The Accumulated Earnings column of the employee earnings record (A) shows net pay for the year. What taxes would be monitored for maximum withholding amounts through the payroll register? Expenses area, Which of the following transactions would cause an asset to appear on the balance sheet related to payroll? The following information was obtained for the Assembling Department for the month of September. When does peak efficiency occur? Cash useful in determining overhead allocations by department and the need for increased or decreased staff within a specific department, tracks the time employees have spent specifically on projects for which customers are paying, allow managers to determine how much overtime has been paid to employees during a specified time period, Trend reports of income over the period of the year can reveal seasonal increases or decreases in business. In recording the monthly adjusting entry for accrued wages at the end of the accounting period, the amount of the adjustment would usually be determined by: False. double payroll account balances. B. C) determining when the accumulated wages of an employee reach cutoff levels. Study with Quizlet and memorize flashcards containing terms like How can the information shown in the employees' earnings record be used? What is the opportunity cost of the machine when we analyze the alternative to produce 12 oz. (A) monthly. Payroll records serve as backup for Multiple choice question. management/department heads When employees actually use their vacation time False, Where will entries for payroll show in the income statement? Credit Protection Act. b. Write the equation of the line passing through (5,-3) and parallel to the line with equation 2x+y=-3. (C) special purposes account. Union Dues. d.All of these choices are correct. B) False, 5. In this case, "J" means that the original entry may be found in the General Journal, A relationship, specifically financial, built on trust between a trustee and a beneficiary, any unpaid liabilities will be reported in the current liability section. Salaries Payable D. true or false:The investment income in a Roth IRA is not subject to federal income taxes when withdrawn. Which of the following are processes that occur in most payroll accounting systems? A federal tax paid for old-age, survivors, and disability insurance. D) Salaries Payable 30 seconds . c. must pay federal tax levies before any other deduction. At a minimum, how often should an administrator furnish a statement of total benefits accrued and accrued benefits that are vested under ERISA? Multiple select question. An accounting firm would pay higher Workers' Compensation Insurance premiums than a steel mill because their employee wages would be higher. C) Payroll Taxes- FUTA Taxes Payable (B) Medicare tax. 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 debit to Payroll Taxes for FICA, FUTA and SUTA taxes (rate = 4.5%) on a gross payroll of $200,876 (if no one has capped for FICA and not subject to the .9% Medicare on wages over $200,000, no one has capped for SUTA, and FUTA wages= $85,000), is: The employer FICA - OASDI ($200,876 x.062) + FICA - HI ($200,876 x .0145) + SUTA ($200,876 x .045) + FUTA ($85,000 x .006) = $24,916.43, On July 30, an analysis of the general ledger of Biomet Device Inc.'s shows the following credit balances: 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. -refer to the employee being paid in the general journal. debit to expense, credit to cash. -tax deposits. Wages payable The reports are identical and provide necessary redundancy. Computer glitch -Pay rate, In financial accounting, the fundamental accounting equation is. (C) yearly The maximum amount of gross earnings on which a tax is calculated, A retirement plan approved by the Internal Revenue Service. Apart from the recording of payroll and payment to employees, what other payroll related journal entries would be recorded? Kelly has d dollars in an account that pays 1.4% interest compounded weekly. -Marital status 1. What is the purpose of the Age Discrimination in Employment Act (ADEA)? a.To prohibit discrimination on the basis of age in the employment practices of employer Company management, Unions -Balances in the general ledger payroll accounts are used in payroll reports. False, Which of the following accounts will appear on the balance sheet? true or false: Total earnings are sometimes referred to as net pay. c.Both of these choices are correct. C) $50.70 Multiple select question. Examples of payroll related liabilities include: Garnishments 7. Assets area -employees earn wages Multiple select question. If Joanna is single with three exemptions and brings home $845.00/week, what amount will go towards the garnishment each week (manually calculate)? account balances form the basis for accounting reports; general ledger account balances aggregate data to determine payroll costs. The Employees ________ _______ Connects accounting and human resource records, The information to be transferred from the payroll register to the employee's earnings records is located in each ______, the employee _______ _______ contains year-to-date earnings for each employee, earnings record (the payroll register contains several earning records). Cash 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? 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. Did you update the employees' earning records? general journal entries. Q. allocating employee expenses to departments. a. Executive orders. The total amount earned by all employees for a pay period is a ____. Social Security tax (1), True or False: A business deposits the total of gross wages in a separate payroll checking account. E) None of the above. taxing authorities, Informed business leaders can use payroll data for all except: a. False. B) False, 8. -Employee contributes to United Way True false question. Over the three years that you have owned the stock, the corporation's board of directors have taken the following actions: Congratulations! 