b. Under the FLSA, what information concerning employees' wages must be maintained by the employer? The contribution margin from the additional sales of 100% juices would be$90,000. A) True SUTA taxes expense collecting the time sheets for the days accrued. Amounts withheld from employees' wages for health insurance are credited to a liability account. Payroll transactions are recorded in the General Journal and posted to General Ledger accounts. -journal entries to post to unknown accounts a. y=100(1e0.462t). T F, The employer keeps track of each employee's accumulated wages in the employee's earnings record. Multiple choice question. -Disciplinary actions A) FUTA tax payroll accounting Entering the transactions in the general ledger. 20. \\\hline Which column exists in the employees' earnings records but not in the payroll register? \text{Option \#3:}&&\text{\$ 10,000,000 after three years}\\ A) True \end{array} The following accounts receivable information pertains to Growth Markets LLC. (p. 387), Each employer is required by law to report payroll taxes on an In all computerized payroll systems, there is still the need to manually post from the printed payroll journal entry to the general ledger. B) FICA tax--HI Blank between entries -before journal entries are recorded Multiple choice question. Missed Exam ?'s. Douglas Toys is a manufacturer that applies the weighted-average process costing method to account for costs of production. -refer to the employee being paid in the general journal. The amount on the employee earnings record used to determine if certain payroll taxes apply to an employee's earnings is (A) net pay. C. Wages Payable FUTA taxes payable Taxes Payable is credited for the total taxes owed (FICA, FUTA, and SUTA). When the initial payroll journal entries are created, the accountant would debit the: Employer related payroll entries would include: Shared employer-employee taxes Fair Labor Standards Act. B) False, 5. Multiple choice question. using the wages of the salaried workers only. The payroll register connects directly to the employees' earnings records. The account balances form the basis for accounting reports. B) Payroll Taxes- Cash What account would be classified as a liability account? 2 general ledger postings. (B) is the total earnings since the first of the year. (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. B) completing the journal entry to record the payroll. A) collecting the timesheets for the days accrued. Multiple choice question. Multiple choice question. When the fair value of the affiliate stock increases. A) Wages Expense -include all descriptions in the general journal. a. they are part of the payroll package required to be sent to the IRS on an annual basis. An employer will use the payroll register to keep track of an employee's accumulated wages. \text{Beginning inventory} & \text{40.000} & \text{units}\\ \textbf{Past-Due Category}&\textbf{Accounts Receivable Total}&\textbf{Percentage Uncollectible}\\[5pt] with the Form 940 reconciliation at the end of the year. b. all employers are now mandated to contribute at least 2% of gross wages to an employee's retirement account. (C) annually. (3), True or False: Federal unemployment insurance laws require that employers and employees pay taxes for unemployment compensation. The general ledger contains information about the individual accounts used in general journal transactions The financial investment and any accumulated profits or losses of the owner of a firm. 2. Labor reports for more than one year could provide: seasonal labor requirements (A distribution column in the payroll register separates the various expenses into classifications such as Sales Expenses, Administrative Expenses, Factory Expenses, etc), 1. Do you have managerial approval for all employee pay for the period? (6), True or False: The tax base for Medicare tax is the same as the tax base for social security tax. d.None of these choices are correct. Deductions from gross pay in the payroll register are reflected on the credit side of the journal entry to record the payroll. (A) a check. 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. C) Vacation pay earned by employees M52, payroll taxes expense Tax Expense is debited for both the employees' and the employer's portions of the FICA taxes. a.The employer T F, 28. When the I-999 forms for the restaurant's employees were reviewed, none were found for the six aliens. Credit Protection Act. (D) January 31 of the following year. a. The total earnings subject to federal unemployment tax is referred to as: Have you obtained approval for pay disbursements? Recording expenses only when paid is an example of: Employees FIT Payable. Medicare tax Assets area one-sided journal entries. have amounts in both debit and credit per account Which amounts on the payroll register reduce Federal withholding tax but are not deducted for FICA tax computations? Employers have a fiduciary duty to ensure that all amounts deducted from employee pay are remitted to the appropriate entity. (B) Medicare tax. (B) net earnings It can use the machine to produce 12 oz. Assume Nortel Networks contracted to provide a customer with Internet infrastructure for $2,000,000. (D) IRS Form 941. a. the expense has already been recorded. true or false: The larger the number of withholding allowances claimed, the larger the amount of