payroll register quizlet

For fill-in-the-blank questions, press or click on the blank space provided. D) The same as the chart of accounts C) Both documents contain information from multiple pay periods. The accrual entry, as shown next, is simpler than the comprehensive payroll entry already shown, because you typically clump all payroll taxes into a single expense account and offsetting liability account. You need to have a record of how many hours your employees have worked, their gross salary, tax withholdings, and all other deductions. 4. 40. This will increase Continuing Payroll Problem-B OLNEY COMPANY, INC. When the firm remits its health insurance premium for this pay date, what is the General Journal \ 8. Kipley Company Payroll Register (Continuing Payroll Problem a) - StudyMode Fair Labor Standards Act B) the total gross pay, deductions, and net pay during the period 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. Discover a wealth of knowledge to help you tackle payroll, HR and benefits, and compliance. A payroll register lists all basic information related to employee take-home pay. ADP hires in over 26 countries around the world for a variety of amazing careers. May criminal background checks be used by all employers for any person? What is The balance in the account? C. FLSA A) A debit balance will increase the expenses of the firm's income statement. 29. 8. False, Two complete payroll-related General Journal entries are recorded each pay period: one for the These computations are shown in the Employee Payroll Register. 58. & \text{ } & \text{ }\\ Color Solved Required: Complete the payroll register for this pay - Chegg Social Security tax $ 1,670. a. Walsh-Healey Public Contracts Act under the Civil Rights Act of 1964, the U.S. Government is classified as an exempt employer. Set up payroll accounts If you haven't already, set up your payroll accounts in your chart of accounts (COA). Employees with less than a five year tenure of employment. 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? Gross pay and net pay. Which of the following is not a provision of FLSA? expense 522 $ 182,930. 401(k) contributions payable 223 ??? 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. Marital status & number of withholding allowances 6. automatically graded as incorrect.) C) It is a report designed for external stakeholders. 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. A) It is the fourth entry in the General Journal on that date. Indirect materials usage. incorrect.) Paymentofemployeesalaries.2. C) It allows payroll employees to divert funds into faux accounts. & \text{ } & \text{ }\\ Are FICA taxes levied upon employers only? Jan 31 J4 420 1, Payroll Accounting - 12-04 Short Version - Cengage B. With e-Services for Business, you can: Register, close, or re-open an employer payroll tax account. D) Because payroll represents a liability and an expense of the business. e-Services for Business - Employment Development Department Entitled to retirement program even if you're no longer working there. Wages and salaries payable 226 117,334. FICA Taxes payable-HI-liability Make payments. General Journal entry to record this transaction? Legalor equitable procedure by which a protion of the wages of any person must be withheld for payment of a debt. 3. Requirements: 1. Issuance of bonds.} Garnishment $ 450. 3. A payroll register is tool that records wage payment information about each employee gross pay, deductions, tax withholding, net pay and other payroll-related information for each pay period and pay date. The Federal Insurance Contribution Act, the Medicare portion of the tax is only paid by the employer. Which of the following is an example of a trade association? DEBIT CREDIT DEBIT CREDIT Paymentofalong-termnotepayable. 5. All rights reserved.AccountingCoach is a registered trademark. Are employers required to keep a photocopy of the l-9 form? Your sister currently uses 1,700 minutes and sends 1,600 texts each month. The employers total expense for Marys employment during the week is. C. National Origin What are the General Journal entries that should appear on each pay date? What is your sisters total cost under each of the two plans? 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 41. It Payroll-Operating expense-liability Saleofequipmentforanotereceivable. D) Employee pay recording and employer share payroll taxes recording Direct materials usage. the total incomes of the firm and decrease the net income of the firm. - Michalis M. FICA (FICA is the acronym for Federal Insurance Contribution Act. All nine have large-screen TVs? Protection under the provisions of the Age Discrimination in Employment Act begins at what age? What is the amount of the Social Security tax payable? D) Debit $8. BALANCE DATE DESCRIPTION POST REF. Chapter 11 Payroll Taxes Deposits, and Reports EXERCISE # 9 Rate of pay 8. Executive employees who are 65 years or older and have high policymaking positions during the two-year period prior to retirement. Saleoflandforcash.3. B) Gross pay Health Insurance $ 950. Another important step in maintaining a payroll register is to perform audits. & \text{ } & \text{ }\\ (Solved) - Payroll Register This is the first task to - Transtutors Safe-guards your retirement plans *not required to have a pension plan. \text{7. What are the enhancing qualities of the qualitative characteristics? 