payroll register quizlet

These liabilities accompany every payroll you run. When the firm remits its health insurance premium for this pay date, what is the General Journal To rule the payroll register means that the payroll accountant establishes procedures about the payroll register. Health Insurance payable 224 8,375. Less than five have large-screen TVs? B) Employee earnings record B. ERISA requires each employer to establish a pension plan. Compute the employer's payroll taxes for the period. 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? 19. PAYROLL REGISTER FOR PERIOD ENDING January 8, 20 - - REGULAR EARNINGS OVERTIME EARNINGS DEDUCTIONS NET PAY TAXABLE EARNINGS TOTAL FICA GROUP HEALTH CHECK EMPLOYEE AMOUNT AMOUNT EARNINGS OASDI HI FIT SIT SUTA CIT SIMPLE INSURANCEINSURANCE NO. A) The statement of owners' equity 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. Wages and salaries payable 226 ??? mark to produce a Check mark for a correct answer and double click the box with the question Correct answer: Option (1) Medicare tax is the correct answer. Withholding" and "Earnings subject to FICA"? Your sister currently uses 1,700 minutes and sends 1,600 texts each month. Continuing Payroll Problem-B OLNEY COMPANY, INC. question mark Will be automatically graded as incorrect.) 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 Does workers' compensation laws only relate to work-related incidents? Copyright 2023 AccountingCoach, LLC. False - also needs to be a reasonable amount. Under FLSA, what is the current minimum wage? 1. Payroll registers show employers just how much money they need to set aside for payroll expenses, such as the following: In the event of an audit, these records of payroll expenses can help make the process as pain-free as possible. A) Credit $8, It is a monthly schedule depositor. Of the items in the following list, which one (s) should appear in a payroll register? Our online store for HR apps and more; for customers, partners and developers. Health Insurance payable 224 13,618. What options might Hazel consider if the C) Alphabetically A) It is employee labor that may be billed to customers. Which of the following represents the missing Social Security and Medicare taxes, assuming that. var d=new Date(); document.write(d.getFullYear()); ADP, Inc. Find the package that's right for your business. & \text{ } & \text{ }\\ Sale and delivery of finished goods to customers for cash (record unadjusted cost of sales). Cash 101 202,671. B) Equity Learn more about the senior executives who are leading ADPs business. D. Requires equal pay for equal work, regardless of gender. D) It adds complexity to the payroll register. B. Under the Affordable care Act, does the insurance provided by the employer only need to meet an affordability test? 63. What are the main kinds of information contained in a payroll register? 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. The information provided in the payroll register is used primarily to meet the requirements of the Fair Labor Standards Act. An employer has computed the following amounts for its employee Mary during a week in January: gross wages $500.00; FICA tax withheld $38.25; federal income tax withholding $67.25; State income tax withholding $20.00; unemployment taxes $24.00; worker compensation insurance $5.00. Issuanceofbonds.11. D) 401(k) contributions DATE DESCRIPTION POST REF. Paymentofemployeesalaries.OCO2. When the employer pays the employee in 2023 for the vacation earned in 2022, what account will the company debit? C) Garnishment Neither The Balance Sheet Nor The Income Statement. Period covered by the payroll and the pay date. Using the payroll registers, complete the General Journal entries as follows: February 7 Journalize the employee pay. Transaction1. Focus on what matters most by outsourcing payroll and HR tasks, or join our PEO. B) Posting depositor, what entry Should appear on November 15 for the remittance of the month's Social On which financial report will employer-paid portions of health insurance premiums be listed? Purchase of treasury stock.} Single click the box with the question mark to produce a check mark for a correct Use the following information for Questions 19 - 20: Name two advantages and two drawbacks of D) Employee pay recording and employer share payroll taxes recording Records and the General Journal. Savings bonds payable 227 1,850. 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. A) It is a list of all persons and companies that the company pays money during a period. D) Both documents contain details of employee earnings, deductions, and disbursement for a We now offer 10 Certificates of Achievement for Introductory Accounting and Bookkeeping. D. 50 C. 40 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). Payroll Accounting - 12-04 Short Version - Cengage The Civil Rights Act of 1964 protects all employees from arbitrary dismissal. Loantoanotherfirm. C) Payroll accounts do not appear on the trial balance because of their changeable nature. Saleofequipmentforanotereceivable.10. The following totals for the month of April were taken from the payroll View the full answer. HOURS WORKED Jeremy Ortiz is an employee of Insulor Flooring, where his job responsibilities include selling service contracts to customers. ls the payroll register used for journalizing the payroll entries? Rushing River Boats has the following data in its Social Security tax payable General Ledger It helps employers reconcile their payroll transactions and prepare quarterly and year-end tax reports. 