HOURS WORKED Jeremy Ortiz is an employee of Insulor Flooring, where his job responsibilities include selling service contracts to customers. What must the employer do with unclaimed checks. At December 31, 2022 the employee's pay rate was $15. Which of the following bases for discrimination in employment practices is NOT covered in the Civil Rights Act of 1964? Vacation Benefits Expense-Operating expense D) One side of the equation must equal zero. Most office supply stores also carry books that are formatted specifically to record payroll information. 18 \text{3. 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. Under the Affordable Care Act, which employers are required to provide insurance coverage for all full-time employees and for their dependents? Listed below are several transactions. 10. Compute and record the Kipley Company's SUTA and FUTA contributions. *Graph the equation using the slope and $y$-intercept, as in the Previous Examples. Payroll journals are records of all payroll transactions. A) Employee earnings record 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. What is the amount of the Social Security tax payable? & \text{ } & \text{ }\\ expenses are, the lower the profitability will be. Social Security tax payable ??? A) Social Security tax, $204; Medicare tax, $792. Paymentofincometaxes.9. Deductions. Want more exclusive business insights like this delivered to your inbox? Discover what others say about us. Legalor equitable procedure by which a protion of the wages of any person must be withheld for payment of a debt. A) Credit $8, ADP helps organizations of all types and sizes unlock their potential. D) The labor report Which of these employee types is an allowable exeption to the protection of the Age Discrimination in Employment? B) Employee pay remittance and voluntary deduction remittance 33. The information provided in the payroll register is used primarily to meet the requirements of the Fair Labor Standards Act. 2. B. 38. Title of report 2. C) It is the fourth repetition of the same entry. B) Posting The entry to record vacations earned in 2022 will affect Vacation Expense on the 2022 income statement and Vacation Payable, a liability on the 2022 balance sheet. Federal withholding tax payable 220 $ ??? These details include the employee id number, the department they belong, their job profile, etc. 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. Purchase of rent in advance.} Paymentofanaccountpayable. From best practices to advice and HR consulting. C) Credit $4, Payroll registers generally are more detailed than payroll journals and include specific information about each employee. Factory overhead excluding indirect materials and indirect labor (record credit to Other Accounts). Who is covered by the Walsh-Healey Public Contract Act? B) It contains a detailed listing of every transaction during a period. Get inspired to begin transforming HR at your company. B) Total overtime earnings Payroll journal entries are used to record the compensation paid to employees. 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. pay date. How can the information shown in the employees' earnings record be used? DATE DESCRIPTION POST REF. Payment of employee salaries.} Cash 101 202,671. employees' payroll, one for the employer's share of the taxes. The key types of payroll journal entries are noted below. Single click the box with the question mark to produce a What portions of an employee's wages are exempt from a federal tax levy. D. Religion Want more exclusive business insights like this delivered to your inbox?Subscribe now. Type the formula, then press Enter. 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. This entry records the gross wages earned by employees, as well as all withholdings from their pay, and any additional taxes owed to the government by the company. 8. 10. The agreement also states that the two weeks of vacation shall be taken any time in 2023 and the amount paid will be 80 hours multiplied by the employee's rate of pay at December 31, 2022. Exempt salaried employees are often paid for their work right up to payday. View notices and letters. D) As liabilities Transaction1. There may be an accrued wages entry that is recorded at the end of each accounting period, and which is intended to record the amount of wages owed to employees but not yet paid. Health Insurance Premiums Collected-liability 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. in sin did my mother conceived me meaning e-Services for Business - Employment Development Department Union Dues payable 227 4,683. A payroll register does not include: Multiple Choice Pay period dates. 