2. Attend webinars or find out where and when we can connect at in-person events. B) The labor report, C) The statement of owners' equity Payroll Accounting Entries | Financial Accounting - Lumen Learning Discover how easy and intuitive it is to use our solutions. Once vested, can employees receive a pension at retirement even if they no longer work for that company? This entry usually includes debits for the direct labor expense, salaries, and the company's portion of payroll taxes. Cash 101 202,671. D) Federal withholding tax payable 220 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. This entry may be avoided if the amount is immaterial. Payroll registers are typically a series ofsimple charts (one for each employee during a given pay period) that include such information as: Note that payroll recordkeeping laws differ across jurisdictions. HOURS WORKED Jeremy Ortiz is an employee of Insulor Flooring, where his job responsibilities include selling service contracts to customers. DATE DESCRIPTION POST REF. D) It is a report designed to be read by parties external to the firm. 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. ADP helps organizations of all types and sizes unlock their potential. Collectionofnotesreceivable. expenses are, the lower the profitability will be. C) Employee earnings record ERISA provides for full vesting of the employer's contributions in three years or gradually over six. A payroll liability can include wages an employee earned but has not yet received, taxes withheld from employees, and other payroll-related costs. Does FLSA require the employer to display a poster with the FLSA rules? A) Debit R. Sanders Capital, $250,000; Credit Cash, $250, How is information that is usually on a paper stub given to an employee if the employer is using electronic paystubs. incomes are, the higher the profitability will be. ls Form l-9 completed only by employees born in outside of the USA? Rushing River Boats has the following data in its Social Security tax payable General Ledger E. All of the above are provisions of ERISA. B) Total overtime earnings B) It contains a detailed listing of every transaction during a period. Zipperle Company has the following payroll information for the pay period ending September 18, Whether you operate in multiple countries or just one, we can provide local expertise to support your global workforce strategy. the box with the question mark to produce a check mark for a correct answer and double click Social Security tax payable 221 10,517. What is a Payroll Register? Definition and Best Practices | ADP Purchase of treasury stock.} Information available through a secured web sit, kiosk, or interactive voice response system. Payroll Register This is the first task to completing Olney Company's payroll register. Wages and salaries-Operating expense-debit Sale of land for cash.} DEBIT CREDIT DEBIT CREDIT (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 B) $15,298. A) Form W- 57. Chapter 7 quiz - the payroll register, employees' earning record, and accounting system entries. Keeping vital payroll data up to date and easily accessible is essential for employers to address unexpected discrepancies without confusion. The certificates include Debits and Credits, Adjusting Entries, Financial Statements, Balance Sheet, Income Statement, Cash Flow Statement, Working Capital and Liquidity, Financial Ratios, Bank Reconciliation, and Payroll Accounting. What must the employer do with unclaimed checks. 21 On which income statement will the state unemployment tax expense appear under accrual accounting? C) It should disburse the accrued pay to the employees. PAYROLL Flashcards | Quizlet 7. Paymentofanaccountpayable. Since Eco Brewers is a monthly schedule When specific payroll details are needed, such as during an audit, accountants typically refer to the payroll journal instead of the general ledger. \text{8. B. Payroll registers include all of the information in a pay period for all employees. D) Company website Single click the box with the question These details include the employee id number, the department they belong, their job profile, etc. B. ERISA requires each employer to establish a pension plan. (You may select more than What entry should appear in the General Ledger to reflect the mark to produce a Check mark for a correct answer and double click the box with the question We provide payroll, global HCM and outsourcing services in more than 140 countries. What si the primary purpose of the Employee Retirement Income Security Act (ERISA)? Find payroll and retirement calculators, plus tax and compliance resources. \text{11. Which items would be debited in the General Journal entry to record the employees' share of A) It should create a reminder about the accrual to ensure accuracy of computations on the next In what order are accounts presented on the trial balance? Payroll journal entries are used to record the compensation paid to employees. D) It must wait until the next financial period to record the payroll data. 20XX: Gross pay $ 27,894. D) information about the firm's liabilities The lower the payroll C) Cross-referencing C) Debit Revenue, $250,000; Credit Cash, $250, What is meant by the garnishment of wages? Workers' Commpensation Insurance Expense-Operating expense A) Debit $1, For multiple-choice and true/false questions, simply press or click on what you think is the correct answer. 