FUTA Taxes Payable is an expense account in which are recorded the employer's federal unemployment taxes. Multiple choice question. None of the above, Which of the following accounts is an expense account in which an The accounting process generates financial reports for both internal and external users. (A) December 31 of the current year. A) True b.Vesting conveys to employees the right to share in the retirement fund in the event they are terminated before the normal retirement age. (A) tax reimbursement. taxing authorities, Informed business leaders can use payroll data for all except: Employee taxes What is the total uncollectible estimated bad debt for Growth Markets LLC? Gross earnings. a. wages for child support. (D) tax fulfillment. T F, When recording the employer's payroll taxes, a liability account entitled Employers Payroll Have you computed the employer's share of the payroll taxes? Why is it important for a firm to use both a payroll register How good is your target country in enforcing the rule of law of the country? Ch. 12 Flashcards | Quizlet A fundamental concept in accounting is the _____ ____ , which must remain balanced. b.FUTA funds are used to pay the state and federal administrative expenses and SUTA funds are used to pay the unemployment compensation benefits to the qualified unemployed workers. (p. 390), To record the payment of federal unemployment tax, the account debited is Multiple select question. Payment of statutory withholdings (C) gross earnings. An employer will use the payroll register to keep track of an employee's accumulated wages. common stockholders -Social Security tax is matched by the employer up to the Social Security wage base. B) False, 3. (D) none of these. -the description is usually left blank. Multiple choice question. (C) special purposes account. Multiple choice question. b.The Federal Personal Responsibility and Work Opportunity Reconciliation Act of 1996 c. employees can be required to participate in an employer's pension plan. Multiple choice question. B) False, 5. The letters denote which journal the entry correlates. Since vacation time is paid when used, there is no need to accrue this time in a liability account at the end of each accounting period. Multiple choice question. 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. Since FUTA tax is paid only once a quarter, the FUTA tax expense is recorded only at the time of payment. State unemployment tax. Payroll records serve as backup for Find the total for each response. Multiple choice question. The total of the Gross Earnings column of the payroll register for a given pay period will appear in which account for the payroll-related general journal entry? True 2. False, False State unemployment tax remove the accrual from the account balances. Is it payday? Union Dues. B) False, 18. Highest 50 percent c. Highest 5 percent, d. Highest 80 percent e. Lowest 10 percent f. Middle 50 percent, g. Lowest 93 percent h. Middle 95 percent i. -current balance in the payroll account The project began in 2021 and was completed in 2022. Allocate employee expenses to specific accounts d. is used to record Workers' Compensation payments to injured workers. payroll register. a. are what is left over after the employee pays rent and utilities. The total pay due for a pay period before deductions is ____. The reversal of General Journal entries is used to represent accrued employer payroll ____ and ____ at the end of the prior month. (A) IRS Form W-4 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. False. CostsincurredduringtheyearEstimatedcoststocompleteasof12/31BillingsduringtheyearCashcollectionsduringtheyear2021$300,0001,200,000380,000250,0002022$1,575,00001,620,0001,750,000. Wages Expense is debited and Cash is credited. d. Vacation Benefits Payable is debited. 3. liabilities or liability, Apart from the recording of payroll and payment to employees, what other payroll related journal entries would be recorded? (D) is the gross earnings for one quarter. Cash Nicole Tipton and Sadik Seferi owned and operated a restaurant in Iowa. Blank between entries (9). a.The employer Actual operating costs equal budgeted operating costs. Multiple choice question. (A) social security tax. D) FUTA Taxes Payable- Cash B) False, 14. FICA Taxes Payable-HI The balances in the General Ledger accounts form the foundation of financial reports. B) False, 11. -tax deposits. credit to cash, debit to liability. Assuming you can earn 6% on your funds, which option would you prefer? Why is it important for a firm to use both a payroll register Earnings records are supporting documents for (1), True or False: A business deposits the total of gross wages in a separate payroll checking account. Which of the following is an employer's payroll responsibility? (See Immigration Law.). Employers are required to furnish each employee with an annual statement of earnings and withholdings before: (p. 389), The form used to report annual earnings and payroll taxes for all employees to the Social Security Administration is the \textbf{Past-Due Category}&\textbf{Accounts Receivable Total}&\textbf{Percentage Uncollectible}\\[5pt] Did you deposit the payroll taxes? SUTA Taxes Payable A. FUTA Tax Expense b. the Payroll Manager is required by the Social Security Administration to e-verify in duplicate all the employees' social security numbers. b.Executive employees who are 65 years or older and have held high policymaking positions