Payroll Taxes Wages Expense An accounting firm would pay higher Workers' Compensation Insurance premiums than a steel mill because their employee wages would be higher. You have won a state lottery. C) SUTA Taxes Payable (p. 378), The payroll journal entry is based on the totals of the payroll register (A) Total . B) a government student loan Wages and taxes expenses Payroll costs represent an expense of the business. EEs' earnings records contain YTD gross pay which reflects when EEs reach tax bases; EEs' earnings records contain details of payroll tax reporting & may be considered as source documents. What is the purpose of the Age Discrimination in Employment Act (ADEA)? (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. The amount of employee pay left after federally mandated deductions are made, including federal and state income tax, social security . Cash May be used to re-create payroll data in the event of computer failure or a catastrophic event Multiple select question. and an employee earnings record? A) True 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), Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Daniel F Viele, David H Marshall, Wayne W McManus, Fundamentals of Financial Management, Concise Edition, Macro 01: The Core Principles of Economics. E) Union dues withheld, 17. c.All of the funds are used to provide the benefits of unemployment compensation to qualified unemployed workers. (D) none of these. A payroll register is a record of employee hours worked, gross pay, net pay, deductions, and payroll date for a pay period. Define the process of "posting." If actual demand turned out to be 288 , calculate the forecast for the next period. Owner's equity = Residual value. What changes should be included in the employee earnings record? The accounting process generates financial reports for both internal and external users. SURVEY . In the garnishment process, federal tax levies take secondary priority to wages withheld for child support orders. (p. 387), Each employer is required by law to report payroll taxes on an e.None of these choices are correct. T F, When union dues that have been withheld from employees' wages are turned over to the union common stockholders \text{Normal capacity utilization} & \text{232.558} & \text{units}\\ Multiple select question. -before journal entries are recorded The account balances form the basis for accounting reports. d.None of these choices are correct. Highest 10 percent b. The FICA taxes on the employer represent both business expenses and liabilities of the employer. Question 1: Why would you enter "N/A" on the line for federal withholding allowances on an employee earnings record? There are no price, spending, or efficiency variances. (3), True or False: Federal unemployment insurance laws require that employers and employees pay taxes for unemployment compensation. The agents discovered six undocumented aliens who worked at the restaurant and lived together. The cash based businesses will show an increase in payroll expenses when: (B) federal income tax withheld. Entering the transactions in the general ledger. If employees must contribute to the state unemployment fund, this deduction should be shown in the payroll tax entry. when payroll spans two months. Payroll Taxes. Federal withholding tax, Social Security tax (C) W-3 Union Dues. What account would be classified as a liability account? Study with Quizlet and memorize flashcards containing terms like All the payroll information needed to prepare payroll and tax reports is found on (A) Form W-4 and the employee earnings record (B) Form W-4 and the payroll register (C) the payroll register and the employee earnings record (D) Form W-4. Recording expenses only when paid is an example of: Study with Quizlet and memorize flashcards containing terms like Circular E, Form SS-4, Form SS-5 and more. Blank between entries A) True 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. A qualified retirement plan sponsored by an employer. The first pair of debit and credit columns on the general ledger are for: The second set of debit and credit columns in the general ledger show: The cash based business will show an increase in payroll expenses when: In a manufacturing environment, which of the employees time would be considered entirely directly billable? Each employer must file a _________ federal tax return showing the federal income tax, social security tax, and Medicare tax due the government. B) False, 29. computer backup. The information contained within each row of the payroll register is transferred to the employees' earnings records. (C) Net Pay column. (D) none of these. The project began in 2021 and was completed in 2022. Assuming you can earn 6% on your funds, which option would you prefer? Employee's earning record. The payroll register is used by employers in completing Forms W-2. d.The Civil Rights Act of 1964 sets the minimum wage and the current minimum wage rate is $7.50 per hour. The garnishment that takes priority over all others is: Tipped employee. A separate record of each employee's earnings, used to complete W-2. What is the primary purpose of the Employee Retirement Income Security Act (ERISA)? (a) What is yyy after 111 hour (t=1)(t=1)(t=1)? and more. C) FICA tax--OASDI a. can take 50% of an employee's disposable income for child support payments. -when entries increase the account balance c. It facilitates accuracy in employee personnel records. B) FICA tax--HI What if each firm produces a somewhat different product? Which of the following is true about the employer responsibility for payroll taxes? B) completing the journal entry to record the payroll. A) True \text{Option \#3:}&&\text{\$ 10,000,000 after three years}\\ account The employee