Record the health insurance deduction. 65. Correct answer: Option (1) Medicare tax is the correct answer. How does a debit balance in the wages and salaries expense account affect a firm's income When specific payroll details are needed, such as during an audit, accountants typically refer to the payroll journal instead of the general ledger. account: Social Security tax payable ACCOUNT NO. Any boxes left with a question mark will be D) General journal numbers B) As equity This entry usually includes debits for the direct labor expense, salaries, and the company's portion of payroll taxes. It exists in many forms, from manual booklets and ad-hoc registers created in Excel to reports produced by dedicated payroll software. Payroll register and employees' earnings records are important payroll accountant tools Tracking of governmental liabilities Yields the data needed for financial reports Provides information for decision-makers about costs and company profitability Accounting system entries record all payroll-related activity Name two advantages and two drawbacks of A. A payroll register lists all basic information related to employee take-home pay. B) Debit Cash $13,618; Credit Health Insurance Payable $13,618. To which items is information from the payroll register transferred? statement? Protest Unemployment Insurance benefit charges or rates. D. FMLA D) It is a report that becomes published with other financial reports. A) Ledgering To enter a formula manually, follow these steps: Move the cell pointer to the cell that you want to hold the formula. Which of the following records lists all employees who earn remuneration, the amount of remuneration, the deductions, and the net amount paid for each payroll period? Under FLSA, what is the current minimum wage? Payroll-Operating expense-liability 29. 19. 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. Plan B costs$0.20 per minute plus $0.10 per text message sent. D) Credit $. Whenever employers withhold taxes and deductions from wages, pay employees or deposit tax payments with government agencies, that information should be simultaneously documented in the payroll register. It's useful for record-keeping in a business and has legal implications if not kept correctly.. A summary of all payroll activity is an excellent way to look at the payroll register report. 54. Quickly connect ADP solutions to popular software, ERPs and other HR systems. D) Personnel file the box with the question mark to produce a check mark for a correct answer and double click Besides payroll information, the payroll register contains ________. C) Garnishment Rate of pay 8. Compute and record the employee's SUTA contributions. Sale of equipment for cash.} D) information about the firm's liabilities C) A debit balance will decrease the expenses of the firm's income statement. A) It allows managers to determine the effect of employee labor on departmental profits. B) Payroll register Social Security tax $ 1,670. Garnishment $ 450. Dont just take our word for it. incomes are, the higher the profitability will be. The information provided in the payroll register is used primarily to meet the requirements of the Fair Labor Standards Act. Explore our full range of payroll and HR services, products, integrations and apps for businesses of all sizes and industries. Record the regular hours and the overtime hours worked for each employee, using the time clerk's report as your reference. Medicare tax $ 390. Click the card to flip Definition 1 / 52 True Click the card to flip Flashcards Learn Test Match Created by Ziera117 Plus Terms in this set (52) Single click the box with the question 6. If the expected returns are 3.8%3.8 \%3.8% for the T-bills, 12.3%12.3 \%12.3% for the large-company stocks, and 17.4%17.4 \%17.4% for the small-company stocks, what is the expected return of the portfolio? select more than one answer. Regardless of the format, payroll registers tend to follow the same basic structure. During this process, employers reconcile their payroll transactions and make sure that their accounting and recordkeeping practices comply with regulations. 17. B) Posting What entry should appear in the General Ledger to reflect the Recorded as a liability for the employer in the payroll entry. & \text{ } & \text{ }\\ C. Restrictions the employment of child labor. Payroll Chapter 1 Flashcards | Quizlet Payroll Chapter 1 5.0 (5 reviews) Term 1 / 50 True Click the card to flip Definition 1 / 50 The current minimum wage set by the Fair Labor Standards Act is $7.25 per hour Click the card to flip Flashcards Learn Test Match Created by kittykiss Terms in this set (50) True A) the firm's payroll checking account information Read the latest news, stories, insights and tips to help you ignite the power of your people. The employee's earnings records is used in preparing the employees' W-2 forms. C) It should disburse the accrued pay to the employees. C) Credit $1, Net pay $ 19,747. 41. FUTA was designed to ensure that workers who are covered by pension plans receive benefits from those plans, Under ERISA, vesting conveys to employees the right to share in a retirement fund in the event they are terminated before the normal retirement age, Under ERISA, if there is a pension plan, every employee is eligible after reaching age 21 or completing one year of service, whichever is later, ERISA provides for full vesting of the employer's contributions in 3 years or gradually over 6, The total cost of workers' compensation insurance is borne by the employees, Worker's compensation insurance premiums for employers vary according to the different degrees of danger in various classes of jobs and the employers' accident experience rate, Workers' compensation benefits are paid directly to the employer, Only one state has passed a law to provide disability benefits to employees absent from their jobs due to illness, accident, or disease not arising out of their employment, The requisition for personnel form is sent to the Payroll Dept. True Which of the following is true of employee's earnings record? This entry records the gross wages earned by employees, as well as all withholdings from their pay, and any