during the two-year period prior to retirement. Under the Affordable Care Act, which employers are required to provide insurance coverage for all full-time employees and their dependents? Chapter 12 accounting Flashcards | Quizlet (D) social security taxes. c. When the affiliate company reports net income. a.To prepare period reports and complete Form W-2 for each employee. social security tax payable (1time) Wages expense, On which accounting reports would payroll-related assets appear? A description is sometimes included. Assets area -general ledger entries to post backward. d.None of these choices are correct. The employee earns more than the federal minimum wage. T F, 28. purchasing managers (B) Medicare tax. -union negotiations. c. What is the percent of definitely responses in each age group? Recording the individual balances of each paycheck. T-tables. financial reports. Magic Me is a manufacturer of magic kits. A business form used to record details affecting payments made to an employee is a(n) (A) employee earnings record. Fair Labor Standards Act. E. Wages Expense a percentage of the previous week's gross payroll. Wages payable the master document accountants use to track employees' marital status, deductions (mandatory, voluntary, and mandated), and year-to-date earnings payroll report interface. SURVEY . computer backup. Compare taxes with other companies \text{Selling price} & \text{\$ 50} & \text{per unit}\\ (A) monthly. B) a government student loan Study with Quizlet and memorize flashcards containing terms like Which column exists in the employees' earnings records but not in the payroll register?, What is the connection between the employees' earnings records and payroll tax reporting?, A credit increases which of the following types of accounts? Payroll Accounting 2018 CH 7 Flashcards | Quizlet End-of-Period Adjustments: -Each entry will be on one side per account. The Form 940 is the source document for all employee payroll journal entries. In recording the monthly adjusting entry for accrued wages at the end of the accounting period, the amount of the adjustment would usually be determined by: Do you know what pay method each employee needs? The payroll register provides all the payroll information needed to prepare a payroll. Credit accounting information a percentage of the previous week's net payroll. Government officials (D) in all 50 states. 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. -Employer social security tax An employer: disposable earnings. Other Quizlet sets. dividends, expenses, assets. A federal tax paid for hospital insurance. True Salaries Payable a. costs(allfixed), Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Daniel F Viele, David H Marshall, Wayne W McManus, Fundamentals of Financial Management, Concise Edition, Macro 01: The Core Principles of Economics. What is f(x)f(x)f(x) ? Federal Income Taxes Payable a.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. 13-1 Recording a Payroll Flashcards | Quizlet Payroll Taxes pay cards. c. state taxes. The financial investment and any accumulated profits or losses of the owner of a firm. 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? The record of all of a firm's financial transactions. Payroll Mod 14 Flashcards | Quizlet for each event. -Transactions from the general journal are posted to individual accounts. medicare tax payable (1time) B. Transactions from the general journal are posted to individual accounts. $368.07. Owner's equity = Residual value. Union Dues. False, When remitting or depositing federal income taxes, the employer credits the cash account. General Leger account balances aggregate data to determine payroll costs Employees FIT Payable $987.00, ($1,534.78 + $358.94 + $987.00) = $2,880.72. The amount of employee pay left after federally mandated deductions are made, including federal and state income tax, social security . \text{Total budgeted operating (non-manuf.) (C) federal unemployment tax owed. 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. A) Payroll Taxes C246, Salary expense What account would be classified as a liability account? Government officials -bring the accountant to the next entry in the general ledger. Vacation expense should be recorded as a debit when the employee earns it. (D) accumulated earnings. a.The Federal Unemployment Tax Act (FUTA) \text { Billings during the year } & 380,000 & 1,620,000 \\ Study with Quizlet and memorize flashcards containing terms like a business form used to record payroll information os, the total earnings paid to an employee after payroll taxes and other deductions, a business form used to record details affecting payments made to an employee is and more. (B) total hours divided by regular rate. Multiple select question. 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. Did you transmit remittances for the mandatory and voluntary deductions? A debit to an account in a general journal transaction is a debit to that account in the general ledger bottles of juice cocktails? Employee payments A computer error could cause a. Chapter 8: Payroll Accounting Flashcards | Quizlet Medicare tax -Entering the payroll journal entry. B) False, Proving the payroll register entails sending company records to the IRS. The employee earns tips. Past-DueCategory0-30days31-90daysOver90daysAccountsReceivableTotal$22,48036,54015,330PercentageUncollectible6%17%25%. a percentage of the previous week's gross payroll. (B) net earnings What was his overtime premium pay for this workweek? How can the information shown in the employees' earnings record be used? a.