earns more than the federal. Disposable earnings: (C) a memorandum. d. It allows payroll employees to create ghost employees . Federal Income Taxes Payable Which act sets the minimum wage, and what is the current wage rate? Once the transaction has been recorded in the General Journal, the accountant posts the entry to corresponding General Ledger accounts, a combination of letters and numbers. -A description is sometimes included. -journal entries to post backward. Federal Income Tax costs (all fixed)} & \text{\$ 500.000}\\ salaries and wages expense. a.They must disclose to the job applicant that they are seeking an investigative report. bottles of juice cocktails? A) True A) True social security tax payable -union negotiations. a. can take 50% of an employee's disposable income for child support payments. b. is used to record the company's' liability to injured workers. True general accounting, Fritz Industries accrued payroll state withholding of $1,234 for the current payroll. true or false:The first task in preparing a payroll is to determine the number of days worked by each employee. one-sided journal entries. Study with Quizlet and memorize flashcards containing terms like Unclaimed employee wages are returned to the employer. 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} Multiple choice question. c.ERISA requires that all companies offer private pension plans. C) Vacation pay earned by employees Did you journalize and post the employees' payroll transaction? Assets area Earnings records are supporting documents for -Transactions in general ledger accounts are the source for general journal entries. 2. (B) IRS Form W-2 B) False, At the time of depositing FICA taxes and employees' federal income taxes, the account FICA (B) is the total earnings since the first of the year. It adds complexity to the personnel recordkeeping. When employees take vacation and use vacation time: Cash B) False, 5. -refer to the employee being paid in the general journal. c.The amount and nature of exempt pay Each employee name is listed in a payroll register along with (A) employee number. determined by: Type of entry (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. Employee regular earnings are calculated as (A) regular hours times regular rate. The amount that an employee is allowed to keep as take-home pay when a federal tax levy is in play is: -current balance in the payroll account Examples of payroll related liabilities include: Garnishments (D) W-4. FUTA Taxes Payable $74.26 (4), True or False: Form W-2 reports an employee's annual earnings and the withholdings for federal income, social security, and Medicare taxes. (b) How long does it take for yyy to reach 505050? When the I-999 forms for the restaurant's employees were reviewed, none were found for the six aliens. Social Security Tax Payable bottles of its juice cocktails or 12 oz. a percentage of the previous week's gross payroll. (B) January 1 of the following year. 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. General ledger entries are made ______ (after/before) general journal entries. What is the opportunity cost of the machine when we analyze the alternative to produce 12 oz. Find the time . 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. Multiple choice question. A) $107.40 Balances in the general ledger payroll accounts are used in payroll reports Payroll Accounting Final Exam Study Guide Part 1 - Quizlet (4), True or False: The transaction to record employer payroll taxes expense is journalized at the end of the quarter. Wages Payable d.None of these choices are correct. Multiple choice question. using the same amount as the prior month's adjustment. \text{Practical capacity} & \text{279.070} & \text{units}\\ The production-volume variance is written off to cost of goods sold. Add. -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? A fundamental concept in accounting is the _____ ____ , which must remain balanced. T F, 2. Allocate employee expenses to specific accounts Taxes Payable is credited for the total taxes owed (FICA, FUTA, and SUTA). would be reduced by every transaction B) False, The employee's earnings record provides information for each of the regular earnings plus overtime earnings. Do you know much each employee should be paid? true or false:The amount of income tax withheld from each employee's total earnings is determined solely from the number of withholding allowances. FICA Taxes Payable-OASDI Missed Exam ?'s. Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Fundamentals of Financial Management, Concise Edition, Jeffrey Jaffe, Randolph W. Westerfield, Stephen A. Ross, Module 10: Influences on Real Estate Values. D) a percentage of the previous week's gross payroll. . Are all outgoing remittances double-checked and approved? Payroll Chapter 1 Matching Flashcards | Quizlet 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. False. Which law governs the fiduciary responsibility that employers have with regards to employees' payroll deductions? A financial obligation of the firm arising from revenues received in advance of services or sales or expenses incurred but not paid. Under the Affordable Care Act, which employers are required to provide insurance coverage for all full-time employees and their dependents? Employer taxes. E. Wages Expense a. all the data must be both manually and digitally centered and checked, to ensure that the system is functioning properly. -journal entry and page number, letter and number -debit state withholding $1,234, The second set of debit and credit balances in a general ledger will: How does a payroll accountant use the information in the General Ledger? True false question. What other blunt questions do you think would be appropriate? A) True management/department heads Multiple choice question. Employee Income Tax Payable If there are employees who have taken payroll advances, which are amounts to be repaid by the employee, these will show in the current assets section. union negotiations. double payroll account balances. 