payroll register quizlet

D) It is non-employee labor that the company must pay. 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. SUTA tax payable 9,481. & \text{ } & \text{ }\\ What is the total amount of FICA that needs to be remitted by an employer in 2023 for an employee earning $50,000? For each transaction, indicate by letter whether the cash effect of each transaction is reported in a statement of cash flows as an operating (O), investing (I), financing (F), or noncash (NC) activity. Oct 27 Wages and salaries payable 226 202,671. A) The income statement The employees gross wages for the past week are. The ________ is the master document that contains an employee's marital status, deductions, Raw materials purchases for cash. $y = -x - 4$. Under FMLA, the time must be used in one uninterrupted period of time. All rights reserved.AccountingCoach is a registered trademark. & \text{ } & \text{ }\\ *Graph the equation using the slope and $y$-intercept, as in the Previous Examples. Required: 1. B) A debit balance will increase the expenses of the firm's income statement. Your sister currently uses 1,700 minutes and sends 1,600 texts each month. (You may select more than one answer. Factory payroll costs in cash. (You may select more than one answer. Which basic records are generated in most payroll accounting systems? With e-Services for Business, you can: Register, close, or re-open an employer payroll tax account. For classifying the gross wages and salaries according to the nature of the wage and salary expense. pay How does a payroll accountant keep track of employee's year-to-date earnings for wage bases B) Debit Cash $13,618; Credit Health Insurance Payable $13,618. statement? Loan to another firm.} Health Insurance payable 224 8,375. For fill-in-the-blank questions, press or click on the blank space provided. Age B) It is employee labor that does not pertain to labor on customer jobs. chronologically. 5. Enter the debit amount to clear the existing credit to Payroll Cash from the first journal entry above. B) General Journal Payment of income taxes.} Federal withholding tax payable 220 399,472. Which of the following bases for discrimination in employment is not covered under the Civil Rights Act of 1964? \text{13. Employee benefits, flexible administration, business insurance, and retirement plans. 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. Harold Averkamp (CPA, MBA) has worked as a university accounting instructor, accountant, and consultant for more than 25 years. They must disclose to the job applicant that they are seeking an investigative report. 18. var d=new Date(); document.write(d.getFullYear()); ADP, Inc. Find the package that's right for your business. Multiple Choice. one answer. 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. \text{9. B) Credit $1, Feb 15 J NAME MARITAL STAT. 28. answer And double click the box with the question mark to empty the box for a wrong answer. D) Company website 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? You can enter a formula into a cell manually (typing it in) or by pointing to the cells. True (California, New Jersey, New York & Rhode Island). Direct labor usage. A(n) ________ is a collection of cash and other items that are used in the operation of the 3. 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. C) Earnings subject to FICA tax ERISA provides for full vesting of the employer's contributions in three years or gradually over six. All earnings are taxable. Forbids discrimination in hiring. Vacaction Benefits Payable- liability. Which of the following are processes that occur in most payroll accounting systems? Define hours worked. This will increase Identify distinctive compensation plans. 53. Who pays the social security taxes that are levied by the Federal Insurance Contributions Act? 64. Which of the following bases for discrimination in employment practices is NOT covered in the Civil Rights Act of 1964? D) It is a report that becomes published with other financial reports. Next, click on the Insert Debit/Credit button, enter the first account number ( 12) or click on the pop-up Chart of Accounts icon to display a list for selection. select more than one answer. As of the June 11 pay date, the General Ledger account for Burling Mills has a balance of $14, Wages Payable-liability Most office supply stores also carry books that are formatted specifically to record payroll information. 1. D) the employee's name, social security number, and address View the full answer. Employers also use it to: While all of these functions can be accomplished manually, dedicated payroll software provides information at the click of a button, making reporting fast and simple. B. How do the Stanford-Binet and Wechsler tests differ? This entry is then reversed in the following accounting period, so that the initial recordation entry can take its place. B. 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? 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). BALANCE Federal withholding tax payable 220 $ 2,207. You can think of it as a summary of all the payroll activity during a period. Report changes to your business. in sin did my mother conceived me meaning The ___ is a multicolumn form used to assemble and summarize the data needed at the end of each payroll period. 