20XX: Gross pay $ 27,894. A payroll register is the record for a pay period that lists employee hours worked, gross pay, net pay, deductions, and payroll date. When the firm remits its health insurance premium for this pay date, what is the General Journal Are employers required to keep a photocopy of the l-9 form? Which of the following is not a provision of ERISA? Which of the following laws establishes the minimum wage? Collectionofanaccountreceivable.5. Apr 16 J23 16,495 32. ), What is the total amount of FICA that needs, Earn our Payroll Accounting Certificate of Achievement. Compute the employer's payroll taxes for the period. 66. In January 2023 an employer remits the state unemployment tax that pertains to its employees' wages for the final three months of 2022. 62. The certificates include Debits and Credits, Adjusting Entries, Financial Statements, Balance Sheet, Income Statement, Cash Flow Statement, Working Capital and Liquidity, Financial Ratios, Bank Reconciliation, and Payroll Accounting. 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. ADP hires in over 26 countries around the world for a variety of amazing careers. They must disclose to the job applicant that they are seeking an investigative report. \text{13. Complete the steps outlined below: 1. A. Sale of equipment for a note receivable.} General Journal entry to record this transaction? To prohibit discrimination on the basis of age in the employment practices of employer. It E. All of the above are provisions of ERISA. What is the amount of the Social Security tax payable? C) the name of the firm and the payroll accountant Under the Affordable care Act, does the insurance provided by the employer only need to meet an affordability test? Its best practice to audit payroll every pay period. On October 15, Eco Brewers had a balance of $4,390 in its Social Security tax payable account. Wages and salaries payable 226 117,334. Loan to another firm.} D) Both documents contain details of employee earnings, deductions, and disbursement for a For advanced capabilities, workforce management adds optimized scheduling, labor forecasting/budgeting, attendance policy, leave case management and more. Focus on what matters most by outsourcing payroll and HR tasks, or join our PEO. the health Insurance is qualified under Section 125? A) Social Security tax, $204; Medicare tax, $792. D) Social Security tax, $188; Medicare tax, $805. A) Employee pay accrual and employee pay disbursement Medicare tax payable 222 4,205. What are the enhancing qualities of the qualitative characteristics? 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 DEBIT CREDIT DEBIT CREDIT Discover a wealth of knowledge to help you tackle payroll, HR and benefits, and compliance. Savings bonds payable 227 1,850. Vacation Benefits Expense-Operating expense B) Employee earnings record The higher payroll DATE DESCRIPTION POST REF. Loantoanotherfirm. e. None of the above. All of these journal entries are noted below. Want more exclusive business insights like this delivered to your inbox?Subscribe now. Learn how we can make your work easier. incomes are, the higher the profitability will be. Fast, easy, accurate payroll and tax, so you can save time and money. question mark Will be automatically graded as incorrect.) What options might Hazel consider if the D) Debit $8. in sin did my mother conceived me meaning Vesting conveys to employees the right to share in the retirement fund in the event they are terminated before the normal retirement age. Suppose your sister doubles her monthly usage to 3,400 minutes and sends 3,200 texts. check mark For a correct answer and double click the box with the question mark to empty the Which of the following are processes that occur in most payroll accounting systems? D) Employee pay recording and employer share payroll taxes recording A) Medicare tax 3. Entitled to retirement program even if you're no longer working there. 2. account: Social Security tax payable ACCOUNT NO. expenses are, the lower the profitability will be. To rule the payroll register means that the payroll accountant establishes procedures about the payroll register. What information is commonly provided by a job-seeker on the application for employment form? When a firm has wages earned but not yet paid at the end of a financial reporting period, what B) Debit Cash $13,618; Credit Health Insurance Payable $13,618. It lists payroll information about each employee, such as hours worked, gross pay, deductionsand net pay. c. McNamara-O'Hara Service Contract Act B) It is an individual register maintained for each employee, listing of all the payroll information. select more than one answer. Payroll journals are records of all payroll transactions. Required: 1. one answer. Generally, a payroll register lists the following information about each employee: Gross pay Net pay Payroll taxes Employee deductions (e.g., health insurance) Purchase of treasury stock.} 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 A magnifying glass. 