(B) payroll journal. $845.00 - $364.42 = $480.58. Multiple select question. c. the "Vacation Benefits Payable" account is credited. The amount that an employee is allowed to keep as take-home pay when a federal tax levy is in play is: Garnishment for child support payments The maximum amount of gross earnings on which a tax is calculated, A retirement plan approved by the Internal Revenue Service. (C) annually. Actual operating costs equal budgeted operating costs. Medicare tax (D) social security taxes. (C) IRS Form W-2 chart of accounts. a. a debit to Vacation Benefits Payable = $1,178. (C) federal unemployment tax owed. Expenses area, Which of the following transactions would cause an asset to appear on the balance sheet related to payroll? Employee's earning record. Nicole Tipton and Sadik Seferi owned and operated a restaurant in Iowa. FUTA Taxes Payable costs(allfixed)$500.000\begin{matrix} Journal entry and page number. B) False, 9. d.None of these choices are correct. C) Payroll Taxes- FUTA Taxes Payable You'll get a detailed solution from a subject matter expert that helps you learn core concepts. b. the Payroll Manager is required by the Social Security Administration to e-verify in duplicate all the employees' social security numbers. True 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%). The production-volume variance is written off to cost of goods sold. salaries and wages payable. would be used for reporting, only be in either debit or credit per account (A) W-2 A credit increases which of the following types of accounts? costs (all fixed)} & \text{\$ 500.000}\\ bottles of its juice cocktails or 12 oz. c. Vacation Benefits Expense is debited, and Vacation Benefits Payable is credited. \text{31-90 days}&\text{\hspace{5pt}36,540}&\text{17\\\%}\\ How can the information shown in the employees' earnings record be used? Under the Family and Medical Leave Act, what is the maximum number of weeks of unpaid leave that a covered employer is required to offer an employee whose spouse is seriously ill? c.The amount and nature of exempt pay chap. 7 practice Flashcards | Quizlet The Assembling Department added the following costs: Assembling fi nished 400,000 units and transferred them to the Finishing Department. Executive orders. Ch. 7 The Payroll Register, Employees' Earnings Records, and - Quizlet We reviewed their content and use your feedback to keep the quality high. a. -property tax audit. (C) federal unemployment tax. The information contained within each row of the payroll register is transferred to the employees' earnings records. Which of these employee types is an allowable exception to the protection of the Age Discrimination in Employment? Multiple choice question. A computer system based on a software package that performs all payroll record keeping and prepares payroll checks. d.The Civil Rights Act of 1964 sets the minimum wage and the current minimum wage rate is $7.50 per hour. (2), True or False: The employer social security tax rate is different than the employee social security tax rate. What account would be classified as a liability account? The garnishment that takes priority over all others is: (D) IRS Form W-3. nonqualified pre-tax insurance; retirement plan. (B) net earnings \hline \text { Costs incurred during the year } & \$ 300,000 & \$ 1,575,000 \\ 8 & 9 Part 2 - Infant Nutrition, Microsoft Office 2016 Excel 2016 Chapter 7 Wo, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Fundamentals of Financial Management, Concise Edition, Daniel F Viele, David H Marshall, Wayne W McManus. D) SUTA tax d.Only a self employed individual. c.The Federal Unemployment Tax Act sets the minimum wage and the current minimum wage rate is $7.25 per hour. (5), True or False: 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. 100 terms. Description information. Payroll costs represent an expense of the business. c.ERISA requires that all companies offer private pension plans. salaries and wages expense. C) a creditor garnishment (p. 387), Each employer is required by law to report payroll taxes on an financial reports. Interest was paid quarterly, and the note was repaid one year from the time the money was borrowed. Entering the transactions in the general ledger. It adds complexity to the personnel recordkeeping. B) Payroll Taxes- Cash Do you have managerial approval for all employee pay for the period? (D) Total Deductions column. bring the accountant to the related entry in the general journal. c.Both employee & employer What is the production-volume variance in 2017 when the denominator level is (a) theoretical capacity, (b) practical capacity, and (c) normal capacity utilization? c. It facilitates accuracy in employee personnel records. Compare taxes with other companies B) False, 18. b.Executive employees who are 65 years or older and have held high policymaking positions during the two-year period prior to retirement. d.None of these choices are correct. b.ERISA ensures that workers covered by state and federal government pension plans receive benefits from those plans in accordance with their credited years of service with their employers. Labor reports for more than one year could provide: seasonal labor requirements Multiple choice question. (A) IRS Form W-4 (C) FUTA earnings Which basic records are generated in most payroll accounting systems? Based on 1740 responses, what is the percent of each response? bottles of juice cocktails? A) True (C) employee accounts payable record. A) True electronic system. Credit accounting information The employee's _____ ____ connects accounting and human resource records, Earnings records are supporting documents for, The payroll accountant may perform the following duties. employee earnings record. Multiple choice question. -Balances in the general ledger payroll accounts are used in payroll reports. Magic Me is a manufacturer of magic kits. Gross earnings. Union Dues. (D) none of these. One employee earnings record is used each payroll period to detail the earnings of all employees. E) None of the above, 16. A) True T F, Federal tax levies are not subject to the limits imposed on garnishments under the Consumer c. When the affiliate company reports net income. Allocate employee expenses to specific accounts A state tax used to pay benefits to unemployed workers is: Study with Quizlet and memorize flashcards containing terms like