-journal entry and account number Reconcile the difference in operating income based on theoretical capacity and practical capacity with the difference in fixed manufacturing overhead included in inventory. The adjusting entry to record the accrued vacation pay at the end of an accounting period includes credits to the tax withholding liability accounts. (D) January 31 of the following year. one-sided journal entries. A credit increases which of the following types of accounts? -payroll entries are accrued The source document for paying employee income tax and social security and Medicare tax is: The account "Workers' Compensation Insurance Expense": A payroll register is a record of employee hours worked, gross pay, net pay, deductions, and payroll date for a pay period. Did you journalize and post the employer's share transactions? \hline\\ False. The source document for paying state unemployment tax is: Multiple choice question. (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. The average daily pay for Tortuga Travel's employees = $589. Payroll Chapter 7 Flashcards | Quizlet Magic Me is a manufacturer of magic kits. preparing reports required by state unemployment compensation laws. Under the FLSA, what information concerning employees' wages must be maintained by the employer? (A) a check. What obligations are imposed upon the employer by the Fair Credit Reporting Act of 1968? (p. 390), To record the payment of federal unemployment tax, the account debited is \text{Practical capacity} & \text{279.070} & \text{units}\\ a.The total additions to or deductions from wages unemployment tax payable-federal(multiply salary expense by .8%) When the I-999 forms for the restaurant's employees were reviewed, none were found for the six aliens. determining seasonal workforce requirements The following information was obtained for the Assembling Department for the month of September. a.To prohibit discrimination on the basis of age in the employment practices of employer. a.25 (C) gross earnings. 2. when payroll spans two months. d.All of these choices are correct. Social Security Tax Payable Write the equation of the line passing through (5,-3) and parallel to the line with equation 2x+y=-3. False, Which of the following accounts will appear on the balance sheet? and more. Which column exists in the employees' earnings records but not in the payroll register? Study with Quizlet and memorize flashcards containing terms like True, False, False and more. true or false:The investment income in a Roth IRA is not subject to federal income taxes when withdrawn. Federal Income Taxes Payable Using an automated entry, the payroll accountant would record transactions through social security tax payable (1time) (B) a receipt. a. None of the above, The entry to deposit FICA taxes and federal income taxes withheld involves all of the following accounts except: 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? a. is used to record Workers' Compensation premiums paid by the company. payroll report interface. b.Vesting conveys to employees the right to share in the retirement fund in the event they are terminated before the normal retirement age. Tracking of governmental liabilities c. is used to record Workers' Compensation premiums paid by the employee. 12. 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. employer records the FICA, FUTA, and SUTA taxes? The cash based businesses will show an increase in payroll expenses when: c.The Civil Rights Act of 1964 c. It facilitates accuracy in employee personnel records. b. the account "Vacation Benefits Expense" is credited. and an employee earnings record? 100 terms. completing Forms W-2. D. Wages Expense Payment of voluntary withholding, When payday is after the end of the month (C) Net Pay column. Deductions from gross pay in the payroll register are reflected on the credit side of the journal entry to record the payroll. Multiple choice question. -after journal entries are recorded, The second set of debit and credit columns in a general ledger show: Prepare a production cost report using the weighted-average method. B) False, Net pay" is sometimes known as "take-home" pay. Lowest 7 percent. General journal entries are the original ____ ____ for payroll events to be recorded in the accounting system. A debit to an account in a general journal transaction is a debit to that account in the general ledger (B) net earnings B) False, 5. d. companies are allowed to automatically enroll employees in the company's retirement plan. What taxes would be monitored for maximum withholding amounts through the payroll register? have amounts in both debit and credit per account 401k contributions payable, SS tax payable. Labor reports for more than one year could provide: seasonal labor requirements Apart from recording of payroll and payment to employees, what other payroll related journal entries would be recorded? Salaries and Wages Expense payment to employee based on a stated percentage of revenue. Have you completed the payroll register? -Employer matches 401(k) contributions b. B) False, FICA Taxes PayableHI is a liability account in which is recorded the liability of the employer A federal tax paid for hospital insurance. incurred but unpaid is: Wages and taxes expenses An accounting firm would pay higher Workers' Compensation Insurance premiums than a steel mill because their employee wages would be higher. 