17. Recording Payroll and Payroll Liabilities - Accounting In Focus (You may select more than one answer. Click the card to flip Definition 1 / 66 True Click the card to flip Flashcards Learn Test Match Created by lauraberth67 Terms in this set (66) Does every state have state unemployment laws? This account would be credited for the amount paid. D) It adds complexity to the payroll register. D) The transaction appears on page four of the General Journal. D) It highlights issues and results of seasonal labor. The payroll register lists all the employees who earned remuneration, the amount of remuneration, the deductions, and the net amount paid. 15. \text{5. Suppose your sister doubles her monthly usage to 3,400 minutes and sends 3,200 texts. Collectionofnotesreceivable.8. Loantoanotherfirm.12. The current minimum wage set by the Fair Labor Standards Act is $7.25 per hour, The FLSA imposes no record keeping requirements on employers, The employer is required by the FLSA to display a poster that informs employees of the provisions of the law, All states have set their minimum wage to be the same as the Federal government, Under the Federal Insurance Contributions Act, the Medicare portion of the tax is only paid by the employer, The FLSA provides health insurance for the aged and disabled(medicare), The tax paid to the federal government for unemployment taxes is used for paying state and federal administrative expenses of the unemployment program, The Self-Employment Contributions Act imposes a tax on the net earnings from self-employment derived by an individual from any trade or business, Each state imposes an income tax on employees that is 2 percent of gross wages, Only six states do not impose a state unemployment tax on employers in their state, One of the provisions of coverage of the Civil Rights Act is that the employer must have 15 or more workers, Title VII of the Civil rights Act protects all employees from arbitrary dismissal, By the use of executive orders, the federal government has banned discrimination in employment on government contracts, Employers not subject to Title VII coverage may come within the scope of the Civil Rights Act by reason of a contract or subcontract involving federal funds, Under the Civil Rights Act of 1964, the U.S. government is classified as an exempt employer, An exemption to the protection that the Age Discrimination in Employment Act provides for all workers over 40 involves executives who are 65 or older and who have held high policy making positions during the 2 year period prior to retirement, Under the Federal Personal Responsibility and Work Opportunity Reconciliation Act, every employer is required to report the name, address, and social security number of each new employee to the appropriate state agency, Form I-9 must be completed by each new hire, Employers are now required to photocopy new employees' form I- 9 documents, In order for the Walsh-Healey Public Contracts Act to protect laborers for contractors who furnish materials to any agency of the U.S., the contract amount must be at least $10,000, Under FMLA, the time off must be used in one uninterrupted period of time. The following data is for the January 19 pay date for Waryzbok Inc.: Jan 19 Wages and salaries. Payroll Flashcards | Quizlet Questions pertaining to religion, gender, national origin, or age are allowed on application forms when these are bonafide occupational qualifications for a job. The ___ is a multicolumn form used to assemble and summarize the data needed at the end of each payroll period. Plan A costs $80 per month for unlimited talk and text. Protection under the provisions of the Age Discrimination in Employment Act begins at what age?? 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. An employee is hired at a pay rate of $10 per hour. What is the role of enhancing qualities in the conceptual framework? statement? B) As equity ls the Federal Government covered under the Civil Rights Act of 1964? Dooley Publishing has the following payroll data for its July 1 pay date: Jul 1 Wages and salaries. Copyright 2023 AccountingCoach, LLC. Prior year's earnings < Prev 18 of 40 . \text{3. Does FLSA require all employees to be paid weekly, biweekly', monthly? & \text{ } & \text{ }\\ 12. Answer : Option E, Prior Years Earnings Explanat . expense 522 $ 12,987. E. OASDI. Payroll Test #1 Flashcards | Quizlet How might globalists and traditionalists view cultures, places, and regions differently. 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? When you later pay the withheld taxes and company portion of payroll taxes to the IRS, you then use the following entry to reduce the balance in the cash account, and eliminate the balances in the liability accounts: It is quite common to have some amount of unpaid wages at the end of an accounting period, so you should accrue this expense (if it is material). This will increase Jul 1 Wages and salaries payable 226 113,562. B) It facilitates accuracy in employee payroll tax computations. Under the U.S. payroll tax a employee has to pay the tax on hi . That's why we've partnered with some of the top athletes in the world. For what reason are "distribution" columns sometimes provided in the payroll register? In Philadelphia, Pennsylvania, most workers are subject to three income taxes upon their earnings - federal state and city. 401(k) contributions payable 223 454. View notices and letters. Regardless of the format, payroll registers tend to follow the same basic structure. Issuanceofbonds.11. Security taxes? Are newly hired independent contractors covered under federal laws pertaining to new-hire reporting? Learn more about Privacy at ADP, including understanding the steps that weve taken to protect personal data globally. Q08. the health Insurance is qualified under Section 125? question mark Will be automatically graded as incorrect.) SUTA tax payable 9,481. PDF Payroll Practice Test - Atunlimited.com Apr 16 J23 16,495 32. What is your sisters total cost under each of the two plans? A) Net pay d. At least seven homes have large-screen TVs? the payroll register, employees' earning record, and accounting system entries the purpose of the net pay and check number columns in the payroll register is to Skip to document Ask an Expert Sign inRegister Sign inRegister Home Ask an ExpertNew My Library Discovery Institutions Silver Creek High School (Colorado) Southern New Hampshire University Compute the employer's payroll taxes for the period. At the end of its accounting period, December 31, 2013, Ultima has assets of $942,000 and liabilities of$584,000. C) Employee pay disbursement and voluntary deduction remittance Can employees view documents in their files that are marked confidential? A) Employee pay accrual and employee pay disbursement Sets minimum wage. account: Social Security tax payable ACCOUNT NO. The amounts needed for the payroll entries in the journal come from the employee's earning records. Payroll registers generally are more detailed than payroll journals and include specific information about each employee. D. FMLA 11. The payroll register of any firm needs to have specific details on every employee. \text{10. \text{6. 