What is the second line of the general journal entry used for? Company management, Unions payment to employee based on a stated percentage of revenue. 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. (B) an expense account Other Quizlet sets. A. FUTA Tax Expense In recording the monthly adjusting entry for accrued wages at the end of the union negotiations. When a dividend is received from the affiliate. FICA Taxes Payable-HI. (B) Medicare tax. b. should discharge any employee receiving a wage garnishment. Shared taxes Trend reports offer business leaders insight about changes in labor costs over a period. (C) employee accounts payable record. (B) during the month following each calendar quarter. Multiple select question. \textbf{Past-Due Category}&\textbf{Accounts Receivable Total}&\textbf{Percentage Uncollectible}\\[5pt] Amounts listed on Employees' Earnings Records are used to facilitate computations and to verify accuracy of Form 941, 940, 944, and W-2/W-3. Payroll Taxes. Magic Me is a manufacturer of magic kits. You purchased 200 shares of Smiley Incorporated, a small but profitable company. C) determining when the accumulated wages of an employee reach cutoff levels. The employees' earnings records are the link between accounting and human resources and contain information from the payroll register. computer backup. (C) a memorandum. True 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. a.To prohibit discrimination on the basis of age in the employment practices of employer B) completing the journal entry to record the payroll. c.All of the funds are used to provide the benefits of unemployment compensation to qualified unemployed workers. unemployment tax payable-federal(multiply salary expense by .8%) a. double payroll account balances. (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. The employee earns more than the federal minimum wage. (A distribution column in the payroll register separates the various expenses into classifications such as Sales Expenses, Administrative Expenses, Factory Expenses, etc), 1. 4. 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. The reports are identical and provide necessary medicare tax payable (1time) -current entry amount per account type -Balances in the general ledger payroll accounts are used in payroll reports. 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. A) completing forms W-2. (B) accumulated earnings. general accounting, Fritz Industries accrued payroll state withholding of $1,234 for the current payroll. -tax deposits. all income & expense accounts are included in the report; only accounts w/ balances @ the end of the period are included. Which of these accounts shows the total gross earnings that the employer 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? True or False: In each pay period, the payroll information for each employee is recorded on his or her employee earnings record. Option#1:Option#2:Option#3:$12,000,000afterfiveyears$2,150,000peryearforfiveyears$10,000,000afterthreeyears. Maple is a behaviorist, he would MOST likely believe that the cause of a child's disruptive behavior in school is the result of what? The reversal of General Journal entries is used to represent accrued employer payroll ____ and ____ at the end of the prior month. The employee earns tips. Cash Liabilities. (D) tax fulfillment. Promote analysis of payroll expenses. Employee regular earnings are calculated as ____. b. are the part of the paycheck used to pay taxes. (A) W-2 (C) January 15 of the following year. taxing authorities, Informed business leaders can use payroll data for all except: c. What is the largest number of items memorized by the subject? Revenues area, Liabilities area b.11 Computer glitch a. can take 50% of an employee's disposable income for child support payments. d. is used to record Workers' Compensation payments to injured workers. no general ledger postings. Letter and number (D) in all 50 states. 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? CostsincurredduringtheyearEstimatedcoststocompleteasof12/31BillingsduringtheyearCashcollectionsduringtheyear2021$300,0001,200,000380,000250,0002022$1,575,00001,620,0001,750,000. Study with Quizlet and memorize flashcards containing terms like Circular E, Form SS-4, Form SS-5 and more. M52, payroll taxes expense State unemployment tax Multiple choice question. Entering the transactions in the general ledger. 480.58 C. Wages Payable Did you transmit remittances for the mandatory and voluntary deductions? Study with Quizlet and memorize flashcards containing terms like True, False, False and more. a. can take 50% of an employee's disposable income for child support payments. What other blunt questions do you think would be appropriate? account The amount that an employee is allowed to keep as take-home pay when a federal tax levy is in play is: d. a determination made by the IRS and sent to the employee on a Form 668-W. c. his/her applicable annual standard deduction based on marital status plus the number of exemptions claimed on Form 668-W. True False, The Form 940 is the source document for all employee payroll journal entries. d. Vacation Benefits Payable is debited. A) Payroll Taxes Multiple select question. (b) How long does it take for yyy to reach 505050? preparing