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The payroll register for Nazir Corporation contained the following totals at the end of July: wages, $139,125; federal income taxes withheld, $35,582; state income taxes withheld, $5,863;. A(n) ________ is a collection of cash and other items that are used in the operation of the The ___ is a multicolumn form used to assemble and summarize the data needed at the end of each payroll period. Protest Unemployment Insurance benefit charges or rates. Record the health insurance deduction. In Philadelphia, Pennsylvania, most workers are subject to three income taxes upon their earnings - federal state and city. one answer. Prior year's earnings < Prev 18 of 40 . Purchase of inventory.} A) $1,582. Department of branch 4. 3. This will increase chronologically. D) Both documents contain details of employee earnings, deductions, and disbursement for a Explain the use of the "Cumulative" column in the employee's earnings record. Single click the box with the question Explore our full range of payroll and HR services, products, integrations and apps for businesses of all sizes and industries. D) Payroll register Direct labor usage. Your sister currently uses 1,700 minutes and sends 1,600 texts each month. 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. D) The labor report Use the following information for Questions 15 - 17: B) Payroll register 17. Report changes to your business. The Fair Labor Standards Act is commonly known as the Federal Wage and Hour Law. incorrect.) Every state imposes a state unemployment tax on employers in their state. Accounting questions and answers. Does workers' compensation laws only relate to work-related incidents? At ADP, security is integral to our products, our business processes and our infrastructure. How does a payroll accountant keep track of employee's year-to-date earnings for wage bases 9. Vesting conveys to employees the right to share in the retirement fund in the event they are terminated before the normal retirement age. Transcribed image text: Columns included in the payroll register to compute net pay may include which of the following? All rights reserved.AccountingCoach is a registered trademark. B) tax remittance information A. Not only will this make it easier for you to pay your taxes and do payroll reconciliation, but it also allows employees to better understand their finances. : an American History (Eric Foner), Psychology (David G. Myers; C. 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Safe-guards your retirement plans *not required to have a pension plan. Using the accounting equation, determine the following amounts: a. Owners equity as of December 31, 2013. Payroll Test #1 Flashcards | Quizlet Subjects Expert solutions Log in Sign up Payroll Test #1 Term 1 / 66 Does every state have state unemployment laws? Explain the major provisions of the Fair Labor Standards Act. B) Payroll register D) The same as the chart of accounts C) Because payroll represents a liability and an expense of the business. If a firm accrues the payroll due but not paid at the end of a financial period, what should it do \end{matrix} C) Employee pay disbursement and voluntary deduction remittance pay date. Describe the main types of records used to collect payroll data. This account would be credited for the amount paid. Tap into a wealth of knowledge designed to simplify complex tasks and encourage strategic decisions across key functions. D) One side of the equation must equal zero. Issuanceofbonds. C) $1,715. 29. Any boxes left with a question mark will be automatically graded as Payroll data for the current week are as follows: hours worked, 46; federal income taxwithheld, $110; cumulative earnings for the year prior to this week, $24,500; Social security tax rate, 6% on maximum of $100,000; and Medicare tax rate, 1.5% on all earnings; state unemployment compensation tax, 3.4% on the first $7,000; federal unemployment 56. CH2 Payroll Acounting CHAPTER 2 Learning Objectives After studying this chapter, students should be able to: 1. What is The balance in the account? Indirect labor usage. The first answer is provided as an example. A) It communicates departmental profitability. - Michalis M. FICA (FICA is the acronym for Federal Insurance Contribution Act. (You may select more than one answer. What is the term for transferring data from the General Journal to the General Ledger? 20XX: Gross pay $ 27,894. Multiple Choice. 8. How do accrued, but not paid, wages appear on the balance sheet? BALANCE in sin did my mother conceived me meaning A. Sometimes you will see all the taxes lumped together into one account called Payroll Taxes Payable. What special accounts must usually be opened in the general ledger to record payroll tax entries? FIT Payable-liability This entry is then reversed in the following accounting period, so that the initial recordation entry can take its place. 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. A) It must credit the asset accounts for the appropriate payroll amounts. Dont take our word for it. 59. the total incomes of the firm and decrease the net income of the firm. Direct materials usage. Purchaseoftreasurystock.14. What is your sisters total cost under each of the two plans? Under the Family and Medical Leave Act, employers can exempt an employee who has not worked for the employer for at least one year and has worked for the company for at least 1,250 hours in the last year. Forbids discrimination in hiring. Comprehensive payroll and HR software solutions. & \text{ } & \text{ }\\ The accrual entry, as shown next, is simpler than the comprehensive payroll entry already shown, because you typically clump all payroll taxes into a single expense account and offsetting liability account. The W-2 provides all of the information required by the Affordable Care Act. A) Ledgering In cases where both Federal and State regulations cover the minimum wage for the same employee, the high of the two rates is always used as the standard minimum wage. Under the Consumer Credit Protection Act, what is the maximum percentage that can be deducted from an employee's pay to satisfy a student loan garnishment? Federal withholding tax payable 220 $ ??? A. ERISA applies to pension and welfare plans established by any employer engages in commerce. the box With the question mark to empty the box for a wrong answer. Use the information in the previous exercise to prepare journal entries for the following events in May. B) Debit Cash, $250,000; Credit Revenue, $250, Transfer of finished jobs to the finished goods inventory. 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. Workers' compensation insurance premiums are paid for by the employees, Workers' compensation insurance premiums vary according to the different degrees of danger in the employees' jobs. 7. A) Debit R. Sanders Capital, $250,000; Credit Cash, $250, Loantoanotherfirm.12. That's why we've partnered with some of the top athletes in the world. It lists payroll information about each employee, such as hours worked, gross pay, deductionsand net pay. C) Earnings subject to FICA tax Next, click on the Insert Debit/Credit button, enter the first account number ( 12) or click on the pop-up Chart of Accounts icon to display a list for selection. Are newly hired independent contractors covered under federal laws pertaining to new-hire reporting? A payroll register is a valuable tool that records employee wage information for each pay period and pay date. If you have difficulty answering the following questions, learn more about this topic by reading our Payroll Accounting (Explanation). Paymentofanaccountpayable.15. To which items is information from the payroll register transferred? Wages and salaries payable 226 117,334. For example, there may be deductions for 401(k) pension plans, health insurance, life insurance, vision insurance, and for the repayment of advances. Plan A costs $80 per month for unlimited talk and text. It records payroll record on each employee separately. Saleofequipmentforanotereceivable. Vacation Benefits Expense-Operating expense Federal withholding tax $ 3,570. Issuanceofcommonstock. 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. Employers use the employee's earnings record in preparing ___. Are employers required to keep a photocopy of the l-9 form? What is the purpose of the Age Discrimination in Employment Act (ADEA)? D) As liabilities A) Form W- What are the main kinds of information contained in a payroll register? The payroll register of any firm needs to have specific details on every employee. Which of the following is NOT part of the social security program? 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. What obligations are imposed upon the employer by the Fair Credit Reporting Act of 1968? The primary payroll journal entry is for the initial recordation of a payroll. How do the Stanford-Binet and Wechsler tests differ? ordinance is passed? Access the definitive source for exclusive data-driven insights on todays working world. A) Worker's Compensation When a firm has wages earned but not yet paid at the end of a financial reporting period, what