\hline \text { Costs incurred during the year } & \$ 300,000 & \$ 1,575,000 \\ (p. 390), To record the payment of federal unemployment tax, the account debited is True Chapter 12 accounting Flashcards | Quizlet (a) The first group will develop an argument that Tipton and Seferi were guilty of hiring and harboring illegal aliens. salaries and wages expense. \text{31-90 days}&\text{\hspace{5pt}36,540}&\text{17\\\%}\\ Payroll Register, Employees' Earning Records, and Accounting System Entries, Payroll register and employees' earnings records are important payroll accountant tools (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 employee earns more than the federal. Debits show increases to Wages Expense Nicole Tipton and Sadik Seferi owned and operated a restaurant in Iowa. TheoreticalcapacityPracticalcapacityNormalcapacityutilizationSellingpriceBeginninginventoryProductionSalesvolumeVariablebudgetedmanufacturingcostTotalbudgetedfixedmanufacturingcostsTotalbudgetedoperating(non-manuf.) would be used for reporting, All of the following are examples of payroll liabilities except: Which of the following items would require an adjusting entry at the end of each accounting period? True a. a single standard deduction plus an exemption for the employee. Find the time True (B) in states without a state income tax. 5. Multiple choice question. (3), True or False: Federal unemployment insurance laws require that employers and employees pay taxes for unemployment compensation. Which amounts on the payroll register reduce Federal withholding tax but are not deducted for FICA tax computations? (B) taxable earnings. (D) IRS Form W-3. If there are employees who have taken payroll advances, which are amounts to be repaid by the employee, these will show in the current assets section. The record of all of a firm's financial transactions. True. (D) revenue. (3), True or False: The timing of payroll tax payments is based on the amount owed. Have you completed the payroll register? and more. -account number and date, Where will entries for payroll show in the trial balance? C246, Salary expense -by posting reference. Wages and cash expenses Accounting principles assist in the classification of payroll costs and organizational performance. general ledger entries. Which of these accounts shows the total gross earnings that the employer -property tax audit. c. It facilitates accuracy in employee personnel records. Labor reports for more than one year could provide: seasonal labor requirements The Employees ________ _______ Connects accounting and human resource records, The information to be transferred from the payroll register to the employee's earnings records is located in each ______, the employee _______ _______ contains year-to-date earnings for each employee, earnings record (the payroll register contains several earning records). The employee's _____ ____ connects accounting and human resource records earnings record Earnings records are supporting documents for Multiple choice question. a percentage of the previous week's gross payroll. A) Garnishment for child support payments electronic system. C. Wages Payable D) Salaries Payable determining market price for company products Federal Income Tax Express her balance after one week algebraically. union negotiations. Define the process of "posting." A) Wages Expense c. state taxes. Define the process of "posting." c. the "Vacation Benefits Payable" account is credited. Are the tax returns and remittances approved and signed by the appropriate parties? In general, employers are required to pay state unemployment taxes: (D) all of these. (B) federal income tax withheld. False, False $845.00 - $476.93 = $368.07. a. (C) January 15 of the following year. Employee taxes Provides information for decision-makers about costs and company profitability b. are only necessary when employees are paid in cash at the end of the year. (A) IRS Form W-4 What is the primary purpose of the Employee Retirement Income Security Act (ERISA)? Revenue The purpose of a labor report is to do what? employer records the FICA, FUTA, and SUTA taxes? Prepare absorption costing-based income statements for Magic Me Corporation using theoretical capacity, practical capacity, and normal capacity utilization as the denominator levels. -department breakdown of labor cost, billiable and nonbillable time determined by: E) None of the above, 30. Solved Question 1: Why would you enter "N/A" on the line for - Chegg A) $107.40 Accounting II: Chapter 13 Flashcards | Quizlet (C) deposit. -current amount of reduction to the payroll account The amount that an employee is allowed to keep as take-home pay when a federal tax levy is in play is: accounting chapter 7 Flashcards | Quizlet Record used in preparing employee's W-2. d. a credit to Vacation Benefits Payable = $1,178. -employees earn wages Each employer must file a _________ federal tax return showing the federal income tax, social security tax, and Medicare tax due the government. At a minimum, how often should an administrator furnish a statement of total benefits accrued and accrued benefits that are vested under ERISA? True False, The Form 940 is the source document for all employee payroll journal entries. Lowest 7 percent. In the garnishment process, federal tax levies take secondary priority to wages withheld for child support orders. A federal tax paid for old-age, survivors, and disability insurance. -the description is usually left blank. Over the three years that you have owned the stock, the corporation's board of directors have taken the following actions: Congratulations! 