the employee earnings record quizlet

B) $161.10 At a minimum, how often should an administrator furnish a statement of total benefits accrued and accrued benefits that are vested under ERISA? Multiple select question. -Each entry will be on one side per account. Employees FIT Payable. Union Dues. The total amount earned by all employees for a pay period is a ____. 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: b. variable, depending upon county that the levy originates. b. What was his overtime premium pay for this workweek? (9). Have you computed their voluntary deductions? A) FUTA Tax Expense- Cash True. D) preparing reports required by state unemployment compensation laws. Automated entries, Identify the users of financial statements. Federal income tax is withheld from employee earnings (A) only in those states electing to do so. -when payday is before the end of the month. The Form 940 is the source document for all employee payroll journal entries. The reversal of General Journal entries is used to represent accrued employer payroll ____ and ____ at the end of the prior month. Each employer must file a _________ federal tax return showing the federal income tax, social security tax, and Medicare tax due the government. Study with Quizlet and memorize flashcards containing terms like Which column exists in the employees' earnings records but not in the payroll register?, What is the connection between the employees' earnings records and payroll tax reporting?, A debit increases which of the following types of accounts? -current amount of reduction to the payroll account Under the Affordable Care Act, which employers are required to provide insurance coverage for all full-time employees and their dependents? (1), True of False, Multiple Choice, and Journalizing, True or False: The payroll register provides all the payroll information needed to prepare a payroll. Who is covered by the Walsh-Healey Public Contracts Act? (6), True or False: Each employer who withholds income tax, social security tax, and Medicare tax from employee earnings must furnish each employee with a quarterly statement. a.The employer What are some of the problems faced by West African economies? 2. Which of these accounts shows the total gross earnings that the employer The following accounts receivable information pertains to Growth Markets LLC. (C) yearly b. the Payroll Manager is required by the Social Security Administration to e-verify in duplicate all the employees' social security numbers. Hintley Duck Blinds Ltd received a federal tax levy garnishment for their marketing manager, Joanna Mallard, in the amount of $8,523.25. A federal tax paid for hospital insurance. Lowest 7 percent. 100 terms. A computer system based on a software package that performs all payroll record keeping and prepares payroll checks. Earnings records are supporting documents for Multiple choice question. and more. -department breakdown of labor cost, billiable and nonbillable time c. It facilitates accuracy in employee personnel records. Multiple choice question. b. the account "Vacation Benefits Expense" is credited. Payroll register. In a payroll register having labor cost distribution columns, the total of each distribution column shows the amount of the gross wages or salaries for a particular department's wage expense. In all computerized payroll systems, there is still the need to manually post from the printed payroll journal entry to the general ledger. With the passage of the Pension Protection Act of 2006: when payday is after the end of the month. credit to cash, debit to liability. dividends, equity, assets. An item of value that a business uses in the course of its operations and from which it expects future economic benefit. determining the per department cost of business operations Wages and taxes payable, Labor reports would be provided to: Study with Quizlet and memorize flashcards containing terms like Circular E, Form SS-4, Form SS-5 and more. B) False, FICA Taxes PayableHI is a liability account in which is recorded the liability of the employer Carmen Gaetano worked 46 hours during this pay week. a. What is the production-volume variance in 2017 when the denominator level is (a) theoretical capacity, (b) practical capacity, and (c) normal capacity utilization? (D) semiannually. $368.07. -company breakdown of supply usage C) Payroll Taxes- FUTA Taxes Payable Federal Income Taxes Payable 401(k) contributions expense \text{Variable budgeted manufacturing cost} & \text{\$ 10} & \text{per unit}\\ remove the accrual from the account balances. Yields the data needed for financial reports Add. Each entry will be on one side per account. Multiple choice question. Federal withholding tax, Which of the following are reversed as part of the payroll adjustment process? A business form used to record details affecting payments made to an employee is a(n) (A) employee earnings record. 