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 Protection under the provisions of the Age Discrimination in Employment Act begins at what age?? 41. Recording Payroll and Payroll Liabilities - Accounting In Focus A) Form W- Federal withholding tax payable 220 $ 50,725. FUTA Taxes Payable-liability 28. Free True False Q03 Computing the sum of rows and columns is known by the term Multiple Choice Q04 Where is one place that information from the payroll register would not be transferred? CH2 Payroll Acounting CHAPTER 2 Learning Objectives After studying this chapter, students should be able to: 1. B) The labor report, C) The statement of owners' equity Any boxes left with a question mark will be The Fair Labor Standard Act sets the minimum wage and the current minimum wage rate is $7.25 per hour. D) It highlights issues and results of seasonal labor. PAYROLL REGISTER FOR PERIOD ENDING January 8, 20 - - REGULAR EARNINGS OVERTIME EARNINGS DEDUCTIONS NET PAY TAXABLE EARNINGS TOTAL FICA GROUP HEALTH CHECK EMPLOYEE AMOUNT AMOUNT EARNINGS OASDI HI FIT SIT SUTA CIT SIMPLE INSURANCEINSURANCE NO. Solved Continuing Payroll Problem, 6B: Chapter 6 You have - Chegg Which of the following is not a provision of FLSA? Employee Earnings Record: What It Is and How to Use It It exists in many forms, from manual booklets and ad-hoc registers created in Excel to reports produced by dedicated payroll software. When you later pay the withheld taxes and company portion of payroll taxes to the IRS, you then use the following entry to reduce the balance in the cash account, and eliminate the balances in the liability accounts: It is quite common to have some amount of unpaid wages at the end of an accounting period, so you should accrue this expense (if it is material). The payroll register needs to record the hours each employee has served in the firm in a day. Indirect labor usage. Although they record much of the same information, payroll journals and payroll registers are not identical. Hence, no need to accrue any salaries. Which of the following laws establishes the minimum wage? \text{13. B) Equity What are the General Journal entries that should appear on each pay date? A) The total of the debits must equal the total of the credits. Age True False. Neither The Balance Sheet Nor The Income Statement. To ensure compliance, employers must be familiar with the requirements applicable to their workforce and retain the appropriate documentation for the length of time specified by federal, state and local governments. False. \text{4. 9. 30. Payroll Accounting quiz 6 Flashcards | Chegg.com TransactionTypeofActivityCashInfloworOutflow1. Since Eco Brewers is a monthly schedule U.S. government T-bills account for 45%45 \%45% of the portfolio, large-company stocks constitute another 40%40 \%40%, and small-company stocks make up the remaining 15%15 \%15%. 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. & \text{ } & \text{ }\\ ls Form l-9 completed only by employees born in outside of the USA? The W-2 provides all of the information required by the Affordable Care Act. 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. (You may select more than one answer. 2. This entry usually includes debits for the direct labor expense, salaries, and the company's portion of payroll taxes. Are newly hired independent contractors covered under federal laws pertaining to new-hire reporting? Issuanceofcommonstock. B) Gross pay D) It may contain whatever accounts the accountant wishes to include. 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. Cross), Give Me Liberty! Payroll registers are typically a series ofsimple charts (one for each employee during a given pay period) that include such information as: Note that payroll recordkeeping laws differ across jurisdictions. From recruitment to retirement, getting the very best out of your people. C. 40 We have been recognized by esteemed organizations for the value we bring to our clients, our associates and the global community. How will payroll deductions from employees wages for their portion of 401K plans be recorded? What entry should appear in the General Ledger to reflect the C) It is non-traceable labor that a company must absorb as overhead. What is the term for transferring data from the General Journal to the General Ledger? Using the payroll registers, complete the General Journal entries as follows: February 7 Journalize the employee pay. Why is it important to have columns on the payroll register title "Earnings subject to Federal True, The information in the payroll register forms the basis for entries in the Employee Earnings You can think of it as a summary of all the payroll activity during a period. The company does not provide health insurance, paid vacations, or any other benefits. For fill-in-the-blank questions, press or click on the blank space provided. mark to empty the box For a wrong answer. 