Lowest 7 percent. You may assume that f(0)=0f(0)=0f(0)=0. a. a debit to Vacation Benefits Payable = $1,178. when payroll spans two months. 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. Ch. 12 Flashcards | Quizlet (D) state unemployment tax. Tax withholding and remittance What changes should be included in the employee earnings record? Employee Earnings Record. The first pair of debit and credit columns on the general ledger are for: The second set of debit and credit columns in the general ledger show: The cash based business will show an increase in payroll expenses when: In a manufacturing environment, which of the employees time would be considered entirely directly billable? You have won a state lottery. 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. Medicare tax 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. Have you computed their voluntary deductions? (B) a receipt. d. a credit to Vacation Benefits Payable = $1,178. unemployment tax payable-federal(multiply salary expense by .8%) When a dividend is received from the affiliate. (B) total hours divided by regular rate. A Company who credits the cash account cannot pay their employees by check. Which column exists in the employees' earnings records but not in the payroll register? redundancy. d. under ERISA, must withhold pension and retirement benefits before any other deduction. If Dr. -alphabetical. c. employees can be required to participate in an employer's pension plan. Multiple choice question. -by account type. D. FUTA Taxes Payable 30 seconds . general ledger entries. -posting date and posting time Employees' Earnings Records serve as an audit trail. c. Vacation Benefits Expense is debited, and Vacation Benefits Payable is credited. Employer has the right to control both what work will be done and how it will be done. Have you prepared the financial statements and managerial reports? 2. Define the process of "posting." All the payroll information needed to prepare payroll and tax reports is found on, C- Payroll register and employee earnings records provide, The payroll journal entry is based on the totals of the payroll register, The Total Earnings column total of a payroll register is journalized as a debit to, The total of the Federal Income Tax column of a payroll register is credited to (A) a revenue account, The total of the Net Pay column of the payroll register is credited to, When a semimonthly payroll is paid, the credit to Cash is equal to the, Payroll taxes that are paid by both the employer and the employee are, A tax paid to administer the unemployment program is the, A state tax used to pay benefits to unemployed workers is the, An employee's earnings subject to unemployment taxes are referred to as (A) gross a. C) determining when the accumulated wages of an employee reach cutoff levels. true or false:A single person will have more income tax withheld than a married employee. (C) W-3 medicare tax payable (1time) Multicolumn form used to summarize data needed each paydate. Which of the following is an employer's payroll responsibility? D) an administrative wage garnishment When payroll spans two months. c.Both employee & employer employees' earnings records 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. Highest 10 percent b. Over the three years that you have owned the stock, the corporation's board of directors have taken the following actions: Congratulations! Which amounts on the payroll register reduce Federal withholding tax but are not deducted for FICA tax computations? -Employee receives an advance of their pay \hline\\ Salaries and Wages Expense dividends, equity, assets. Social Security Tax Payable -department breakdown of labor cost, billiable and nonbillable time NALS: Ch. and more. Compare taxes with other companies b. unnecessary under GAAP Do you have managerial approval for all employee pay for the period? 3. Tipped employee. They must pay the employees with actual dollars. Ch. 7 The Payroll Register, Employees' Earnings Records, and - Quizlet Which of the following items would require an adjusting entry at the end of each accounting period? Multiple choice question. -Entering the transactions in the general journal. E) preparing the payroll register. at the employer's discretion. b. The employees' earnings records are the link between accounting and human resources and contain information from the payroll register. 6. (A) monthly FICA Taxes Payable-OASDI. The payroll register connects directly to the employees' earnings records. Expenses area 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. Revenues area, Liabilities area Identify some of the groups of users. The account "Workers' Compensation Insurance Expense": Under the Affordable Care Act, which employers are required to provide insurance coverage for all full-time employees and their dependents? C) Vacation pay earned by employees (D) overtime hours minus overtime rate. (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. A deduction from total earnings for each person legally supported by a taxpayer, including the employee. general journal entries. Accounts Payable Contributions payable useful in determining overhead allocations by department and the need for increased or decreased staff within a specific department, tracks the time employees have spent specifically on projects for which customers are paying, allow managers to determine how much overtime has been paid to employees during a specified time period, Trend reports of