Have you disbursed the employees' pay? What is the second line of the general journal entry used for? Wages and taxes payable, Labor reports would be provided to: What is the learning rate at peak efficiency? B) False, 18. b. Compute the amount of revenue and gross profit or loss to be recognized in 2021 and 2022 assuming Nortel recognizes revenue over time according to percentage of completion. (B) transfer payment. -after journal entries are recorded, The second set of debit and credit columns in a general ledger show: Entries to the general ledger will post amounts in the first pair of debit or credit columns: \end{array} Payroll Register, Employees' Earning Records, and Accounting System Entries, Payroll register and employees' earnings records are important payroll accountant tools Revenue What is always true about the general ledger? What is always true about the income statement? Multiple choice question. 20. Which of the following taxes would be included in the employer related payroll entry? What is the connection between the employees' earnings records and payroll tax reporting? The reversal of General Journal entries is used to represent accrued employer payroll ____ and ____ at the end of the prior month. a. a single standard deduction plus an exemption for the employee. The employee's earnings record provides information for each of the following except: EE retirement income security act (ERISA). Debits show increases to What is the original entry point for payroll information into the accounting system? The source document for paying state unemployment tax is: common stockholders The amount that an employee is allowed to keep as take-home pay when a federal tax levy is in play is: Payments for payroll regulation courses Show your work. d.Only a self employed individual. Acting on a tip from the local police, agents of Immigration and Customs Enforcement executed search warrants at the restaurant and at an apartment where some restaurant workers lived. Multiple select question. (D) social security taxes. create the need for more entries. a percentage of the previous week's gross payroll. d. is used to record Workers' Compensation payments to injured workers. d. What age group is most likely to purchase the product? Have you included any other mandatory deductions? (A) social security tax. b. D) a percentage of the previous week's gross payroll. (C) a memorandum. E) a percentage of the previous week's net payroll. expensed in the next month. accounting period, the amount of the adjustment would usually be Multiple choice question. Wages Expense Multiple select question. a.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. -when managers want to pay employees later. 13-1 Recording a Payroll Flashcards | Quizlet A federal tax paid for hospital insurance. -when new entries reduce the account balance Multiple select question. c. It facilitates accuracy in employee personnel records. staffing pr income projections, connects directly to the employee's earnings records. D. FUTA Taxes Payable B) False, 9. Study with Quizlet and memorize flashcards containing terms like Circular E, Form SS-4, Form SS-5 and more. -when payday is after the end of the month. incurs as an expense each payday? False. mandated under GAAP 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? A) FUTA tax (c) The third group will determine the potential penalties that Tipton and Seferi could face for violating the Immigration Reform and Control Act by hiring six unauthorized workers. b.Vesting conveys to employees the right to share in the retirement fund in the event they are terminated before the normal retirement age. C) Wages Expense and more. True or False: In each pay period, the payroll information for each employee is recorded on his or her employee earnings record. The general ledger contains information about the individual accounts used in general journal transactions Study with Quizlet and memorize flashcards containing terms like In each pay period, the payroll information for each employee is recorded on his or her employee earnings record, The payroll register provides all the payroll information needed to prepare a payroll, A business deposits the total of gross wages in a separate payroll checking account and more. Common-law relationship. Wages Expense What are some of the problems faced by West African economies? (B) net earnings true or false: A business is required by law to withhold certain payroll taxes from employee salaries. c. What is the percent of definitely responses in each age group? Payroll Mod 14 Flashcards | Quizlet c. affect the cash account. A) True Employees are assigned to departments to foster accurate measurements of business segment profitability. A third alternative is selling the machine for cash of $75,000. Expenses area True (C) FUTA earnings social security tax payable (1time) Employers are required to furnish each employee with an annual statement of earnings and withholdings before: . determined by: payroll register employee's earnings record employee history record personnel record, The information provided in the payroll register is used primarily to meet the requirements of the Fair Labor Standards Act. Employers have a fiduciary duty to ensure that all amounts deducted from employee pay are remitted to the appropriate entity. Based on 1740 responses, what is the percent of each response? b. the standard deduction of the taxpayer. Liabilities. T F, The only portion of wages that are exempt from a federal tax levy is: Balance sheet The issuance of checks to employees would reduce:(which account). (D) state unemployment tax. Multiple choice question. The total amount earned by all employees for a pay period is a ____. Which portion of the accounting equation represents the amounts owed by the company? The FICA taxes on the employer represent both business expenses and liabilities of the employer. laurencbezzant. Payroll Accounting Final Exam Study Guide Part 1 - Quizlet When the company pays for the state taxes withheld from the employee the entry would be When the fair value of the affiliate stock increases. Overtime pay is paid for hours worked in excess of eight hours per day. \text{Normal capacity utilization} & \text{232.558} & \text{units}\\ A. regular hours times regular rate. In recording the monthly adjusting entry for accrued wages at the end of the Multiple select question. Solved Question 1: Why would you enter "N/A" on the line for - Chegg Did you deposit the payroll taxes? Earnings records are supporting documents for (D) IRS Form 941. Tags: Question 11 . C) SUTA Taxes Payable The employee's _____ ____ connects accounting and human resource records, Earnings records are supporting documents for, The payroll accountant may perform the following duties. B) False, At the time of depositing FICA taxes and employees' federal income taxes, the account FICA a. wages for child support. Payment of voluntary withholdings (D) none of these. 