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. 7. A computer system based on a software package that performs all payroll record keeping and prepares payroll checks. D. Wages Expense Additional liability accounts for accrued salaries, accrued hourly wages, accrued holiday pay, and accrued paid time off could also appear, depending on the timing of the end of the period and the types of employees and benefits with which the company operates, A report that contains details about the number of hours worked and wages paid to employees, designates where the labor is used within the company Type of entry T F, For the purpose of a federal tax levy, the IRS defines take-home pay as the gross pay less taxes B) False, 18. When the I-999 forms for the restaurant's employees were reviewed, none were found for the six aliens. c.Both employee & employer Tipped employee. Unions CostsincurredduringtheyearEstimatedcoststocompleteasof12/31BillingsduringtheyearCashcollectionsduringtheyear2021$300,0001,200,000380,000250,0002022$1,575,00001,620,0001,750,000. Multiple choice question. Other Quizlet sets. (B) is the total earnings since the first of the year. -current entry amount per account type Payroll transactions will have an effect on: A relationship, specifically financial, built on trust between a trustee and a beneficiary. Why is it important for a firm to use both a payroll register T F, For child support garnishments, tips are considered part of an employee's disposable earnings. Which of the following is true about the employer responsibility for payroll taxes? Payroll Taxes Interest was paid quarterly, and the note was repaid one year from the time the money was borrowed. and more. (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. chart of accounts. other garnishment.. A. B) Payroll Taxes A qualified retirement plan that provides most individuals with a deferred federal income tax benefit. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. Do you know what pay method each employee needs? False, The employers' OASDI portion of FICA taxes is included as part of the payroll tax entry, but the Examples of payroll related liabilities include: Garnishments Company management, True or false: Payroll reports help managers to determine payroll staffing needs. (5), True or False: 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. Multiple choice question. A) $107.40 Gross earnings. -journal entry and page number, letter and number Have you prepared the appropriate tax returns? Tracking of governmental liabilities Multiple choice question. All the payroll information needed to prepare payroll and tax reports is found on, C- Payroll register and employee earnings records provide, The payroll journal entry is based on the totals of the payroll register, The Total Earnings column total of a payroll register is journalized as a debit to, The total of the Federal Income Tax column of a payroll register is credited to (A) a revenue account, The total of the Net Pay column of the payroll register is credited to, When a semimonthly payroll is paid, the credit to Cash is equal to the, Payroll taxes that are paid by both the employer and the employee are, A tax paid to administer the unemployment program is the, A state tax used to pay benefits to unemployed workers is the, An employee's earnings subject to unemployment taxes are referred to as (A) gross Multiple choice 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)? A) a federal tax levy 8. (C) gross earnings. \text{Option \#2:}&&\text{\$\hspace{7pt}2,150,000 per year for five years}\\ Debits show increases to Credit accounting information A) FUTA tax employers' HI portion of FICA taxes is not.. How does a payroll accountant use the information in the General Ledger? a.The total additions to or deductions from wages How can the information shown in the employees' earnings record be used? C) Wages Expense -debit state withholding $1,234, The second set of debit and credit balances in a general ledger will: One employee earnings record is used each payroll period to detail the earnings of all employees. General journal entries are the original ____ ____ for payroll events to be recorded in the accounting system. Each employee name is listed in a payroll register along with (A) employee number. (B) marital status. Provides information for decision-makers about costs and company profitability Carmen Gaetano worked 46 hours during this pay week. (C) W-3 Does your company have employees? (7), True or False: 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. d.Neither of these choices is correct. B) using the same amounts as the prior month's adjustment. FICA Taxes Payable-OASDI Recording the individual balances of each paycheck. 5. a.To prepare period reports and complete Form W-2 for each employee. a.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. -department breakdown of labor cost, billiable and nonbillable time b. should discharge any employee receiving a wage garnishment. When the company pays for the state taxes withheld from the employee, the entry would be: Entering transactions in the general ledger. account balances form the basis for accounting reports; general ledger account balances aggregate data to determine payroll costs. \text{Sales volume} & \text{260.000} & \text{units}\\ Multiple choice question. liabilities or liability, Apart from the recording of payroll and payment to employees, what other payroll related journal entries would be recorded? a. is used to record Workers' Compensation premiums paid by the company. The payroll register provides all the payroll information needed to prepare a payroll. Payroll transactions are recorded in the General Journal and posted to General Ledger accounts. When recording the deposit of FUTA taxes owed, the proper entry is: 