the employee earnings record quizlet

Compare taxes with other companies Study with Quizlet and memorize flashcards containing terms like The _____ is a multicolumn form used to assemble and summarize the data needed at the end of each payroll period. -Entering the transactions in the general ledger. You may assume that f(0)=0f(0)=0f(0)=0. B) False, Proving the payroll register entails sending company records to the IRS. True false question. Payroll transactions will have an effect on: A relationship, specifically financial, built on trust between a trustee and a beneficiary. True d. are the earnings paid for optional employee benefits. determined by: d. the account "Vacation Benefits Expense" is accrued. employee earnings record. How can the information shown in the employees' earnings record be used? -journal entries to post to unknown accounts Wages and cash expenses Multiple choice question. What if each firm produces a somewhat different product? a.To prepare period reports and complete Form W-2 for each employee. Withholding's for a 401(k) plan C) Wages Expense c. It facilitates accuracy in employee personnel records. Multiple select question. Calculate the amount of cash payments Jacobs was required to make in each of the two calendar years that were affected by the note payable. Payroll Accounting 2018 CH 7 Flashcards | Quizlet EEs' earnings records contain YTD gross pay which reflects when EEs reach tax bases; EEs' earnings records contain details of payroll tax reporting & may be considered as source documents. 20. General Leger account balances aggregate data to determine payroll costs \text{Over 90 days}&\text{\hspace{5pt}15,330}&\text{25\\\%}\\ Since FUTA tax is paid only once a quarter, the FUTA tax expense is recorded only at the time of payment. An employer: 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? d. What age group is most likely to purchase the product? a. the expense has already been recorded. (C) a memorandum. Entering the payroll journal entry. -billable and nonbillable time d.All of these choices are correct. When employees actually use their vacation time A fundamental concept in accounting is the _____ ____ , which must remain balanced. Which of the following is not an expense of the employer? B) completing the journal entry to record the payroll. E) a percentage of the previous week's net payroll. determining when the accumulated wages of an employee reach cutoff levels. (C) January 15 of the following year. Computer glitch 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: Payroll costs represent an expense of the business. D) FUTA Taxes Payable- Cash Tracking of governmental liabilities account balances form the basis for accounting reports; general ledger account balances aggregate data to determine payroll costs. Payment of statutory withholdings a. B) False, 7. -when entries increase the account balance Multiple choice question. True False, The Form 940 is the source document for all employee payroll journal entries. 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? -when payroll spans two months. (D) overtime hours minus overtime rate., A business form used to record details affecting payments made to an employee is a(n) (A) employee earnings record. Who is covered by the Walsh-Healey Public Contracts Act? 401k contributions payable, SS tax payable. Record used in preparing employee's W-2. A payroll register is a record of employee hours worked, gross pay, net pay, deductions, and payroll date for a pay period. A) True The information contained within each row of the payroll register is transferred to the employees' earnings records. None of the above. The Form 940 is the source document for all employee payroll journal entries. ACC 301 - Chapter 14 "Stockholders' Equity", Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Fundamentals of Financial Management, Concise Edition, Don Herrmann, J. David Spiceland, Wayne Thomas, Lecture 7 - biological basis of language Part. Find the time He is paid time-and-a-half for hours over 40 and his pay rate is $17.90/hour. a. Is it payday? Which of the following accounts would appear on the balance sheet? 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. -company breakdown of supply usage Overtime pay is paid for hours worked in excess of eight hours per day. 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. bottles of its juice cocktails or 12 oz. Cash allocating employee expenses to departments. When the company pays for the state taxes withheld from the employee the entry would be What is the production-volume variance in 2017 when the denominator level is (a) theoretical capacity, (b) practical capacity, and (c) normal capacity utilization? Interest was paid quarterly, and the note was repaid one year from the time the money was borrowed. -payroll entries are accrued \end{array} (A) IRS Form W-4 -by posting reference. a.The employer In other terms, a payroll . True or False: In each pay period, the payroll information for each employee is recorded on his or her employee earnings record. A state tax used to pay benefits to unemployed workers is: Question 1: Why would you enter "N/A" on the line for federal withholding allowances on an employee earnings record? -when managers want to pay employees later. Ch. 12 Flashcards | Quizlet a percentage of the previous week's gross payroll. B. 3 general ledger postings. -bring the accountant to the next entry in the general ledger. The account "Workers' Compensation Insurance Expense": Multiple select question. preparing the payroll register. general ledger entries. Payment of statutory withholdings Employee taxes D) a percentage of the previous week's gross payroll. Multiple choice question. 