True, False, False and more. It adds complexity to the personnel recordkeeping. The chart below shows the hourly pay and hours worked for Trilton Company's A separate record of each employee's earnings, used to complete W-2. Study Payroll Accounting Final Vocabulary Flashcards | Quizlet (C) withholding allowances. Wages Expense a. can take 50% of an employee's disposable income for child support payments. When the company pays for the state taxes withheld from the employee, the entry would be: Entering transactions in the general ledger. d.All of these choices are correct. Since you plan to conduct business in the target country, you should be concerned about transparency of political institutions and judiciary. Experts are tested by Chegg as specialists in their subject area. (C) a memorandum. Accounting 1 - Chapter 13 Flashcards | Quizlet accounting chapter 7 Flashcards | Quizlet (C) IRS Form W-3 A federal tax paid for hospital insurance. D) Salaries Payable -by posting reference. 2. Employers have a fiduciary duty to ensure that all amounts deducted from employee pay are remitted to the appropriate entity. (b) How long does it take for yyy to reach 505050? TheoreticalcapacityPracticalcapacityNormalcapacityutilizationSellingpriceBeginninginventoryProductionSalesvolumeVariablebudgetedmanufacturingcostTotalbudgetedfixedmanufacturingcostsTotalbudgetedoperating(non-manuf.) FICA Taxes Payable - OASDI $1,534.78 Have you computed their voluntary deductions? \end{array} Medicare tax a percentage of the previous week's gross payroll. Under the Affordable Care Act, which employers are required to provide insurance coverage for all full-time employees and their dependents? Which of the following is an employer's payroll responsibility? Tax withholding and remittance The payroll register, Employees' Earning Records and Accounting System Entries. report an individual EE's regular time & OT; promote analysis of payroll expenses. (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. Multiple choice question. Immunology Exam 4 Study Guide (Ch. Government officials M52, payroll taxes expense What is always true about the general ledger? medicare tax payable, Recorded employer payroll tax expense for the semimonthly pay period ended april 15. Multiple choice question. It can use the machine to produce 12 oz. 4. The payroll register is used by employers in completing Forms W-2. -bring the accountant to the related entry in the general journal. Payroll Accounting Final Exam Study Guide Part 1 - Quizlet and more. c. is used to record Workers' Compensation premiums paid by the employee. (4), True or False: Form W-2 reports an employee's annual earnings and the withholdings for federal income, social security, and Medicare taxes. 1. Company management, True or false: Payroll reports help managers to determine payroll staffing needs. create the need for more entries. Which portion of the accounting equation represents the amounts owed by the company? A Company who credits the cash account cannot pay their employees by check. True Direct deposit of paychecks can be forced on employees in every state. \text{Total budgeted operating (non-manuf.) In this case, "J" means that the original entry may be found in the General Journal, A relationship, specifically financial, built on trust between a trustee and a beneficiary, any unpaid liabilities will be reported in the current liability section. \text{Variable budgeted manufacturing cost} & \text{\$ 10} & \text{per unit}\\ The record of all of a firm's financial transactions. 6. 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. b. is used to record the company's' liability to injured workers. A deduction from total earnings for each person legally supported by a taxpayer, including the employee. E. FUTA Tax Expense a. all the data must be both manually and digitally centered and checked, to ensure that the system is functioning properly. B) False, 5. A) True -per employee wage reporting Payroll Taxes When the fair value of the affiliate stock increases. Study with Quizlet and memorize flashcards containing terms like Unclaimed employee wages are returned to the employer. true or false:The amount of income tax withheld from each employee's total earnings is determined solely from the number of withholding allowances. -alphabetical. None of the above. d. a credit to Vacation Benefits Payable = $1,178. (C) gross earnings. \text{Sales volume} & \text{260.000} & \text{units}\\ Entering the transactions in the general journal. FIT Payable Unions Payment of voluntary withholdings, True or false: The general ledger is the point where information gets entered into the accounting system database. completing the journal entry to record the payroll. The payroll register is used by employers in completing Forms W-2. Record used in preparing employee's W-2. -when entries increase the account balance Which of the following taxes would be included in the employer related payroll entry? engaged in a job in which tips of more than $30 a month are regularly recieved. a. must use the exact amounts withheld in order to balance the appropriate accounts (FICA, FUTA, SUTA, etc.) D. FUTA Taxes Payable a.The total additions to or deductions from wages a. completing the journal entry to record the payroll. A) $107.40 (1), True of False, Multiple Choice, and Journalizing, True or False: The payroll register provides all the payroll information needed to prepare a payroll. -Entering the transactions in the general ledger. T F, When union dues that have been withheld from employees' wages are turned over to the union Study with Quizlet and memorize flashcards containing terms like In each pay period the payroll information for each employee is recorded on each employee earnings record., The payroll register and employee earnings records provide all the payroll information needed to prepare a payroll., The source document for payment of a payroll is the time card. (See Immigration Law.). (A) a check. a. False. ACC 140 chapter 6 Flashcards | Quizlet Prepare absorption costing-based income statements for Magic Me Corporation using theoretical capacity, practical capacity, and normal capacity utilization as the denominator levels. Lowest 7 percent. true or false: When an employee's earnings exceed the tax base, no more social security tax is deducted.
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