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--. True, Payroll accruals reflect the amount of payroll paid but not earned at the end of the financial Record the health insurance deduction. Who is covered by the Walsh-Healey Public Contract Act? The W-2 provides all of the information required by the Affordable Care Act. In Philadelphia, Pennsylvania, most workers are subject to three income taxes upon their earnings - federal state and city. ls the payroll register used in preparing the Form W-2? (You may 8. Apr 16 J23 16,495 32. : an American History (Eric Foner), Psychology (David G. Myers; C. 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A) It may be expressed as assets + liabilities = owners' equity. Which of the following reports links the accounting and the human resources departments? Under FMLA, may an employer substitute an employee's earned paid leave for part of the 12-week family leave? DEBIT CREDIT DEBIT CREDIT 54. There may be an accrued wages entry that is recorded at the end of each accounting period, and which is intended to record the amount of wages owed to employees but not yet paid. 401(k) contributions payable 223 454. Medicare tax payable 222 ??? Explain the major provisions of the Fair Labor Standards Act. FICA Taxes payable-HI-liability Which of the following is not a provision of FLSA? 41. 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. Requirements: Record the deduction for group insurance. The Federal Insurance Contribution Act, the Medicare portion of the tax is only paid by the employer. A) By order of importance one answer. 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. Small, midsized or large, your business has unique needs, from technology to support and everything in between. 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. Learn more about Privacy at ADP, including understanding the steps that weve taken to protect personal data globally. employees' payroll, one for the employer's share of the taxes. D. FMLA Direct materials usage. & \text{ } & \text{ }\\ A cell phone company offers two different plans. What is the current minimum wage under FLSA? D) It highlights issues and results of seasonal labor. It indicates, "Click to perform a search". Issuanceofcommonstock. Employers can exempt the following employees from the Family and Medical Leave Act. The key types of payroll journal entries are noted below. Multiple Choice. A) Social Security tax, $204; Medicare tax, $792. A) $399,472. To rule the payroll register means that the payroll accountant establishes procedures about the payroll register. under the Civil Rights Act of 1964, the U.S. Government is classified as an exempt employer. lf both federal and state regulations cover minimum wages for the same employee, is the federal rate always used for the minimum wage? 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. Pre-hire questions pertaining to religion, gender, national origin, or age are allowed if: Which of the following forms is used to notify the Payroll Department to add a new employee to the payroll? Cash 101 117,334. A. \text{2. To which items is information from the payroll register transferred? What is the amount of the 401(k) contributions for the pay date? It is a monthly schedule depositor. A) As assets B. Report changes to your business. This entry usually includes debits for the direct labor expense, salaries, and the company's portion of payroll taxes. Federal withholding tax payable 220 399,472. & \text{ } & \text{ }\\ Quiz 6: Payroll Register, Employee Earning Records, and Accounting BALANCE D) As liabilities & \text{ } & \text{ }\\ For what reason are "distribution" columns sometimes provided in the payroll register? A) Net pay Only "A payroll register" and "The employee's earnings record" are correct. 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 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. D) The labor report Identify distinctive compensation plans. A payroll register does not include: Multiple Choice Pay period dates. 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 B) Total overtime earnings Which items would be debited in the General Journal entry to record the employees' share of C) Garnishment View notices and letters. What is a use of a firm's labor trend reports? This will increase This entry usually includes debits for the direct labor expense, salaries, and the company's portion of payroll taxes. You can enter a formula into a cell manually (typing it in) or by pointing to the cells. Social Security tax payable 221 10,517. 2. expenses are, the higher the profitability will be. *Graph the equation using the slope and $y$-intercept, as in the Previous Examples. Does every state have state unemployment laws? 20XX: Gross pay $ 27,894. 11+ Payroll Register Templates in PDF pay E. Highest-paid 10% of their workforce. 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. Direct labor usage. C. All employees under the age of 30. Issuance of common stock.