C) It designates where labor is used in a firm. C) Debit $ The Federal Insurance Contributions Act covers restrictions on the employment of child labor. C. Restrictions the employment of child labor. You need to purchase a plan for your teenage sister. Health Insurance payable 224 13,618. Its easier to keep accurate payroll records and run reports quickly with payroll software. B) Employee earnings record Workers' Commpensation Insurance Expense-Operating expense Vesting conveys to employees the right to share in the retirement fund in the event they are terminated before the normal retirement age. D) Personnel file Our online store for HR apps and more; for customers, partners and developers. PDF Payroll Practice Test - Atunlimited.com 1. Plan B costs$0.20 per minute plus $0.10 per text message sent. Purchaseoftreasurystock.14. 2. \text{1. \text{Transaction} & \text{Type of Activity} & \text{Cash Inflow or Outflow}\\ \hline There will also be credits to a number of . It is a monthly schedule depositor. Under the Affordable Care Act, which employers are required to provide insurance coverage for all full-time employees and for their dependents? Chapter 7 quiz - the payroll register, employees' earning - StuDocu Does workers' compensation laws only relate to work-related incidents? Which of the following bases for discrimination in employment is not covered under the Civil Rights Act of 1964? Sale of equipment for a note receivable.} Journal entries? a. Walsh-Healey Public Contracts Act Protest Unemployment Insurance benefit charges or rates. Sale of land for cash.} Any boxes left with a question mark will be Issuanceofcommonstock. Paymentofincometaxes. ls Form l-9 completed only by employees born in outside of the USA? - Michalis M. FICA (FICA is the acronym for Federal Insurance Contribution Act. Columns included in the payroll register to compute net pay may include which of the following? A) Employee earnings record A credit of $16,250 is recorded on the June 25 Kipley Company Payroll Register (Continuing Payroll Problem a) - StudyMode Every state imposes a state unemployment tax on employers in their state. 3. the total incomes of the firm and decrease the net income of the firm. To ensure compliance, employers must be familiar with the requirements applicable to their workforce and retain the appropriate documentation for the length of time specified by federal, state and local governments. True Which of the following is true of employee's earnings record? & \text{O} & \text{CO}\\ Paymentofemployeesalaries.2. These details include the employee id number, the department they belong, their job profile, etc. Prior year's earnings < Prev 18 of 40 . Payroll journals are records of all payroll transactions. C) $12,576. What are the enhancing qualities of the qualitative characteristics? File, adjust, and print returns and reports. pay date. Your portfolio has three asset classes. Medicare tax payable 222 ??? A) Because payroll represents an asset and an income of the business. Federal income tax payable 11,955. A) Medicare tax Who are the winners and who are the losers when the minimum wage is increased? Forbids discrimination in hiring. The amounts needed for the payroll entries in the journal come from the employee's earning records. C) Asset, Copyright 2023 StudeerSnel B.V., Keizersgracht 424, 1016 GC Amsterdam, KVK: 56829787, BTW: NL852321363B01, Campbell Biology (Jane B. Reece; Lisa A. Urry; Michael L. Cain; Steven A. Wasserman; Peter V. Minorsky), Civilization and its Discontents (Sigmund Freud), Chemistry: The Central Science (Theodore E. Brown; H. Eugene H LeMay; Bruce E. Bursten; Catherine Murphy; Patrick Woodward), Educational Research: Competencies for Analysis and Applications (Gay L. R.; Mills Geoffrey E.; Airasian Peter W.), Forecasting, Time Series, and Regression (Richard T. O'Connell; Anne B. Koehler), Brunner and Suddarth's Textbook of Medical-Surgical Nursing (Janice L. Hinkle; Kerry H. Cheever), Principles of Environmental Science (William P. Cunningham; Mary Ann Cunningham), Business Law: Text and Cases (Kenneth W. Clarkson; Roger LeRoy Miller; Frank B. Saleofequipmentforcash. Medicare tax payable 3,197. Basic payroll register templates can be found online or created in programs like Excel. Title of report 2. E. All of the above are provisions of ERISA. Deductions. 10. Dooley Publishing has the following payroll data for its July 1 pay date: Jul 1 Wages and salaries. Time worked - regular & overtime 7. A payroll register does not include: Multiple Choice Pay period dates. and year-to- date earnings. If you are recording it directly into the general ledger or the payroll journal, then use the same line items already noted for the primary payroll journal entry. True, A debit always decreases the balance of an account. 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. B) It is an individual register maintained for each employee, listing of all the payroll information. Explain the major provisions of the Fair Labor Standards Act. LO1: Recording in Payroll Register and Posting in Employees' Earnings d. At least seven homes have large-screen TVs? grass clippings at the curb for pickup because local landfills cannot handle the volume. 56. Does the ADEA quit protecting employees after the age of 70? 