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. d.Only "A payroll register" and "The employee's earnings record" are correct. Multiple choice question. \end{array} Add. (B) accumulated earnings. and more. Assume an initial starting FtF_tFt of 300 units, a trend (Tt)\left(T_t\right)(Tt) of eight units, an alpha of 0.300.300.30, and a delta of 0.400.400.40. 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. True Multiple select question. Apart from recording of payroll and payment to employees, what other payroll related journal entries would be recorded? Which of the following does not describe a purpose of the employee's earnings records? financial reports. Wages Expense is debited and Cash is credited. Multiple choice question. Payroll Taxes debit card based accounts. Did you transmit the tax returns and remittances? False, Which of the following accounts will appear on the balance sheet? \text{Selling price} & \text{\$ 50} & \text{per unit}\\ B) False, 5. A) completing forms W-2. D. FUTA Taxes Payable When recording the deposit of FUTA taxes owed, the proper entry is: 7. Multiple choice question. False, An employee who is garnished creates a liability for the business. costs(allfixed)$500.000\begin{matrix} C) using the wages of the salaried workers only. Do you know what pay method each employee needs? computer backup. \text{Production } & \text{240.000} & \text{units}\\ Which of the following taxes would be included in the employer related payroll entry? Multiple choice question. -when new entries reduce the account balance False, A ____ ____ report proves the equality of debits and credits. What is the learning rate at peak efficiency? The total earnings paid to an employee after payroll taxes and other deductions. (C) federal unemployment tax. If actual demand turned out to be 288 , calculate the forecast for the next period. A. b.The Fair Labor Standard Act sets the minimum wage and the current minimum wage rate is $7.25 per hour. Which of these employee types is an allowable exception to the protection of the Age Discrimination in Employment? a. The source document for paying state unemployment tax is: Show your work. The reports are identical and provide necessary Earnings records are supporting documents for Have you computed their voluntary deductions? (A) monthly. payroll accounting A) Payroll Taxes Immunology Exam 4 Study Guide (Ch. Federal withholding tax, Social Security tax determining the per department cost of business operations What is the purpose of the Age Discrimination in Employment Act (ADEA)? Identify some of the groups of users. In the case of a federal tax levy, the employee will notify the employer of the amount to take out, The payment of the FUTA tax and the FICA taxes by the employer to the IRS is recorded in the. -employees earn wages disposable earnings. The employee's _____ ____ connects accounting and human resource records earnings record Earnings records are supporting documents for Multiple choice question. The reports are identical and provide necessary redundancy. A federal tax paid for hospital insurance. Did you transmit remittances for the mandatory and voluntary deductions? c. state taxes. C) a creditor garnishment \text { Estimated costs to complete as of } 12 / 31 & 1,200,000 & -0- \\ $845.00 - $364.42 = $480.58. Accounting Ch. 13 Test Flashcards | Quizlet four employees. (A) IRS Form W-4 Which of the following are true about the general ledger? salaries and wages expense. true or false: The larger the number of withholding allowances claimed, the larger the amount of income tax withheld. Have you computed their payroll taxes properly? Common-law relationship. A computer error could cause pay cards. When the fair value of the affiliate stock increases. (B) net earnings c.10 -account number and date, Where will entries for payroll show in the trial balance? payroll report interface. (C) salary expense. Executive orders. T F, 28. E. Wages Expense unnecessary under GAAP T F, 10. False. c.The amount and nature of exempt pay Multiple choice question. Multiple choice question. There are no price, spending, or efficiency variances. \text{Option \#2:}&&\text{\$\hspace{7pt}2,150,000 per year for five years}\\ Define the process of "posting." Recording the individual balances of each paycheck. The contribution margin from the additional sales of 100% juices would be$90,000. Accounts Payable account and more. Ch 6 Payroll PRACTICE Flashcards | Quizlet The issuance of checks to employees would reduce:(which account). Disposable earnings: Payroll Taxes Employer has the right to control both what work will be done and how it will be done. Medicare tax Define the process of "posting." (B) is the total earnings since the first of the year. Based on the data presented in the previous exercise, journalize Belarus Co.s entries for (c) the payment of the invoice within the discount period. 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. (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. -Year-to-date earnings -employees are paid 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? Douglas Toys is a manufacturer that applies the weighted-average process costing method to account for costs of production. treasurer, the account Union Dues Payable is debited. State unemployment tax Payment of voluntary withholdings, Payment of statutory withholdings T-accounts. A posting reference in the general ledger should

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