payroll register quizlet

Why does company profitability decrease in direct proportion to the payroll expenses? At ADP, we say that were Always Designing for People, starting with our own. In other words, a payroll register is the document that records all of the details about employees' payroll during a period. What are the General Journal entries that should appear on each pay date? 41. Title of report 2. Although they record much of the same information, payroll journals and payroll registers are not identical. 2. statement? The W-2 provides all of the information required by the Affordable Care Act. Application of overhead to goods in process. Saleoflandforcash.3. C) The balance sheet Ring up sales and take payments in style with the sleek touchscreen Register device Make it mobile Every Register comes with a PAX A920 terminal to use as a mobile credit card reader Add on wireless POS hardware Complete your hardware suite with Bluetooth barcode scanners, receipt printers and cash drawers Hardware that won't hold you back 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. Paymentofalong-termnotepayable.13. Continuing Payroll Problem-B OLNEY COMPANY, INC. The payroll register lists all the employees who earned remuneration, the amount of remuneration, the deductions, and the net amount paid. 11. D. All employees earning the minimum wage. Issuanceofbonds. View the full answer. 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. Which of the following is an example of a trade association? Employers can exempt the following employees from the Family and Medical Leave Act. What is the effect of each of the following posting upon the assets, liabilities, and owner's equity of a company. Complete the steps outlined below: 1. \text{3. 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. (review sheet 4), Leadership class , week 3 executive summary, I am doing my essay on the Ted Talk titaled How One Photo Captured a Humanitie Crisis https, School-Plan - School Plan of San Juan Integrated School, SEC-502-RS-Dispositions Self-Assessment Survey T3 (1), Techniques DE Separation ET Analyse EN Biochimi 1, The purpose of the net pay and check number columns in the payroll register is to verify 7. 221 total On October 15, Eco Brewers had a balance of $4,390 in its Social Security tax payable account. 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 Sometimes you will see all the taxes lumped together into one account called Payroll Taxes Payable. under the Civil Rights Act of 1964, the U.S. Government is classified as an exempt employer. Whether you operate in multiple countries or just one, we can provide local expertise to support your global workforce strategy. At a minimum, how often should an administrator furnish a statement of total benefits accrued and accrued benefits that are vested under ERISA? Single click the box with the question question mark Will be automatically graded as incorrect.) Payment of income taxes.} Under the FLSA, what information concerning employees' wages earned must be maintained by the employer? & \text{O} & \text{CO}\\ Safe-guards your retirement plans *not required to have a pension plan. C) Social Security tax, $746; Medicare tax, $174. After recording this entry, reverse it at the beginning of the following accounting period, and then record the actual payroll expense (as just described under the "Primary Payroll Journal Entry" section whenever it occurs. Want more practice questions?Receive instant access to our graded Quick Tests (more than 1,800 unique test questions) when you join AccountingCoach PRO. 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 Which of the following bases for discrimination in employment practices is NOT covered in the Civil Rights Act of 1964? Collectionofnotesreceivable.8. B) The labor report, C) The statement of owners' equity E. OASDI. Issuanceofbonds.11. Your sister currently uses 1,700 minutes and sends 1,600 texts each month. D. Religion True Which of the following is true of employee's earnings record? Paymentofanaccountpayable. Name two advantages and two drawbacks of What options might Hazel consider if the Megan Newell is the owner and operator of Ultima LLC, a motivational consulting business. The company does not provide health insurance, paid vacations, or any other benefits. B) Debit Cash $13,618; Credit Health Insurance Payable $13,618. E. All of the above are provisions of ERISA. Employees with less than a five year tenure of employment. \text{Transaction} & \text{Type of Activity} & \text{Cash Inflow or Outflow}\\ \hline D) A debit balance will increase the income of the firm's income statement. A payroll register is a valuable tool that records employee wage information for each pay period and pay date. For advanced capabilities, workforce management adds optimized scheduling, labor forecasting/budgeting, attendance policy, leave case management and more. C) It is the fourth repetition of the same entry. the total incomes of the firm and decrease the net income of the firm. The tax payers standard deduction and the personal exemptions ($3,650) allowed for the tax year divided by the number of ay periods in the year. Which act covers employee pension and welfare plan.? DEBIT CREDIT DEBIT CREDIT D. Requires equal pay for equal work, regardless of gender. 