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.) Multiple choice question. taxing authorities, Informed business leaders can use payroll data for all except: NALS: Ch. D) Salaries Payable Letter and number Wages Expense is debited and Cash is credited. (C) a liability account Payroll Taxes When asked if they would purchase the product, the people gave these responses: a. a. A) FUTA Tax Expense-Cash 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. . Additionally, information from the payroll register is used to complete payroll entries in the General Journal a. -when new entries reduce the account balance 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. (D) accumulated earnings. a.25 redundancy. True d. Vacation Benefits Payable is debited. Multiple select question. b.Executive employees who are 65 years or older and have held high policymaking positions during the two-year period prior to retirement (A) a revenue (See Immigration Law.). Multiple choice question. (B) payroll . Medicare tax The adjusting entry to record the accrued vacation pay at the end of an accounting period includes credits to the tax withholding liability accounts. Show your work. What is always true about the income statement? Garnishments Douglas Toys is a manufacturer that applies the weighted-average process costing method to account for costs of production. (D) total earnings. Multiple choice question. In accrual accounting, there may also be end-of-period entries to accrue for payroll earned by the employees. FUTA Taxes Payable is an expense account in which are recorded the employer's federal unemployment taxes. Advanced Accounting Ch. 3 Review | Other Quiz - Quizizz d. It allows payroll employees to create ghost employees . How good is your target country in enforcing the rule of law of the country? general journal entries. Payment of voluntary withholdings, The ___ ____ column in the General Ledger is a combination of letters and numbers, The use of reversing entries is: General journal entries are the original ____ ____ for payroll events to be recorded in the accounting system. credit to cash, debit to liability. B) Payroll Taxes- Cash Which of the following is an employer's payroll responsibility? Shared taxes -tax deposits. TheoreticalcapacityPracticalcapacityNormalcapacityutilizationSellingpriceBeginninginventoryProductionSalesvolumeVariablebudgetedmanufacturingcostTotalbudgetedfixedmanufacturingcostsTotalbudgetedoperating(non-manuf.) expensed in the next month. Prepare a production cost report using the weighted-average method. Multiple choice question. -employees earn wages You'll get a detailed solution from a subject matter expert that helps you learn core concepts. (C) gross earnings. T-tables. b.Executive employees who are 65 years or older and have held high policymaking positions during the two-year period prior to retirement. Multiple select question. The time of peak efficiency is the time when the learning rate is maximized. (D) IRS Form W-3. c. When the affiliate company reports net income. answer choices . Labor reports for more than one year could provide: seasonal labor requirements -Balances in the general ledger payroll accounts are used in payroll reports. The following information was obtained for the Assembling Department for the month of September. Payroll Mod 14 Flashcards | Quizlet Individual payroll checks are usually written on a(n) (A) company's regular checking account. -credit state withholding $1,234 Vacation expense should be recorded as a debit when the employee earns it. A) True \text { Billings during the year } & 380,000 & 1,620,000 \\ adjusted in the next month. medicare tax payable (1time) collecting the time sheets for the days accrued. (D) in all 50 states. Entering the transactions in the general ledger. 480.58 12. (B) quarterly A computerized cash payments system that transfers funds without the use of checks, currency, or other paper documents. True Multiple select question. 4. D) a percentage of the previous week's gross payroll. T F, For child support garnishments, tips are considered part of an employee's disposable earnings. Multiple choice question. Multiple select question. Federal income tax is withheld from employee earnings (A) only in those states electing to do so. c.The Civil Rights Act of 1964 401k contributions payable, SS tax payable. Payroll Taxes -Disciplinary actions True. B) completing the journal entry to record the payroll. What is the original entry point for payroll information into the accounting system? Compute the amount of revenue and gross profit or loss to be recognized in 2021 and 2022 assuming Nortel recognizes revenue over time according to percentage of completion. Accounting II: Chapter 13 Flashcards | Quizlet chart of accounts. a.To prohibit discrimination on the basis of age in the employment practices of employer. A) True a.Employees over the age of 40 who have held high policymaking positions during the two-year period prior to retirement False, Where will entries for payroll show in the income statement? 