} 10. ERISA provides for full vesting of the employer's contribution to an employee's pension fund in 3 years or gradually over: these factors are bona fide occupational qualifications for the job. What is the primary purpose of a labor report? LO1: Recording in Payroll Register and Posting in Employees' Earnings A) Employee pay accrual and employee pay disbursement Our online store for HR apps and more; for customers, partners and developers. Hours worked. 14. (You may select more than one answer. Accounting questions and answers. mark to empty the box For a wrong answer. Does the ADEA quit protecting employees after the age of 70? B. ERISA requires each employer to establish a pension plan. 5. Questions pertaining to religion, gender, national origin, or age are allowed on application forms when these are bonafide occupational qualifications for a job. 9. 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. True, Besides containing the supporting data for periodic tax reports, the employee earnings record This account would be credited for the amount paid. C) SUTA B) It must create an adjusting entry to recognize the payroll accrual. What is the role of enhancing qualities in the conceptual framework? Name of each employee 5. Payroll Flashcards | Quizlet PDF Payroll Practice Test - Atunlimited.com These computations are shown in the Employee Payroll Register. Issuanceofbonds.11. Assume that the company uses the accrual method of accounting. entry? True, Employee earnings records form the link between accounting and the human resources ADP hires in over 26 countries around the world for a variety of amazing careers. ADP helps organizations of all types and sizes unlock their potential. ADP and the ADP logo are registered trademarks of ADP, Inc. All other marks are the property of their respective owners. SUTA tax payable 9,481. Transfer of finished jobs to the finished goods inventory. A) A debit balance will increase the expenses of the firm's income statement. The higher payroll Garnishment $ 450. Loantoanotherfirm.12. Rushing River Boats has the following data in its Social Security tax payable General Ledger account: Social Security tax payable ACCOUNT NO. 2. Feb 15 J This information is also reflected in summary level entries in the businesss general ledger. 58. mark to produce a Check mark for a correct answer and double click the box with the question Manage labor costs and compliance with easy time & attendance tools. Book the entry on the date paychecks are distributed. 4. Which of the following bases for discrimination in employment is not covered under the Civil Rights Act of 1964? Your portfolio has three asset classes. The purpose of payroll register is to record of all the payment details for employees during a specific pay period. 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. February 7 Journalize the employer . Jan 19 Wages and salaries payable 226 8,134. 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? \text{14. Every state imposes a state unemployment tax on employers in their state. incorrect.) Deductions. Allocation (closing) of overapplied or underapplied overhead to Cost of Goods Sold. a. Walsh-Healey Public Contracts Act & \text{ } & \text{ }\\ D. Religion B) The income statement True, The information in the payroll register forms the basis for entries in the Employee Earnings 4. Cross), Give Me Liberty! Recorded as a liability for the employer in the payroll entry. & \text{ } & \text{ }\\ A company may occasionally print manual paychecks to employees, either because of pay adjustments or employment terminations. On October 15, Eco Brewers had a balance of $4,390 in its Social Security tax payable account. * 12. Payroll accounting | Payroll journal entries AccountingTools A) Medicare tax Solved Continuing Payroll Problem, 6B: Chapter 6 You have - Chegg C) Credit $1, Q08. B. Solved Columns included in the payroll register to compute - Chegg Payroll Accounting Quiz and Test | AccountingCoach ls the FUTA tax used to pay unemployment benefits? Continuing Payroll Problem-B OLNEY COMPANY, INC. There will also be credits to a number of accounts, each one detailing the liability for payroll taxes that have not been paid, as well as for the amount of cash already paid to employees for their net pay. At ADP, we say that were Always Designing for People, starting with our own. To prohibit discrimination on the basis of age in the employment practices of employer. Rushing River Boats has the following data in its Social Security tax payable General Ledger At ADP, we believe sports and business both require the right approach. Net pay $ 19,747. TransactionTypeofActivityCashInfloworOutflow1. How do accrued, but not paid, wages appear on the balance sheet? B) Employee earnings record Indirect materials usage. Saleofequipmentforcash. Chapter 7 quiz - the payroll register, employees' earning - StuDocu What information is commonly provided by a