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. Single click the box with the question mark to produce a check, In the following payroll transaction, what is the amount of the net pay? Another important step in maintaining a payroll register is to perform audits. Saleofequipmentforanotereceivable. Gross pay and net pay. How will payroll deductions from employees wages for their portion of 401K plans be recorded? Which financial statements are affected in the year 2022? What does the Civil Rights Act of 1954 cover? Regardless of the format, payroll registers tend to follow the same basic structure. \text{15. A. Upload your study docs or become a Course Hero member to access this document Continue to access Term Winter Professor N/A Tags Transfer of finished jobs to the finished goods inventory. answer And double click the box with the question mark to empty the box for a wrong answer. Cash 101 202,671. Which of the following is true about the fundamental accounting equation? Form W-2 Wages and salaries payable 226 117,334. Under the Consumer Credit Protection Act, what is the maximum percentage that can be deducted from an employee's pay to satisfy a student loan garnishment? Social Security tax $ 1,670. Sale and delivery of finished goods to customers for cash (record unadjusted cost of sales). Allocation (closing) of overapplied or underapplied overhead to Cost of Goods Sold. They must disclose to the job applicant that they are seeking an investigative report. B) It should make a note to create the reversing entry at the end of the next financial period. Issuance of bonds.} Name of each employee 5. Paymentofincometaxes.9. A) It is a list of all persons and companies that the company pays money during a period. Gross pay and net pay. To rule the payroll register means that the payroll accountant establishes procedures about the payroll register. Click here to learn more. Under the Affordable care Act, does the insurance provided by the employer only need to meet an affordability test? Social Security tax payable 221 10,517. FICA Taxes payable-HI-liability 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. A(n) ________ is a collection of cash and other items that are used in the operation of the 401(k) contributions payable 223 ??? 57. It exists in many forms, from manual booklets and ad-hoc registers created in Excel to reports produced by dedicated payroll software. All earnings are taxable. D) Credit $30. Which of the following reports links the accounting and the human resources departments? Recorded as a liability for the employer in the payroll entry. Dont just take our word for it. accurate disbursal of payroll. View notices and letters. account: ACCOUNT Federal withholding tax payable ACCOUNT NO. D) It should create a reversing entry in the General Journal. A) As assets Any boxes Left with a question mark will be automatically graded as incorrect.) Information available through a secured web sit, kiosk, or interactive voice response system. expenses are, the higher the profitability will be. 31. The current minimum wage set by the Fair Labor Standards Act is $7.25 per hour, The FLSA imposes no record keeping requirements on employers, The employer is required by the FLSA to display a poster that informs employees of the provisions of the law, All states have set their minimum wage to be the same as the Federal government, Under the Federal Insurance Contributions Act, the Medicare portion of the tax is only paid by the employer, The FLSA provides health insurance for the aged and disabled(medicare), The tax paid to the federal government for unemployment taxes is used for paying state and federal administrative expenses of the unemployment program, The Self-Employment Contributions Act imposes a tax on the net earnings from self-employment derived by an individual from any trade or business, Each state imposes an income tax on employees that is 2 percent of gross wages, Only six states do not impose a state unemployment tax on employers in their state, One of the provisions of coverage of the Civil Rights Act is that the employer must have 15 or more workers, Title VII of the Civil rights Act protects all employees from arbitrary dismissal, By the use of executive orders, the federal government has banned discrimination in employment on government contracts, Employers not subject to Title VII coverage may come within the scope of the Civil Rights Act by reason of a contract or subcontract involving federal funds, Under the Civil Rights Act of 1964, the U.S. government is classified as an exempt employer, An exemption to the protection that the Age Discrimination in Employment Act provides for all workers over 40 involves executives who are 65 or older and who have held high policy making positions during the 2 year period prior to retirement, Under the Federal Personal Responsibility and Work Opportunity Reconciliation Act, every employer is required to report the name, address, and social security number of each new employee to the appropriate state agency, Form I-9 must be completed by each new hire, Employers are now required to photocopy new employees' form I- 9 documents, In order for the Walsh-Healey Public Contracts Act to protect laborers for contractors who furnish materials to any agency of the U.S., the contract amount must be at least $10,000, Under FMLA, the time off must be used in one uninterrupted period of time. 18. b. Owners equity as of December 31, 2014, assuming that assets increased by $113,000 and liabilities increased by$44,000 during 2014. Sale of equipment for a note receivable.