payroll register quizlet

It indicates, "Click to perform a search". Which of the following is not a provision of ERISA? Every state imposes a state unemployment tax on employers in their state. var d=new Date(); document.write(d.getFullYear()); ADP, Inc. Find the package that's right for your business. Employers also use it to: While all of these functions can be accomplished manually, dedicated payroll software provides information at the click of a button, making reporting fast and simple. The key types of payroll journal entries are noted below. E. Highest-paid 10% of their workforce. A) The income statement 59. What portions of an employee's wages are exempt from a federal tax levy. A) It must credit the asset accounts for the appropriate payroll amounts. Quickly connect ADP solutions to popular software, ERPs and other HR systems. 6. Journal entries? the box with the question mark to produce a check mark for a correct answer and double click How does the FIFO method different from the weighted-average method? SUTA Taxes Payable-liability 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? Cross), Give Me Liberty! Collectionofnotesreceivable.8. What is The balance in the account? A payroll register is the record for a pay period that lists employee hours worked, gross pay, net pay, deductions, and payroll date. A. The employers total expense for Marys employment during the week is. 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. Complete the steps outlined below: 1. A) It is employee labor that may be billed to customers. Purchaseofrentinadvance.4. 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. Chapter 6: Analyzing and Journalizing Payroll, , , AP Lang - Television: The Plug-In Drug (T/V), Don Herrmann, J. David Spiceland, Wayne Thomas, Fundamentals of Financial Management, Concise Edition, Alvin A Arens, Mark A Beasley, Randal J Elder, National Association for the Advancement of Colored People. 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? account: ACCOUNT Federal withholding tax payable ACCOUNT NO. D) Both documents contain details of employee earnings, deductions, and disbursement for a Copyright What are the General Journal entries that should appear on each pay date? What is your sisters total cost under each of the two plans? Payroll journal entries are used to record the compensation paid to employees. 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 Sale of land for cash.} C) It should disburse the accrued pay to the employees. Deductions. Forbids discrimination in hiring. C. 40 B) Social Security tax, $792; Medicare tax, $204. A) Debit $1, the box With the question mark to empty the box for a wrong answer. Book the entry on the date paychecks are distributed. The information in the payroll register forms the basis for entries in the Employee Earnings Records and the General Journal. \text{4. C) Social Security tax, $746; Medicare tax, $174. B. ERISA D) It adds complexity to the payroll register. All rights reserved.AccountingCoach is a registered trademark. A payroll register does not include: Multiple Choice Pay period dates. e. None of the above. For example, there may be deductions for 401(k) pension plans, health insurance, life insurance, vision insurance, and for the repayment of advances. C) It must pay its employees for the wages earned as of that date. 2. What information is commonly provided by a job-seeker on the application for employment form? & \text{ } & \text{ }\\ c. McNamara-O'Hara Service Contract Act True False. 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. A) It should create a reminder about the accrual to ensure accuracy of computations on the next Q08. Fast, easy, accurate payroll and tax, so you can save time and money. B. B) Debit $30, D) The labor report Requirements: 1. Wages and salaries payable 226 202,671. D) One side of the equation must equal zero. All of these journal entries are noted below. Employees with less than a five year tenure of employment. 18. C) Debit Health Insurance Payable $13,618; Credit Cash $13,618. The employee's earnings records is used in preparing the employees' W-2 forms. & \text{ } & \text{ }\\ This information is also reflected in summary level entries in the businesss general ledger. 401(k) contributions $ 1,115. 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? Recorded as a liability for the employer in the payroll entry. If you are recording it directly into the general ledger or the payroll journal, then use the same line items already noted for the primary payroll journal entry. Most office supply stores also carry books that are formatted specifically to record payroll information. 4. B. ERISA requires each employer to establish a pension plan. ADP is a better way to work for you and your employees, so everyone can reach their full potential. \text{15. ADP hires in over 26 countries around the world for a variety of amazing careers. Cash 101 117,334. 10. 5. Does every state have state unemployment laws? 8. During the past week, the employee worked 50 hours. Apr 16 J23 16,495 32. B) It allows managers to predict future labor costs. Payroll registers also provide aggregate employee information at a glance, which can be helpful when depositing tax payments, filing tax returns and performing other basic accounting tasks. 38. FUTA Taxes Payable-liability Department of branch 4. A) Debit $1, Based on the following data, prepare the appropriate journal entry when paying employees: Total wages earned were $8000 The payroll register needs to record the hours each employee has served in the firm in a day. Collectionofnotesreceivable. Paymentofanaccountpayable. C) Credit $1, How might globalists and traditionalists view cultures, places, and regions differently. \text{6. B) Payroll register Time worked - regular & overtime 7. Paymentofalong-termnotepayable.13. What is the amount of the Social Security tax payable? Define hours worked. 