4. d. are the earnings paid for optional employee benefits. End-of-Period Adjustments: The information contained within each row of the payroll register is transferred to the employees' earnings records. c. affect the cash account. The following accounts receivable information pertains to Growth Markets LLC. general ledger entries. bottles of its juice cocktails or 12 oz. c.Both employee & employer 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? (B) payroll journal. and more. (B) during the month following each calendar quarter. True false question. (a) The first group will develop an argument that Tipton and Seferi were guilty of hiring and harboring illegal aliens. b.Executive employees who are 65 years or older and have held high policymaking positions during the two-year period prior to retirement adjusted when employees are paid. (C) W-3 union negotiations. costs (all fixed)} & \text{\$ 500.000}\\ Disposable earnings are the earnings remaining after withholding federal income taxes. What other blunt questions do you think would be appropriate? False, An employee who is garnished creates a liability for the business. A) True -credit state withholding $1,234 Financial transactions can be displayed for explanation and evaluation through \text{Normal capacity utilization} & \text{232.558} & \text{units}\\ Multiple select question. purchasing managers Ways the general ledger is different from the general journal include: b. variable, depending upon county that the levy originates. B) False, 14. C) using the wages of the salaried workers only. d. What age group is most likely to purchase the product? (D) January 31 of the following year. Assume Nortel Networks contracted to provide a customer with Internet infrastructure for $2,000,000. -general ledger entries to post backward. Study with Quizlet and memorize flashcards containing terms like Unclaimed employee wages are returned to the employer. Liabilities = Amounts or services owed by the company Government officials 13. -company breakdown of supply usage (A) assets. False, 27. -Social Security tax is matched by the employer up to the Social Security wage base. Multiple choice question. Production line worker. d. union dues. b. are only necessary when employees are paid in cash at the end of the year. c. It facilitates accuracy in employee personnel records. general ledger entries. using the wages of the salaried workers only. -Transactions in general ledger accounts are the source for general journal entries. (B) quarterly d. under ERISA, must withhold pension and retirement benefits before any other deduction. -before journal entries are recorded A computer error could cause (D) revenue. 5. accrual accounting \\\hline completing Forms W-2. Since vacation time is paid when used, there is no need to accrue this time in a liability account at the end of each accounting period. 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. (p. 390), To record the payment of federal unemployment tax, the account debited is When the company pays for the state taxes withheld from the employee the entry would be one-sided journal entries. What is always true about the income statement? (D) an asset account. Why is it important for a firm to use both a payroll register c. What is the percent of definitely responses in each age group? If Dr. (A) social security tax. incurred but unpaid is: When employees take vacation and use vacation time: Are the tax returns and remittances approved and signed by the appropriate parties? How can the information shown in the employees' earnings record be used? E) None of the above, 30. Payment of voluntary withholdings, Payment of statutory withholdings Payments to sales taxing authorities earnings a.The Self-Employment Contributions Act sets the minimum wage and the current minimum wage rate is $9.19 per hour. You have won a state lottery. The Federal Insurance Contributions Act. bring the accountant to the related entry in the general journal. 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. (C) FUTA earnings (D) all of these. TheoreticalcapacityPracticalcapacityNormalcapacityutilizationSellingpriceBeginninginventoryProductionSalesvolumeVariablebudgetedmanufacturingcostTotalbudgetedfixedmanufacturingcostsTotalbudgetedoperating(non-manuf.) A) True Union dues withheld c.The amount and nature of exempt pay 2. a business form used to record details affecting payments made to an employee. -when managers want to pay employees later. Once the journal entry for the payroll is complete, the information is posted to the appropriate general ledger accounts. They must pay the employees with actual dollars. 7. . T F, When union dues that have been withheld from employees' wages are turned over to the union requires deduction from employee paychecks . Multiple choice question. 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. When the fair value of the affiliate stock increases. (c) The third group will determine the potential penalties that Tipton and Seferi could face for violating the Immigration Reform and Control Act by hiring six unauthorized workers. T-accounts. \end{array} False. c. the "Vacation Benefits Payable" account is credited. Entries to the general ledger will post amounts in the first pair of debit or credit columns: d.The Civil Rights Act of 1964 sets the minimum wage and the current minimum wage rate is $7.50 per hour. b. the account "Vacation Benefits Expense" is credited. Terms in this set (20) The period covered by a salary payment is a ____. 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. unnecessary under GAAP Multiple choice question. expenses, assets, liabilities. Which of the following are true about the general ledger? employee income tax payable Payroll Taxes Let f(x)f(x)f(x) represent the total number of items a subject has memorized xxx minutes after being presented with a long list of items to learn. Question 1: Why would you enter "N/A" on the line for federal withholding allowances on an employee earnings record? 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. Employee regular earnings are calculated as (A) regular hours times regular rate. credit to cash, debit to liability. The process of transferring amounts from the general journal to the general ledger is called posting. 3. FUTA Taxes Payable, The entry made at the end of the accounting period to record wages Income Statement, A labor report provided to management would display: Restoration Midterm. The FICA taxes on the employer represent both business expenses and liabilities of the employer. The payroll register provides all the payroll information needed to prepare a payroll. 401(k) contributions expense Take-home pay minus weekly exempted amount = federal tax levy garnishment. True or False: In each pay period, the payroll information for each employee is recorded on his or her employee earnings record. Salaries and Wages Payable, Which of the following taxes would NOT be included in the employer related payroll entry? Multiple choice question. 