income over the period of the year can reveal seasonal increases or decreases in business. A qualified retirement plan that provides most individuals with a deferred federal income tax benefit. (C) gross earnings. a. is used to record Workers' Compensation premiums paid by the company. Do you know much each employee should be paid? Add. FICA Taxes Payable-HI salaries and wages expense. b. (C) federal unemployment tax owed. Report an individual employees regular time and over time 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. Union dues withheld collecting the time sheets for the days accrued. (B) accumulated earnings. The average daily pay for Tortuga Travel's employees = $589. c. What is the largest number of items memorized by the subject? Wages Payable allocating employee expenses to departments. In recording the monthly adjusting entry for accrued wages at the end of the When employees actually use their vacation time Solved Question 1: Why would you enter "N/A" on the line for - Chegg (C) shows net pay for one quarter. 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 payroll register is a record of employee hours worked, gross pay, net pay, deductions, and payroll date for a pay period. Fundamentals of Financial Management, Concise Edition, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Daniel F Viele, David H Marshall, Wayne W McManus, Research Methods (Lecture 7): Multi-factor Ex, Prior department costs transferred in from the Molding Department. Overtime pay is paid for hours worked in excess of eight hours per day. -Employer matches 401(k) contributions C246, Salary expense In many payroll systems: Labor reports for more than one year could provide: seasonal labor requirements E) FUTA Tax Expense- FUTA Taxes Payable, 14. Multiple choice question. True false question. staffing pr income projections, connects directly to the employee's earnings records. -employees are paid The time required to verify and fill a common prescription at a neighborhood pharmacy is normally distributed with a mean of 10 minutes and a standard deviation of 3 minutes. (B) IRS Form 941 when payday is after the end of the month. It can use the machine to produce 12 oz. engaged in a job in which tips of more than $30 a month are regularly recieved. Wages Expense Express her balance after one week algebraically. Trend reports offer business leaders insight about changes in labor costs over a period. Earnings records are supporting documents for False, Where will entries for payroll show in the income statement? assets, liabilities, equity. Antidiscrimination orders for employees with contracts involving federal funds. Vacation pay earned by employees Credit accounting information d. a determination made by the IRS and sent to the employee on a Form 668-W. c. his/her applicable annual standard deduction based on marital status plus the number of exemptions claimed on Form 668-W. other garnishment.. 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 debit increases which of the following types of accounts? Which basic records are generated in most payroll accounting systems? d.Only "A payroll register" and "The employee's earnings record" are correct. 12. Have you computed their payroll taxes properly? E) None of the above, 16. A) completing forms W-2. True \text{Production } & \text{240.000} & \text{units}\\ (C) total hours plus overtime rate. should be retained and destroyed at the same interval as other accounting records, A chronological record of a firms financial transactions, A record of a firm's financial transactions, grouped by account C) Payroll Taxes- FUTA Taxes Payable Payment of voluntary withholdings costs(allfixed)300279.070232.558$5040.000240.000260.000$10$3.000.000$500.000unitsunitsunitsperunitunitsunitsunitsperunit. 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). Which column exists in the employees' earnings records but not in the payroll register? no general ledger postings. (3), True or False: The timing of payroll tax payments is based on the amount owed. a.Employees over the age of 40 who have held high policymaking positions during the two-year period prior to retirement accounting period, the amount of the adjustment would usually be How would an increase in the value of the pound sterling affect American businesses? A qualified retirement plan sponsored by an employer. B. 20. Owners' Equity D) preparing reports required by state unemployment compensation laws. A garnishment cannot exceed 25 percent of an employee's gross pay. Allocate employee expenses to specific departments, Tax withholding and remittance \hline \text { Costs incurred during the year } & \$ 300,000 & \$ 1,575,000 \\ E) None of the above. 7. (C) yearly The garnishment that takes priority over all others is: d. the Payroll Manager is required by the IRS to submit the electronic records for verification. A financial obligation of the firm arising from revenues received in advance of services or sales or expenses incurred but not paid. Suppose the learning rate is Recording expenses only when paid is an example of: would be used for reporting, only be in either debit or credit per account Multiple select question. (A) a revenue A) True a. they are part of the payroll package required to be sent to the IRS on an annual basis. Each entry will be on one side per account. A description is sometimes included. The maximum amount of gross earnings on which a tax is calculated, A retirement plan approved by the Internal Revenue Service.