30. Are FICA taxes levied upon employers only? Hence, no need to accrue any salaries. E. All of the above are provisions of ERISA. Purchaseoftreasurystock. Employee FIT Payable-liability Marital status & number of withholding allowances 6. expense 522 $ 182,930. B) Employee pay remittance and voluntary deduction remittance True (California, New Jersey, New York & Rhode Island). 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. Saleoflandforcash. Transaction1. 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. \end{matrix} B) Equity Which of these employee types is an allowable exeption to the protection of the Age Discrimination in Employment? The payroll register lists all the employees who earned remuneration, the amount of remuneration, the deductions, and the net amount paid. Enchanted Creations has the following data in its Federal withholding tax payable General Ledger How is information that is usually on a paper stub given to an employee if the employer is using electronic paystubs. 10. 7. A) Employee pay accrual and employee pay disbursement FICA Taxes Payable-OASDI-liability Paymentofalong-termnotepayable. E. OASDI. How are the funds used which are provided by FUTA and SUTA? chronologically. For classifying the gross wages and salaries according to the nature of the wage and salary expense. It's useful for record-keeping in a business and has legal implications if not kept correctly.. A summary of all payroll activity is an excellent way to look at the payroll register report. 39. Jul 1 Wages and salaries payable 226 113,562. Discover what others say about us. c. More than five have large-screen TVs? This entry may be avoided if the amount is immaterial. \text{13. Should an employer in Philadelphia record the liability for the withholding of all three income taxes in one liability account such as INcome Taxes Payable? Dont just take our word for it. Jun 23 Wages and. These liabilities accompany every payroll you run. Also, indicate whether the transaction is a cash inflow (CI) or cash outflow (CO), or has no effect on cash (NE). D) Debit Health Insurance Payable $27,237; Credit Cash $27,237. Describe the main types of records used to collect payroll data. Saleoflandforcash.3. Dont take our word for it. \text{9. Learn more about the senior executives who are leading ADPs business. D) Debit Cash, $250,000; Credit R. Sanders Capital, $250,00 0 Union Dues payable 227 4,683. D) Because payroll represents a liability and an expense of the business. 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. Hours worked. & \text{ } & \text{ }\\ Get exclusive business insights delivered straight to your inbox. 3. From recruitment to retirement, getting the very best out of your people. Union Dues Payable-liability *Graph the equation using the slope and $y$-intercept, as in the Previous Examples. B) Debit $4, Are employers required to keep a photocopy of the l-9 form? 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%. The primary journal entry for payroll is the summary-level entry that is compiled from the payroll register, and which is recorded in either the payroll journal or the general ledger. Protest Unemployment Insurance benefit charges or rates. The Federal Insurance Contributions Act covers restrictions on the employment of child labor. 18 Copyright 2023 AccountingCoach, LLC. Which act sets the minimum wage, and what is the current wage rate? Zipperle Company has the following payroll information for the pay period ending September 18, How do the Stanford-Binet and Wechsler tests differ? Less than five have large-screen TVs? Which of the following is true about the fundamental accounting equation? Purchase of rent in advance.} Employers use the employee's earnings record in preparing ___. A. ADEA With e-Services for Business, you can: Register, close, or re-open an employer payroll tax account. Legalor equitable procedure by which a protion of the wages of any person must be withheld for payment of a debt. a. Walsh-Healey Public Contracts Act PAYROLL REGISTER Upload your study docs or become a Course Hero member to access this document Continue to access End of preview. D) Garnishments, Which columns might an employer include to facilitate employer-share payroll tax General I never regret investing in this online self-study website and I highly recommend it to anyone looking for a solid approach in accounting." Security taxes? Any boxes Left with a question mark will be automatically graded as incorrect.) These entries are then incorporated into an entity's financial statements through the general ledger. It records payroll record on each employee separately. Q09. Regardless of the format, payroll registers tend to follow the same basic structure. 9. A cell phone company offers two different plans. The ________ is the master document that contains an employee's marital status, deductions, 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. At ADP, we say that were Always Designing for People, starting with our own. For each transaction, indicate by letter whether the cash effect of each transaction is reported in a statement of cash flows as an operating (O), investing (I), financing (F), or noncash (NC) activity. What is meant by the garnishment of wages? 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). Verify the date and enter General as the reference. At a minimum, how often should an administrator furnish a statement of total benefits accrued and accrued benefits that are vested under ERISA? the total incomes of the firm and decrease the net income of the firm. Record the regular hours and the overtime hours worked for each employee, using the time clerk's report as your reference. Assume that the company uses the accrual method of accounting. Employers use the employee's earnings record in preparing ___. The Age Discrimination in Employment Act provides protection to virtually all workers over the age of: Form I-9, which is completed by each employee, deals with: Which of the following acts deals with the minimum wage paid to laborers for contractors on federal government construction contracts? account: Social Security tax payable ACCOUNT NO. McHale Enterprises has the following incomplete General Journal entry for the most recent pay 15. Payroll liabilities are any type of payment related to payroll that a business owes but has not yet paid. What does the term "billable time" mean as it pertains to payroll accounting? & \text{ } & \text{ }\\ False - also needs to be a reasonable amount. 