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? (D) an asset account. (6), True or False: The tax base for Medicare tax is the same as the tax base for social security tax. \text{Practical capacity} & \text{279.070} & \text{units}\\ B) False, 14. c. It facilitates accuracy in employee personnel records. Which of these employee types is an allowable exception to the protection of the Age Discrimination in Employment? E) Union dues withheld, 17. Did you deposit the payroll taxes? A) FUTA Tax Expense-Cash The purpose of a labor report is to do what? B) False, Net pay" is sometimes known as "take-home" pay. The maximum amount of gross earnings on which a tax is calculated, A retirement plan approved by the Internal Revenue Service. The employee earns tips. It can use the machine to produce 12 oz. The employee's _____ ____ connects accounting and human resource records earnings record Earnings records are supporting documents for Multiple choice question. 5. The employee's earnings record provides information for each of the following except: -lifetime balance in the payroll account, What are the common components of the posting reference When the initial payroll journal entries are created, the accountant would debit the: Employer related payroll entries would include: Shared employer-employee taxes Study with Quizlet and memorize flashcards containing terms like What changes should be included in the employee earnings record?, Earnings records are supporting documents for, Which portion of the accounting equation represents the amounts owed by the company? FUTA taxes payable False, False (D) state unemployment tax. Which of the following is an employer's payroll responsibility? -employees are paid 1 general ledger posting. (B) Medicare tax. -chronological. If employees must contribute to the state unemployment fund, this deduction should be shown in the payroll tax entry. Take-home pay minus weekly exempted amount = federal tax levy garnishment. A) True -Employee review date, What changes should be included in the employee earnings record? -by account type. The account balances form the basis for accounting reports. You may assume that f(0)=0f(0)=0f(0)=0. would be used for reporting, All of the following are examples of payroll liabilities except: Study with Quizlet and memorize flashcards containing terms like True, False, False and more. Allocate employee expenses to specific departments. e.None of these choices are correct. An employer will use the payroll register to keep track of an employee's accumulated wages. tax filing support. The withholding allowances of an employee affect (A) social security tax withheld. pay cards. Magic Me is a manufacturer of magic kits. A) collecting the timesheets for the days accrued. A distribution column in a payroll register separates payroll expenses into classifications such as FUTA, SUTA and net payroll. b. used to prepare internal management analyses. Disposable earnings are the earnings remaining after withholding federal income taxes. Wages and taxes expenses \textbf{Past-Due Category}&\textbf{Accounts Receivable Total}&\textbf{Percentage Uncollectible}\\[5pt] -Employee contributes to United Way T F, When recording the employer's payroll taxes, a liability account entitled Employers Payroll The cash based businesses will show an increase in payroll expenses when: C) Vacation pay earned by employees . T F, The employer keeps track of each employee's accumulated wages in the employee's earnings record. (D) total earnings. no general ledger postings. -by posting reference. Cash (A) social security tax. Credit accounting information a. is used to record Workers' Compensation premiums paid by the company. It adds complexity to the personnel recordkeeping. b. Under the Family and Medical Leave Act, what is the maximum number of weeks of unpaid leave that a covered employer is required to offer an employee whose spouse is seriously ill? chart of accounts. have amounts in both debit and credit per account -journal entry and account number d. Vacation Benefits Payable is debited. Calculate the amount of cash payments Jacobs was required to make in each of the two calendar years that were affected by the note payable. Which column exists in the employees' earnings records but not in the payroll register? (A distribution column in the payroll register separates the various expenses into classifications such as Sales Expenses, Administrative Expenses, Factory Expenses, etc), 1. Promote analysis of payroll expenses. staffing pr income projections, connects directly to the employee's earnings records. A payroll accrual occurs SUTA Taxes Payable d. a credit to Vacation Benefits Payable = $1,178. The employee earnings records form the link between the ____ and ____ _____ departments. Have you computed their payroll taxes properly? At September 30, 200,000 units were still in work-in-process inventory. 