the payroll register. (A) IRS Form W-4 (B) Total Earnings column. An item of value that a business uses in the course of its operations and from which it expects future economic benefit. Payroll Taxes d. Cash & 2021 & 2022 \\ computer backup. It adds complexity to the personnel recordkeeping. social security tax payable (1time) Over the three years that you have owned the stock, the corporation's board of directors have taken the following actions: Congratulations! $845.00 - $476.93 = $368.07. one-sided journal entries. Provides information for decision-makers about costs and company profitability -general ledger entries to post backward. FUTA Taxes Payable is an expense account in which are recorded the employer's federal unemployment taxes. Multiple select question. at the employer's discretion. Payroll records serve as backup for Income Statement, A labor report provided to management would display: true or false:Qualified retirement plans are approved by an act of Congress. What was his overtime premium pay for this workweek? Have you prepared the financial statements and managerial reports? The payment of an employee's net pay using electronic funds transfer, A method of paying an employee based on the amount of sales the employee generates. -journal entry and page number, letter and number E) 26.85. 20. -Year-to-date earnings The total earnings paid to an employee after payroll taxes and other deductions. \text { Billings during the year } & 380,000 & 1,620,000 \\ Cash \text{Production } & \text{240.000} & \text{units}\\ (D) IRS Form 941. The agents discovered six undocumented aliens who worked at the restaurant and lived together. a. is used to record Workers' Compensation premiums paid by the company. Payroll register. (4), True or False: Form W-2 reports an employee's annual earnings and the withholdings for federal income, social security, and Medicare taxes. Multiple choice question. (C) shows net pay for one quarter. Multiple select question. FICA Taxes Payable-OASDI. The process of transferring amounts from the general journal to the general ledger is called posting. Entering the payroll journal entry. Take-home pay minus weekly exempted amount = federal tax levy garnishment. 401(k) contributions expense The employee earns more than the federal. 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. Which of the following items would require an adjusting entry at the end of each accounting period? Prepare a partial balance sheet to show how the information related to this contract would be presented at the end of 2021 assuming this project does not qualify for revenue recognition over time. Amounts listed on Employees' Earnings Records are used to facilitate computations and to verify accuracy of Form 941, 940, 944, and W-2/W-3. a percentage of the previous week's gross payroll. mandated under GAAP B) Federal Income Taxes Payable Journal entry and page number. Federal Income Tax Cash \text{Over 90 days}&\text{\hspace{5pt}15,330}&\text{25\\\%}\\ a.The Federal Unemployment Tax Act (FUTA) D) a percentage of the previous week's gross payroll. A) True When employees actually use their vacation time Before beginning production of its new vacuum cleaner, the Devaney Company conducted an opinion survey of 1740 people. Overtime pay is paid for hours worked in excess of eight hours per day. Each employer must file a _________ federal tax return showing the federal income tax, social security tax, and Medicare tax due the government. Company viability depends on expense control, form the link between the accounting and the human resource departments. -Transactions from the general journal are posted to individual accounts. - The date of the transaction is attached. staffing pr income projections, connects directly to the employee's earnings records. Suppose Nantucket Nectars has a machine for which it paid $160,000 several years ago and is currently not being used. If actual demand turned out to be 288 , calculate the forecast for the next period. Payment of statutory withholdings a percentage of the previous week's gross payroll. -journal entry and account number Study with Quizlet and memorize flashcards containing terms like Unclaimed employee wages are returned to the employer. Under the Affordable Care Act, which employers are required to provide insurance coverage for all full-time employees and their dependents? \hline\\ The information needed in preparing a journal entry to record the wages earned, deductions from wages, and net amount paid each payday is obtained from the payroll register. (D) all of these. If employees must contribute to the state unemployment fund, this deduction should be shown in the payroll tax entry. Have you disbursed the employees' pay? It can use the machine to produce 12 oz. Employers have a fiduciary duty to ensure that all amounts deducted from employee pay are remitted to the appropriate entity. \text{Variable budgeted manufacturing cost} & \text{\$ 10} & \text{per unit}\\ False, A ____ ____ report proves the equality of debits and credits. 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: 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. $845.00 - $364.42 = $480.58. Multiple choice question. journal entry and page number. 