9. * These entries are then incorporated into an entity's financial statements through the general ledger. Small, midsized or large, your business has unique needs, from technology to support and everything in between. PAYROLL REGISTER Upload your study docs or become a Course Hero member to access this document Continue to access End of preview. A payroll register can also . Purchaseofrentinadvance. What is your sisters total cost under each of the two plans? check mark For a correct answer and double click the box with the question mark to empty the 6. C. All employees under the age of 30. the box With the question mark to empty the box for a wrong answer. Are FICA taxes levied upon employers only? In this last task, the following steps will be completed. True, Employee earnings records form the link between accounting and the human resources The payroll register lists all the employees who earned remuneration, the amount of remuneration, the deductions, and the net amount paid. Identify distinctive compensation plans. SUTA tax payable 9,481. Protection under the provisions of the Age Discrimination in Employment Act begins at what age? B) General Journal C) $1,715. 56. 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. 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. Your sister currently uses 1,700 minutes and sends 1,600 texts each month. C) Social Security tax, $746; Medicare tax, $174. Transcribed image text: Columns included in the payroll register to compute net pay may include which of the following? the box with the question mark to produce a check mark for a correct answer and double click Are pre-hire questions pertaining to religion, gender' national origin' or age allowed if these are bona fide occupational requirements of the job? Does FLSA say how often employees need to be paid? D) It must wait until the next financial period to record the payroll data. A) Debit $1, B) Because payroll represents an asset and an income of the business. Access the definitive source for exclusive data-driven insights on todays working world. Employers use the employee's earnings record in preparing ___. Any boxes left with a question mark will be automatically graded as A) It should create a reminder about the accrual to ensure accuracy of computations on the next False - also needs to be a reasonable amount. DEBIT CREDIT DEBIT CREDIT Read more about the author. If you have difficulty answering the following questions, learn more about this topic by reading our Payroll Accounting (Explanation). A) It is the fourth entry in the General Journal on that date. Using the accounting equation, determine the following amounts: a. Owners equity as of December 31, 2013. ls the Federal Government covered under the Civil Rights Act of 1964? What is your sisters total cost under each of the two plans? A) Both columns contain information about the employer's tax matching responsibilities. Paymentofemployeesalaries.OCO2. Under FLMA, do any states have paid a family leave plan? Use the following information for Questions 19 - 20: Its best practice to audit payroll every pay period. Does the ADEA quit protecting employees after the age of 70? (You may select more than one answer. This entry usually includes debits for the direct labor expense, salaries, and the company's portion of payroll taxes. Is it neccessary for an employer who is subject to FICA and FUTA taxes to keep a separate expense account for the taxes under each act? question mark Will be automatically graded as incorrect.) Payroll Flashcards | Quizlet Payroll Term 1 / 52 Garnishments are court-ordered amounts that an employer must withhold from an employee's post-tax pay and remit the amount to the appropriate authority. C) proof of payroll deposits Hours worked. It helps employers reconcile their payroll transactions and prepare quarterly and year-end tax reports. \end{matrix} 21 A) Employee pay accrual and employee pay disbursement D) Federal withholding tax payable Click the card to flip Definition 1 / 66 True Click the card to flip Flashcards Learn Test Match Created by lauraberth67 Terms in this set (66) Does every state have state unemployment laws? Issuance of bonds.} Collection of an account receivable.} Q08. & \text{ } & \text{ }\\ Copyright 2023 AccountingCoach, LLC. D) Because payroll represents a liability and an expense of the business. Want to read all 11 pages? 31. How to do payroll accounting: 7 steps At first glance, payroll accounting can be scary. B) It should make a note to create the reversing entry at the end of the next financial period. Does the Federal Income Tax Withholding Law require all employment data to be kept permanently? Basic payroll register templates can be found online or created in programs like Excel. The payroll register contains ________. account: Social Security tax payable ACCOUNT NO. Under FMLA, may an employer substitute an employee's earned paid leave for part of the 12-week family leave? C) It designates where labor is used in a firm. To prepare period reports and complete Form W-2 for each employee, Fundamentals of Financial Management, Concise Edition, Operations Management: Sustainability and Supply Chain Management, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman. & \text{ } & \text{ }\\ 5. 