1. (B) an expense account (C) shows net pay for one quarter. true or false: When an employee's earnings exceed the tax base, no more social security tax is deducted. $368.07. What other blunt questions do you think would be appropriate? The contribution margin from the additional sales of 100% juices would be$90,000. 100 terms. Why is it important for a firm to use both a payroll register requires deduction from employee paychecks . Journal entry and page number. If Joanna is single with three exemptions and brings home $845.00/week, what amount will go towards the garnishment each week (manually calculate)? (D) IRS Form 941. Ways the general ledger is different from the general journal include: Employers have a fiduciary duty to ensure that all amounts deducted from employee pay are remitted to the appropriate entity. 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. payroll register. a.The total additions to or deductions from wages Acting on a tip from the local police, agents of Immigration and Customs Enforcement executed search warrants at the restaurant and at an apartment where some restaurant workers lived. (B) during the month following each calendar quarter. a. the expense has already been recorded. The employee's earnings record provides information for each of the following except: The general journal entries will be in what order b. True When remitting or depositing federal income taxes, the employer credits the cash account. Multiple choice question. a business form used to record details affecting payments made to an employee. b.The Federal Personal Responsibility and Work Opportunity Reconciliation Act of 1996 Have you disbursed the employees' pay? What was his overtime premium pay for this workweek? Under the FLSA, what information concerning employees' wages must be maintained by the employer? Experts are tested by Chegg as specialists in their subject area. When using the equity method of accounting, when is revenue recorded on the books of the investor company? The reports are identical and provide necessary when payday is after the end of the month. E) None of the above, 16. (C) special purposes account. true or false: The larger the number of withholding allowances claimed, the larger the amount of income tax withheld. What information is on an employee earnings record? False. Assume that when you were in high school you saved $1,000\$ 1,000$1,000 to invest for your college education. Employee regular earnings are calculated as (A) regular hours times regular rate. (D) January 31 of the following year. 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? Payroll Chapter 1 Matching Flashcards | Quizlet (1), True or False: A business deposits the total of gross wages in a separate payroll checking account. Blank between entries Cash 3. In other terms, a payroll . True false question. Credit accounting information have amounts in both debit and credit per account (4), True or False: The transaction to record employer payroll taxes expense is journalized at the end of the quarter. What taxes would be monitored for maximum withholding amounts through the payroll register? Multiple choice question. 6. -when payday is after the end of the month. The account balances form the basis for accounting reports. Suppose the learning rate is You have won a state lottery. Ch 6 Payroll PRACTICE Flashcards | Quizlet If actual demand turned out to be 288 , calculate the forecast for the next period. true or false:A single person will have more income tax withheld than a married employee. E) FUTA Tax Expense- FUTA Taxes Payable, 14. FICA Taxes Payable - HI $358.94 What is the total uncollectible estimated bad debt for Growth Markets LLC? Tracking of governmental liabilities B) a government student loan (D) state unemployment tax. State unemployment tax C) using the wages of the salaried workers only. There are no price, spending, or efficiency variances. The following information was obtained for the Assembling Department for the month of September. Expenses area create the need for more entries. b.The Fair Labor Standard Act sets the minimum wage and the current minimum wage rate is $7.25 per hour. -payroll entries are accrued . (B) Total Earnings column. jacksonglomb. b. all employers are now mandated to contribute at least 2% of gross wages to an employee's retirement account. 