payroll register quizlet

Federal withholding tax payable 220 $ 50,725. An employee is hired at a pay rate of $10 per hour. The completed Payroll Register for the February and March biweekly pay periods is provided, assuming benefits went into effect as anticipated. B) It is employee labor that does not pertain to labor on customer jobs. Explore our full range of payroll and HR services, products, integrations and apps for businesses of all sizes and industries. date: Oct 27 Wages and salaries expense 522 $298,384. Issuance of common stock.} d. Occupational Safety and Health Act It is a monthly schedule depositor. At a minimum, payroll registers help businesses: But thats hardly the extent of how beneficial a payroll register can be. Any boxes Left with a question mark will be automatically graded as incorrect.) A payroll register does not include: Multiple Choice Pay period dates. Payroll liabilities are any type of payment related to payroll that a business owes but has not yet paid. Loan to another firm.} accurate disbursal of payroll. Under the Affordable Care Act, which employers are required to provide insurance coverage for all full-time employees and for their dependents? Laborers for contractors who furnish materials, supplies, articles, and equipment to any agency of the United States, provided the minimum contract amount is $10,000. answer And double click the box with the question mark to empty the box for a wrong answer. On October 15, Eco Brewers had a balance of $4,390 in its Social Security tax payable account. From recruitment to retirement, getting the very best out of your people. Record the health insurance deduction. The payroll register is a separate payroll record that is kept on each employee. Rate of pay 8. Title of report 2. incorrect.) True, Besides containing the supporting data for periodic tax reports, the employee earnings record What is a use of a firm's labor trend reports? See Answer. Indirect labor usage. Compute the employer's payroll taxes for the period. How does a payroll accountant keep track of employee's year-to-date earnings for wage bases This entry may be avoided if the amount is immaterial. What is The balance in the account? Issuanceofcommonstock.6. the box With the question mark to empty the box for a wrong answer. How are employees who do not have bank accounts paid by an employer who uses an electronic fundstransfer system for payroll. Color Which of the following represents the missing Social Security and Medicare taxes, assuming that. C. 40 B) It is an individual register maintained for each employee, listing of all the payroll information. Payment of employee salaries.} C) Garnishment 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. You need to purchase a plan for your teenage sister. The ___ is a multicolumn form used to assemble and summarize the data needed at the end of each payroll period. Columns included in the payroll register to compute net pay may include which of the following? Two complete payroll-related General Journal entries are recorded each pay period: one for the employees' payroll,one for the employer's share of the taxes. (You may select more than one answer. (You may D) Social Security tax, $188; Medicare tax, $805. True False. 1. Less than five have large-screen TVs? Learn how we can tackle your industry demands together. A. account: ACCOUNT Federal withholding tax payable ACCOUNT NO. 20XX: Gross pay $ 27,894. C) Alphabetically The payroll register for Nazir Corporation contained the following totals at the end of July: wages, $139,125; federal income taxes withheld, $35,582; state income taxes withheld, $5,863;. the total incomes of the firm and decrease the net income of the firm. 15. Hours worked. 38. Payroll registers show employers just how much money they need to set aside for payroll expenses, such as the following: In the event of an audit, these records of payroll expenses can help make the process as pain-free as possible. Define hours worked. What are some examples of secondary sex characteristics? 58. Federal withholding tax payable 220 399,472. Health Insurance payable 224 13,618. What is the amount of the 401(k) contributions for the pay date? An employee worked the entire year of 2022 and earned two weeks of vacation as specified in the company's labor agreement. Transfer of finished jobs to the finished goods inventory. TransactionTypeofActivityCashInfloworOutflow1. It offers practical information concerning the subject matter and is provided with the understanding that ADP is not rendering legal or tax advice or other professional services. When specific payroll details are needed, such as during an audit, accountants typically refer to the payroll journal instead of the general ledger. These details include the employee id number, the department they belong, their job profile, etc. Wages and salaries payable 226 ??? The Federal Insurance Contributions Act covers restrictions on the employment of child labor. Loantoanotherfirm.12. D) Payroll register This guide is intended to be used as a starting point in analyzing an employers payroll obligations and is not a comprehensive resource of requirements. Which of the following is not a provision of FLSA? 220 D) Health insurance payable 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 Read more about the author. Why does company profitability decrease in direct proportion to the payroll expenses? 8. Savings bonds payable 227 1,850. 10. Who pays the social security taxes that are levied by the Federal Insurance Contributions Act? The higher payroll Learn more about Privacy at ADP, including understanding the steps that weve taken to protect personal data globally. Department of branch 4. B) $15,298. B) Posting \text{10. Plan B costs$0.20 per minute plus $0.10 per text message sent. Are employers required to keep a photocopy of the l-9 form? 64. Verify the date and enter General as the reference. 