job-seeker on the application for employment form? expense 522 $ 12,987. What options might Hazel consider if the Enter the debit amount to clear the existing credit to Payroll Cash from the first journal entry above. department. If a firm accrues the payroll due but not paid at the end of a financial period, what should it do Vacaction Benefits Payable- liability. Prior year's earnings < Prev 18 of 40 . Employee Earnings Record: What It Is and How to Use It Name two advantages and two drawbacks of 34. The higher payroll B) It allows managers to predict future labor costs. The information in the payroll register forms the basis for entries in the Employee Earnings Records and the General Journal. ls the Federal Government covered under the Civil Rights Act of 1964? A) Debit R. Sanders Capital, $250,000; Credit Cash, $250, A. prepare the payroll register enter the information into the employee payroll records prepare paychecks and send them to paymaster for distribution to employees send a copy of the payroll register to Accounts Payable social security taxes income tax withholding payroll deductions in tax: Wages and salaries withholding taxes payable During this process, employers reconcile their payroll transactions and make sure that their accounting and recordkeeping practices comply with regulations. Why does company profitability decrease in direct proportion to the payroll expenses? Which of the following are processes that occur in most payroll accounting systems? Simplify and unify your HCM compliance processes. answer to payroll project chapter 7.xlsx - JOURNAL DATE But if you follow these seven steps, you can learn how to account for payroll with ease. Learn how we can make a difference by joining forces to improve the success of the clients we share. What is The balance in the account? Paymentofemployeesalaries.2. Saleofequipmentforanotereceivable.10. C) It should disburse the accrued pay to the employees. B) It depicts the ideal distribution of labor in a firm. How are the funds used which are provided by FUTA and SUTA? 6. C) Debit $ May criminal background checks be used by all employers for any person? False - also needs to be a reasonable amount. Payroll journal entries AccountingTools 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. When specific payroll details are needed, such as during an audit, accountants typically refer to the payroll journal instead of the general ledger. This entry usually includes debits for the direct labor expense, salaries, and the company's portion of payroll taxes. B) It is employee labor that does not pertain to labor on customer jobs. date: Oct 27 Wages and salaries expense 522 $298,384. D) 401(k) contributions 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? Click here to learn more. Record the journal entry to account for employer payroll taxes based on the totals in the payroll register and the FUTA and SUTA calculations. DATE DESCRIPTION POST REF. Solved Required: Complete the payroll register for this pay - Chegg What si the primary purpose of the Employee Retirement Income Security Act (ERISA)? C) the name of the firm and the payroll accountant 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. Listed below are several transactions. D) Payroll register Which of these employee types is an allowable exeption to the protection of the Age Discrimination in Employment? A. B) Payroll register Chapter 6 Review Payroll Flashcards | Quizlet D) The transaction appears on page four of the General Journal. ), What is the total amount of FICA that needs, Earn our Payroll Accounting Certificate of Achievement. The entry to record vacations earned in 2022 will affect Vacation Expense on the 2022 income statement and Vacation Payable, a liability on the 2022 balance sheet. Under FLSA, what is the current minimum wage? Based on the following data, prepare the appropriate journal entry when paying employees: Total wages earned were $8000 B. Union Dues Payable-liability Payroll liabilities are any type of payment related to payroll that a business owes but has not yet paid. box for a wrong Answer. Use rates of 6.2 percent for the employer's shareof the social security tax, 1.45 percent for Medicare tax, 0.6 percent for FUTA tax, and 5.4 percent for SUTA tax. You need to purchase a plan for your teenage sister. According to Adam Smith, why do the butcher, brewer, and baker provide food for us to buy? pay date. C. FLSA 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%. Click the card to flip Definition 1 / 52 True Click the card to flip Flashcards Learn Test Match Created by Ziera117 Plus Terms in this set (52) Security taxes? c. McNamara-O'Hara Service Contract Act Fast, easy, accurate payroll and tax, so you can save time and money. 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 Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer. 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 Payroll Accounting quiz 6 Flashcards | Chegg.com