13. A) The income statement Health Insurance $ 950. 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. Vacaction Benefits Payable- liability. Solved Required: Complete the payroll register for this pay - Chegg Explore our full range of payroll and HR services, products, integrations and apps for businesses of all sizes and industries. In other words, a payroll register is the document that records all of the details about employees' payroll during a period. Authorize a power of attorney. SOLUTION: Payroll project. - Studypool Total Earnings 9. Discover a wealth of knowledge to help you tackle payroll, HR and benefits, and compliance. What special accounts must usually be opened in the general ledger to record payroll tax entries? 5 pay date: May 5 Payroll Taxes Expense $ 27,671. Chapter 6 Review Payroll Flashcards | Quizlet How does a payroll accountant keep track of employee's year-to-date earnings for wage bases on taxes like FICA, FUTA, and SUTA? 64. expense 522 $ 182,930. 15. 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. Payroll registers include all of the information in a pay period for all employees. \text{2. 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 FICA Taxes Payable-OASDI-liability Quiz 6: Payroll Register, employees Earning Records, and Accounting This will decrease 40. Rate of pay 8. Saleofequipmentforanotereceivable. The employee's earnings records is used in preparing the employees' W-2 forms. For advanced capabilities, workforce management adds optimized scheduling, labor forecasting/budgeting, attendance policy, leave case management and more. a. Walsh-Healey Public Contracts Act B) Payroll register You face specific challenges that require solutions based on experience. 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. Which items would be debited in the General Journal entry to record the employees' share of \text{12. So that the total amount of accumulated wages can be recorded for each pay period thus when the accumulated wages of an employee reaches the cutoff level has been reached. This will increase Marital status & number of withholding allowances 6. \text{11. D) Both documents contain details of employee earnings, deductions, and disbursement for a b. Owners equity as of December 31, 2014, assuming that assets increased by $113,000 and liabilities increased by$44,000 during 2014. Protest Unemployment Insurance benefit charges or rates. Pre-hire questions pertaining to religion, gender, national origin, or age are allowed if: Which of the following forms is used to notify the Payroll Department to add a new employee to the payroll? A(n) ________ is a collection of cash and other items that are used in the operation of the Report new employees or independent . The completed Payroll Register for the February and | Chegg.com Which of the following best describes the purpose of the payroll register? Saleofequipmentforanotereceivable.10. ls the payroll register used in preparing the Form W-2? DEBIT CREDIT DEBIT CREDIT \begin{matrix} Loantoanotherfirm. B) Payroll register For superior accuracy, many smalland largebusinesses rely on automated digital payroll solutions, such as those offered by ADP, which can integrate with accounting software and other programs. B) It depicts the ideal distribution of labor in a firm. Enter the debit amount to clear the existing credit to Payroll Cash from the first journal entry above. B) Debit $4, Collectionofnotesreceivable. the payroll register, employees' earning record, and accounting system entries the purpose of the net pay and check number columns in the payroll register is to Skip to document Ask an Expert Sign inRegister Sign inRegister Home Ask an ExpertNew My Library Discovery Institutions Silver Creek High School (Colorado) Southern New Hampshire University Which of the following acts prohibits discriminating in hiring, firing, promoting, compensating, or in nay other condition of employment on the basis of race, color, religion, gender, or national origin? Jeremy is single with two withholding allowances. The other hourly employees receive overtime pay when they work more than 35 hours in one week. 1. Required: 1. Tasks previously performed include determining gross earnings, FICA withholding, federal, state and city taxes. For multiple-choice and true/false questions, simply press or click on what you think is the correct answer. Payroll Register This is the first task to completing Olney Company's payroll register. B) It must create an adjusting entry to recognize the payroll accrual.
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