53. D) the employee's name, social security number, and address SUTA tax payable 9,481. Explain the major provisions of the Fair Labor Standards Act. date: Oct 27 Wages and salaries expense 522 $298,384. 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. CH2 Payroll Acounting CHAPTER 2 Learning Objectives After studying this chapter, students should be able to: 1. 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. ls the Federal Government covered under the Civil Rights Act of 1964? What obligations are imposed upon the employer by the Fair Credit Reporting Act of 1968? C) It designates where labor is used in a firm. Its easier to keep accurate payroll records and run reports quickly with payroll software. the box With the question mark to empty the box for a wrong answer. Payroll journals are records of all payroll transactions. E. OASDI. A) Medicare tax \text{10. 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%. Loantoanotherfirm.12. 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. A) Worker's Compensation Payroll Accounting (Practice Quiz) Print PDF For multiple-choice and true/false questions, simply press or click on what you think is the correct answer. < Prey 18 of 40 Pay period dates. D) Debit $8. What is the total amount of FICA that needs to be remitted by an employer in 2023 for an employee earning $50,000? What is true about the trial balance? Wages and salaries payable 226 202,671. What special accounts must usually be opened in the general ledger to record payroll tax entries? C) Credit $4, 55. They must disclose to the job applicant that they are seeking an investigative report. Jan 31 J4 420 1, Why does company profitability decrease in direct proportion to the payroll expenses? chronologically. Read more about the author. DEBIT CREDIT DEBIT CREDIT PAYROLL Flashcards | Quizlet the health Insurance is qualified under Section 125? FICA (Federal Insurance Contributions Act). Payroll Chapter 1 Flashcards | Quizlet Employee SIT Payable-liability Medicare tax payable 222 ??? Quiz 6: Payroll Register, Employee Earning Records, and Accounting under the Civil Rights Act of 1964, the U.S. Government is classified as an exempt employer. For what reason are "distribution" columns sometimes provided in the payroll register? 21 In Philadelphia, Pennsylvania, most workers are subject to three income taxes upon their earnings - federal state and city. During the past week, the employee worked 50 hours. It exists in many forms, from manual booklets and ad-hoc registers created in Excel to reports produced by dedicated payroll software. Legalor equitable procedure by which a protion of the wages of any person must be withheld for payment of a debt. Who pays the social security taxes that are levied by the Federal Insurance Contributions Act? 28. : an American History (Eric Foner), Psychology (David G. Myers; C. Nathan DeWall), Biological Science (Freeman Scott; Quillin Kim; Allison Lizabeth), The Methodology of the Social Sciences (Max Weber), the payroll register, employees' earning record, and accounting system entries, Chapter 5 quiz - employee net pay and pay methods, compute social security and medicare tax withholding, Chapter 4 quiz - fringe benefits and voluntary deductions, different between pre-tax and post-tax, Lab Calendar [CHEM 2551-HYB01] Spring 2021, Chapter 6 quiz - employer payroll taxes and labor planning, Conic Sections - Lecture notes Chapter 6 Notes, Emotional and Cultural Intelligence (D082), Introduction To Computer And Information Security (ITO 310), Professional Application in Service Learning I (LDR-461), Advanced Anatomy & Physiology for Health Professions (NUR 4904), Principles Of Environmental Science (ENV 100), Operating Systems 2 (proctored course) (CS 3307), Comparative Programming Languages (CS 4402), Business Core Capstone: An Integrated Application (D083), Bates Test questions The Thorax and Lungs, Student-HTN-Atherosclerosis Unfolding Reasoning, ATI System Disorder Template Heart Failure, Lesson 17 Types of Lava and the Features They Form, Wong s Essentials of Pediatric Nursing 11th Edition Hockenberry Rodgers Wilson Test Bank, Test Out Lab Sim 2.2.6 Practice Questions, The tenpoint plan of the new world order-1, Piling Larang Akademik 12 Q1 Mod4 Pagsulat Ng Memorandum Adyenda at Katitikan ng Pulong ver3, The cell Anatomy and division. How will payroll deductions from employees wages for their portion of 401K plans be recorded? A. a. Walsh-Healey Public Contracts Act expenses Factory overhead excluding indirect materials and indirect labor (record credit to Other Accounts). Feb 15 J C) Debit $ Explain the use of the "Cumulative" column in the employee's earnings record. Enchanted Creations has the following data in its Federal withholding tax payable General Ledger 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. Federal withholding tax payable 220 399,472. D) Health insurance payable 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. Although they record much of the same information, payroll journals and payroll registers are not identical. ADP and the