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? A state tax used to pay benefits to unemployed workers is: Which amounts on the payroll register reduce Federal withholding tax but are not deducted for FICA tax computations? With the passage of the Pension Protection Act of 2006: (B) federal income tax withheld. (A) assets. Wages and taxes payable, Labor reports would be provided to: When the company pays for the state taxes withheld from the employee the entry would be The employee's _____ ____ connects accounting and human resource records earnings record Earnings records are supporting documents for Multiple choice question. (D) W-4. redundancy. c. to aid in completion of year-end informational returns, such as W-2s. 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: T F, When union dues that have been withheld from employees' wages are turned over to the union Assets area (B) is the total earnings since the first of the year. D) Salaries Payable Tips received by employees are included as disposable earnings subject to garnishment for child support. What is the total uncollectible estimated bad debt for Growth Markets LLC? Liabilities = Amounts or services owed by the company -alphabetical. What is always true about the General Ledger? a. is used to record Workers' Compensation premiums paid by the company. E) FUTA Tax Expense- FUTA Taxes Payable, 19. (b) The second group will assess whether Tipton and Seferi can assert a defense by claiming that they did not know that the workers were unauthorized aliens. D. payroll. Have you computed their voluntary deductions? Entering the transactions in the general journal. (D) tax withholding form. (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. a. voluntary contributions to IRAs are no longer allowed in an employee retirement plan. Which of the following are true about the general ledger? incurs as an expense each payday? MASTERING CORRECTION OF ACCOUNTING ERRORS TES, Totalbudgetedoperating(non-manuf.) true or false: The larger the number of withholding allowances claimed, the larger the amount of income tax withheld. c. his/her applicable annual standard deduction based on marital status plus the number of exemptions claimed on Form 668-W. Payroll transactions are recorded in the General Journal and posted to General Ledger accounts. true or false:A single person will have more income tax withheld than a married employee. would be used for reporting, All of the following are examples of payroll liabilities except: The total pay due for a pay period before deductions is ____. medicare tax payable, Recorded employer payroll tax expense for the semimonthly pay period ended april 15. 1. c.ERISA requires that all companies offer private pension plans. (C) gross earnings. E) FUTA Tax Expense- FUTA Taxes Payable, 14. E. FUTA Tax Expense Disposable earnings are the earnings remaining after withholding federal income taxes. True False, An accounting firm would pay higher Workers' Compensation Insurance premiums than a steel mill because their employee wages would be higher. Information gathered from the payroll register about each employee's payroll information is transferred to the ____ ____ ____. (p. 389), The form used to report annual earnings and payroll taxes for all employees to the Social Security Administration is the Did you journalize and post the employees' payroll transaction? Deductions from gross pay in the payroll register are reflected on the credit side of the journal entry to record the payroll. Immunology Exam 4 Study Guide (Ch. expensed in the next month. -Employee supervisor and more. -when entries increase the account balance (C) federal unemployment tax owed. (D) overtime hours minus overtime rate. b.The Fair Labor Standard Act sets the minimum wage and the current minimum wage rate is $7.25 per hour. The employees' gross earnings are posted to which General Journal account? 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? FICA Taxes Payable - HI $358.94 b.FUTA funds are used to pay the state and federal administrative expenses and SUTA funds are used to pay the unemployment compensation benefits to the qualified unemployed workers. False. Record used in preparing employee's W-2. Report an individual employees regular time and over time true or false:Social security tax is paid by both employees and employers. Douglas Toys is a manufacturer that applies the weighted-average process costing method to account for costs of production. Employees' Earnings Records serve as an audit trail. What information is commonly provided by a job-seeker on the application for employment form? (B) a receipt. Reconcile the difference in operating income based on theoretical capacity and practical capacity with the difference in fixed manufacturing overhead included in inventory. treasurer, the account Union Dues Payable is debited. -Employer matches 401(k) contributions Multiple select question. -Employee receives an advance of their pay true or false: A business is required by law to withhold certain payroll taxes from employee salaries. What is the learning rate at peak efficiency? Employer taxes. 