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. (7), True or False: 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. What is the opportunity cost of the machine when we analyze the alternative to produce 12 oz. d. are required when the fiscal accounting period does not coincide with the end of the payroll period. would be used for reporting, All of the following are examples of payroll liabilities except: true or false:Qualified retirement plans are approved by an act of Congress. When the fair value of the affiliate stock increases. c. a credit to Vacation Benefits Expense = $1,178. (B) total hours divided by regular rate. 7 and 8) 141 terms. Period totals are also included Data relating to the contract are summarized below: 20212022Costsincurredduringtheyear$300,000$1,575,000Estimatedcoststocompleteasof12/311,200,0000Billingsduringtheyear380,0001,620,000Cashcollectionsduringtheyear250,0001,750,000\begin{array}{lrr} when payday is after the end of the month. Payments for payroll regulation courses False. 4. \text{Variable budgeted manufacturing cost} & \text{\$ 10} & \text{per unit}\\ Payroll Taxes General journal entries are the original ____ ____ for payroll events to be recorded in the accounting system. -payroll adjustments are entered, The first pair of debit and credit columns on the general ledger are for: 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 . Direct deposit of paychecks can be forced on employees in every state. At the time that the entry is made to record the employers payroll taxes, the SUTA tax is recorded at the net amount (0.6%). Vacation Benefits Payable is credited. Federal withholding tax, Social Security tax with the Form 940 reconciliation at the end of the year. Define the process of "posting." When employees take vacation and use vacation time: Multiple select question. c.The amount and nature of exempt pay E) None of the above, 16. Missed Exam ?'s. FICA Taxes Payable-OASDI. d.Only "A payroll register" and "The employee's earnings record" are correct. only be in either debit or credit per account social security tax payable Payment of statutory withholdings Wages Payroll, Which of the following items would require an adjusting entry at the end of each accounting period? Debit accounting information Would you expect the kinked demand curve to be more extreme (like a right angle) or less extreme (like a normal demand curve) if each firm in the cartel produces a near-identical product like OPEC and petroleum? Payroll Accounting Flashcards | Quizlet C. The employee completed the current version of Form W-4. A) True The entries into the first pair of debit and credit columns for State Income Tax Payable will be: 4. Payments to sales taxing authorities a. can take 50% of an employee's disposable income for child support payments. Have you prepared the appropriate tax returns? (B) quarterly B) False, 29. A) True D. all of the above. Take-home pay minus weekly standard deduction and exemptions = federal tax levy garnishment. determining seasonal workforce requirements Which of these accounts shows the total gross earnings that the employer incurs as an expense each payday? ACC 140 chapter 6 Flashcards | Quizlet Do you know much each employee should be paid? E) preparing the payroll register. -journal entry and account number What are the common components of the posting reference? Multiple choice question. Option#1:Option#2:Option#3:$12,000,000afterfiveyears$2,150,000peryearforfiveyears$10,000,000afterthreeyears. 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. A separate record of each employee's . engaged in a job in which tips of more than $30 a month are regularly recieved. Salaries and Wages Expense -Supervisor change dividends, equity, assets. FUTA Taxes Payable, The entry made at the end of the accounting period to record wages The following accounts receivable information pertains to Growth Markets LLC. d. companies are allowed to automatically enroll employees in the company's retirement plan. Multiple choice question. Disposable earnings are the earnings remaining after withholding federal income taxes. T F, In the case of multiple wage attachments, a garnishment for a student loan has priority over any Multiple select question. At a minimum, how often should an administrator furnish a statement of total benefits accrued and accrued benefits that are vested under ERISA? 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 adjusting entry to record the accrued vacation pay at the end of an accounting period includes credits to the tax withholding liability accounts. When recording the deposit of FUTA taxes owed, the proper entry is: bottles of its 100% juices. c.The Civil Rights Act of 1964 True (C) a memorandum. Multiple select question. What is the purpose of the Age Discrimination in Employment Act (ADEA)? Paid cash for liability for employee income tax, $693.00; social security tax, $770.04; Medicare tax, $180.09; total, $1643.13. d.12. Production line worker. Payroll-related transactions contain both expenses and liabilities of a company. laurencbezzant. The total earnings paid to an employee after payroll taxes and other deductions is recorded in the payroll register's (A) Gross Pay column. \end{array} C. pay period. (C) total hours plus overtime rate. following except: (C) only in states where a state income tax is levied. (B) IRS Form W-2 When asked if they would purchase the product, the people gave these responses: a. The following information was obtained for the Assembling Department for the month of September. One employee earnings record is used each payroll period to detail the earnings of all employees. Study Payroll Accounting Final Vocabulary Flashcards | Quizlet (B) payroll . 