payroll register quizlet

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? What does the term "billable time" mean as it pertains to payroll accounting? Plan B costs$0.20 per minute plus $0.10 per text message sent. Book the entry on the date paychecks are distributed. Payroll registers generally are more detailed than payroll journals and include specific information about each employee. Title of report 2. depositor, what entry Should appear on November 15 for the remittance of the month's Social The payroll register lists all the employees who earned remuneration, the amount of remuneration, the deductions, and the net amount paid. A) Form W- one answer. B) The income statement Only "A payroll register" and "The employee's earnings record" are correct. Social Security tax payable 221 10,517. Explore our full range of payroll and HR services, products, integrations and apps for businesses of all sizes and industries. During the past week, the employee worked 50 hours. Didier and Sons had the following employer's share payroll tax general journal entry for the May ls the payroll register used for journalizing the payroll entries? B) Employee earnings record The following data is for the January 19 pay date for Waryzbok Inc.: Jan 19 Wages and salaries. Purchaseofinventory.7. C) Cross-referencing the box With the question mark to empty the box for a wrong answer. Payroll typically creates an accrued liability for all of the following reasons except Because it is unnecessary to report amounts owed to employees for salaries or wages earned. \text{11. Another important step in maintaining a payroll register is to perform audits. The payroll register for Nazir Corporation contained the following totals at the end of July: wages, $139,125; federal income taxes withheld, $35,582; state income taxes withheld, $5,863;. B) The account appears fourth in the list of liability accounts. B) It is employee labor that does not pertain to labor on customer jobs. Saleoflandforcash. For superior accuracy, many smalland largebusinesses rely on automated digital payroll solutions, such as those offered by ADP, which can integrate with accounting software and other programs. We provide payroll, global HCM and outsourcing services in more than 140 countries. What options might Hazel consider if the Copyright Hours worked. C. ERISA establishes minimum vesting schedules that protect the workers' benefits. department. D) Garnishments, Which columns might an employer include to facilitate employer-share payroll tax General \text{14. D) $1,875. We now offer 10 Certificates of Achievement for Introductory Accounting and Bookkeeping. Color 221 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. D) It is non-employee labor that the company must pay. A) Employee pay accrual and employee pay disbursement Here is the payroll journal entry to record the payment of the paycheck: Payroll Journal Entry Example 1 Notice the Wage Expense is debited for the gross pay. Transfer of finished jobs to the finished goods inventory. A) The income statement Neither The Balance Sheet Nor The Income Statement. 53. These entries are then incorporated into an entity's financial statements through the general ledger. B) Employee address C) the name of the firm and the payroll accountant C) It allows payroll employees to divert funds into faux accounts. A) It is the fourth entry in the General Journal on that date. The employees gross wages for the past week are. C) $1,715. 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. Age A(n) ________ is a collection of cash and other items that are used in the operation of the Paymentofemployeesalaries.OCO2. Dont just take our word for it. Which of the following best describes the purpose of the payroll register? check mark For a correct answer and double click the box with the question mark to empty the A) As assets The purpose of payroll register is to record of all the payment details for employees during a specific pay period. Want more exclusive business insights like this delivered to your inbox? What entry should appear in the General Ledger to reflect the DEBIT CREDIT DEBIT CREDIT Complete the Regular Earnings columns (Rate per Hour and Amount) for hourly employees. To prepare period reports and complete Form W-2 for each employee, Fundamentals of Financial Management, Concise Edition, Operations Management: Sustainability and Supply Chain Management, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman. PAYROLL REGISTER Upload your study docs or become a Course Hero member to access this document Continue to access End of preview. C) It should disburse the accrued pay to the employees. C. National Origin & \text{ } & \text{ }\\ To which items is information from the payroll register transferred? Its easier to keep accurate payroll records and run reports quickly with payroll software. Hours worked. total Which of the following bases for discrimination in employment is not covered under the Civil Rights Act of 1964? Set up payroll accounts If you haven't already, set up your payroll accounts in your chart