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. b. are the part of the paycheck used to pay taxes. create the need for more entries. A financial obligation of the firm arising from revenues received in advance of services or sales or expenses incurred but not paid. (C) a memorandum. The source document for paying state unemployment tax is: Based on the data presented in the previous exercise, journalize Belarus Co.s entries for (c) the payment of the invoice within the discount period. Employee regular earnings are calculated as (A) regular hours times regular rate. Multiple select question. with the Form 940 reconciliation at the end of the year. With the passage of the Pension Protection Act of 2006: have amounts in both debit and credit per account What is the learning rate at peak efficiency? -by posting reference. The adjusting entry to record the accrued vacation pay at the end of an accounting period includes credits to the tax withholding liability accounts. purchasing managers A) True (A) tax reimbursement. What is the connection between the employees' earnings records and payroll tax reporting? d. companies are allowed to automatically enroll employees in the company's retirement plan. A payroll accrual occurs Magic Me is a manufacturer of magic kits. (D) accumulated earnings. (A) W-2 D) an administrative wage garnishment -union negotiations. employee income tax payable social security tax payable In the garnishment process, federal tax levies take secondary priority to wages withheld for child support orders. The following accounts receivable information pertains to Growth Markets LLC. -bring the accountant to the related entry in the general journal. true or false:Social security tax is paid by both employees and employers. (A distribution column in the payroll register separates the various expenses into classifications such as Sales Expenses, Administrative Expenses, Factory Expenses, etc), 1. (4), True or False: Form W-2 reports an employee's annual earnings and the withholdings for federal income, social security, and Medicare taxes. Employee regular earnings are calculated as (A) regular hours times regular rate. expensed in the next month. would be reduced by every transaction E. FUTA Tax Expense (A) unemployment taxable earnings. Accounting principles assist in the classification of payroll costs and organizational performance. no general ledger postings. bottles of its juice cocktails or 12 oz. (D) overtime hours minus overtime rate. a. the expense has already been recorded. \end{array} disposable earnings. 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. What is always true about the general ledger? -Balances in the general ledger payroll accounts are used in payroll reports. Assets E) a percentage of the previous week's net payroll. The reports are identical and provide necessary T F, In the case of multiple wage attachments, a garnishment for a student loan has priority over any Payroll Taxes The project began in 2021 and was completed in 2022. following except: Salaries Payable Hintley Duck Blinds Ltd received a federal tax levy garnishment for their marketing manager, Joanna Mallard, in the amount of $8,523.25. The general ledger contains information about the individual accounts used in general journal transactions Multiple choice question. You have won a state lottery. A) True B) Withholdings for a 401(k) plan a. Which of the following accounts is an expense account in which an employer records the FICA, FUTA, and SUTA taxes? Prepare a partial balance sheet to show how the information related to this contract would be presented at the end of 2021 assuming this project does not qualify for revenue recognition over time. The Assembling Department added the following costs: Assembling fi nished 400,000 units and transferred them to the Finishing Department. a.They must disclose to the job applicant that they are seeking an investigative report. Identify some of the groups of users. C) $50.70 Payroll Taxes. Credit Protection Act. Which of the following are true about the general ledger? Do you have managerial approval for all employee pay for the period? When does peak efficiency occur? a. all the data must be both manually and digitally centered and checked, to ensure that the system is functioning properly. general journal entries. The financial investment and any accumulated profits or losses of the owner of a firm. Medicare tax What if each firm produces a somewhat different product? Payroll costs represent an expense of the business. a. can take 50% of an employee's disposable income for child support payments. Debit accounting information when payday is after the end of the month. Liabilities area -billable and nonbillable time 20. c. must pay federal tax levies before any other deduction. The time of peak efficiency is the time when the learning rate is maximized. Show your work. Which of the following is not an expense of the employer? engaged in a job in which tips of more than $30 a month are regularly recieved. Take-home pay minus weekly exempted amount = federal tax levy garnishment. c. It facilitates accuracy in employee personnel records. What is the primary purpose of the Employee Retirement Income Security Act (ERISA)? The cash based businesses will show an increase in payroll expenses when: Accounting system entries record all payroll-related activity c.The amount and nature of exempt pay -per employee wage reporting The purpose of a labor report is to do what? A) True Each employer must file a _________ federal tax return showing the federal income tax, social security tax, and Medicare tax due the government. general ledger entries. -account number and date, Where will entries for payroll show in the trial balance? D) 53.70 bottles of its 100% juices. & 2021 & 2022 \\ would be used for reporting, All of the following are examples of