Denominator-level choices, changes in inventory levels, effect on operating income. salaries and wages expense. The first pair of debit and credit columns on the general ledger are for: The second set of debit and credit columns in the general ledger show: The cash based business will show an increase in payroll expenses when: In a manufacturing environment, which of the employees time would be considered entirely directly billable? When recording the deposit of FUTA taxes owed, the proper entry is: \end{array} debit to expense, credit to liability. dividends, expenses, assets. (A) unemployment taxable earnings. c.Laborers for contractors who furnish materials, supplies, articles, and equipment to any agency of the United States, provided the minimum contract amount is $2,000. (B) marital status. -Recording the individual balances of each paycheck. B. Payments to sales taxing authorities The debit to Payroll Taxes for FICA, FUTA and SUTA taxes (rate = 4.5%) on a gross payroll of $200,876 (if no one has capped for FICA and not subject to the .9% Medicare on wages over $200,000, no one has capped for SUTA, and FUTA wages= $85,000), is: The employer FICA - OASDI ($200,876 x.062) + FICA - HI ($200,876 x .0145) + SUTA ($200,876 x .045) + FUTA ($85,000 x .006) = $24,916.43, On July 30, an analysis of the general ledger of Biomet Device Inc.'s shows the following credit balances: Employees FIT Payable. When recording the deposit of FUTA taxes owed, the proper entry is: 1. 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. You purchased 200 shares of Smiley Incorporated, a small but profitable company. Vacation Benefits Payable is credited. y=100(1e0.462t). -alphabetical. Multiple choice question. costs(allfixed)300279.070232.558$5040.000240.000260.000$10$3.000.000$500.000unitsunitsunitsperunitunitsunitsunitsperunit. Blank between entries Accounting Ch. 13 Test Flashcards | Quizlet A) FUTA tax a.SUTA funds are used to pay the state and federal administrative expenses and FUTA funds are used to pay the unemployment compensation benefits to the qualified unemployed workers. B) Payroll Taxes B) False, At the time of depositing FICA taxes and employees' federal income taxes, the account FICA (D) none of these. unnecessary under GAAP Under the FLSA, what information concerning employees' wages must be maintained by the employer? 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. pay cards. Cash Take-home pay minus weekly standard deduction and exemptions = federal tax levy garnishment. Which of the following accounts would appear on the balance sheet? and more. A) True b. used to prepare internal management analyses. In recording the monthly adjusting entry for accrued wages at the end of the accounting period, the amount of the adjustment would usually be determined by: a. they are part of the payroll package required to be sent to the IRS on an annual basis. Payroll Chapter 1 Matching Flashcards | Quizlet E) 26.85. account employer records the FICA, FUTA, and SUTA taxes? (B) IRS Form W-2 payroll register. b. b. the standard deduction of the taxpayer. -A description is sometimes included. a. 1 general ledger posting. completing the journal entry to record the payroll. (A) tax reimbursement. Chapter 12 accounting Flashcards | Quizlet a. voluntary contributions to IRAs are no longer allowed in an employee retirement plan. FUTA Taxes Payable Have you computed their payroll taxes properly? A) True Information gathered from the payroll register about each employee's payroll information is transferred to the ____ ____ ____. Actual operating costs equal budgeted operating costs. The information contained within each row of the payroll register is transferred to the employees' earnings records. Vacation pay earned by employees following except: If Joanna is single with three exemptions and brings home $845.00/week, what amount will go towards the garnishment each week (manually calculate)? B) False, Proving the payroll register entails sending company records to the IRS. (B) liabilities. The accounting process generates financial reports for both internal and external users. Allocate employee expenses to specific accounts Which of the following accounts is an expense account in which an employer records the FICA, FUTA, and SUTA taxes? 26. Prepare absorption costing-based income statements for Magic Me Corporation using theoretical capacity, practical capacity, and normal capacity utilization as the denominator levels. Copy and complete the chart. (C) deposit. true or false:Payroll taxes withheld represent a liability for an employer until payment is made. and more. Every general journal entry will have at least (B) total hours divided by regular rate. a. E. FUTA Tax Expense C. The employee completed the current version of Form W-4. Nicole Tipton and Sadik Seferi owned and operated a restaurant in Iowa. c.10 (D) semiannually. \end{array} Payroll Taxes Prepare a production cost report using the weighted-average method. payroll report interface. Multiple select question. -account number and date, Where will entries for payroll show in the trial balance? B) False, 4. 