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. Payroll Register This is the first task to completing Olney Company's payroll register. The total of each distribution column shows the total amount of that department's wage expense. This will increase 63. Entitled to retirement program even if you're no longer working there. This account would be credited for the amount paid. Which of the following laws establishes the minimum wage? Direct materials usage. B) As equity Hours worked. Here is the payroll journal entry to record the payment of the paycheck: Payroll Journal Entry Example 1 Notice the Wage Expense is debited for the gross pay. For what reason are "distribution" columns sometimes provided in the payroll register? Union Dues payable 227 4,683. 401(k) contributions payable 223 ??? A) Form W- What si the primary purpose of the Employee Retirement Income Security Act (ERISA)? Because of the amount of sensitive information included in the payroll register, access tends to be limited only to those authorized within a company, such as the payroll manager. A) Employee pay accrual and employee pay disbursement Use the following information for Questions 19 - 20: & \text{ } & \text{ }\\ Issuanceofbonds.11. C) Debit Health Insurance Payable $13,618; Credit Cash $13,618. Purchaseofinventory. 1. 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. B) It contains a detailed listing of every transaction during a period. Jan 31 J4 420 1, Complete the Regular Earnings columns (Rate per Hour and Amount) for hourly employees. Wages and salaries payable 226 117,334. Protection under the provisions of the Age Discrimination in Employment Act begins at what age?? Q09. \text{9. D. ERISA provides that all employees are eligible to set up their own individual retirement accounts. B) General Journal Only "A payroll register" and "The employee's earnings record" are correct. What are the enhancing qualities of the qualitative characteristics? 3. Which employee payroll classification will likely require an accrual adjusting entry for the gross salaries or wages at the end of a calendar month? At ADP, we are committed to unlocking potential not only in our clients and their businesses, but in our people, our communities and society as a whole. In a recent study, 90 percent of the homes in the United States were found to have largescreen TVs. A) Both columns contain information about the employer's tax matching responsibilities. Wages and salaries-Operating expense-debit C) Credit $1, expenses B) Debit $30, A. ERISA applies to pension and welfare plans established by any employer engages in commerce. E. Highest-paid 10% of their workforce. 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? Employee benefits, flexible administration, business insurance, and retirement plans. You can enter a formula into a cell manually (typing it in) or by pointing to the cells. Cash 101 202,671. A) $399,472. & \text{ } & \text{ }\\ What is your sisters total cost under each of the two plans? 2. BALANCE \text{5. True, A debit always decreases the balance of an account. In other words, a payroll register is the document that records all of the details about employees' payroll during a period. Questions pertaining to religion, gender, national origin, or age are allowed on application forms when these are bonafide occupational qualifications for a job. C) Employee signature B) $2,572. At ADP, we believe sports and business both require the right approach. C. All employees under the age of 30. Comprehensive payroll and HR software solutions. 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. How do the Stanford-Binet and Wechsler tests differ? Vacaction Benefits Payable- liability. Which of the following is an example of a trade association? Find payroll and retirement calculators, plus tax and compliance resources. b. Owners equity as of December 31, 2014, assuming that assets increased by $113,000 and liabilities increased by$44,000 during 2014. Issuance of bonds.} $3,825 of employee withholding ($50,000 X 0.0765), Exempt Salaried Employees Paid Semi-monthly. 66. A. ADEA one answer. 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. \text{Transaction} & \text{Type of Activity} & \text{Cash Inflow or Outflow}\\ \hline Most office supply stores also carry books that are formatted specifically to record payroll information. Many employers find a payroll register to be an indispensable part of their business because of its ability to help them keep both their payroll records and their budgets in order. Payment of a long-term note payable.} How to do payroll accounting: 7 steps At first glance, payroll accounting can be scary. C) the name of the firm and the payroll accountant A) Because payroll represents an asset and an income of the business. Set up payroll accounts If you haven't already, set up your payroll accounts in your chart of accounts (COA). True False. A payroll register lists all basic information related to employee take-home pay. 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. This information is also reflected in summary level entries in the businesss general ledger. Its easier to keep accurate payroll records and run reports quickly with payroll software. There will also be credits to a number of . Saleofequipmentforcash. A(n) ________ is a collection of cash and other items that are used in the operation of the B. ERISA requires each employer to establish a pension plan. Once vested, can employees receive a pension at retirement even if they no longer work for that company? Answer : Option E, Prior Years Earnings Explanat . C) It allows payroll employees to divert funds into faux accounts. Name two advantages and two drawbacks of When a firm has wages earned but not yet paid at the end of a financial reporting period, what Executive employees who are 65 years or older and have high policymaking positions during the two-year period prior to retirement. Union Dues Payable-liability 9. Purchase of treasury stock.