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. Multiple select question. (D) January 31 of the following year. In a payroll register having labor cost distribution columns, the total of each distribution column shows the amount of the gross wages or salaries for a particular department's wage expense. A business form used to record details affecting payments made to an employee is a(n) (A) employee earnings record. Allocate employee expenses to specific departments. What is the primary purpose of the Employee Retirement Income Security Act (ERISA)? d.The Civil Rights Act of 1964 sets the minimum wage and the current minimum wage rate is $7.50 per hour. Payroll Taxes adjusted when employees are paid. Are the tax returns and remittances approved and signed by the appropriate parties? Multiple choice question. Tax withholding and remittance 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. Federal Income tax true or false: Total earnings are sometimes referred to as net pay. employees' earnings records C) a creditor garnishment T F, The information needed in preparing a journal entry to record the wages earned, deductions from wages, and net amount paid each payday is obtained from the payroll register. (1) . Wages Expense dividends, expenses, assets. (p. 387), Each employer is required by law to report payroll taxes on an \text{Selling price} & \text{\$ 50} & \text{per unit}\\ Where will entries for payroll show up in the income statement? following except: 401k contributions payable, SS tax payable. 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. The maximum amount of gross earnings on which a tax is calculated, A retirement plan approved by the Internal Revenue Service. d.Only a self employed individual. . collecting the time sheets for the days accrued. (C) only in states where a state income tax is levied. Multiple choice question. (B) in states without a state income tax. a. (B) quarterly -Entering the transactions in the general journal. Which of the following accounts is an expense account in which an employer records the FICA, FUTA, and SUTA taxes? Hintley Duck Blinds Ltd received a federal tax levy garnishment for their marketing manager, Joanna Mallard, in the amount of $8,523.25. (B) net earnings -union negotiations. -Transactions in general ledger accounts are the source for general journal entries. 8 & 9 Part 2 - Infant Nutrition, Microsoft Office 2016 Excel 2016 Chapter 7 Wo, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Fundamentals of Financial Management, Concise Edition, Daniel F Viele, David H Marshall, Wayne W McManus. Credit accounting information b. b. A) True -Employee 401(k) contributions, Employee receives an advance of their pay, The Current Tax Payment Act requires employers to remit taxes at the end of each month? In general, employers are required to pay state unemployment taxes: A payroll accrual would be D. -Recording the individual balances of each paycheck. T F, 10. c. a credit to Vacation Benefits Expense = $1,178. b. a credit to Cash = $1,178. c. state taxes. E) None of the above. b. Wages Expense -when managers want to pay employees later. b.The Fair Labor Standard Act sets the minimum wage and the current minimum wage rate is $7.25 per hour. Payroll costs represent an expense of the business. The payroll register provides all the payroll information needed to prepare a payroll. A reversing entry would b.Vesting conveys to employees the right to share in the retirement fund in the event they are terminated before the normal retirement age. Earnings records are supporting documents for Assets A) FUTA Tax Expense- Cash requires deduction from employee paychecks . d.All of these choices are correct. -Entering the transactions in the general ledger. A federal tax paid for old-age, survivors, and disability insurance. b. Study with Quizlet and memorize flashcards containing terms like In each pay period the payroll information for each employee is recorded on each employee earnings record., The payroll register and employee earnings records provide all the payroll information needed to prepare a payroll., The source document for payment of a payroll is the time card. Restoration Midterm. Social Security Tax Payable Individual payroll checks are usually written on a(n) (A) company's regular checking account. d. the account "Vacation Benefits Expense" is accrued. 9. True other garnishment.. b.The employee Payroll Taxes using the same amount as the prior month's adjustment. determining when the accumulated wages of an employee reach cutoff levels. E) Union dues withheld, 17. Common-law relationship. Multiple select question. b.The Federal Personal Responsibility and Work Opportunity Reconciliation Act of 1996 Who pays the social security taxes that are levied by the Federal Insurance Contributions Act? 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. . A distribution column in a payroll register separates payroll expenses into classifications such as FUTA, SUTA and net payroll. B) completing the journal entry to record the payroll. - Designated to inform managers and department heads. A) Wages Expense 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. a percentage of the previous week's net payroll. B) False, 7. social security tax payable Payroll-related transactions contain both expenses and liabilities of a company. A computer system based on a software package that performs all payroll record keeping and prepares payroll checks.