5. Allocate employee expenses to specific departments. chap. 7 practice Flashcards | Quizlet 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. 12-3 Preparing Payroll Records Flashcards | Quizlet Recording the individual balances of each paycheck. Define the process of "posting." E) Union dues withheld, 17. -journal entries to post one-sided. b.Vesting conveys to employees the right to share in the retirement fund in the event they are terminated before the normal retirement age. four employees. General Leger account balances aggregate data to determine payroll costs True -Transactions in general ledger accounts are the source for general journal entries. Employee Earnings Record. report an individual EE's regular time & OT; promote analysis of payroll expenses. \text{Total budgeted operating (non-manuf.) Have you completed the payroll register? 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. B) False, 8. Hintley Duck Blinds Ltd received a federal tax levy garnishment for their marketing manager, Joanna Mallard, in the amount of $8,523.25. account balances form the basis for accounting reports; general ledger account balances aggregate data to determine payroll costs. bottles of its juice cocktails or 12 oz. General ledger payment to employee based on a stated percentage of revenue. all income & expense accounts are included in the report; only accounts w/ balances @ the end of the period are included. -union negotiations. 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%). Disposable earnings: Cash a. What changes should be included in the employee earnings record? true or false:The amount of income tax withheld from each employee's total earnings is determined solely from the number of withholding allowances. The Assembling Department added the following costs: Assembling fi nished 400,000 units and transferred them to the Finishing Department. employers' HI portion of FICA taxes is not.. (D) accumulated earnings. The purpose of a labor report is to do what? adjusted when employees are paid. General journal A) True (A) a check. D) a percentage of the previous week's gross payroll. Credit Protection Act. Medicare tax d.None of these choices are correct. What if each firm produces a somewhat different product? salaries and wages expense. -Marital status Multiple select question. Allocate employee expenses to specific accounts True false question. Employer has the right to control both what work will be done and how it will be done. (1) . The total earnings paid to an employee after payroll taxes and other deductions. (B) during the month following each calendar quarter. expensed in the next month. Have you obtained approval for pay disbursements? \hline \text { Costs incurred during the year } & \$ 300,000 & \$ 1,575,000 \\ (D) social security taxes. Accounting II: Chapter 13 Flashcards | Quizlet engaged in a job in which tips of more than $30 a month are regularly recieved. -bring the accountant to the next entry in the general ledger. True allocating employee expenses to departments. c. is used to record Workers' Compensation premiums paid by the employee. D. Wages Expense Which of these employee types is an allowable exception to the protection of the Age Discrimination in Employment? \textbf{Past-Due Category}&\textbf{Accounts Receivable Total}&\textbf{Percentage Uncollectible}\\[5pt] -Pay rate, In financial accounting, the fundamental accounting equation is. incurs as an expense each payday? The record of all of a firm's financial transactions. Tipton and Seferi were charged with hiring and harboring undocumented aliens. See Answer. Question: Why is it important for a firm to use both a payroll register and an employee earnings record? What are the common components of the posting reference? Multiple choice question. bottles of juice cocktails? and an employee earnings record? d. they are used to determine where cumulative wages are in relationship to wage bases (caps) for various taxes, such as OASDI, FUTA and SUTA. debit to expense, credit to cash. Direct deposit of paychecks can be forced on employees in every state. The payment of payroll taxes to the government is referred to as a In general, employers are required to pay state unemployment taxes: 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? Also known as the Federal Wage and Hour Law. (D) tax fulfillment. c. What is the largest