Chapter 13 Accounting Flashcards | Quizlet 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. Which of the following are true about the general ledger? costs (all fixed)} & \text{\$ 500.000}\\ Who pays the social security taxes that are levied by the Federal Insurance Contributions Act? Business managers use accounting entries to inform their decisions employer records the FICA, FUTA, and SUTA taxes? using the wages of the salaried workers only. Ch. 12 Flashcards | Quizlet A) a federal tax levy A payroll method in which the employee does not handle the paycheck; payment is made by the employer directly to the employee's bank using EFT. If Joanna is single with three exemptions and brings home $845.00/week, what amount will go towards the garnishment each week (manually calculate)? End-of-Period Adjustments: credit to cash, debit to liability. 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? What obligations are imposed upon the employer by the Fair Credit Reporting Act of 1968? Payment of voluntary withholdings, The ___ ____ column in the General Ledger is a combination of letters and numbers, The use of reversing entries is: Multiple choice question. Multiple choice question. (B) IRS Form 941 A business form used to record details affecting payments made to an employee is a(n) (A) employee earnings record. 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. Employee Earnings Record. Multiple choice question. (B) separate payroll checking account. Chapter 12 accounting Flashcards | Quizlet A separate record of each employee's earnings, used to complete W-2. Entries to the general ledger will post amounts in the first pair of debit or credit columns: b.The Fair Labor Standard Act sets the minimum wage and the current minimum wage rate is $7.25 per hour. for each event. b.Executive employees who are 65 years or older and have held high policymaking positions during the two-year period prior to retirement. 5. (C) shows net pay for one quarter. Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Fundamentals of Financial Management, Concise Edition, Jeffrey Jaffe, Randolph W. Westerfield, Stephen A. Ross, Module 10: Influences on Real Estate Values. Employers are required to furnish each employee with an annual statement of earnings and withholdings before: b. all employers are now mandated to contribute at least 2% of gross wages to an employee's retirement account. True Multiple choice question. Overtime pay is paid for hours worked in excess of eight hours per day. collecting the time sheets for the days accrued. Which of the following accounts would appear on the balance sheet? The employee earns tips. False, An employee who is garnished creates a liability for the business. Credit Protection Act. (A) W-2 (5), True or False: Each employer is required by law to periodically report the payroll taxes withheld from employee salaries. (C) IRS Form W-2 There are no price, spending, or efficiency variances. 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. Taxes Payable is credited for the total taxes owed (FICA, FUTA, and SUTA). 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. Multiple choice question. Entering the payroll journal entry. 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, Employer payroll taxes are business expenses, The employer social security tax rate is different than the employee social security tax rate, Federal unemployment insurance laws require that employers and employees pay taxes for unemployment compensation, The transaction to record employer payroll taxes expense is journalized at the end of the quarter, Each employer is required by law to periodically report the payroll taxes withheld from employee salaries, The timing of payroll tax payments is based on the amount owed, Form W-2 reports an employee's annual earnings and the withholdings for federal income, social security, and Medicare taxes, In the journal entry for a payroll, the amount debited to Salary Expense is the total of the Net Pay column of the payroll register, The tax base for Medicare tax is the same as the tax base for social security tax, 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, Some employers must deposit payments for withheld employees' federal income tax and social security and Medicare taxes on the next banking day, Each employer who withholds income tax, social security tax, and Medicare tax from employee earnings must furnish each employee with a quarterly statement, Until the amounts withheld from employee salaries are paid by the employer, they are recorded as, The payment of payroll taxes to the government is referred to as a, The total earnings subject to federal unemployment tax is referred to as, Each employer must file a _________ federal tax return showing the federal income tax, social security tax, and Medicare tax due the government, Employers are required to furnish each employee with an annual statement of earnings and withholdings before (A) December 31 of the current year, The source document for paying employee income tax and social security and Medicare tax is, During the month following each calendar quarter, In general, employers are required to pay state unemployment taxes, The source document for paying state unemployment tax is, A state tax used to pay benefits to unemployed workers is, John David Jackson, Patricia Meglich, Robert Mathis, Sean Valentine. The information contained within each row of the payroll register is transferred to the employees' earnings records. earnings Add. d. \text{Practical capacity} & \text{279.070} & \text{units}\\ Before beginning production of its new vacuum cleaner, the Devaney Company conducted an opinion survey of 1740 people. Antidiscrimination orders for employees with contracts involving federal funds. - Designated to inform managers and department heads. D. The accounting process generates financial reports for both internal and external users. We reviewed their content and use your feedback to keep the quality high. Does your company have employees? You have won a state lottery. & 2021 & 2022 \\ With the passage of the Pension Protection Act of 2006: Employees FIT Payable. Show your work. would be used for reporting, All of the following are examples of payroll liabilities except: Multiple choice question. B) False, 14. Employee regular earnings are calculated as ____. 