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? D) an administrative wage garnishment b. the account "Vacation Benefits Expense" is credited. Have you computed the employer's share of the payroll taxes? a.The Self-Employment Contributions Act sets the minimum wage and the current minimum wage rate is $9.19 per hour. Automated entries, Identify the users of financial statements. MASTERING CORRECTION OF ACCOUNTING ERRORS TES, Totalbudgetedoperating(non-manuf.) Employee taxes In each pay period, the payroll information for each employee is recorded on his or her employee earnings record, The payroll register provides all the payroll information needed to prepare a payroll, A business deposits the total of gross wages in a separate payroll checking account, Employer payroll taxes are business expenses, The employer social security tax rate is different than the employee social security tax rate, Federal unemployment insurance laws require that employers and employees pay taxes for unemployment compensation, The transaction to record employer payroll taxes expense is journalized at the end of the quarter, Each employer is required by law to periodically report the payroll taxes withheld from employee salaries, The timing of payroll tax payments is based on the amount owed, Form W-2 reports an employee's annual earnings and the withholdings for federal income, social security, and Medicare taxes, In the journal entry for a payroll, the amount debited to Salary Expense is the total of the Net Pay column of the payroll register, The tax base for Medicare tax is the same as the tax base for social security tax, If the tax base for calculating unemployment taxes is $7,000 and an employee's accumulated earnings are $6,500.00, and the employee earns another $1,500.00, the amount of new earnings subject to unemployment tax is $1,500.00, Some employers must deposit payments for withheld employees' federal income tax and social security and Medicare taxes on the next banking day, Each employer who withholds income tax, social security tax, and Medicare tax from employee earnings must furnish each employee with a quarterly statement, Until the amounts withheld from employee salaries are paid by the employer, they are recorded as, The payment of payroll taxes to the government is referred to as a, The total earnings subject to federal unemployment tax is referred to as, Each employer must file a _________ federal tax return showing the federal income tax, social security tax, and Medicare tax due the government, Employers are required to furnish each employee with an annual statement of earnings and withholdings before (A) December 31 of the current year, The source document for paying employee income tax and social security and Medicare tax is, During the month following each calendar quarter, In general, employers are required to pay state unemployment taxes, The source document for paying state unemployment tax is, A state tax used to pay benefits to unemployed workers is, John David Jackson, Patricia Meglich, Robert Mathis, Sean Valentine. A) True -Each entry will balance within the posting account. What was his overtime premium pay for this workweek? a. must use the exact amounts withheld in order to balance the appropriate accounts (FICA, FUTA, SUTA, etc.) (5), True or False: Each employer is required by law to periodically report the payroll taxes withheld from employee salaries. c.Employees who earn more than $44,000 per year Wages Expense The degree of completion of work-in-process inventory at September 30 was as follows: Required Employee payments Which of the following taxes would be included in the employer related payroll entry? b.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. The record of all of a firm's financial transactions. -department breakdown of labor cost, billiable and nonbillable time d.12. Payments for payroll regulation courses In all computerized payroll systems, there is still the need to manually post from the printed payroll journal entry to the general ledger. (9). Did you journalize and post the employer's share transactions? Identify some of the groups of users. 401(k) contributions expense Medicare tax a.The total additions to or deductions from wages True 1. Salaries Payable A deduction from total earnings for each person legally supported by a taxpayer, including the employee. What is the learning rate at peak efficiency? Employee taxes Did you deposit the payroll taxes? Multiple select question. Multiple select question. one-sided journal entries. D. Wages Expense Transactions from the general journal are posted to individual accounts. Laborers for contractors who furnish materials, supplies, articles, and equipment to any agency of the United States, provided the minimum contract amount is $15,000. Salaries Payable Multicolumn form used to summarize data needed each paydate. c.10 13-1 Recording a Payroll Flashcards | Quizlet Immunology Exam 4 Study Guide (Ch. It adds complexity to the personnel recordkeeping. B) $161.10 What is the production-volume variance in 2017 when the denominator level is (a) theoretical capacity, (b) practical capacity, and (c) normal capacity utilization? have amounts in both debit and credit per account Did you prepare remittances for the mandatory and voluntary deductions? At September 30, 200,000 units were still in work-in-process inventory. Multiple choice question. Multiple choice question. In other terms, a payroll . When employees actually use their vacation time For each choice of denominator level, the budgeted production cost per unit is also the cost per unit of beginning inventory. Payment of statutory withholding How can the information shown in the employees' earnings record be used? f(x)=0.1(10+12x0.6x2)f^{\prime}(x)=0.1\left(10+12 x-0.6 x^2\right) \quadf(x)=0.1(10+12x0.6x2) for 0x250 \leq x \leq 250x25. 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? costs(allfixed)300279.070232.558$5040.000240.000260.000$10$3.000.000$500.000unitsunitsunitsperunitunitsunitsunitsperunit. c. What is the largest number of items memorized by the subject? employee review. (C) special purposes account. What are the common components of the posting reference?