1 general ledger posting. Multiple select question. Liabilities area chap. 7 practice Flashcards | Quizlet A payroll accrual would be B) False, 5. Multiple choice question. a. Multiple choice question. Immunology Exam 4 Study Guide (Ch. Debit accounting information redundancy. Entering the payroll journal entry. Where will entries for payroll show up in the income statement? Multiple select question. (2), True or False: The employer social security tax rate is different than the employee social security tax rate. Multiple select question. Take-home pay minus weekly exempted amount = federal tax levy garnishment. (D) semiannually. One employee earnings record is used each payroll period to detail the earnings of all employees. payroll report interface. C) FICA tax--OASDI (B) total hours divided by regular rate. (B) separate payroll checking account. Have you prepared the financial statements and managerial reports? End-of-Period Adjustments: (B) payroll . FICA Taxes Payable-OASDI. d. under ERISA, must withhold pension and retirement benefits before any other deduction. None of the above, The entry to deposit FICA taxes and federal income taxes withheld involves all of the following accounts except: Overtime pay is paid for hours worked in excess of eight hours per day. Chapter 8: Payroll Accounting Flashcards | Quizlet B) Payroll Taxes- Cash Employee taxes the master document accountants use to track employees' marital status, deductions (mandatory, voluntary, and mandated), and year-to-date earnings Accounting system entries record all payroll-related activity The general ledger contains information about the individual accounts used in general journal transactions Yields the data needed for financial reports Do you know much each employee should be paid? NALS: Ch. Letter and number c.The amount and nature of exempt pay The process of transferring amounts from the general journal to the general ledger is called posting. FUTA Taxes Payable is an expense account in which are recorded the employer's federal unemployment taxes. a.The Self-Employment Contributions Act sets the minimum wage and the current minimum wage rate is $9.19 per hour. (A) monthly & 2021 & 2022 \\ -lifetime balance in the payroll account, What are the common components of the posting reference 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. 13. How good is your target country in enforcing the rule of law of the country? True Deductions from gross pay in the payroll register are reflected on the credit side of the journal entry to record the payroll. liabilities or liability, Apart from the recording of payroll and payment to employees, what other payroll related journal entries would be recorded? Medicare tax It uses absorption costing based on standard costs and reports the following data for 2017: Theoreticalcapacity300unitsPracticalcapacity279.070unitsNormalcapacityutilization232.558unitsSellingprice$50perunitBeginninginventory40.000unitsProduction240.000unitsSalesvolume260.000unitsVariablebudgetedmanufacturingcost$10perunitTotalbudgetedfixedmanufacturingcosts$3.000.000Totalbudgetedoperating(non-manuf.) A qualified retirement plan sponsored by an employer. Ch. 7 The Payroll Register, Employees' Earnings Records, and - Quizlet (C) FUTA earnings Tips received by employees are included as disposable earnings subject to garnishment for child support. Employee regular earnings are calculated as ____. The Accumulated Earnings column of the employee earnings record (A) shows net pay for the year. How does a payroll accountant use the information in the General Ledger? accrual accounting C) Payroll Taxes- FUTA Taxes Payable The state lottery offers you the following (after-tax) payout options: Option#1:$12,000,000afterfiveyearsOption#2:$2,150,000peryearforfiveyearsOption#3:$10,000,000afterthreeyears\begin{array}{lll} Type of entry Recording expenses only when paid is an example of: Federal withholding tax, Social Security tax Multiple choice question. four employees. Denominator-level choices, changes in inventory levels, effect on operating income. (D) is the gross earnings for one quarter. Multiple select question. c. to aid in completion of year-end informational returns, such as W-2s. What is the learning rate at peak efficiency? Tax withholding and remittance Period totals are also included Write the equation of the line passing through (5,-3) and parallel to the line with equation 2x+y=-3. B) $161.10 b.Vesting conveys to employees the right to share in the retirement fund in the event they are terminated before the normal retirement age. B) False, 6. Multiple select question. Payroll-related transactions contain both expenses and liabilities of a company. (D) tax fulfillment. Wages expense, On which accounting reports would payroll-related assets appear? 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: \end{array} -after journal entries are recorded, The second set of debit and credit columns in a general ledger show: Production line worker. When employees take vacation and use vacation time: Automated entries, Identify the users of financial statements. 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. What are the arguments for giving separate accounting recognition to the conversion feature of debentures? Payment of voluntary withholdings, True or false: The general ledger is the point where information gets entered into the accounting system database. A) FUTA Tax Expense- Cash General journal entries are the original ____ ____ for payroll events to be recorded in the accounting system. payment to employee based on a stated percentage of revenue. The total pay due for a pay period before deductions is ____. b. the account "Vacation Benefits Expense" is credited. all income & expense accounts are included in the report; only accounts w/ balances @ the end of the period are included. See Answer. 