14. Which of the following best describes the purpose of the payroll register? incorrect.) False. Another important step in maintaining a payroll register is to perform audits. These computations are shown in the Employee Payroll Register. Workers' compensation insurance premiums are paid for by the employees, Workers' compensation insurance premiums vary according to the different degrees of danger in the employees' jobs. Basic payroll register templates can be found online or created in programs like Excel. \begin{matrix} C) Alphabetically C) Payroll accounts do not appear on the trial balance because of their changeable nature. It exists in many forms, from manual booklets and ad-hoc registers created in Excel to reports produced by dedicated payroll software. D) The balance sheet Any boxes left with a question mark will be Book the entry on the date paychecks are distributed. Explain the use of the "Cumulative" column in the employee's earnings record. ADP is a better way to work for you and your employees, so everyone can reach their full potential. Zipperle Company has the following payroll information for the pay period ending September 18, B) It is always expressed as assets = liabilities - owners' equity. 8. ordinance is passed? The lower the payroll A payroll liability can include wages an employee earned but has not yet received, taxes withheld from employees, and other payroll-related costs. Besides payroll information, the payroll register contains ________. Does FLSA say how often employees need to be paid? Read more about the author. Protest Unemployment Insurance benefit charges or rates. B) It allows managers to predict future labor costs. A company may occasionally print manual paychecks to employees, either because of pay adjustments or employment terminations. D) Payroll register depositor, what entry Should appear on November 15 for the remittance of the month's Social B) $15,298. Which of the following is true about the fundamental accounting equation? A) It may be expressed as assets + liabilities = owners' equity. Todays digital landscape means limitless possibilities, and also complex security risks and threats. Its best practice to audit payroll every pay period. Its easier to keep accurate payroll records and run reports quickly with payroll software. Which of the following is true of employee's earnings record? HOURS WORKED Jeremy Ortiz is an employee of Insulor Flooring, where his job responsibilities include selling service contracts to customers. 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. 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. Payroll registers can be created using spreadsheets, although this may not be ideal for most employers. In this last task, the following steps will be completed. D) Debit Health Insurance Payable $27,237; Credit Cash $27,237. Listed below are several transactions. Jun 23 Wages and. Read the latest news, stories, insights and tips to help you ignite the power of your people. Q08. The Civil Rights Act of 1964 protects all employees from arbitrary dismissal. accurate disbursal of payroll. The information provided in the payroll register is used primarily to meet the requirements of the Fair Labor Standards Act. C) Debit $ - Michalis M. FICA (FICA is the acronym for Federal Insurance Contribution Act. mark for a correct Answer and double click the box with the question mark to empty the box for 2. 20. At the end of its accounting period, December 31, 2013, Ultima has assets of $942,000 and liabilities of$584,000. C) The balance sheet Rushing River Boats has the following data in its Social Security tax payable General Ledger Hence, no need to accrue any salaries. the box With the question mark to empty the box for a wrong answer. The payroll register lists all the employees who earned remuneration, the amount of remuneration, the deductions, and the net amount paid. (You may select more than one answer. 1. The following data is for the January 19 pay date for Waryzbok Inc.: Jan 19 Wages and salaries. Jan 31 J4 420 1, The payroll register lists all the employees who earned remuneration, the amount of remuneration, the deductions, and the net amount paid. 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 This will increase the What are the main kinds of information contained in a payroll register? D) 401(k) contributions period. FUTA tax payable 1,322. Factory overhead excluding indirect materials and indirect labor (record credit to Other Accounts). Those who have not worked at least one year and at least 1,250 hours in the previous 12 months for the company. B) By dollar amount On December 1, 20XX, Riley Sanders invested $250,000 to open Sanders Enterprises. \text{15. Purchase of inventory.} \text{12. 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. It exists in many forms, from manual booklets and ad-hoc registers created in Excel to reports produced by dedicated payroll software. Purchaseoftreasurystock.14. D) Social Security tax, $188; Medicare tax, $805. B) The income statement 17. B) Posting B. ERISA requires each employer to establish a pension plan.