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. true or false:The amount of income tax withheld from each employee's total earnings is determined solely from the number of withholding allowances. Before beginning production of its new vacuum cleaner, the Devaney Company conducted an opinion survey of 1740 people. y=100(1e0.462t). b. (b) How long does it take for yyy to reach 505050? Multiple choice question. \text{Total budgeted fixed manufacturing costs} & \text{\$ 3.000.000}\\ (A) monthly Past-DueCategory0-30days31-90daysOver90daysAccountsReceivableTotal$22,48036,54015,330PercentageUncollectible6%17%25%. -debit state withholding $1,234, The second set of debit and credit balances in a general ledger will: D. payroll. A) True The purpose of a labor report is to do what? c. employees can be required to participate in an employer's pension plan. 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? (C) gross earnings. have amounts in both debit and credit per account A) True Payroll-related transactions contain both expenses and liabilities of a company. Past-DueCategoryAccountsReceivableTotalPercentageUncollectible0-30days$22,4806%31-90days36,54017%Over90days15,33025%\begin{array}{c} Prepare a partial balance sheet to show how the information related to this contract would be presented at the end of 2021 assuming Nortel recognizes revenue over time according to percentage of completion. journal entry and page number. \text{Beginning inventory} & \text{40.000} & \text{units}\\ Employees FIT Payable $987.00, ($1,534.78 + $358.94 + $987.00) = $2,880.72. Provides information for decision-makers about costs and company profitability Which of the following taxes would be included in the employer related payroll entry? Which of these employee types is an allowable exception to the protection of the Age Discrimination in Employment? Garnishment for child support payments b.The Fair Labor Standard Act sets the minimum wage and the current minimum wage rate is $7.25 per hour. (C) shows net pay for one quarter. For each choice of denominator level, the budgeted production cost per unit is also the cost per unit of beginning inventory. Have you prepared the financial statements and managerial reports? -Supervisor change T F, The only portion of wages that are exempt from a federal tax levy is: (D) state unemployment tax owed. Study with Quizlet and memorize flashcards containing terms like a business form used to record payroll information os, the total earnings paid to an employee after payroll taxes and other deductions, a business form used to record details affecting payments made to an employee is and more. b. the standard deduction of the taxpayer. (C) IRS Form W-2 -include all descriptions in the general journal. b. bank reconciliation. dividends, equity, assets. When payroll spans two months. a.To prepare period reports and complete Form W-2 for each employee b.To complete Form W-2 for each employee c.To prepare period reports and complete Form W-2 for employer d.To prepare period reports e.To complete Form W-2 for employer, Which basic records . redundancy. Vacation pay earned by employees -per employee wage reporting b.The payroll period d.None of these choices are correct. Have you computed their voluntary deductions? 5. (2), True or False: The employer social security tax rate is different than the employee social security tax rate. False, A ____ ____ report proves the equality of debits and credits. Social Security Tax Payable Study with Quizlet and memorize flashcards containing terms like . True (C) IRS Form W-3 The payment of an employee's net pay using electronic funds transfer, A method of paying an employee based on the amount of sales the employee generates. Employee Income Tax Payable True. b.Vesting conveys to employees the right to share in the retirement fund in the event they are terminated before the normal retirement age. Federal Income tax Wages and taxes payable, Labor reports would be provided to: (B) transfer payment. Multiple select question. Type of entry (3), True or False: Federal unemployment insurance laws require that employers and employees pay taxes for unemployment compensation. Multiple choice question. Payroll Taxes (A) IRS Form W-4 Fair Labor Standards Act. -employees are paid True False, The Form 940 is the source document for all employee payroll journal entries. Did you transmit the tax returns and remittances? -Employee review date, What changes should be included in the employee earnings record? \text{Option \#2:}&&\text{\$\hspace{7pt}2,150,000 per year for five years}\\ What information is commonly provided by a job-seeker on the application for employment form? Report an individual employees regular time and over time The issuance of checks to employees would reduce:(which account). 2. The reversal of General Journal entries is used to represent accrued employer payroll ____ and ____ at the end of the prior month. Trend reports offer business leaders insight about changes in labor costs over a period. Question: Why is it important for a firm to use both a payroll register and an employee earnings record? d.None of these choices are correct. (D) employee earnings account. (B) separate payroll checking account. (8), True or False: Some employers must deposit payments for withheld employees' federal income tax and social security and Medicare taxes on the next banking day. (p. 383), Each employer who withholds income tax, social security tax, and Medicare tax from employee earnings must furnish each employee an \text{Total budgeted operating (non-manuf.) A) completing forms W-2. What are the arguments for giving separate accounting recognition to the conversion feature of debentures? Do you have managerial approval for all employee pay for the period? The payroll register, Employees' Earning Records and Accounting System Entries. payroll register. c. Vacation Benefits Expense is debited, and Vacation Benefits Payable is credited. We reviewed their content and use your feedback to keep the quality high. following except: d. is used to record Workers' Compensation payments to injured workers. c. are the earnings remaining after withholding income taxes and other amounts required by law.
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