3. B. (C) gross earnings. -Employee supervisor 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. What are the common components of the posting reference? salaries and wages expense. Entering the transactions in the general ledger. The total earnings paid to an employee after payroll taxes and other deductions. FIT Payable (D) January 31 of the following year. False, A ____ ____ report proves the equality of debits and credits. determining when the accumulated wages of an employee reach cutoff levels. Payroll Chapter 1 Matching Flashcards | Quizlet -current amount of reduction to the payroll account Where will entries for payroll show up in the income statement? For each choice of denominator level, the budgeted production cost per unit is also the cost per unit of beginning inventory. -A description is sometimes included. - The date of the transaction is attached. Multiple choice question. and more. Allocate employee expenses to specific departments. union negotiations. true or false: The larger the number of withholding allowances claimed, the larger the amount of income tax withheld. Employer taxes. (D) none of these. 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) c. are the earnings remaining after withholding income taxes and other amounts required by law. Tipton and Seferi were charged with hiring and harboring undocumented aliens. Multiple select question. The time required to verify and fill a common prescription at a neighborhood pharmacy is normally distributed with a mean of 10 minutes and a standard deviation of 3 minutes. What is the second line in the general journal entry used for? Do you know much each employee should be paid? Let f(x)f(x)f(x) represent the total number of items a subject has memorized xxx minutes after being presented with a long list of items to learn. (C) annually. c. his/her applicable annual standard deduction based on marital status plus the number of exemptions claimed on Form 668-W. Denominator-level choices, changes in inventory levels, effect on operating income. Medicare tax true or false:Businesses use payroll records to inform employees of their annual earnings and to prepare payroll reports for the government. \end{array} Have you computed their voluntary deductions? A) True 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. journal entry and page number. pay cards. Credit accounting information b. Each entry will be on one side per account. Wages Expense A fundamental concept in accounting is the _____ ____ , which must remain balanced. Employer only taxes. 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. Which act sets the minimum wage, and what is the current wage rate? common stockholders (B) is the total earnings since the first of the year. Recording expenses only when paid is an example of: Unclaimed employee wages are returned to the employer. Reconcile the difference in operating income based on theoretical capacity and practical capacity with the difference in fixed manufacturing overhead included in inventory. Report an individual employees regular time and over time preparing reports required by state unemployment compensation laws. c. Vacation Benefits Expense is debited, and Vacation Benefits Payable is credited. c.The Federal Unemployment Tax Act sets the minimum wage and the current minimum wage rate is $7.25 per hour. A) True (D) none of these. A) True true or false: A business is required by law to withhold certain payroll taxes from employee salaries. You purchased 200 shares of Smiley Incorporated, a small but profitable company. Prepare absorption costing-based income statements for Magic Me Corporation using theoretical capacity, practical capacity, and normal capacity utilization as the denominator levels. MASTERING CORRECTION OF ACCOUNTING ERRORS TES, Totalbudgetedoperating(non-manuf.) Take-home pay minus weekly standard deduction and exemptions = federal tax levy garnishment. B) using the same amounts as the prior month's adjustment. Under the Affordable Care Act, which employers are required to provide insurance coverage for all full-time employees and their dependents? The typical overtime rate is $5.00 more than the regular hourly rate. FUTA Taxes Payable is an expense account in which are recorded the employer's federal unemployment taxes. (Check all that apply). The employee's _____ ____ connects accounting and human resource records earnings record Earnings records are supporting documents for Multiple choice question. 