payroll liabilities except: 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. Option#1:Option#2:Option#3:$12,000,000afterfiveyears$2,150,000peryearforfiveyears$10,000,000afterthreeyears. d. union dues. (C) special purposes account. Payments to sales taxing authorities Over the three years that you have owned the stock, the corporation's board of directors have taken the following actions: Congratulations! d. Multiple select question. Have you computed their payroll taxes properly? Multiple choice question. c. When the affiliate company reports net income. Multiple select question. May be used to re-create payroll data in the event of computer failure or a catastrophic event Wages Expense Wages payable expenses, assets, liabilities. b.Executive employees who are 65 years or older and have held high policymaking positions during the two-year period prior to retirement c. What is the largest number of items memorized by the subject? Explain your reasoning. A) True 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? (B) Medicare tax. Where will entries for payroll show up in the income statement? Government officials -Pay rate, In financial accounting, the fundamental accounting equation is. Actual operating costs equal budgeted operating costs. a. they are part of the payroll package required to be sent to the IRS on an annual basis. You purchased 200 shares of Smiley Incorporated, a small but profitable company. Multiple choice question. Company management, Unions d.None of these choices are correct. False, An employee who is garnished creates a liability for the business. A) True A deduction from total earnings for each person legally supported by a taxpayer, including the employee. Multiple select question. (A) IRS Form W-4 100 terms. (B) payroll . Did you prepare remittances for the mandatory and voluntary deductions? Employees are assigned to departments to foster accurate measurements of business segment profitability. B) Federal Income Taxes Payable Also known as the Federal Wage and Hour Law. (C) employee accounts payable record. Wages Payroll, Which of the following items would require an adjusting entry at the end of each accounting period? Study with Quizlet and memorize flashcards containing terms like . (C) shows net pay for one quarter. 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. You may assume that f(0)=0f(0)=0f(0)=0. (p. 378), The payroll journal entry is based on the totals of the payroll register (A) Total . The general journal entries will be in what order Unclaimed employee wages are returned to the employer. (C) only in states where a state income tax is levied. Payment of voluntary withholdings, Payment of statutory withholdings The FICA taxes on the employer represent both business expenses and liabilities of the employer. Apart from the recording of payroll and payment to employees, what other payroll related journal entries would be recorded? c.All of the funds are used to provide the benefits of unemployment compensation to qualified unemployed workers. a.Employees over the age of 40 who have held high policymaking positions during the two-year period prior to retirement Accounting II: Chapter 13 Flashcards | Quizlet Data relating to the contract are summarized below: 20212022Costsincurredduringtheyear$300,000$1,575,000Estimatedcoststocompleteasof12/311,200,0000Billingsduringtheyear380,0001,620,000Cashcollectionsduringtheyear250,0001,750,000\begin{array}{lrr} Employee taxes What is the production-volume variance in 2017 when the denominator level is (a) theoretical capacity, (b) practical capacity, and (c) normal capacity utilization? debit to expense, credit to liability. T-tables. (D) is the gross earnings for one quarter. The maximum amount of gross earnings on which a tax is calculated, A retirement plan approved by the Internal Revenue Service. 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. Multiple select question. -Entering the transactions in the general ledger. A. FUTA Tax Expense A) Garnishment for child support payments Description information. 3. What is the second line of the general journal entry used for? 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: A) True Salaries and Wages Payable, Which of the following taxes would NOT be included in the employer related payroll entry? y=100(1e0.462t). A description is sometimes included. salaries and wages payable. A separate record of each employee's . (C) IRS Form W-3 Allocate employee expenses to specific accounts The total amount earned by all employees for a pay period is a ____. State unemployment tax. (A) a revenue general journal entries. accounting period, the amount of the adjustment would usually be Employee regular earnings are calculated as ____. \text{Option \#1:}&&\text{\$ 12,000,000 after five years}\\ Withholding's for a 401(k) plan Why is it important for a firm to use both a payroll register D) a percentage of the previous week's gross payroll. See Answer. \text{Over 90 days}&\text{\hspace{5pt}15,330}&\text{25\\\%}\\ Wages Payable FICA Taxes Payable - OASDI $1,534.78 payment to employee based on a stated percentage of revenue. Which of the following acts prohibits discriminating in hiring, firing, promoting, compensating, or in any other condition of employment on the basis of race, color, religion, gender, or national origin? 4. False. b. the Payroll Manager is required by the Social Security Administration to e-verify in duplicate all the employees' social security numbers. Write your answers in simplest terms. In all computerized payroll systems, there is still the need to manually post from the printed payroll journal entry to the general ledger. Past-DueCategoryAccountsReceivableTotalPercentageUncollectible0-30days$22,4806%31-90days36,54017%Over90days15,33025%\begin{array}{c}
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