} the health Insurance is qualified under Section 125? FICA (Federal Insurance Contributions Act). The Civil Rights Act of 1964 protects all employees from arbitrary dismissal. B) It is always expressed as assets = liabilities - owners' equity. Single click Switching payroll service providers made easy. 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. Make payments. Federal withholding tax payable 220 $ 50,725. B) Posting D) The labor report Age Paymentofemployeesalaries.2. Payment of an account payable.} On December 1, 20XX, Riley Sanders invested $250,000 to open Sanders Enterprises. Required: 1. Deductions from total earnings 10. Zipperle Company has the following payroll information for the pay period ending September 18, 20XX: Gross pay $ 27,894. These liabilities accompany every payroll you run. For example, there may be deductions for 401(k) pension plans, health insurance, life insurance, vision insurance, and for the repayment of advances. pay Get exclusive business insights delivered straight to your inbox. 10. C) It is non-traceable labor that a company must absorb as overhead. Use the following information for Questions 19 - 20: 55. DEBIT CREDIT DEBIT CREDIT SUTA tax payable 9,481. When a firm has wages earned but not yet paid at the end of a financial reporting period, what Purchase of inventory.} D) Employee pay recording and employer share payroll taxes recording For the entry on January 31, what does the J4 signify? Besides payroll information, the payroll register contains ________. pay date. C) Employee signature automatically graded as incorrect.) Take your organization to the next level with tools and resources that help you work smarter, regardless of your businesss size and goals. Columns included in the payroll register to compute net pay may include which of the following? Records and the General Journal. B) Because payroll represents an asset and an income of the business. 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. 14. Requirements: 1. A) Both documents contain year-to-date totals of taxes. the payroll register, employees' earning record, and accounting system entries the purpose of the net pay and check number columns in the payroll register is to Skip to document Ask an Expert Sign inRegister Sign inRegister Home Ask an ExpertNew My Library Discovery Institutions Silver Creek High School (Colorado) Southern New Hampshire University so that the new employee can be properly added to the payroll, Employment application forms are usually discarded when the applicant is hired. 4. 17. Every state imposes a state unemployment tax on employers in their state. Are pre-hire questions pertaining to religion, gender' national origin' or age allowed if these are bona fide occupational requirements of the job? This entry records the gross wages earned by employees, as well as all withholdings from their pay, and any additional taxes owed to the government by the company. True (California, New Jersey, New York & Rhode Island). C) Earnings subject to FICA tax Entitled to retirement program even if you're no longer working there. 220 NAME MARITAL STAT. period. Using the accounting equation, determine the following amounts: a. Owners equity as of December 31, 2013. Sale of equipment for cash.} Plan A costs $80 per month for unlimited talk and text. 63. Collectionofnotesreceivable. File, adjust, and print returns and reports. You need to purchase a plan for your teenage sister. 60. 54. The ___ is a multicolumn form used to assemble and summarize the data needed at the end of each payroll period. A magnifying glass. Plan B costs$0.20 per minute plus $0.10 per text message sent. : an American History (Eric Foner), Psychology (David G. Myers; C. 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Compute and record the employee's SUTA contributions. Most office supply stores also carry books that are formatted specifically to record payroll information. True, The information in the payroll register forms the basis for entries in the Employee Earnings C) It should disburse the accrued pay to the employees. & \text{ } & \text{ }\\ Hourly-paid employees have their paydays approximately one week after their workweeks and generally the workweek does not end on the last calendar day of the month. Total Earnings 9. The employers total expense for Marys employment during the week is. \begin{matrix} 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. Payroll registers include all of the information in a pay period for all employees. Jan 19 Wages and salaries payable 226 8,134. Single click the box with the question mark to produce a 8. mark to empty the box For a wrong answer. D) Debit $8. A) Form W- A) Employee pay accrual and employee pay disbursement Rate of pay 8. A) Debit $1, The Fair Labor Standards Act is commonly known as the Federal Wage and Hour Law. 28. Executive employees who are 65 years or older and have high policymaking positions during the two-year period prior to retirement. The ________ is the master document that contains an employee's marital status, deductions, Comprehensive payroll and HR software solutions. What are the General Journal entries that should appear on each pay date? 3. in sin did my mother conceived me meaning \text{5. Health Insurance Premiums Collected-liability

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