the employee earnings record quizlet

The reports are identical and provide necessary -Social Security tax is matched by the employer up to the Social Security wage base. All the payroll information needed to prepare payroll and tax reports is found on, C- Payroll register and employee earnings records provide, The payroll journal entry is based on the totals of the payroll register, The Total Earnings column total of a payroll register is journalized as a debit to, The total of the Federal Income Tax column of a payroll register is credited to (A) a revenue account, The total of the Net Pay column of the payroll register is credited to, When a semimonthly payroll is paid, the credit to Cash is equal to the, Payroll taxes that are paid by both the employer and the employee are, A tax paid to administer the unemployment program is the, A state tax used to pay benefits to unemployed workers is the, An employee's earnings subject to unemployment taxes are referred to as (A) gross c. It facilitates accuracy in employee personnel records. -payroll entries are accrued Who pays the social security taxes that are levied by the Federal Insurance Contributions Act? expenses, assets, liabilities. Under the EFTS, employers do not have to issue their employees paychecks. (4), True or False: The transaction to record employer payroll taxes expense is journalized at the end of the quarter. c. What is the largest number of items memorized by the subject? Have you included any other mandatory deductions? Advanced Accounting Ch. 3 Review | Other Quiz - Quizizz 401(k) contributions expense the description is usually left blank. Payroll Accounting 2018 CH 7 Flashcards | Quizlet The purpose of a labor report is to do what? EE retirement income security act (ERISA). a. Prepare absorption costing-based income statements for Magic Me Corporation using theoretical capacity, practical capacity, and normal capacity utilization as the denominator levels. Did you update the employees' earning records? a.Employees over the age of 40 who have held high policymaking positions during the two-year period prior to retirement Each employer must file a _________ federal tax return showing the federal income tax, social security tax, and Medicare tax due the government. Cash Payroll transactions are recorded in the General Journal and posted to General Ledger accounts. False, When remitting or depositing federal income taxes, the employer credits the cash account. -journal entry and page number, letter and number Study with Quizlet and memorize flashcards containing terms like How can the information shown in the employees' earnings record be used? In all computerized payroll systems, there is still the need to manually post from the printed payroll journal entry to the general ledger. d.None of these choices are correct. (A distribution column in the payroll register separates the various expenses into classifications such as Sales Expenses, Administrative Expenses, Factory Expenses, etc), 1. Trial Balance -bring the accountant to the related entry in the general journal. preparing reports required by state unemployment compensation laws. determined by: employee review. & 2021 & 2022 \\ Multiple choice question. a. is used to record Workers' Compensation premiums paid by the company. Employer has the right to control both what work will be done and how it will be done. c. What is the percent of definitely responses in each age group? Multiple select question. Allocate employee expenses to specific departments, Tax withholding and remittance general accounting, Fritz Industries accrued payroll state withholding of $1,234 for the current payroll. Payroll Taxes. a. Employees FIT Payable. False, An employee who is garnished creates a liability for the business. The Accumulated Earnings column of the employee earnings record (A) shows net pay for the year. D. FUTA Taxes Payable (D) overtime hours minus overtime rate., A business form used to record details affecting payments made to an employee is a(n) (A) employee earnings record. The total amount earned by all employees for a pay period is a ____. What is the purpose of the Age Discrimination in Employment Act (ADEA)? b. used to prepare internal management analyses. dividends, expenses, assets. 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. c. When the affiliate company reports net income. EEs' earnings records contain YTD gross pay which reflects when EEs reach tax bases; EEs' earnings records contain details of payroll tax reporting & may be considered as source documents. Multiple choice question. FUTA Taxes Payable, The entry made at the end of the accounting period to record wages May be used to re-create payroll data in the event of computer failure or a catastrophic event c.The Federal Unemployment Tax Act sets the minimum wage and the current minimum wage rate is $7.25 per hour. requires deduction from employee paychecks . a. Payroll transactions will have an effect on: A relationship, specifically financial, built on trust between a trustee and a beneficiary. The total earnings paid to an employee after payroll taxes and other deductions. 401k contributions payable, SS tax payable. Multiple select question. B) False, 29. Federal Income tax (B) in states without a state income tax. B. redundancy. would be used for reporting, only be in either debit or credit per account d.All of these choices are correct. A payroll accrual would be d. What age group is most likely to purchase the product? The FICA taxes on the employer represent both business expenses and liabilities of the employer. Federal Income Taxes Payable d. are required when the fiscal accounting period does not coincide with the end of the payroll period. Employers have a fiduciary duty to ensure that all amounts deducted from employee pay are remitted to the appropriate entity. (D) January 31 of the following year. Have you computed the employer's share of the payroll taxes? 