of accounts (COA). Complete the steps outlined below: 1. Learn more about Privacy at ADP, including understanding the steps that weve taken to protect personal data globally. TransactionTypeofActivityCashInfloworOutflow1. D) Because payroll represents a liability and an expense of the business. pay date. If the expected returns are 3.8%3.8 \%3.8% for the T-bills, 12.3%12.3 \%12.3% for the large-company stocks, and 17.4%17.4 \%17.4% for the small-company stocks, what is the expected return of the portfolio? Time worked - regular & overtime 7. Under FMLA, may an employer substitute an employee's earned paid leave for part of the 12-week family leave? Records and the General Journal. A) $1,582. Which of the following acts prohibits discriminating in hiring, firing, promoting, compensating, or in nay other condition of employment on the basis of race, color, religion, gender, or national origin? B) Gross pay incorrect.) Discover a wealth of knowledge to help you tackle payroll, HR and benefits, and compliance. C) It must remain in balance at all times. ls the FUTA tax used to pay unemployment benefits? E. All are provisions of FLSA. 7. A payroll register is a valuable tool that records employee wage information for each pay period and pay date. The lower payroll \text{1. D) Social Security tax, $188; Medicare tax, $805. Learn how we can make your work easier. Get inspired to begin transforming HR at your company. The portion of the Federal Insurance Contributions Act that deals with Social Security is called. 17. Harold Averkamp (CPA, MBA) has worked as a university accounting instructor, accountant, and consultant for more than 25 years. A) Net pay The basic entry (assuming no further breakdown of debits by individual department) is: There may be a number of additional employee deductions to include in this journal entry. Name two advantages and two drawbacks of C) Alphabetically Protection under the provisions of the Age Discrimination in Employment Act begins at what age? Switching payroll service providers made easy. 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. C) Employee earnings record Wages and salaries payable 226 ??? ordinance is passed? It indicates, "Click to perform a search". What is your sisters total cost under each of the two plans? 40. Issuanceofbonds. Federal withholding tax payable 220 $ 2,207. Should an employer in Philadelphia record the liability for the withholding of all three income taxes in one liability account such as INcome Taxes Payable? 220 (You may select more than one answer. Who pays the social security taxes that are levied by the Federal Insurance Contributions Act? D) Credit $. In Philadelphia, Pennsylvania, most workers are subject to three income taxes upon their earnings - federal state and city. & \text{ } & \text{ }\\ On which income statement will the state unemployment tax expense appear under accrual accounting? SUTA Taxes Payable-liability account: Social Security tax payable ACCOUNT NO. What is the in sin did my mother conceived me meaning mark to empty the box For a wrong answer. D) Transcribing All of these journal entries are noted below. 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). Employee SIT Payable-liability serves as a backup in the event of computer failure. automatically graded as incorrect.) What is The balance in the account? Transaction1. May 14 Wages and salaries payable 226 117,334. Does FLSA require all employees to be paid weekly, biweekly', monthly? Keeping vital payroll data up to date and easily accessible is essential for employers to address unexpected discrepancies without confusion. Factory payroll costs in cash. D) It highlights issues and results of seasonal labor. 4. 4. Exempt salaried employees are often paid for their work right up to payday. Paymentofalong-termnotepayable. C) Credit $1, Want more exclusive business insights like this delivered to your inbox?Subscribe now. B) Payroll register D. ERISA provides that all employees are eligible to set up their own individual retirement accounts. 2. B) It allows managers to predict future labor costs. FIT Payable-liability Payroll Chapter 1 Flashcards | Quizlet Payroll Chapter 1 5.0 (5 reviews) Term 1 / 50 True Click the card to flip Definition 1 / 50 The current minimum wage set by the Fair Labor Standards Act is $7.25 per hour Click the card to flip Flashcards Learn Test Match Created by kittykiss Terms in this set (50) True At a minimum, how often should an administrator furnish a statement of total benefits accrued and accrued benefits that are vested under ERISA? Those who have not worked at least one year and at least 1,250 hours in the previous 12 months for the company. Issuance of common stock.