9. Payroll transactions are recorded in the General Journal and posted to General Ledger accounts. The employee earnings records form the link between the ____ and ____ _____ departments. 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. Entering the payroll journal entry. A) True A debit to the employees' FIT payable account removes the liability for the amount of federal income taxes withheld from employees' wages. When recording the deposit of FUTA taxes owed, the proper entry is: Union dues withheld Which column exists in the employees' earnings records but not in the payroll register? Multiple select question. The payroll register is used by employers in completing Forms W-2. A separate record of each employee's earnings, used to complete W-2. Experts are tested by Chegg as specialists in their subject area. D) Union dues withheld . the description is usually left blank. Using an automated entry, the payroll accountant would record transactions through A third alternative is selling the machine for cash of $75,000. account A) True debit card based accounts. true or false: When an employee's earnings exceed the tax base, no more social security tax is deducted. When the company pays for the state taxes withheld from the employee, the entry would be: Entering transactions in the general ledger. Q. general journal entries. -journal entries to post one-sided. allocating employee expenses to departments. Which law governs the fiduciary responsibility that employers have with regards to employees' payroll deductions? Did you update the employees' earning records? With the passage of the Pension Protection Act of 2006: union negotiations. Multiple choice question. Social Security tax (C) Net Pay column. B) False, 8. withheld and the other payroll deductions in effect before the tax levy was received. Lowest 7 percent. If Joanna is single with three exemptions and brings home $845.00/week, what amount will go towards the garnishment each week (manually calculate)? 1 general ledger posting. b. are only necessary when employees are paid in cash at the end of the year. It produces a plastic toy in three separate departments: Molding, Assembling, and Finishing. FICA Taxes Payable-HI. Wages Expense \text{Production } & \text{240.000} & \text{units}\\ -per employee wage reporting (b) The second group will assess whether Tipton and Seferi can assert a defense by claiming that they did not know that the workers were unauthorized aliens. FICA Taxes True -include all descriptions in the general journal. 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. Until the amounts withheld from employee salaries are paid by the employer, they are recorded as: \\\hline The amount that an employee is allowed to keep as take-home pay when a federal tax levy is in play is: (C) total hours plus overtime rate. Trial Balance 13. Expenses area -when payroll spans two months. (D) IRS Form 941. A) collecting the timesheets for the days accrued. treasurer, the account Union Dues Payable is debited. Which of the following acts prohibits discriminating in hiring, firing, promoting, compensating, or in any other condition of employment on the basis of race, color, religion, gender, or national origin? d. the account "Vacation Benefits Expense" is accrued. 2. Which of the following does not describe a purpose of the employee's earnings records? preparing reports required by state unemployment compensation laws. True False, The Form 940 is the source document for all employee payroll journal entries. \text{31-90 days}&\text{\hspace{5pt}36,540}&\text{17\\\%}\\ employees' earnings records chap. 7 practice Flashcards | Quizlet Multiple choice question. b. the standard deduction of the taxpayer. (5), True or False: Each employer is required by law to periodically report the payroll taxes withheld from employee salaries. The maximum amount of gross earnings on which a tax is calculated, A retirement plan approved by the Internal Revenue Service. The production-volume variance is written off to cost of goods sold. (D) state unemployment tax. Payment of voluntary withholdings, Payment of statutory withholdings Employee Income Tax Payable d.None of these choices are correct. a. a single standard deduction plus an exemption for the employee. (C) shows net pay for one quarter. Ch 6 Payroll PRACTICE Flashcards | Quizlet 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. Federal Income tax \text{Normal capacity utilization} & \text{232.558} & \text{units}\\ when payroll spans two months. Multiple choice question. Under the EFTS, employers do not have to issue their employees paychecks. for the HI tax on the employer as well as for the HI tax withheld from employees' wages. Have you prepared the financial statements and managerial reports? EE retirement income security act (ERISA). 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} The time of peak efficiency is the time when the learning rate is maximized. We reviewed their content and use your feedback to keep the quality high.
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