} each option. D) A debit balance will increase the income of the firm's income statement. Which of the following acts levies a tax on employers and employees that is credited to the Federal Old-Age and Survivor's Trust Fund and the Federal Disability Insurance Trust Fund? Any boxes left with a question mark will be automatically graded as Multiple Choice. B) the total gross pay, deductions, and net pay during the period Protection under the provisions of the Age Discrimination in Employment Act begins at what age? Employee FIT Payable-liability 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. Want more exclusive business insights like this delivered to your inbox? Jan 31 J4 420 1, 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. What does the Civil Rights Act of 1954 cover? The Civil Rights Act of 1964 protects all employees from arbitrary dismissal. Rushing River Boats has the following data in its Social Security tax payable General Ledger Using the payroll register, compute the employee gross pay and net pay using 35 hours as the standard workweek for all employees except Mary Shangraw, who works 20 hours per week and receives overtime for any time worked past that point. Get exclusive business insights delivered straight to your inbox. on taxes like FICA, FUTA, and SUTA? pay From best practices to advice and HR consulting. If the expected returns are 3.8%3.8 \%3.8% for the T-bills, 12.3%12.3 \%12.3% for the large-company stocks, and 17.4%17.4 \%17.4% for the small-company stocks, what is the expected return of the portfolio? Any boxes left with a question mark will be Wages Payable-liability B) Because payroll represents an asset and an income of the business. What are the General Journal entries that should appear on each pay date? For advanced capabilities, workforce management adds optimized scheduling, labor forecasting/budgeting, attendance policy, leave case management and more. Who are the winners and who are the losers when the minimum wage is increased? Purchaseoftreasurystock. The ________ is the master document that contains an employee's marital status, deductions, Rushing River Boats has the following data in its Social Security tax payable General Ledger D) information about the firm's liabilities Keeping vital payroll data up to date and easily accessible is essential for employers to address unexpected discrepancies without confusion. Federal withholding tax $ 3,570. The Federal Insurance Contribution Act, the Medicare portion of the tax is only paid by the employer. 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. Besides payroll information, the payroll register contains ________. The amounts needed for the payroll entries in the journal come from the employee's earning records. Manage labor costs and compliance with easy time & attendance tools. 20. Compute and record the Kipley Company's SUTA and FUTA contributions. Oct 27 Wages and salaries payable 226 202,671. Sale of equipment for a note receivable.} 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? B) It facilitates accuracy in employee payroll tax computations. B) It should make a note to create the reversing entry at the end of the next financial period. A) It may be expressed as assets + liabilities = owners' equity. The information provided in the payroll register is used primarily to meet the requirements of the Fair Labor Standards Act. Which financial statements are affected in the year 2022? What options might Hazel consider if the b. False. May criminal background checks be used by all employers for any person? 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. FUTA tax payable 1,322. Information available through a secured web sit, kiosk, or interactive voice response system. Feb 15 J 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? mark to empty the box For a wrong answer. Are FICA taxes levied upon employers only? It helps employers reconcile their payroll transactions and prepare quarterly and year-end tax reports. Harold Averkamp (CPA, MBA) has worked as a university accounting instructor, accountant, and consultant for more than 25 years. The employers total expense for Marys employment during the week is. Payroll registers generally are more detailed than payroll journals and include specific information about each employee. What is the effect of each of the following posting upon the assets, liabilities, and owner's equity of a company. Raw materials purchases for cash. 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 $ ??? 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. C) Debit $ Transaction1. Social Security tax payable 221 17,980. Use the following information for Questions 15 - 17: Zipperle Company has the following payroll information for the pay period ending September 18, 221 May 14 Wages and salaries payable 226 117,334. Cross), Give Me Liberty! automatically graded as incorrect.) A) The statement of owners' equity \text{3. Total Earnings 9. An employer has computed the following amounts for its employee Mary during a week in January: gross wages $500.00; FICA tax withheld $38.25; federal income tax withholding $67.25; State income tax withholding $20.00; unemployment taxes $24.00; worker compensation insurance $5.00. serves as a backup in the event of computer failure. B. Whether you operate in multiple countries or just one, we can provide local expertise to support your global workforce strategy. Accounting questions and answers. D) It is a report designed to be read by parties external to the firm. How might globalists and traditionalists view cultures, places, and regions differently. Marital status & number of withholding allowances 6. Describe the main types of records used to collect payroll data. Type an equals sign (=) to signal the fact that the cell contains a formula. Time worked - regular & overtime 7. Using the accounting equation, determine the following amounts: a. Owners equity as of December 31, 2013. Payment of income taxes.} A) By order of importance Take your organization to the next level with tools and resources that help you work smarter, regardless of your businesss size and goals. At ADP, security is integral to our products, our business processes and our infrastructure. 54. Paymentofanaccountpayable. 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.

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