7 and 8) 141 terms. a. true or false:The investment income in a Roth IRA is not subject to federal income taxes when withdrawn. c.ERISA requires that all companies offer private pension plans. -general ledger entries to post backward. a.Employees over the age of 40 who have held high policymaking positions during the two-year period prior to retirement FUTA Taxes Payable is an expense account in which are recorded the employer's federal unemployment taxes. An employer will use the payroll register to keep track of an employee's accumulated wages. What changes should be included in the employee earnings record? 5. (A) a revenue b.Executive employees who are 65 years or older and have held high policymaking positions during the two-year period prior to retirement. Which basic records are generated in most payroll accounting systems? b.ERISA ensures that workers covered by state and federal government pension plans receive benefits from those plans in accordance with their credited years of service with their employers. 6. The employees' earnings records are the link between accounting and human resources and contain information from the payroll register. d.12. (D) revenue. employer records the FICA, FUTA, and SUTA taxes? y=100(1e0.462t). -Transactions in general ledger accounts are the source for general journal entries. 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? Apart from the recording of payroll and payment to employees, what other payroll related journal entries would be recorded? B) False, Proving the payroll register entails sending company records to the IRS. a. E) None of the above, 16. E) FUTA Tax Expense- FUTA Taxes Payable, 19. Are all outgoing remittances double-checked and approved? (B) total hours divided by regular rate. Payroll transactions are recorded in the General Journal and posted to General Ledger accounts. bottles of its juice cocktails or 12 oz. Psychologists refer to the graph of y=f(x)y=f(x)y=f(x) as a learning curve and to f(x)f^{\prime}(x)f(x) as the learning rate. D. payroll. (a) The first group will develop an argument that Tipton and Seferi were guilty of hiring and harboring illegal aliens. d. the account "Vacation Benefits Expense" is accrued. create the need for more entries. a. a. are what is left over after the employee pays rent and utilities. Assets area Assume an initial starting FtF_tFt of 300 units, a trend (Tt)\left(T_t\right)(Tt) of eight units, an alpha of 0.300.300.30, and a delta of 0.400.400.40. FIT Payable (B) quarterly May be used to re-create payroll data in the event of computer failure or a catastrophic event The Assembling Department added the following costs: Assembling fi nished 400,000 units and transferred them to the Finishing Department. The degree of completion of work-in-process inventory at September 30 was as follows: Required Before beginning production of its new vacuum cleaner, the Devaney Company conducted an opinion survey of 1740 people. a.25 (A) monthly A separate record of each employee's . True False, The Form 940 is the source document for all employee payroll journal entries. Accounts Payable FICA Taxes Payable-HI. d. under ERISA, must withhold pension and retirement benefits before any other deduction. The Form 940 is the source document for all employee payroll journal entries. a. Payroll Taxes 480.58 -journal entry and account number Under the FLSA, what information concerning employees' wages must be maintained by the employer? -billable and nonbillable time a.To prepare period reports and complete Form W-2 for each employee. d. are required when the fiscal accounting period does not coincide with the end of the payroll period. The letters denote which journal the entry correlates. . \text { Billings during the year } & 380,000 & 1,620,000 \\ Laborers for contractors who furnish materials, supplies, articles, and equipment to any agency of the United States, provided the minimum contract amount is $15,000. Liabilities area True Although the garnishment would be deducted from the employee's pay, the business is responsible (liable) for remitting the deduction to the creditor. Multiple select question. (A) a check. d. are the earnings paid for optional employee benefits. -Entering the payroll journal entry. preparing the payroll register. -A description is sometimes included. employee review. expenditures or expenses a. the expense has already been recorded. (D) none of these. Did you journalize and post the employer's share transactions? Ways the general ledger is different from the general journal include: What taxes would be monitored for maximum withholding amounts through the payroll register? Which of the following are processes that occur in most payroll accounting systems? Employer only taxes. D) preparing reports required by state unemployment compensation laws. a. is used to record Workers' Compensation premiums paid by the company. (B) January 1 of the following year. Multiple choice question. e.None of these choices are correct. Assume Nortel Networks contracted to provide a customer with Internet infrastructure for $2,000,000. employees' earnings records The payroll register provides all the payroll information needed to prepare a payroll. Did you journalize and post the employees' payroll transaction? (3), True or False: Federal unemployment insurance laws require that employers and employees pay taxes for unemployment compensation. Federal income tax is withheld from employee earnings (A) only in those states electing to do so. MASTERING CORRECTION OF ACCOUNTING ERRORS TES, Totalbudgetedoperating(non-manuf.) -bank reconciliation. 5. A qualified retirement plan that allows tax-free withdrawals from the account. f(x)=0.1(10+12x0.6x2)f^{\prime}(x)=0.1\left(10+12 x-0.6 x^2\right) \quadf(x)=0.1(10+12x0.6x2) for 0x250 \leq x \leq 250x25. A) True D) an administrative wage garnishment (B) separate payroll checking account. Identify some of the groups of users. FICA Taxes 12-3 Preparing Payroll Records Flashcards | Quizlet c. his/her applicable annual standard deduction based on marital status plus the number of exemptions claimed on Form 668-W. disposable earnings. True or False: In each pay period, the payroll information for each employee is recorded on his or her employee earnings record. Once the transaction has been recorded in the General Journal, the accountant posts the entry to corresponding General Ledger accounts, a combination of letters and numbers. (7), True or False: If the tax base for calculating unemployment taxes is $7,000 and an employee's accumulated earnings are $6,500.00, and the employee earns another $1,500.00, the amount of new earnings subject to unemployment tax is $1,500.00. D) FUTA Taxes Payable- Cash When the company pays for the state taxes withheld from the employee, the entry would be: Entering transactions in the general ledger. D) Salaries Payable Which of the following are true about the general ledger? True Garnishments Multiple choice question. (C) gross earnings. Multiple select question. -Employer social security tax 1. c. must pay federal tax levies before any other deduction. a. they are part of the payroll package required to be sent to the IRS on an annual basis. Multiple choice question.
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