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. A) Social Security tax, $204; Medicare tax, $792. Under FMLA, may employers exempt the highest paid 10 percent of the workforce? 28. Any boxes Left with a question mark will be automatically graded as incorrect.) Employers can exempt the following employees from the Family and Medical Leave Act. 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. 6. Loan to another firm.} How are employees who do not have bank accounts paid by an employer who uses an electronic fundstransfer system for payroll. Megan Newell is the owner and operator of Ultima LLC, a motivational consulting business. 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? (You may select more than one answer. A) It is employee labor that may be billed to customers. 38. According to Adam Smith, why do the butcher, brewer, and baker provide food for us to buy? Dont just take our word for it. Application of overhead to goods in process. Accounting questions and answers. It is quite common to create a manual check, either because an employee was short-paid in the preceding payroll, or because the company is laying off or firing an employee, and so is obligated to pay that person before the next regularly scheduled payroll. C) The balance sheet Title of report 2. Department of branch 4. What is the purpose of the Age Discrimination in Employment Act (ADEA)? How does a debit balance in the wages and salaries expense account affect a firm's income We now offer 10 Certificates of Achievement for Introductory Accounting and Bookkeeping. Comprehensive payroll and HR software solutions. What is the term for transferring data from the General Journal to the General Ledger? C) It must remain in balance at all times. 64. A) It allows managers to determine the effect of employee labor on departmental profits. 55. B) Debit $4, SUTA Taxes Payable-liability At a minimum, payroll registers help businesses: But thats hardly the extent of how beneficial a payroll register can be. 18 Two complete payroll-related General Journal entries are recorded each pay period: one for the employees' payroll,one for the employer's share of the taxes. Laborers for contractors who furnish materials, supplies, articles, and equipment to any agency of the United States, provided the minimum contract amount is $10,000. Click here to learn more. \text{15. Wages Payable-liability 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. Employee FIT Payable-liability Purchaseoftreasurystock. The town is considering an ordinance that would prohibit putting 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. Verify the date and enter General as the reference. Want more practice questions?Receive instant access to our graded Quick Tests (more than 1,800 unique test questions) when you join AccountingCoach PRO. Does workers' compensation laws only relate to work-related incidents? ordinance is passed? B. ERISA Want more exclusive business insights like this delivered to your inbox? Gross wages of $500.00 + employer's portion of FICA $38.25 ($500.00 X employer rate of 7.65%) + unemployment tax of $24.00 + worker comp insurance of $5.00. Correct answer: Option (1) Medicare tax is the correct answer. True False. The Age Discrimination in Employment Act provides protection to virtually all workers over the age of: Form I-9, which is completed by each employee, deals with: Which of the following acts deals with the minimum wage paid to laborers for contractors on federal government construction contracts? Type the formula, then press Enter. B) Because payroll represents an asset and an income of the business. Who are the winners and who are the losers when the minimum wage is increased? Based on the following data, prepare the appropriate journal entry when paying employees: Total wages earned were $8000 Listed below are several transactions. $y = -x - 4$. Which of the following is true of employee's earnings record? On December 1, 20XX, Riley Sanders invested $250,000 to open Sanders Enterprises. Protest Unemployment Insurance benefit charges or rates. ADP is a better way to work for you and your employees, so everyone can reach their full potential. grass clippings at the curb for pickup because local landfills cannot handle the volume. ), What is the total amount of FICA that needs, Earn our Payroll Accounting Certificate of Achievement. & \text{ } & \text{ }\\ C) Asset, Copyright 2023 StudeerSnel B.V., Keizersgracht 424, 1016 GC Amsterdam, KVK: 56829787, BTW: NL852321363B01, Campbell Biology (Jane B. Reece; Lisa A. Urry; Michael L. Cain; Steven A. Wasserman; Peter V. Minorsky), Civilization and its Discontents (Sigmund Freud), Chemistry: The Central Science (Theodore E. Brown; H. Eugene H LeMay; Bruce E. Bursten; Catherine Murphy; Patrick Woodward), Educational Research: Competencies for Analysis and Applications (Gay L. R.; Mills Geoffrey E.; Airasian Peter W.), Forecasting, Time Series, and Regression (Richard T. O'Connell; Anne B. Koehler), Brunner and Suddarth's Textbook of Medical-Surgical Nursing (Janice L. Hinkle; Kerry H. 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