8. ordinance is passed? Enter the debit amount to clear the existing credit to Payroll Cash from the first journal entry above. Payroll journal entries AccountingTools In what order are accounts presented on the trial balance? A) It is the fourth entry in the General Journal on that date. Questions pertaining to religion, gender, national origin, or age are allowed on application forms when these are bonafide occupational qualifications for a job. During this process, employers reconcile their payroll transactions and make sure that their accounting and recordkeeping practices comply with regulations. What is a payroll register? | Heartland Which of the following acts levies a tax on employers and employees that is credited to the Federal Old-Age and Survivor's Trust Fund and the Federal Disability Insurance Trust Fund? This account is credited for the total amount of FIT with held each payday and is subsequently debited for the amounts paid to a depositary or to the IRS. Factory overhead excluding indirect materials and indirect labor (record credit to Other Accounts). Payroll accounting | Payroll journal entries AccountingTools Suppose your sister doubles her monthly usage to 3,400 minutes and sends 3,200 texts. You need to have a record of how many hours your employees have worked, their gross salary, tax withholdings, and all other deductions. A(n) ________ is a collection of cash and other items that are used in the operation of the At a minimum, how often should an administrator furnish a statement of total benefits accrued and accrued benefits that are vested under ERISA? 9. Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer. You can enter a formula into a cell manually (typing it in) or by pointing to the cells. For the entry on January 31, what does the J4 signify? Read more about the author. A) Both documents contain year-to-date totals of taxes. It helps employers reconcile their payroll transactions and prepare quarterly and year-end tax reports. General Journal entry to record this transaction? Why is it important to have columns on the payroll register title "Earnings subject to Federal A payroll register is tool that records wage payment information about each employee - gross pay, deductions, tax withholding, net pay and other payroll-related information - for each pay period and pay date. Paymentofanaccountpayable.15. What Are Payroll Liabilities? | Definition, How to Track Them, & More C) Both documents contain information from multiple pay periods. A) The statement of owners' equity Generally, a payroll register lists the following information about each employee: Gross pay Net pay Payroll taxes Employee deductions (e.g., health insurance) Can employees view documents in their files that are marked confidential? Does FLSA require all employees to be paid weekly, biweekly', monthly? 3. C) Employee earnings record For superior accuracy, many smalland largebusinesses rely on automated digital payroll solutions, such as those offered by ADP, which can integrate with accounting software and other programs. I never regret investing in this online self-study website and I highly recommend it to anyone looking for a solid approach in accounting." B. ERISA requires each employer to establish a pension plan. Which report contains employer share tax expenses for a period? 13. Using the payroll registers, complete the General Journal entries as follows: February 7 Journalize the employee pay. 2. How is information that is usually on a paper stub given to an employee if the employer is using electronic paystubs. How does the FIFO method different from the weighted-average method? Are FICA taxes levied upon employers only? What is a use of a firm's labor trend reports? How does a debit balance in the wages and salaries expense account affect a firm's income D) Debit Cash, $250,000; Credit R. Sanders Capital, $250,00 0 The employees gross wages for the past week are. 9. Which of the following is true of employee's earnings record? Solved A payroll register does not include: Multiple Choice - Chegg 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. Copyright C) It should disburse the accrued pay to the employees. Free True False Q03 Computing the sum of rows and columns is known by the term Multiple Choice Q04 Where is one place that information from the payroll register would not be transferred? A. ERISA applies to pension and welfare plans established by any employer engages in commerce. Want more exclusive business insights like this delivered to your inbox? Federal withholding tax payable 220 $ 2,207. Issuanceofbonds.11. 65. lf both federal and state regulations cover minimum wages for the same employee, is the federal rate always used for the minimum wage? Under the Affordable care Act, does the insurance provided by the employer only need to meet an affordability test? Compute and record the Kipley Company's SUTA and FUTA contributions. D) The balance sheet Paymentofalong-termnotepayable. Which of the following laws establishes the minimum wage? Using the payroll register, compute the employee gross pay and net pay using 35 hours as the standard workweek for all employees except Mary Shangraw, who works 20 hours per week and receives overtime for any time worked past that point. The town is considering an ordinance that would prohibit putting 18 b. Owners equity as of December 31, 2014, assuming that assets increased by $113,000 and liabilities increased by$44,000 during 2014. These liabilities accompany every payroll you run. 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. 4. Payroll Accounting - 12-04 Short Version - Cengage A) $1,582. 2. A) Employee pay accrual and employee pay disbursement Does every state have both federal and state unemployment laws? The employee's earnings records is used in preparing the employees' W-2 forms. Keeping vital payroll data up to date and easily accessible is essential for employers to address unexpected discrepancies without confusion.