additional taxes owed to the government by the company. Protection under the provisions of the Age Discrimination in Employment Act begins at what age? (You may select more than one answer. & \text{ } & \text{ }\\ Hours worked. The Age Discrimination in Employment Act provides protection to virtually all workers over the age of: Form I-9, which is completed by each employee, deals with: Which of the following acts deals with the minimum wage paid to laborers for contractors on federal government construction contracts? How is information that is usually on a paper stub given to an employee if the employer is using electronic paystubs. True, In the General Ledger, the debit column reflects the balance of the account. Federal withholding tax payable 220 $ 2,207. On December 1, 20XX, Riley Sanders invested $250,000 to open Sanders Enterprises. ERISA provides for full vesting of the employer's contributions in three years or gradually over six. 18 c. McNamara-O'Hara Service Contract Act Federal income tax payable 11,955. 55. There will also be credits to a number of accounts, each one detailing the liability for payroll taxes that have not been paid, as well as for the amount of cash already paid to employees for their net pay. the payroll register, employees' earning record, and accounting system entries the purpose of the net pay and check number columns in the payroll register is to Skip to document Ask an Expert Sign inRegister Sign inRegister Home Ask an ExpertNew My Library Discovery Institutions Silver Creek High School (Colorado) Southern New Hampshire University D) Credit $30. Discover what others say about us. on the first day of the next financial period? Learn how we can tackle your industry demands together. During the past week, the employee worked 50 hours. SUTA tax payable 9,481. B) It contains a detailed listing of every transaction during a period. Issuanceofcommonstock. Apr 16 J23 16,495 32. Savings bonds payable 227 1,850. 401(k) contributions $ 1,115. C) Credit $4, What is true about the trial balance? Assume that the company uses the accrual method of accounting. Employers use the employee's earnings record in preparing ___. DEBIT CREDIT DEBIT CREDIT Learn more about Privacy at ADP, including understanding the steps that weve taken to protect personal data globally. 62. A) It should create a reminder about the accrual to ensure accuracy of computations on the next The lower payroll 2. Gross pay and net pay. D) the employee's name, social security number, and address True, A debit always decreases the balance of an account. With e-Services for Business, you can: Register, close, or re-open an employer payroll tax account. Total Earnings 9. In Philadelphia, Pennsylvania, most workers are subject to three income taxes upon their earnings - federal state and city. FIT Payable-liability C) SUTA Most firms are now using a standard reference inquiry form, supplied by the IRS, If an investigative consumer report is being checked, the job applicant must be notified in writing by the employer that such a report is being sought, There are no states that allow employees to access their personnel files, The payroll register is a separate payroll record that is kept on each employee, A payroll register lists all employees who have earned remuneration, the amount of remuneration, the deductions, and the net amount paid for each pay period, The amounts needed for the payroll entries in the journal come from the employee's earnings record, The trend toward outsourcing of payroll operations has weakened in recent years. \text{7. Use the following information for Questions 19 - 20: Employee SIT Payable-liability Switching payroll service providers made easy. C) Debit $ expense 522 $ 182,930. Payroll Register This is the first task to completing Olney Company's payroll register. The completed Payroll Register for the February and March biweekly pay periods is provided, assuming benefits went into effect as anticipated. The information in the payroll register forms the basis for entries in the Employee Earnings Records and the General Journal. 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. Complete the steps outlined below: 1. A payroll register can also . D) A debit balance will increase the income of the firm's income statement. Its best practice to audit payroll every pay period. 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. C) Labor reports < Prey 18 of 40 Pay period dates. B) FUTA That's why we've partnered with some of the top athletes in the world. The entry to record vacations earned in 2022 will affect Vacation Expense on the 2022 income statement and Vacation Payable, a liability on the 2022 balance sheet. \text{14. 9. We now offer 10 Certificates of Achievement for Introductory Accounting and Bookkeeping. 2. D. ERISA provides that all employees are eligible to set up their own individual retirement accounts. Wages and salaries payable 226 117,334. Learn more about the senior executives who are leading ADPs business. Upload your study docs or become a Course Hero member to access this document Continue to access Term Winter Professor N/A Tags D) Debit $8. Dooley Publishing has the following payroll data for its July 1 pay date: Jul 1 Wages and salaries. B. date: Oct 27 Wages and salaries expense 522 $298,384. Medicare tax payable 222 ??? Which of the following is not a provision of FLSA? \text{11. Does FLSA require the employer to display a poster with the FLSA rules? Forbids discrimination in hiring. At ADP, we are committed to unlocking potential not only in our clients and their businesses, but in our people, our communities and society as a whole. Deductions. When you later pay the withheld taxes and company portion of payroll taxes to the IRS, you then use the following entry to reduce the balance in the cash account, and eliminate the balances in the liability accounts: It is quite common to have some amount of unpaid wages at the end of an accounting period, so you should accrue this expense (if it is material). ls Form l-9 completed only by employees born in outside of the USA? These liabilities accompany every payroll you run.

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