number of items memorized by the subject? T-tables. The adjusting entry to record the accrued vacation pay at the end of an accounting period includes credits to the tax withholding liability accounts. Multiple choice question. Which basic records are generated in most payroll accounting systems? At a minimum, how often should an administrator furnish a statement of total benefits accrued and accrued benefits that are vested under ERISA? Study with Quizlet and memorize flashcards containing terms like Unclaimed employee wages are returned to the employer. B) False, 5. Medicare tax c. are the earnings remaining after withholding income taxes and other amounts required by law. Data relating to the contract are summarized below: 20212022Costsincurredduringtheyear$300,000$1,575,000Estimatedcoststocompleteasof12/311,200,0000Billingsduringtheyear380,0001,620,000Cashcollectionsduringtheyear250,0001,750,000\begin{array}{lrr} FICA Taxes Payable-OASDI (B) net earnings Calculate the amount of cash payments Jacobs was required to make in each of the two calendar years that were affected by the note payable. 2. (B) a receipt. (a) What is yyy after 111 hour (t=1)(t=1)(t=1)? The reversal of General Journal entries is used to represent accrued employer payroll ____ and ____ at the end of the prior month. would be reduced by every transaction c. employees can be required to participate in an employer's pension plan. False. Find the total for each response. the master document accountants use to track employees' marital status, deductions (mandatory, voluntary, and mandated), and year-to-date earnings Medicare tax true or false:Qualified retirement plans are approved by an act of Congress. for the HI tax on the employer as well as for the HI tax withheld from employees' wages. Payment of voluntary withholdings, The ___ ____ column in the General Ledger is a combination of letters and numbers, The use of reversing entries is: The employee earns tips. (D) an asset account. create the need for more entries. A) completing forms W-2. \text{0-30 days}&\text{\$\hspace{1pt}22,480}&\text{6\\\%}\\ Income Statement, A labor report provided to management would display: Multiple choice question. C. Wages Payable The employees' earnings records are the link between accounting and human resources and contain information from the payroll register. Multiple choice question. Tax withholding and remittance Recording expenses only when paid is an example of: T F, 2. An accounting firm would pay higher Workers' Compensation Insurance premiums than a steel mill because their employee wages would be higher. (C) W-3 staffing pr income projections, connects directly to the employee's earnings records. Assets - The date of the transaction is attached. State unemployment tax. (A) assets. b.The Federal Personal Responsibility and Work Opportunity Reconciliation Act of 1996 (4), True or False: Form W-2 reports an employee's annual earnings and the withholdings for federal income, social security, and Medicare taxes. A) True The amount that an employee is allowed to keep as take-home pay when a federal tax levy is in play is: B) Payroll Taxes- Cash c.All of the funds are used to provide the benefits of unemployment compensation to qualified unemployed workers. An employer will use the payroll register to keep track of an employee's accumulated wages. Payment of statutory withholdings Each employee name is listed in a payroll register along with (A) employee number. Prepare a partial balance sheet to show how the information related to this contract would be presented at the end of 2021 assuming Nortel recognizes revenue over time according to percentage of completion. Ch. 12 Flashcards | Quizlet b.To provide protection only for workers under the age of 18 The cash based businesses will show an increase in payroll expenses when: A separate record of each employee's . Cash (D) overtime hours minus overtime rate. -Transactions from the general journal are posted to individual accounts. Vacation expense should be recorded as a debit when the employee earns it. How good is your target country in enforcing the rule of law of the country? The total earnings subject to federal unemployment tax is referred to as: False, Where will entries for payroll show in the income statement? Additionally, information from the payroll register is used to complete payroll entries in the General Journal Multiple choice question. T F, In calculating overtime premium earnings at one and a half times the regular hourly rate, the overtime hours are multiplied by one-half the hourly rate of pay. It adds complexity to the personnel recordkeeping. In each pay period, the payroll information for each employee is recorded on his or her employee earnings record. B) False, Net pay" is sometimes known as "take-home" pay. Company viability depends on expense control, form the link between the accounting and the human resource departments. Multiple choice question. Medicare Tax Payable, Paid cash for semimonthly payroll; total payroll, $3,066.00, less employee income tax, $182.00, social security tax, and medicare tax. (B) accumulated earnings. A qualified retirement plan that allows tax-free withdrawals from the account. B) using the same amounts as the prior month's adjustment. 