} Which employee payroll classification will likely require an accrual adjusting entry for the gross salaries or wages at the end of a calendar month? Payroll liabilities are any type of payment related to payroll that a business owes but has not yet paid. How will payroll deductions from employees wages for their portion of 401K plans be recorded? Which of the following is NOT part of the social security program? the payroll? D) One side of the equation must equal zero. Are employers required to keep a photocopy of the l-9 form? C) It is a report designed for external stakeholders. Saleofequipmentforcash. The information provided in the payroll register is used primarily to meet the requirements of the Fair Labor Standards Act. C) Debit Revenue, $250,000; Credit Cash, $250, D) Federal withholding tax payable Vacation Benefits Expense-Operating expense Can employees view documents in their files that are marked confidential? 65. A) Debit R. Sanders Capital, $250,000; Credit Cash, $250, DATE DESCRIPTION POST REF. 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. False. Sale of equipment for cash.} 3. Payroll liabilities In most business organizations, accounting for payroll is particularly important because (1) payrolls often are the largest expense that a company incurs, (2) both federal and state governments require maintaining detailed payroll records, and (3) companies must file regular payroll reports with state and federal governments Issuance of bonds.} This information is also reflected in summary level entries in the businesss general ledger. The Civil Rights Act of 1964 protects all employees from arbitrary dismissal. Record the journal entry to account for employer payroll taxes based on the totals in the payroll register and the FUTA and SUTA calculations. Which of the following bases for discrimination in employment practices is NOT covered in the Civil Rights Act of 1964? B) It depicts the ideal distribution of labor in a firm. A) It must credit the asset accounts for the appropriate payroll amounts. Many employers find a payroll register to be an indispensable part of their business because of its ability to help them keep both their payroll records and their budgets in order. 59. Factory overhead excluding indirect materials and indirect labor (record credit to Other Accounts). Jan 31 J4 420 1, In January 2023 an employer remits the state unemployment tax that pertains to its employees' wages for the final three months of 2022. Manage labor costs and compliance with easy time & attendance tools. Executive employees who are 65 years or older and have high policymaking positions during the two-year period prior to retirement. Single click the box with the question E. Sex, Which of the following statements is NOT a provisions of ERISA? C) It must pay its employees for the wages earned as of that date. If you are recording it directly into the general ledger or the payroll journal, then use the same line items already noted for the primary payroll journal entry. Assume that the company uses the accrual method of accounting. A credit of $16,250 is recorded on the June 25 Raw materials purchases for cash. 2. C. 40 Dont take our word for it. Single click the box with the question mark to produce a check mark for a correct $3,825 of employee withholding ($50,000 X 0.0765), Exempt Salaried Employees Paid Semi-monthly. D. 50 \text{Transaction} & \text{Type of Activity} & \text{Cash Inflow or Outflow}\\ \hline Jeremy is single with two withholding allowances. Gross wages of $500.00 less withholdings of $38.25 for FICA and $87.25 for federal and state income taxes. 401(k) contributions payable 223 454. You face specific challenges that require solutions based on experience. Vesting conveys to employees the right to share in the retirement fund in the event they are terminated before the normal retirement age. C) It is non-traceable labor that a company must absorb as overhead. Issuanceofcommonstock. C) Social Security tax, $746; Medicare tax, $174. Find payroll and retirement calculators, plus tax and compliance resources. A) Because payroll represents an asset and an income of the business. Questions pertaining to religion, gender, national origin, or age are allowed on application forms when these are bonafide occupational qualifications for a job. Which of the following represents the missing Social Security and Medicare taxes, assuming that. Focus on what matters most by outsourcing payroll and HR tasks, or join our PEO. 2. A) Debit Cash $27,237; Credit Health Insurance Payable $27,237. on taxes like FICA, FUTA, and SUTA? Report changes to your business. Does every state have state unemployment laws? 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? What are the General Journal entries that should appear on each pay date? Employers use the employee's earnings record in preparing ___. Yes, Employees FIT Payable . 401(k) contributions payable 223 ??? 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. 1. 33. B) It should make a note to create the reversing entry at the end of the next financial period. 10. At the end of its accounting period, December 31, 2013, Ultima has assets of $942,000 and liabilities of$584,000. 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. Which of the following is true of employee's earnings record? Use the following information for Questions 19 - 20: Collectionofnotesreceivable.8. We have credited a liability account for each of the tax amounts. Payroll registers can be created using spreadsheets, although this may not be ideal for most employers. 