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. Under the Civil Rights Act of 1964 and the Age Discrimination in Employment Act, which of the following questions may not be asked by an employer during pre-hire inquiries? & \text{ } & \text{ }\\ Which of the following is true of employee's earnings record? D) It is non-employee labor that the company must pay. Exempt salaried employees are often paid for their work right up to payday. Complete the Regular Earnings columns (Rate per Hour and Amount) for hourly employees. FUTA tax payable 1,322. ERISA ensures that workers covered by private pension plans receive benefits from those plans in accordance with their credited years of service with their employers. \text{5. A. ADEA The Civil Rights Act of 1964 protects all employees from arbitrary dismissal. Recorded as a liability for the employer in the payroll entry. ADP and the ADP logo are registered trademarks of ADP, Inc. All other marks are the property of their respective owners. 15. This will decrease The Federal Insurance Contributions Act covers restrictions on the employment of child labor. incorrect.) Employers use the employee's earnings record in preparing ___. 31. D) Because payroll represents a liability and an expense of the business. D) Debit Health Insurance Payable $27,237; Credit Cash $27,237. each option. 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. 221 This entry usually includes debits for the direct labor expense, salaries, and the company's portion of payroll taxes. BALANCE (You may Record the regular hours and the overtime hours worked for each employee, using the time clerk's report as your reference. c. More than five have large-screen TVs? 40. Saleofequipmentforcash.TypeofActivityOCashInfloworOutflowCO. What is the total amount of FICA that needs to be remitted by an employer in 2023 for an employee earning $50,000? D) The transaction appears on page four of the General Journal. Which of the following is true about the fundamental accounting equation? Sale of land for cash.} For fill-in-the-blank questions, press or click on the blank space provided. Read more about the author. Who pays the social security taxes that are levied by the Federal Insurance Contributions Act? Collectionofnotesreceivable. Saleoflandforcash. 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 D) Health insurance payable Learn more about the senior executives who are leading ADPs business. B) Posting True, In the General Ledger, the debit column reflects the balance of the account. Collection of an account receivable.} Health Insurance payable 224 13,618. Recall that Zachary Fox and Michael Sierra are married, while Calvin Bell and David Alexander . "I am an engineer pursuing an MBA diploma and accounting & financial economics have been a huge challenge for me to overcome. How can the information shown in the employees' earnings record be used? Payment of income taxes.} Workers' Commpensation Insurance Expense-Operating expense A) Net pay The W-2 provides all of the information required by the Affordable Care Act. 58. Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer. Copyright Tap into a wealth of knowledge designed to simplify complex tasks and encourage strategic decisions across key functions. Comprehensive payroll and HR software solutions. Issuance of bonds.} This will increase Factory payroll costs in cash. D) A debit balance will increase the income of the firm's income statement. Factory overhead excluding indirect materials and indirect labor (record credit to Other Accounts). With e-Services for Business, you can: Register, close, or re-open an employer payroll tax account. The payroll register of any firm needs to have specific details on every employee. Single click the box with the question mark to produce a 28. The amounts needed for the payroll entries in the journal come from the employee's earning records. Saleoflandforcash.3. The lower payroll B. FICA Taxes Payable-OASDI-liability Purchaseofrentinadvance.4. C) Alphabetically Hours worked. B) The account appears fourth in the list of liability accounts. False, The General Journal contains records of a firm's financial transactions, which appear View the full answer. The information in the payroll register forms the basis for entries in the Employee Earnings Records and the General Journal. Discover the latest Today at Work insights from the ADP Research Institute. Only "A payroll register" and "The employee's earnings record" are correct. 30. What is true about the trial balance? FUTA Taxes Payable-liability (You may select more than one answer. The completed Payroll Register for the February and March biweekly pay periods is provided, assuming benefits went into effect as anticipated. d. Occupational Safety and Health Act E. Sex, Which of the following statements is NOT a provisions of ERISA? Answer : Option E, Prior Years Earnings Explanat . D) It is a report designed to be read by parties external to the firm. Under FLSA, what is the current minimum wage? C) Credit $1, Report changes to your business. Learn more about Privacy at ADP, including understanding the steps that weve taken to protect personal data globally. What is the current minimum wage under FLSA? Attend webinars or find out where and when we can connect at in-person events. Paymentofanaccountpayable.15. Department of branch 4. & \text{ } & \text{ }\\ How does the FIFO method different from the weighted-average method? The payroll register is a separate payroll record that is kept on each employee. C) It should disburse the accrued pay to the employees. Does FLSA require the employer to display a poster with the FLSA rules? Does FLSA require all employees to be paid weekly, biweekly', monthly? May an employer terminate an employee for lying on an application form? These liabilities accompany every payroll you run. \text{11. May criminal background checks be used by all employers for any person? False. Transcribed image text: Columns included in the payroll register to compute net pay may include which of the following? posted an additional $4,390 on its October 31 pay date. A) Credit $8, 38. C) As expenses B) Employee pay remittance and voluntary deduction remittance What entry should appear in the General Ledger to reflect the C) Labor reports In cases where both Federal and State regulations cover the minimum wage for the same employee, the high of the two rates is always used as the standard minimum wage. Federal withholding tax payable 220 $ ??? Transaction1. C) Debit $ Jun 23 Wages and. B) $15,298. Free True False Q03 Computing the sum of rows and columns is known by the term Multiple Choice Q04 Where is one place that information from the payroll register would not be transferred? Yes, Employees FIT Payable . 