ADP logo are registered trademarks of ADP, Inc. All other marks are the property of their respective owners. Chapter 7 quiz - the payroll register, employees' earning record, and accounting system entries. Which of the following records lists all employees who earn remuneration, the amount of remuneration, the deductions, and the net amount paid for each payroll period? What information is commonly provided by a job-seeker on the application for employment form? What is the effect of each of the following posting upon the assets, liabilities, and owner's equity of a company. This information is also reflected in summary level entries in the businesss general ledger. It lists payroll information about each employee, such as hours worked, gross pay, deductionsand net pay. What is The balance in the account? Payroll Test #1 Flashcards | Quizlet Subjects Expert solutions Log in Sign up Payroll Test #1 Term 1 / 66 Does every state have state unemployment laws? Marital status & number of withholding allowances 6. lf an investigative consumer report is used in an employment decision, does the employer need to tell the individual? TransactionTypeofActivityCashInfloworOutflow1. These details include the employee id number, the department they belong, their job profile, etc. A) Debit R. Sanders Capital, $250,000; Credit Cash, $250, \ C) Cross-referencing B. ERISA requires each employer to establish a pension plan. Columns included in the payroll register to compute net pay may include which of the following? The key types of payroll journal entries are noted below. c. McNamara-O'Hara Service Contract Act Collectionofanaccountreceivable. d. At least seven homes have large-screen TVs? 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. B) the total gross pay, deductions, and net pay during the period All nine have large-screen TVs? B) The labor report, C) The statement of owners' equity A payroll register is a valuable tool that records employee wage information for each pay period and pay date. 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. Single click the box with the question mark to produce a Hours worked. pay 54. Another important step in maintaining a payroll register is to perform audits. Saleofequipmentforcash.TypeofActivityOCashInfloworOutflowCO. Quickly connect ADP solutions to popular software, ERPs and other HR systems. B) Employee pay remittance and voluntary deduction remittance expenses are, the higher the profitability will be. What is the term for transferring data from the General Journal to the General Ledger? Use the information in the previous exercise to prepare journal entries for the following events in May. Saleoflandforcash.3. Issuanceofbonds. In other words, a payroll register is the document that records all of the details about employees' payroll during a period. A payroll register lists all basic information related to employee take-home pay. Recorded as a liability for the employer in the payroll entry. Rushing River Boats has the following data in its Social Security tax payable General Ledger \text{Transaction} & \text{Type of Activity} & \text{Cash Inflow or Outflow}\\ \hline B) tax remittance information Click here to learn more. Recall that Zachary Fox and Michael Sierra are married, while Calvin Bell and David Alexander . 5. True, Besides containing the supporting data for periodic tax reports, the employee earnings record Federal withholding tax payable 220 $ 50,725. AIS g Payroll Flashcards | Quizlet C) Debit Health Insurance Payable $13,618; Credit Cash $13,618. C) As expenses & \text{ } & \text{ }\\ At ADP, we believe sports and business both require the right approach. Purchase of inventory.} D) Transcribing Which basic records are generated in most payroll accounting systems? Indirect labor usage. B) As equity Which of the following steps should be taken by the Human Resources Department when hiring new employees? Which of the following reports links the accounting and the human resources departments? How do accrued, but not paid, wages appear on the balance sheet? A. \text{9. & \text{ } & \text{ }\\ Its best practice to audit payroll every pay period. (Solved) - Payroll Register This is the first task to - Transtutors Workers' Commpensation Insurance Expense-Operating expense Vacaction Benefits Payable- liability. A) The income statement 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. 29. C) Employee signature Purchaseofinventory. True False. Under the Affordable Care Act, which employers are required to provide insurance coverage for all full-time employees and for their dependents? Union Dues Payable-liability & \text{ } & \text{ }\\ The ___ is a multicolumn form used to assemble and summarize the data needed at the end of each payroll period. General Journal entry to record this transaction? False, Two complete payroll-related General Journal entries are recorded each pay period: one for the A company may occasionally print manual paychecks to employees, either because of pay adjustments or employment terminations. B) $15,298. BALANCE This will decrease Once vested, can employees receive a pension at retirement even if they no longer work for that company? Vacation Benefits Expense-Operating expense Gross pay and net pay. Megan Newell is the owner and operator of Ultima LLC, a motivational consulting business.