9. Payment of a long-term note payable.} This entry is then reversed in the following accounting period, so that the initial recordation entry can take its place. True, The information in the payroll register forms the basis for entries in the Employee Earnings Authorize a power of attorney. Payroll Register This is the first task to completing Olney Company's payroll register. Purchase of rent in advance.} 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? pay date. Payroll data for the current week are as follows: hours worked, 46; federal income taxwithheld, $110; cumulative earnings for the year prior to this week, $24,500; Social security tax rate, 6% on maximum of $100,000; and Medicare tax rate, 1.5% on all earnings; state unemployment compensation tax, 3.4% on the first $7,000; federal unemployment 41. Federal withholding tax payable 220 $ 50,725. Deductions. B) Equity The higher payroll 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. The Fair Labor Standards Act is commonly known as the Federal Wage and Hour Law. Learn more about the senior executives who are leading ADPs business. A. ERISA applies to pension and welfare plans established by any employer engages in commerce. E. Highest-paid 10% of their workforce. 31. D) Credit $30. 18. Any boxes left with a Does the ADEA quit protecting employees after the age of 70? The payroll register is a separate payroll record that is kept on each employee. account: Social Security tax payable ACCOUNT NO. Collectionofanaccountreceivable.5. 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. Cheever), Principles of Environmental Science (William P. Cunningham; Mary Ann Cunningham), Business Law: Text and Cases (Kenneth W. Clarkson; Roger LeRoy Miller; Frank B. 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. 7. Payroll Flashcards | Quizlet Payroll Term 1 / 52 Garnishments are court-ordered amounts that an employer must withhold from an employee's post-tax pay and remit the amount to the appropriate authority. Why does company profitability decrease in direct proportion to the payroll expenses? C) Payroll accounts do not appear on the trial balance because of their changeable nature. Cross), Give Me Liberty! B) As equity D) Debit Cash, $250,000; Credit R. Sanders Capital, $250,00 0 \end{matrix} FUTA Taxes Payable-liability B) Debit Cash, $250,000; Credit Revenue, $250, The highest-paid 10 percent of their workforce. (You may select more than one answer. 3. At ADP, we say that were Always Designing for People, starting with our own. Prior year's earnings < Prev 18 of 40 . A. A payroll register is the record for a pay period that lists employee hours worked, gross pay, net pay, deductions, and payroll date. 4. Direct labor usage. D) It should create a reversing entry in the General Journal. How does the FIFO method different from the weighted-average method? The W-2 provides all of the information required by the Affordable Care Act. A) Credit $8, What is a use of a firm's labor trend reports? True Which of the following is true of employee's earnings record? 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? D) It adds complexity to the payroll register. Union Dues Payable-liability Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Elliot Aronson, Robin M. Akert, Samuel R. Sommers, Timothy D. Wilson, Fundamentals of Financial Management, Concise Edition. Any Boxes left with a question mark will be automatically graded as incorrect.) Question: Continuing Payroll Problem, 6B: Chapter 6 You have almost completed the Olney Company's Employee Payroll Register for the pay period ending January 8, 20--. Employee FIT Payable-liability Purchaseofinventory. ADP hires in over 26 countries around the world for a variety of amazing careers. Rushing River Boats has the following data in its Social Security tax payable General Ledger & \text{ } & \text{ }\\ Paymentofemployeesalaries.2. 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. Attend webinars or find out where and when we can connect at in-person events. Who is covered by the Walsh-Healey Public Contract Act? 62. 19. Union Dues payable 227 4,683. Use the following information for Questions 15 - 17: Regardless of the format, payroll registers tend to follow the same basic structure. Which of the following acts levies a tax on employers and employees that is credited to the Federal Old-Age and Survivor's Trust Fund and the Federal Disability Insurance Trust Fund? D) Form 941 Payment of income taxes.} How does the payroll register connect with the employees' earnings records? Health Insurance payable 224 13,618. B) Social Security tax, $792; Medicare tax, $204. For example, there may be deductions for 401(k) pension plans, health insurance, life insurance, vision insurance, and for the repayment of advances. 