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? Before beginning production of its new vacuum cleaner, the Devaney Company conducted an opinion survey of 1740 people. -after journal entries are recorded, The second set of debit and credit columns in a general ledger show: the description is usually left blank. True B) Withholdings for a 401(k) plan The employee earns more than the federal minimum wage. Payments for payroll regulation courses Study with Quizlet and memorize flashcards containing terms like True, False, False and more. B) False, 6. T F, For child support garnishments, tips are considered part of an employee's disposable earnings. d. The purpose of a labor report is to do what? expenses, assets, liabilities. a. is used to record Workers' Compensation premiums paid by the company. When using the equity method of accounting, when is revenue recorded on the books of the investor company? Would you expect the kinked demand curve to be more extreme (like a right angle) or less extreme (like a normal demand curve) if each firm in the cartel produces a near-identical product like OPEC and petroleum? \text{Sales volume} & \text{260.000} & \text{units}\\ b.The employee credit to cash, debit to liability. (Check all that apply). (B) quarterly (5), True or False: Each employer is required by law to periodically report the payroll taxes withheld from employee salaries. Payroll-related transactions contain both expenses and liabilities of a company. Multiple select question. What other blunt questions do you think would be appropriate? a percentage of the previous week's gross payroll. A) True Show your work. 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. Since FUTA tax is paid only once a quarter, the FUTA tax expense is recorded only at the time of payment. How is your target country ranked by Transparency International, Drugs in the bloodstream The concentration yyy of a certain drug in the bloodstream ttt hours after an oral dosage (with 0t150 \leq t \leq 150t15 ) is given by the equation, y=100(1e0.462t)y=100\left(1-e^{-0.462 t}\right) Social Security tax NALS: Ch. a. Employee Income Tax Payable -payroll adjustments are entered, The first pair of debit and credit columns on the general ledger are for: Multiple select question. (B) federal income tax withheld. (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. general ledger entries. Accounts Payable 1. Question 1: Why would you enter "N/A" on the line for federal withholding allowances on an employee earnings record? (B) Medicare tax. Do you have managerial approval for all employee pay for the period? true or false: A business is required by law to withhold certain payroll taxes from employee salaries. Did you have the returns checked for accuracy? -Employee receives an advance of their pay e.None of these choices are correct. (D) all of these. d. It allows payroll employees to create ghost employees . when payroll spans two months. Salaries and Wages Payable, Which of the following taxes would NOT be included in the employer related payroll entry? True False, An accounting firm would pay higher Workers' Compensation Insurance premiums than a steel mill because their employee wages would be higher. - Designated to inform managers and department heads. at the employer's discretion. T F, Federal tax levies are not subject to the limits imposed on garnishments under the Consumer payroll accounting B) Payroll Taxes- Cash Yields the data needed for financial reports Each employer must file a _________ federal tax return showing the federal income tax, social security tax, and Medicare tax due the government. B) False, 14. Ch 6 Payroll PRACTICE Flashcards | Quizlet Multiple choice question. b. are only necessary when employees are paid in cash at the end of the year. Entries to the general ledger will post amounts in the first pair of debit or credit columns: 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. A debit to an account in a general journal transaction is a debit to that account in the general ledger A. Fundamentals of Financial Management, Concise Edition, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Daniel F Viele, David H Marshall, Wayne W McManus, Research Methods (Lecture 