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. Company viability depends on expense control, form the link between the accounting and the human resource departments. Study with Quizlet and memorize flashcards containing terms like All the payroll information needed to prepare payroll and tax reports is found on (A) Form W-4 and the employee earnings record (B) Form W-4 and the payroll register (C) the payroll register and the employee earnings record (D) Form W-4. Payroll Taxes employee income tax payable A Company who credits the cash account cannot pay their employees by check. 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. 12. The accounting process generates financial reports for both internal and external users. (p. 396), Fundamentals of Financial Management, Concise Edition, Don Herrmann, J. David Spiceland, Wayne Thomas, Alvin A Arens, Mark A Beasley, Randal J Elder, Financial Reporting and Analysis: Using Financial Accounting Information. Owner's equity = Residual value. If Dr. A) True - Designated to inform managers and department heads. d. the account "Vacation Benefits Expense" is accrued. T-accounts. a. are what is left over after the employee pays rent and utilities. a. Multiple choice question. Study with Quizlet and memorize flashcards containing terms like . 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. A) True 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. Did you prepare tax deposits and have them checked for accuracy? credit to cash, debit to liability. collecting the time sheets for the days accrued. no general ledger postings. general accounting, Fritz Industries accrued payroll state withholding of $1,234 for the current payroll. d. the Payroll Manager is required by the IRS to submit the electronic records for verification. A) completing forms W-2. Which of the following are true about the general ledger? -Employee contributes to United Way Payroll Taxes Have you obtained approval for pay disbursements? Do you have managerial approval for all employee pay for the period? Which basic records are generated in most payroll accounting systems? -Balances in the general ledger payroll accounts are used in payroll reports. B) False, FICA Taxes PayableHI is a liability account in which is recorded the liability of the employer Multiple choice question. C. Payroll Taxes \text{Beginning inventory} & \text{40.000} & \text{units}\\ The production-volume variance is written off to cost of goods sold. c. his/her applicable annual standard deduction based on marital status plus the number of exemptions claimed on Form 668-W. c. is used to record Workers' Compensation premiums paid by the employee. False. A distribution column in a payroll register separates payroll expenses into classifications such as FUTA, SUTA and net payroll. A fundamental concept in accounting is the _____ ____ , which must remain balanced. Multiple select question. Have you included any other mandatory deductions? (C) Net Pay column. B) False, 18. Gross earnings. d.Only a self employed individual. -refer to the employee being paid in the general journal. It adds complexity to the personnel recordkeeping. You may assume that f(0)=0f(0)=0f(0)=0. unnecessary under GAAP SUTA Taxes Payable The maximum amount of gross earnings on which a tax is calculated, A retirement plan approved by the Internal Revenue Service. (D) accumulated earnings. -Transactions in general ledger accounts are the source for general journal entries. d. Vacation Benefits Payable is debited. What are some of the problems faced by West African economies? laurencbezzant. (C) a liability account a.They must disclose to the job applicant that they are seeking an investigative report. a.The Federal Unemployment Tax Act (FUTA) What is the production-volume variance in 2017 when the denominator level is (a) theoretical capacity, (b) practical capacity, and (c) normal capacity utilization? (1), True of False, Multiple Choice, and Journalizing, True or False: The payroll register provides all the payroll information needed to prepare a payroll. -when new entries reduce the account balance Payroll Accounting 2018 CH 7 Flashcards | Quizlet What obligations are imposed upon the employer by the Fair Credit Reporting Act of 1968? With the passage of the Pension Protection Act of 2006: 2 general ledger postings. c. employees can be required to participate in an employer's pension plan. A) True -journal entry and account number B) False, The employee's earnings record provides information for each of the b. unemployment tax payable-federal(multiply salary expense by .8%) A computer error could cause 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. A separate record of each employee's . (A) a check. -tax deposits. What is the purpose of the Age Discrimination in Employment Act (ADEA)? (D) W-4. payroll report interface. Salaries Payable

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