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. How does a payroll accountant keep track of employee's year-to-date earnings for wage bases on taxes like FICA, FUTA, and SUTA? D) Federal withholding tax payable Requirements: Record the deduction for group insurance. 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. 4. C) Form W- Whether you operate in multiple countries or just one, we can provide local expertise to support your global workforce strategy. 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? When the firm remits its health insurance premium for this pay date, what is the General Journal (You may select more than one answer. 221 - Michalis M. FICA (FICA is the acronym for Federal Insurance Contribution Act. For advanced capabilities, workforce management adds optimized scheduling, labor forecasting/budgeting, attendance policy, leave case management and more. Which of the following is an example of a trade association? The highest-paid 10 percent of their workforce. Authorize a power of attorney. Form W-2 Although they record much of the same information, payroll journals and payroll registers are not identical. A) Debit Cash $27,237; Credit Health Insurance Payable $27,237. Health Insurance payable 224 8,375. mark to produce a Check mark for a correct answer and double click the box with the question the total expenses of the firm and decrease the net income of the firm. (review sheet 4), Leadership class , week 3 executive summary, I am doing my essay on the Ted Talk titaled How One Photo Captured a Humanitie Crisis https, School-Plan - School Plan of San Juan Integrated School, SEC-502-RS-Dispositions Self-Assessment Survey T3 (1), Techniques DE Separation ET Analyse EN Biochimi 1, The purpose of the net pay and check number columns in the payroll register is to verify ls the written record sent to the Payroll Department telling them that a new employee should be added to the payroll called a hiring notice? & \text{ } & \text{ }\\ A) the firm's payroll checking account information (You may select more than one answer. What is the primary purpose of a labor report? This will increase the Payroll registers generally are more detailed than payroll journals and include specific information about each employee. 14. Take your organization to the next level with tools and resources that help you work smarter, regardless of your businesss size and goals. Click here to learn more. Explore our full range of payroll and HR services, products, integrations and apps for businesses of all sizes and industries. serves as a backup in the event of computer failure. Payment of an account payable.} incorrect.) Learn more about Privacy at ADP, including understanding the steps that weve taken to protect personal data globally. 2. business. See how we help organizations like yours with a wider range of payroll and HR options than any other provider. C) Employee pay disbursement and voluntary deduction remittance In this last task, the following steps will be completed. Compute and record the employee's SUTA contributions. B) Gross pay D) It highlights issues and results of seasonal labor. 17. Fair Labor Standards Act Period covered by the payroll and the pay date. A) The total of the debits must equal the total of the credits. The total of each distribution column shows the total amount of that department's wage expense. E. All are provisions of FLSA. (You may select more than one answer. Any boxes left with a question mark will be \text{7. Jan 19 Wages and salaries payable 226 8,134. How are employees who do not have bank accounts paid by an employer who uses an electronic fundstransfer system for payroll. Small, midsized or large, your business has unique needs, from technology to support and everything in between. B) Credit $1, 5. The amounts needed for the payroll entries in the journal come from the employee's earning records. It lists payroll information about each employee, such as hours worked, gross pay, deductionsand net pay. & \text{ } & \text{ }\\ A) By order of importance Gross pay and net pay. Find payroll and retirement calculators, plus tax and compliance resources. Federal withholding tax $ 3,570. HOURS WORKED Jeremy Ortiz is an employee of Insulor Flooring, where his job responsibilities include selling service contracts to customers. At ADP, we are committed to unlocking potential not only in our clients and their businesses, but in our people, our communities and society as a whole. Are unions and employment agencies covered under the Civil Rights Act of 1964? 6. \text{3. 3. Does FLSA require all employees to be paid weekly, biweekly', monthly? 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. Deductions from total earnings 10. On which financial report will employer-paid portions of health insurance premiums be listed? 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. Payment of employee salaries.} What is true about the trial balance? \text{1. Which of the following reports links the accounting and the human resources departments? Ring up sales and take payments in style with the sleek touchscreen Register device Make it mobile Every Register comes with a PAX A920 terminal to use as a mobile credit card reader Add on wireless POS hardware Complete your hardware suite with Bluetooth barcode scanners, receipt printers and cash drawers Hardware that won't hold you back

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