7): Multi-factor Ex, Prior department costs transferred in from the Molding Department. Which column exists in the employees' earnings records but not in the payroll register? b. FICA Taxes Payable - OASDI $1,534.78 department breakdown of labor cost, What can cause a journal entry to post on only one side (either debit or credit)? The payroll register provides all the payroll information needed to prepare a payroll. create the need for fewer entries. have amounts in both debit and credit per account (3), True or False: The timing of payroll tax payments is based on the amount owed. Write your answers in simplest terms. Which of the following are true about the general ledger? T F, 28. B) Federal Income Taxes Payable Federal income tax is withheld from employee earnings (A) only in those states electing to do so. What is the original entry point for payroll information into the accounting system? -when payday is after the end of the month. a. the expense has already been recorded. A) Payroll Taxes Multiple select question. (D) in all 50 states. Based on the data presented in the previous exercise, journalize Belarus Co.s entries for (c) the payment of the invoice within the discount period. \end{array} Shared taxes for each event. 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. answer choices . \text { Estimated costs to complete as of } 12 / 31 & 1,200,000 & -0- \\ Multiple select question. cash basis accounting 2020, to record compensation expense, if any, in 2020. c. Prepare the entry on December 31, 2020, assuming that all 150,000 SARs are exercised. B) False, 15. In all computerized payroll systems, there is still the need to manually post from the printed payroll journal entry to the general ledger. The degree of completion of work-in-process inventory at September 30 was as follows: Required T F, The only portion of wages that are exempt from a federal tax levy is: Entering the transactions in the general journal. Advanced Accounting Ch. 3 Review | Other Quiz - Quizizz A business form used to record details affecting payments made to an employee is a(n) (A) employee earnings record. (A) IRS Form W-4 D) an administrative wage garnishment -debit state withholding $1,234, The second set of debit and credit balances in a general ledger will: Multiple choice question. Owner's equity = Residual value. incurred but unpaid is: a.To prepare period reports and complete Form W-2 for each employee b.To complete Form W-2 for each employee c.To prepare period reports and complete Form W-2 for employer d.To prepare period reports e.To complete Form W-2 for employer, Which basic records . Examples of payroll related liabilities include: Garnishments Which column exists in the employees' earnings records but not in the payroll register? -journal entry and account number Description information. a.The Self-Employment Contributions Act sets the minimum wage and the current minimum wage rate is $9.19 per hour. with the Form 940 reconciliation at the end of the year. Automated entries, Identify the users of financial statements. SUTA Taxes Payable $383.69 c. It facilitates accuracy in employee personnel records. Experts are tested by Chegg as specialists in their subject area. FUTA Taxes Payable $74.26 E) a percentage of the previous week's net payroll. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. (A distribution column in the payroll register separates the various expenses into classifications such as Sales Expenses, Administrative Expenses, Factory Expenses, etc), 1. Social Security Tax Payable Using an automated entry, the payroll accountant would record transactions through -by posting reference. Multiple select question. (A) December 31 of the current year. Payroll Taxes. a. -when payroll spans two months. Employee regular earnings are calculated as (A) regular hours times regular rate. \end{matrix} -before journal entries are recorded Payroll Accounting Final Exam Study Guide Part 1 - Quizlet A qualified retirement plan that provides most individuals with a deferred federal income tax benefit. The total of the Gross Earnings column of the payroll register for a given pay period will appear in which account for the payroll-related general journal entry? 6. For each choice of denominator level, the budgeted production cost per unit is also the cost per unit of beginning inventory. completing Forms W-2. E) FUTA Tax Expense- FUTA Taxes Payable, 19. What information is commonly provided by a job-seeker on the application for employment form? Unclaimed employee wages are returned to the employer. Interest was paid quarterly, and the note was repaid one year from the time the money was borrowed. May be used to re-create payroll data in the event of computer failure or a catastrophic event