiry form, supplied by the IRS, If an investigative consumer report is being checked, the job applicant must be notified in writing by the employer that such a report is being sought, There are no states that allow employees to access their personnel files, The payroll register is a separate payroll record that is kept on each employee, A payroll register lists all employees who have earned remuneration, the amount of remuneration, the deductions, and the net amount paid for each pay period, The amounts needed for the payroll entries in the journal come from the employee's earnings record, The trend toward outsourcing of payroll operations has weakened in recent years. The employees gross wages for the past week are. A payroll liability can include wages an employee earned but has not yet received, taxes withheld from employees, and other payroll-related costs. c. McNamara-O'Hara Service Contract Act Want more exclusive business insights like this delivered to your inbox? Get exclusive business insights delivered straight to your inbox. 65. The key types of payroll journal entries are noted below. & \text{ } & \text{ }\\ D) Social Security tax, $188; Medicare tax, $805. B. Paymentofanaccountpayable.15. B. ERISA requires each employer to establish a pension plan. A) $2,253. For each transaction, indicate by letter whether the cash effect of each transaction is reported in a statement of cash flows as an operating (O), investing (I), financing (F), or noncash (NC) activity. Zipperle Company has the following payroll information for the pay period ending September 18, Rushing River Boats has the following data in its Social Security tax payable General Ledger A) Both documents contain year-to-date totals of taxes. Any boxes left with a The payroll register contains ________. The other hourly employees receive overtime pay when they work more than 35 hours in one week. Paymentofanaccountpayable. c. More than five have large-screen TVs? must it do to recognize the liabilities and expenses? Because of the amount of sensitive information included in the payroll register, access tends to be limited only to those authorized within a company, such as the payroll manager. & \text{ } & \text{ }\\ D. ERISA provides that all employees are eligible to set up their own individual retirement accounts. C) It must pay its employees for the wages earned as of that date. D) General journal numbers Total Earnings 9. Identify distinctive compensation plans. Didier and Sons had the following employer's share payroll tax general journal entry for the May The Fair Labor Standards Act is commonly known as the Federal Wage and Hour Law. D) The balance sheet 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. Fast, easy, accurate payroll and tax, so you can save time and money. & \text{O} & \text{CO}\\ C. National Origin Time worked - regular & overtime 7. D. Requires equal pay for equal work, regardless of gender. A payroll register can also . B) Both documents contain information about the employee's address and job title. This sort of regular data-entry routine, when strictly adhered to, can help ensure accurate payroll records. D) It may contain whatever accounts the accountant wishes to include. Transfer of finished jobs to the finished goods inventory. Health Insurance payable 224 8,375. Under FLSA, what is the current minimum wage? An employee worked the entire year of 2022 and earned two weeks of vacation as specified in the company's labor agreement. B) the total gross pay, deductions, and net pay during the period 41. \text{6. e. None of the above. Once vested, can employees receive a pension at retirement even if they no longer work for that company? 56. Listed below are several transactions. 2. Which of the following represents the missing Social Security and Medicare taxes, assuming that. For fill-in-the-blank questions, press or click on the blank space provided. Collectionofanaccountreceivable. It offers practical information concerning the subject matter and is provided with the understanding that ADP is not rendering legal or tax advice or other professional services. Oct 27 Wages and salaries payable 226 202,671. From best practices to advice and HR consulting. This will increase Purchaseofinventory. below deck mediterranean 2022 cast. Workers' Commpensation Insurance Expense-Operating expense Paymentofemployeesalaries.OCO2. 30. False - also needs to be a reasonable amount. Saleofequipmentforanotereceivable.10. 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 C) Earnings subject to FICA tax Is it neccessary for an employer who is subject to FICA and FUTA taxes to keep a separate expense account for the taxes under each act? & \text{ } & \text{ }\\ This information is also reflected in summary level entries in the businesss general ledger. D) Form 941 Which of the following is an example of a trade association?
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