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. Amounts listed on Employees' Earnings Records are used to facilitate computations and to verify accuracy of Form 941, 940, 944, and W-2/W-3. B) False, Proving the payroll register entails sending company records to the IRS. (D) none of these. Multiple select question. (C) January 15 of the following year. . -when managers want to pay employees later. In accrual accounting, there may also be end-of-period entries to accrue for payroll earned by the employees. all income & expense accounts are included in the report; only accounts w/ balances @ the end of the period are included. How are the funds used which are provided by FUTA and SUTA? Wages expense, On which accounting reports would payroll-related assets appear? Employer taxes. True False, The Form 940 is the source document for all employee payroll journal entries. A) True When recording the deposit of FUTA taxes owed, the proper entry is: E) FUTA Tax Expense- FUTA Taxes Payable, 19. \text{Theoretical capacity} & \text{300} & \text{units}\\ Study with Quizlet and memorize flashcards containing terms like How can the information shown in the employees' earnings record be used? salaries and wages expense. -after journal entries are recorded, The second set of debit and credit columns in a general ledger show: Tipped employee. a. the expense has already been recorded. Executive orders. E) a child support order, 15. The total earnings subject to federal unemployment tax is referred to as: Fair Labor Standards Act. What is the opportunity cost of the machine when we analyze the alternative to produce 12 oz. What taxes would be monitored for maximum withholding amounts through the payroll register? When payroll spans two months. Which basic records are generated in most payroll accounting systems? - Designated to inform managers and department heads. (D) employee earnings account. a. (p. 387), Each employer is required by law to report payroll taxes on an (D) none of these. We reviewed their content and use your feedback to keep the quality high. -account number and date, Where will entries for payroll show in the trial balance? \text{Option \#1:}&&\text{\$ 12,000,000 after five years}\\ Government officials (D) none of these. B) Federal Income Taxes Payable \text{Selling price} & \text{\$ 50} & \text{per unit}\\ The average daily pay for Tortuga Travel's employees = $589. D) FUTA Taxes Payable- Cash State unemployment tax. When a dividend is received from the affiliate. adjusted in the next month. FICA Taxes Payable-OASDI Reconcile the difference in operating income based on theoretical capacity and practical capacity with the difference in fixed manufacturing overhead included in inventory. true or false:Social security tax is paid by both employees and employers. True \text { Cash collections during the year } & 250,000 & 1,750,000 Labor reports for more than one year could provide: seasonal labor requirements E) a percentage of the previous week's net payroll. -journal entries to post to unknown accounts incurs as an expense each payday? The first pair of debit and credit columns on the general ledger are for: The second set of debit and credit columns in the general ledger show: The cash based business will show an increase in payroll expenses when: In a manufacturing environment, which of the employees time would be considered entirely directly billable? Wages payable Where will entries for payroll show up in the income statement? Before beginning production of its new vacuum cleaner, the Devaney Company conducted an opinion survey of 1740 people. \text{Beginning inventory} & \text{40.000} & \text{units}\\ What is the original entry point for payroll information into the accounting system? b.The payroll period FUTA Taxes Payable $74.26 A. When employees take vacation and use vacation time: a percentage of the previous week's gross payroll. Prepare a partial balance sheet to show how the information related to this contract would be presented at the end of 2021 assuming Nortel recognizes revenue over time according to percentage of completion. create the need for fewer entries. What is the total uncollectible estimated bad debt for Growth Markets LLC? Prepare a production cost report using the weighted-average method. 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? liabilities or liability, Apart from the recording of payroll and payment to employees, what other payroll related journal entries would be recorded? b.Executive employees who are 65 years or older and have held high policymaking positions during the two-year period prior to retirement. Do you have managerial approval for all employee pay for the period? Under the FLSA, what information concerning employees' wages must be maintained by the employer? Interest was paid quarterly, and the note was repaid one year from the time the money was borrowed. b. b. c. are the earnings remaining after withholding income taxes and other amounts required by law. general journal entries. 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. d. a determination made by the IRS and sent to the employee on a Form 668-W. c. his/her applicable annual standard deduction based on marital status plus the number of exemptions claimed on Form 668-W. (p. 389), The form used to report annual earnings and payroll taxes for all employees to the Social Security Administration is the The following information was obtained for the Assembling Department for the month of September. (A) IRS Form W-4 T F, For the purpose of a federal tax levy, the IRS defines take-home pay as the gross pay less taxes jason martin brothers customs, jetton park bike trail, nascar pit crew rankings 2022,

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