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 . Accounting principles assist in the classification of payroll costs and organizational performance. Cash, When recording the deposit of FUTA taxes owed, the proper entry is: b.Executive employees who are 65 years or older and have held high policymaking positions during the two-year period prior to retirement False, When remitting or depositing federal income taxes, the employer credits the cash account. D) 53.70 Tax Expense is debited for both the employees' and the employer's portions of the FICA taxes. The total amount earned by all employees for a pay period is a ____. determining market price for company products When the company pays for the state taxes withheld from the employee the entry would be (B) in states without a state income tax. Assets area 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. Find the total for each response. Additionally, information from the payroll register is used to complete payroll entries in the General Journal Revenues area, Liabilities area In the garnishment process, federal tax levies take secondary priority to wages withheld for child support orders. completing the journal entry to record the payroll. An accounting firm would pay higher Workers' Compensation Insurance premiums than a steel mill because their employee wages would be higher. When employees actually use their vacation time False. Every general journal entry will have at least A) True (5), True or False: In the journal entry for a payroll, the amount debited to Salary Expense is the total of the Net Pay column of the payroll register. accounting chapter 7 Flashcards | Quizlet employee review. FUTA Taxes Payable, The entry made at the end of the accounting period to record wages \text{Variable budgeted manufacturing cost} & \text{\$ 10} & \text{per unit}\\ General ledger entries are made ______ (after/before) general journal entries. f(x)=0.1(10+12x0.6x2)f^{\prime}(x)=0.1\left(10+12 x-0.6 x^2\right) \quadf(x)=0.1(10+12x0.6x2) for 0x250 \leq x \leq 250x25. -billable and nonbillable time true or false:The first task in preparing a payroll is to determine the number of days worked by each employee. the master document accountants use to track employees' marital status, deductions (mandatory, voluntary, and mandated), and year-to-date earnings Work in process on September 1 had 100,000 units made up of the following: During September, 500,000 units were transferred in from the Molding Department at a cost of$640,000. The reports are identical and provide necessary redundancy. (4), True or False: The transaction to record employer payroll taxes expense is journalized at the end of the quarter. True Have you computed their payroll taxes properly? 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. (B) federal income tax withheld. A) Payroll Taxes Period totals are also included SUTA Taxes Payable $383.69 (C) withholding allowances. c. affect the cash account. Using an automated entry, the payroll accountant would record transactions through Employers have a fiduciary duty to ensure that all amounts deducted from employee pay are remitted to the appropriate entity. A) True Each employee name is listed in a payroll register along with (A) employee number. (C) total hours plus overtime rate. c.ERISA requires that all companies offer private pension plans. -per employee wage reporting Which of the following taxes would be included in the employer related payroll entry? Union Dues. In accrual accounting, there may also be end-of-period entries to accrue for payroll earned by the employees. Multiple select question. c. a credit to Vacation Benefits Expense = $1,178. It can use the machine to produce 12 oz. General ledger Multiple choice question. An employer will use the payroll register to keep track of an employee's accumulated wages. remove the accrual from the account balances. Hintley Duck Blinds Ltd received a federal tax levy garnishment for their marketing manager, Joanna Mallard, in the amount of $8,523.25. Multiple select question. 26. c. to aid in completion of year-end informational returns, such as W-2s. (C) federal unemployment tax. (D) W-4. A) Garnishment for child support payments engaged in a job in which tips of more than $30 a month are regularly recieved. Define the process of "posting." True false question. Over the three years that you have owned the stock, the corporation's board of directors have taken the following actions: Congratulations! (8), True or False: Some employers must deposit payments for withheld employees' federal income tax and social security and Medicare taxes on the next banking day. Allocate employee expenses to specific accounts d.12. when payroll spans two months. Multiple choice question. B) False, 4. c. It facilitates accuracy in employee personnel records. A computer error could cause -bring the accountant to the next entry in the general ledger. \text{Selling price} & \text{\$ 50} & \text{per unit}\\ D. FUTA Taxes Payable The employees' earnings records are the link between accounting and human resources and contain information from the payroll register. 1. The general journal entries will be in what order Question 1: Why would you enter "N/A" on the line for federal withholding allowances on an employee earnings record? In each pay period, the payroll information for each employee is recorded on his or her employee earnings record. Contributions payable T-accounts. Missed Exam ?'s. dividends, equity, assets. a. a debit to Vacation Benefits Payable = $1,178. disposable earnings. at the employer's discretion. Payment of statutory withholding T F, For the purpose of a federal tax levy, the IRS defines take-home pay as the gross pay less taxes payroll report interface. -Employer matches 401(k) contributions The average daily pay for Tortuga Travel's employees = $589. B) FICA tax--HI Amy Greene And Marilyn Monroe, What Are Chumpi Stones Used For, Articles T
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