Issuanceofbonds.11. Employee SIT Payable-liability Payroll Register This is the first task to completing Olney Company's payroll register. B) A debit balance will increase the expenses of the firm's income statement. Federal withholding tax payable 220 399,472. B) Debit Cash, $250,000; Credit Revenue, $250, This entry usually includes debits for the direct labor expense, salaries, and the company's portion of payroll taxes. B) $15,298. 54. How do accrued, but not paid, wages appear on the balance sheet? C) It designates where labor is used in a firm. Employee benefits, flexible administration, business insurance, and retirement plans. Any boxes left with a question mark will be A payroll register is tool that records wage payment information about each employee gross pay, deductions, tax withholding, net pay and other payroll-related information for each pay period and pay date. Suppose your sister doubles her monthly usage to 3,400 minutes and sends 3,200 texts. Purchaseofrentinadvance.4. Chapter 7 quiz - the payroll register, employees' earning record, and accounting system entries. 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. 401(k) contributions payable 223 ??? A) Form W- Form W-2 A. lf an investigative consumer report is used in an employment decision, does the employer need to tell the individual? 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. B) Debit Cash $13,618; Credit Health Insurance Payable $13,618. Single click 34. Collectionofnotesreceivable. C) Because payroll represents a liability and an expense of the business. 5. account: ACCOUNT Federal withholding tax payable ACCOUNT NO. Of the items in the following list, which one (s) should appear in a payroll register? 10. At December 31, 2022 the employee's pay rate was $15. Payment of employee salaries.} b. 7. False, The General Journal contains records of a firm's financial transactions, which appear D) The labor report Single click the box with the question answer And double click the box with the question mark to empty the box for a wrong answer. D) Debit Cash, $250,000; Credit R. Sanders Capital, $250,00 0 B) Employee earnings record Report new employees or independent . May 14 Wages and salaries payable 226 117,334. \text{13. This will increase 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. For what reason are "distribution" columns sometimes provided in the payroll register? Based on the following data, prepare the appropriate journal entry when paying employees: Total wages earned were $8000 The Federal Insurance Contribution Act, the Medicare portion of the tax is only paid by the employer. C) Asset, Copyright 2023 StudeerSnel B.V., Keizersgracht 424, 1016 GC Amsterdam, KVK: 56829787, BTW: NL852321363B01, Campbell Biology (Jane B. Reece; Lisa A. Urry; Michael L. Cain; Steven A. Wasserman; Peter V. Minorsky), Civilization and its Discontents (Sigmund Freud), Chemistry: The Central Science (Theodore E. Brown; H. Eugene H LeMay; Bruce E. Bursten; Catherine Murphy; Patrick Woodward), Educational Research: Competencies for Analysis and Applications (Gay L. R.; Mills Geoffrey E.; Airasian Peter W.), Forecasting, Time Series, and Regression (Richard T. O'Connell; Anne B. Koehler), Brunner and Suddarth's Textbook of Medical-Surgical Nursing (Janice L. Hinkle; Kerry H. Cheever), Principles of Environmental Science (William P. Cunningham; Mary Ann Cunningham), Business Law: Text and Cases (Kenneth W. Clarkson; Roger LeRoy Miller; Frank B. From recruitment to retirement, getting the very best out of your people. Todays digital landscape means limitless possibilities, and also complex security risks and threats. C) It is non-traceable labor that a company must absorb as overhead. Which of these employee types is an allowable exeption to the protection of the Age Discrimination in Employment? $3,825 of employee withholding ($50,000 X 0.0765), Exempt Salaried Employees Paid Semi-monthly. 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 Requirements: 1. Purchase of inventory.} Collectionofanaccountreceivable. Payment of a long-term note payable.} Which of the following laws establishes the minimum wage? Entitled to retirement program even if you're no longer working there. 53. A) Because payroll represents an asset and an income of the business. Purchaseofinventory.7. \text{15. Which of the following records lists all employees who earn remuneration, the amount of remuneration, the deductions, and the net amount paid for each payroll period? (You may You face specific challenges that require solutions based on experience. What is meant by the garnishment of wages? C) Employee pay disbursement and voluntary deduction remittance Union Dues Payable-liability Information available through a secured web sit, kiosk, or interactive voice response system. D) Debit $8. A. & \text{ } & \text{ }\\ 220 Period covered by the payroll and the pay date. e. None of the above. d. Occupational Safety and Health Act 1. Loantoanotherfirm.12. 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. Issuance of common stock.} Which items would be debited in the General Journal entry to record the employees' share of A) $1,582. Jan 31 J4 420 1, A) Employee earnings record How does the payroll register connect with the employees' earnings records? Are pre-hire questions pertaining to religion, gender' national origin' or age allowed if these are bona fide occupational requirements of the job? 3. A) It communicates departmental profitability. The completed Payroll Register for the February and March biweekly pay periods is provided, assuming benefits went into effect as anticipated. 27. 57. This entry usually includes debits for the direct labor expense, salaries, and the company's portion of payroll taxes. C. 40 E. Sex, Which of the following statements is NOT a provisions of ERISA? one answer. each option. To enter a formula manually, follow these steps: Move the cell pointer to the cell that you want to hold the formula. 