6. True You may assume that f(0)=0f(0)=0f(0)=0. Entering the transactions in the general ledger. B) $161.10 A federal tax paid for old-age, survivors, and disability insurance. payroll accounting Multiple choice question. Type of entry In the garnishment process, federal tax levies take secondary priority to wages withheld for child support orders. Compute the amount of revenue and gross profit or loss to be recognized in 2021 and 2022 assuming Nortel recognizes revenue over time according to percentage of completion. Did you have the returns checked for accuracy? a.To prohibit discrimination on the basis of age in the employment practices of employer At a minimum, how often should an administrator furnish a statement of total benefits accrued and accrued benefits that are vested under ERISA? The purpose of a labor report is to do what? What is the original entry point for payroll information into the accounting system? FUTA taxes payable true or false: Total earnings are sometimes referred to as net pay. c. What is the percent of definitely responses in each age group? D) a percentage of the previous week's gross payroll. \text { Estimated costs to complete as of } 12 / 31 & 1,200,000 & -0- \\ (C) IRS Form W-2 What changes should be included in the employee earnings record? general journal entries. department breakdown of labor cost, What can cause a journal entry to post on only one side (either debit or credit)? D) FUTA Taxes Payable- Cash What is always true about the General Ledger? Employees FIT Payable $987.00, ($1,534.78 + $358.94 + $987.00) = $2,880.72. Multiple choice question. (D) none of these. 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: At September 30, 200,000 units were still in work-in-process inventory. payroll register. A) True A) True -Balances in the general ledger payroll accounts are used in payroll reports. a. wages for child support. (B) federal income tax withheld. The first pair of debit and credit columns on the general ledger are for: The second set of debit and credit columns in the general ledger show: The cash based business will show an increase in payroll expenses when: In a manufacturing environment, which of the employees time would be considered entirely directly billable? Take-home pay minus weekly exempted amount = federal tax levy garnishment. -before journal entries are recorded Multiple choice question. (b) How long does it take for yyy to reach 505050? Why is the operating income under normal capacity utilization lower than the other two scenarios? The purpose of a labor report is to do what? All the payroll information needed to prepare payroll and tax reports is found on, C- Payroll register and employee earnings records provide, The payroll journal entry is based on the totals of the payroll register, The Total Earnings column total of a payroll register is journalized as a debit to, The total of the Federal Income Tax column of a payroll register is credited to (A) a revenue account, The total of the Net Pay column of the payroll register is credited to, When a semimonthly payroll is paid, the credit to Cash is equal to the, Payroll taxes that are paid by both the employer and the employee are, A tax paid to administer the unemployment program is the, A state tax used to pay benefits to unemployed workers is the, An employee's earnings subject to unemployment taxes are referred to as (A) gross The time of peak efficiency is the time when the learning rate is maximized. Unions Once the journal entry for the payroll is complete, the information is posted to the appropriate general ledger accounts. Medicare tax Under the Affordable Care Act, which employers are required to provide insurance coverage for all full-time employees and their dependents? a.The Self-Employment Contributions Act sets the minimum wage and the current minimum wage rate is $9.19 per hour. bring the accountant to the related entry in the general journal. journal entry and page number. Payroll costs represent an expense of the business. The payroll register provides all the payroll information needed to prepare a payroll. d. d.Only "A payroll register" and "The employee's earnings record" are correct. Provides information for decision-makers about costs and company profitability -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? C) Vacation pay earned by employees c.The amount and nature of exempt pay Disposable earnings are the earnings remaining after withholding federal income taxes. 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. (B) an expense account Tipped employee.
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