income tax withheld. (C) a liability account 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. requires deduction from employee paychecks . account preparing the payroll register. Multiple choice question. Define the process of "posting." What is always true about the general ledger? d. It allows payroll employees to create ghost employees . -current amount of reduction to the payroll account Immunology Exam 4 Study Guide (Ch. would be used for reporting, All of the following are examples of payroll liabilities except: True 3 general ledger postings. Have you disbursed the employees' pay? For each choice of denominator level, the budgeted production cost per unit is also the cost per unit of beginning inventory. Over the three years that you have owned the stock, the corporation's board of directors have taken the following actions: Congratulations! 4. Study with Quizlet and memorize flashcards containing terms like The _____ is a multicolumn form used to assemble and summarize the data needed at the end of each payroll period. Experts are tested by Chegg as specialists in their subject area. 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. would be used for reporting, only be in either debit or credit per account liabilities or liability, Apart from the recording of payroll and payment to employees, what other payroll related journal entries would be recorded? Owner's equity = Residual value. Highest 10 percent b. \text{Variable budgeted manufacturing cost} & \text{\$ 10} & \text{per unit}\\ Multiple choice question. employer records the FICA, FUTA, and SUTA taxes? 5. Question 1: Why would you enter "N/A" on the line for federal withholding allowances on an employee earnings record? When the company pays for the state taxes withheld from the employee, the entry would be: Entering transactions in the general ledger. Study with Quizlet and memorize flashcards containing terms like How can the information shown in the employees' earnings record be used? union negotiations. all income & expense accounts are included in the report; only accounts w/ balances @ the end of the period are included. true or false:Social security tax is paid by both employees and employers. Why is it important for a firm to use both a payroll register True False, An accounting firm would pay higher Workers' Compensation Insurance premiums than a steel mill because their employee wages would be higher. A) True E) preparing the payroll register. Government officials b.Employees who work for vendors who provide legal services to any agency of the United States, provided the minimum contract amount is $15,000. If Joanna is single with three exemptions and brings home $845.00/week, what amount will go towards the garnishment each week (manually calculate)? c.Both of these choices are correct. The Accumulated Earnings column of the employee earnings record (A) shows net pay for the year. withheld and the other payroll deductions in effect before the tax levy was received. Examples of payroll related liabilities include: Garnishments (p. 383), Each employer who withholds income tax, social security tax, and Medicare tax from employee earnings must furnish each employee an 401k contributions payable, SS tax payable. Take-home pay minus weekly standard deduction and exemptions = federal tax levy garnishment. (B) accumulated earnings. The total pay due for a pay period before deductions is ____. A Company who credits the cash account cannot pay their employees by check. What is the original entry point for payroll information into the accounting system? The source document for paying state unemployment tax is: Multiple select question. If Joanna is single with three exemptions and brings home $845.00/week, what amount will go towards the garnishment each week (manually calculate)? Employer taxes, Shared taxes true or false:A single person will have more income tax withheld than a married employee. -lifetime balance in the payroll account, What are the common components of the posting reference remove the accrual from the account balances. \text{Normal capacity utilization} & \text{232.558} & \text{units}\\ A debit to the employees' FIT payable account removes the liability for the amount of federal income taxes withheld from employees' wages. 2 Compute the amount of revenue and gross profit or loss to be recognized in 2021 and 2022 assuming this project does not qualify for revenue recognition over time. Which of these accounts shows the total gross earnings that the employer and an employee earnings record? A reversing entry would Option#1:Option#2:Option#3:$12,000,000afterfiveyears$2,150,000peryearforfiveyears$10,000,000afterthreeyears. Which of the following accounts is an expense account in which an employer records the FICA, FUTA, and SUTA taxes? Payment of voluntary withholding, When payday is after the end of the month a.25 Report an individual employees regular time and over time -bank reconciliation. Which of the following is true about the employer responsibility for payroll taxes? Study with Quizlet and memorize flashcards containing terms like All the payroll information needed to prepare payroll and tax reports is found on (A) Form W-4 and the employee earnings record (B) Form W-4 and the payroll register (C) the payroll register and the employee earnings record (D) Form W-4.
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