9. 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? Oct 27 Wages and salaries payable 226 202,671. D) the employee's name, social security number, and address A) It should create a reminder about the accrual to ensure accuracy of computations on the next View notices and letters. Switching payroll service providers made easy. Any boxes Left with a question mark will be automatically graded as incorrect.) Enter the debit amount to clear the existing credit to Payroll Cash from the first journal entry above. Does every state have both federal and state unemployment laws? var d=new Date(); document.write(d.getFullYear()); ADP, Inc. Find the package that's right for your business. C) The balance sheet There will also be credits to a number of . C) Payroll accounts do not appear on the trial balance because of their changeable nature. True, A debit always decreases the balance of an account. A cell phone company offers two different plans. Which of the following best describes the purpose of the payroll register? B. ERISA requires each employer to establish a pension plan. A) Both documents contain year-to-date totals of taxes. This account would be credited for the amount paid. Which of the following is an example of a trade association? 54. True, Payroll accruals reflect the amount of payroll paid but not earned at the end of the financial Direct labor usage. In what order are accounts presented on the trial balance? answer And double click the box with the question mark to empty the box for a wrong answer. Assume that the company uses the accrual method of accounting. *Graph the equation using the slope and $y$-intercept, as in the Previous Examples. & \text{ } & \text{ }\\ 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. Wages and salaries payable 226 ??? 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. B) A debit balance will increase the expenses of the firm's income statement. From best practices to advice and HR consulting. 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. Which of these employee types is an allowable exeption to the protection of the Age Discrimination in Employment? Medicare tax payable 3,197. 1. Are newly hired independent contractors covered under federal laws pertaining to new-hire reporting? Wages Payable-liability Federal Insurance Contribution Act (FICA), Form 941, Employer's Quarterly Federal Tax Return, Form W-3, Transmittal of Wage and Tax Statements, Applicable pay rates (regular or overtime), Review outgoing costs, either per employee or for the entire organization, Track employee deductions and tax withholding amounts, Reconcile payroll expenses to the general ledger, Record and track employee leave time, such as sick, vacation and paid time off (PTO), Validate direct deposit transactions and employer contributions to deferred compensation plans, such as a, Federal income taxes withheld from employee wages, State and local income taxes withheld from employee wages (if applicable), Federal unemployment taxes payable by the employer, State unemployment taxes payable by the employer, State unemployment taxes withheld from employee wages (if applicable), Benefits and other voluntary deductions from employee wages, Employer contributions to benefits and retirement savings plans. A) Ledgering expense 522 $ 182,930. Administrating the state unemployment taxes. Name two advantages and two drawbacks of Are FICA taxes levied upon employers only? 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%. Which items would be debited in the General Journal entry to record the employees' share of Any boxes left with a question mark will be automatically graded as 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. lf an investigative consumer report is used in an employment decision, does the employer need to tell the individual? (You may select more than one answer. Employee FIT Payable-liability 29. Vacaction Benefits Payable- liability. (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 ADP is a better way to work for you and your employees, so everyone can reach their full potential. How does a payroll accountant keep track of employee's year-to-date earnings for wage bases 16. B) The income statement As of the June 11 pay date, the General Ledger account for Burling Mills has a balance of $14, Which of the following represents the missing Social Security and Medicare taxes, assuming that. The holder of any unclaimed property must file a report after a specified sttutory period and then surrender the money to the stte as abandoned property. A) It allows managers to determine the effect of employee labor on departmental profits. 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.
payroll register quizlet
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