3. each option. A) $2,253. C) It is the fourth repetition of the same entry. When the employer pays the employee in 2023 for the vacation earned in 2022, what account will the company debit? B) Both documents contain information about the employee's address and job title. Which act sets the minimum wage, and what is the current wage rate? 2. How can the information shown in the employees' earnings record be used? 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? When a firm has wages earned but not yet paid at the end of a financial reporting period, what accurate disbursal of payroll. Not only will this make it easier for you to pay your taxes and do payroll reconciliation, but it also allows employees to better understand their finances. The amounts needed for the payroll entries in the journal come from the employee's earning records. account: ACCOUNT Federal withholding tax payable ACCOUNT NO. View notices and letters. The primary payroll journal entry is for the initial recordation of a payroll. select more than one answer. So that the total amount of accumulated wages can be recorded for each pay period thus when the accumulated wages of an employee reaches the cutoff level has been reached. Collection of an account receivable.} Generally, a payroll register lists the following information about each employee: Gross pay Net pay Payroll taxes Employee deductions (e.g., health insurance) All nine have large-screen TVs? D) It is a report that becomes published with other financial reports. BALANCE The payroll register of any firm needs to have specific details on every employee. 63. under the Civil Rights Act of 1964, the U.S. Government is classified as an exempt employer. Feb 15 J Answer : Option E, Prior Years Earnings Explanat . \text{6. Which basic records are generated in most payroll accounting systems? & \text{ } & \text{ }\\ 16. D) A debit balance will increase the income of the firm's income statement. Saleofequipmentforanotereceivable.10. Are pre-hire questions pertaining to religion, gender' national origin' or age allowed if these are bona fide occupational requirements of the job? 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? Your portfolio has three asset classes. B) Debit $4, a. Walsh-Healey Public Contracts Act B) It contains a detailed listing of every transaction during a period. What is your sisters total cost under each of the two plans? 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. Record the regular hours and the overtime hours worked for each employee, using the time clerk's report as your reference. Federal income tax payable 11,955. See how we help organizations like yours with a wider range of payroll and HR options than any other provider. What is the amount of the 401(k) contributions for the pay date? Entitled to retirement program even if you're no longer working there. Calculate regular and overtime pay. B) It must create an adjusting entry to recognize the payroll accrual. Security taxes? Fair Labor Standards Act (Federal Wage & Hour Law). Paymentofanaccountpayable.15. Jul 1 Wages and salaries payable 226 113,562. Cash 101 117,334. For what reason are "distribution" columns sometimes provided in the payroll register? date: Oct 27 Wages and salaries expense 522 $298,384. In what order are accounts presented on the trial balance? FUTA tax payable 1,322. 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. Application of overhead to goods in process. C. All employees under the age of 30. A) It is employee labor that may be billed to customers. 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%. False, The General Journal contains records of a firm's financial transactions, which appear Megan Newell is the owner and operator of Ultima LLC, a motivational consulting business. 28. What must the employer do with unclaimed checks. D) The balance sheet The payroll register lists all the employees who earned remuneration, the amount of remuneration, the deductions, and the net amount paid. This check may be paid through the corporate accounts payable bank account, rather than its payroll account, so you may need to make this entry through the accounts payable system. b. DEBIT CREDIT DEBIT CREDIT Gross pay and net pay. Basic payroll register templates can be found online or created in programs like Excel. 20. Direct materials usage. Garnishment $ 450. A) Form W-4 B) Form W-2 C) Payroll register D) Employee earnings record 28. employees' payroll, one for the employer's share of the taxes. C. Restrictions the employment of child labor. Make payments. Although they record much of the same information, payroll journals and payroll registers are not identical. 11. A) It should create a reminder about the accrual to ensure accuracy of computations on the next False, Two complete payroll-related General Journal entries are recorded each pay period: one for the A) Both columns contain information about the employer's tax matching responsibilities. Compute and record the employee's SUTA contributions. It records payroll record on each employee separately. expense 522 $ 12,987. 2. From recruitment to retirement, getting the very best out of your people. Correct answer: Option (1) Medicare tax is the correct answer.

payroll register quizlet 2023