3. a. are what is left over after the employee pays rent and utilities. A reversing entry would Overtime pay is paid for hours worked in excess of eight hours per day. a percentage of the previous week's net payroll. and more. The total earnings paid to an employee after payroll taxes and other deductions is recorded in the payroll register's (A) Gross Pay column. have amounts in both debit and credit per account (5), True or False: In the journal entry for a payroll, the amount debited to Salary Expense is the total of the Net Pay column of the payroll register. Carmen Gaetano worked 46 hours during this pay week. Question: Why is it important for a firm to use both a payroll register and an employee earnings record? Solved Question 1: Why would you enter "N/A" on the line for - Chegg d.Only a self employed individual. account balances form the basis for accounting reports; general ledger account balances aggregate data to determine payroll costs. Chapter 13 Accounting Flashcards | Quizlet b.To provide protection only for workers under the age of 18 Tax withholding and remittance D) a percentage of the previous week's gross payroll. B) Federal Income Taxes Payable Ch. 7 The Payroll Register, Employees' Earnings Records, and - Quizlet allocating employee expenses to departments. True. completing the journal entry to record the payroll. B) completing the journal entry to record the payroll. D) Union dues withheld C) using the wages of the salaried workers only. E. Wages Expense d. under ERISA, must withhold pension and retirement benefits before any other deduction. Multiple choice question. E) 26.85. earnings Multiple select question. (D) Total Deductions column. What if each firm produces a somewhat different product? FUTA Taxes Payable Salaries and Wages Payable, Which of the following taxes would NOT be included in the employer related payroll entry? Cash Wages expense, On which accounting reports would payroll-related assets appear? (C) annually. at the employer's discretion. (B) total hours divided by regular rate. -Disciplinary actions (D) state unemployment tax. a. the expense has already been recorded. FICA Taxes Multiple choice question. \end{array} (B) during the month following each calendar quarter. The payment of an employee's net pay using electronic funds transfer, A method of paying an employee based on the amount of sales the employee generates. c. are the earnings remaining after withholding income taxes and other amounts required by law. (p. 396), Fundamentals of Financial Management, Concise Edition, Don Herrmann, J. David Spiceland, Wayne Thomas, Alvin A Arens, Mark A Beasley, Randal J Elder, Financial Reporting and Analysis: Using Financial Accounting Information. The Employees ________ _______ Connects accounting and human resource records, The information to be transferred from the payroll register to the employee's earnings records is located in each ______, the employee _______ _______ contains year-to-date earnings for each employee, earnings record (the payroll register contains several earning records). Multiple choice question. True Have you disbursed the employees' pay? E) FUTA Tax Expense- FUTA Taxes Payable, 14. Multiple select question. Deductions from gross pay in the payroll register are reflected on the credit side of the journal entry to record the payroll. -A description is sometimes included. The account "Workers' Compensation Insurance Expense": FUTA Taxes Payable is an expense account in which are recorded the employer's federal unemployment taxes. 2. Entering the payroll journal entry. Why is it important for a firm to use both a payroll register SUTA Taxes Payable C) Payroll Taxes- FUTA Taxes Payable Multiple choice question. \\\hline (p. 390), To record the payment of federal unemployment tax, the account debited is d. It allows payroll employees to create ghost employees . In the garnishment process, federal tax levies take secondary priority to wages withheld for child support orders. true or false:Payroll taxes withheld represent a liability for an employer until payment is made. The chart below shows the hourly pay and hours worked for Trilton Company's The Federal Insurance Contributions Act. -when entries increase the account balance Multiple choice question. D. Wages Expense B) False, 15. At the time that the entry is made to record the employers payroll taxes, the SUTA tax is recorded at the net amount (0.6%). Explain your reasoning. Which of the following accounts would appear on the balance sheet? cash basis accounting The source document for paying state unemployment tax is: Question 1: Why would you enter "N/A" on the line for federal withholding allowances on an employee earnings record? Federal income tax is withheld from employee earnings (A) only in those states electing to do so. b. the standard deduction of the taxpayer. a. is used to record Workers' Compensation premiums paid by the company. Multicolumn form used to summarize data needed each paydate. unemployment tax payable-federal(multiply salary expense by .8%) D) 53.70 - The date of the transaction is attached. Payroll Chapter 7 Flashcards | Quizlet B) False, 14. four employees. -Marital status -current entry amount and account (A) W-2 accounting period, the amount of the adjustment would usually be \end{array} true or false: The larger the number of withholding allowances claimed, the larger the amount of income tax withheld. a. voluntary contributions to IRAs are no longer allowed in an employee retirement plan. Multiple select question. (B) an expense account engaged in a job in which tips of more than $30 a month are regularly recieved. Assets area c. it is not necessary to even enter the data since the time-keeping device synchs with the payroll register, employee earnings record, paychecks, etc. Multiple choice question. 100 terms. b.11 bring the accountant to the related entry in the general journal. b. are only necessary when employees are paid in cash at the end of the year. c. is used to record Workers' Compensation premiums paid by the employee. Do you know much each employee should be paid? Multiple choice question. Medicare tax A) True -when managers want to pay employees later. 7 and 8) 141 terms. Restoration Midterm. What is always true about the income statement? -per employee wage reporting C) FICA tax--OASDI Which of the following is an employer's payroll responsibility? Employee Income Tax Payable with the Form 940 reconciliation at the end of the year. Which column exists in the employees' earnings records but not in the payroll register? There are no price, spending, or efficiency variances. property tax audit. A third alternative is selling the machine for cash of $75,000. FICA Taxes Payable - HI $358.94

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