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. What is true about the trial balance? What is the The employers total expense for Marys employment during the week is. What is The balance in the account? 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 D) It is non-employee labor that the company must pay. Explore our full range of payroll and HR services, products, integrations and apps for businesses of all sizes and industries. C) Garnishment C) It must pay its employees for the wages earned as of that date. 39. Step 2: Working Hours. Wages and salaries payable 226 202,671. expense 522 $ 182,930. B) Social Security tax, $792; Medicare tax, $204. Continuing Payroll Problem-B OLNEY COMPANY, INC. Time worked - regular & overtime 7. The total of each distribution column shows the total amount of that department's wage expense. Paymentofanaccountpayable.15. B) Payroll register B) The income statement This will increase Listed below are several transactions. \end{matrix} View notices and letters. How might globalists and traditionalists view cultures, places, and regions differently. C) Labor reports How does a payroll accountant keep track of employee's year-to-date earnings for wage bases on taxes like FICA, FUTA, and SUTA? It How can the information shown in the employees' earnings record be used? Journal entries? The payroll register lists all the employees who earned remuneration, the amount of remuneration, the deductions, and the net amount paid. A) Employee pay accrual and employee pay disbursement Apr 16 J23 16,495 32. In other words, a payroll register is the document that records all of the details about employees' payroll during a period. This information is also reflected in summary level entries in the businesss general ledger. Columns included in the payroll register to compute net pay may include which of the following? 64. incomes are, the higher the profitability will be. 9. Vacaction Benefits Payable- liability. 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? For advanced capabilities, workforce management adds optimized scheduling, labor forecasting/budgeting, attendance policy, leave case management and more. A) Debit R. Sanders Capital, $250,000; Credit Cash, $250, These liabilities accompany every payroll you run. B) tax remittance information Workers' Commpensation Insurance Expense-Operating expense Jan 19 Wages and salaries payable 226 8,134. What is the role of enhancing qualities in the conceptual framework? A. ls the payroll register used for journalizing the payroll entries? 3. B) The account appears fourth in the list of liability accounts. Employers can exempt the following employees from the Family and Medical Leave Act. Payroll-Operating expense-liability With e-Services for Business, you can: Register, close, or re-open an employer payroll tax account. The company does not provide health insurance, paid vacations, or any other benefits. Which of the following are processes that occur in most payroll accounting systems? Calculate regular and overtime pay. False. C) It is a worksheet that accountants use to ensure payroll accuracy. D. ERISA provides that all employees are eligible to set up their own individual retirement accounts. D) Form 941 Issuance of bonds.} During this process, employers reconcile their payroll transactions and make sure that their accounting and recordkeeping practices comply with regulations. D) Payroll register (You may select more than one answer. & \text{ } & \text{ }\\ ls the Federal Government covered under the Civil Rights Act of 1964? Purchase of rent in advance.} the total incomes of the firm and decrease the net income of the firm. A) Net pay serves as a backup in the event of computer failure. Q09. C) The balance sheet It indicates, "Click to perform a search". Sale of land for cash.} 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. True, A debit always decreases the balance of an account. 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. 21 Issuanceofcommonstock.6. Safe-guards your retirement plans *not required to have a pension plan. The portion of the Federal Insurance Contributions Act that deals with Social Security is called. A) the beginning and ending dates of the pay period 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. Marital status & number of withholding allowances 6. Protection under the provisions of the Age Discrimination in Employment Act begins at what age? Manage labor costs and compliance with easy time & attendance tools. Book the entry on the date paychecks are distributed. Recorded as a liability for the employer in the payroll entry. 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 A) Form W- 13. D) information about the firm's liabilities C) Debit Health Insurance Payable $13,618; Credit Cash $13,618. Are newly hired independent contractors covered under federal laws pertaining to new-hire reporting? That's why we've partnered with some of the top athletes in the world. View the full answer. The information in the payroll register forms the basis for entries in the Employee Earnings Records and the General Journal. Gross pay and net pay. B. B) Equity Social Security tax payable ??? Does the ADEA quit protecting employees after the age of 70? Savings bonds payable 227 1,850. 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. The volume of manual paycheck entries can be reduced by continual attention to the underlying causes of transaction errors, so there are fewer payroll errors to be rectified with a manual paycheck. May criminal background checks be used by all employers for any person? 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. Record the health insurance deduction. A) It is a list of all persons and companies that the company pays money during a period. 2. 3. B) General Journal 2. Read the latest news, stories, insights and tips to help you ignite the power of your people. \text{1. FICA (Federal Insurance Contributions Act). 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?