Age E. 65, Which of the following is not a provision of the Fair Labor Standards Act? a wrong answer. C. FLSA How is information that is usually on a paper stub given to an employee if the employer is using electronic paystubs. Explain the major provisions of the Fair Labor Standards Act. 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? Purchase of treasury stock.} Payroll journal entries are used to record the compensation paid to employees. These details include the employee id number, the department they belong, their job profile, etc. Are employers required to keep a photocopy of the l-9 form? Information available through a secured web sit, kiosk, or interactive voice response system. Use the following information for Questions 19 - 20: & \text{ } & \text{ }\\ D) Personnel file An employee is hired at a pay rate of $10 per hour. SUTA Taxes Payable-liability A payroll register lists all basic information related to employee take-home pay. 10. It is quite common to create a manual check, either because an employee was short-paid in the preceding payroll, or because the company is laying off or firing an employee, and so is obligated to pay that person before the next regularly scheduled payroll. Which basic records are generated in most payroll accounting systems? : an American History (Eric Foner), Psychology (David G. Myers; C. 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B) A debit balance will increase the expenses of the firm's income statement. ls the FUTA tax used to pay unemployment benefits? Executive employees who are 65 years or older and have high policymaking positions during the two-year period prior to retirement. True Which of the following is true of employee's earnings record? Purchase of inventory.} D) It must wait until the next financial period to record the payroll data. Security taxes? A) It may be expressed as assets + liabilities = owners' equity. 29. C) proof of payroll deposits True, Employee earnings records form the link between accounting and the human resources 15. File, adjust, and print returns and reports. The Age Discrimination in Employment Act provides protection to virtually all workers over the age of: Form I-9, which is completed by each employee, deals with: Which of the following acts deals with the minimum wage paid to laborers for contractors on federal government construction contracts? Compute and record the Kipley Company's SUTA and FUTA contributions. We have credited a liability account for each of the tax amounts. Any boxes left with a question mark will be 20. C) It is a worksheet that accountants use to ensure payroll accuracy. the health Insurance is qualified under Section 125? The employee's earnings records is used in preparing the employees' W-2 forms. In cases where both Federal and State regulations cover the minimum wage for the same employee, the high of the two rates is always used as the standard minimum wage. B) Because payroll represents an asset and an income of the business. account: Social Security tax payable ACCOUNT NO. You need to have a record of how many hours your employees have worked, their gross salary, tax withholdings, and all other deductions. Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Elliot Aronson, Robin M. Akert, Samuel R. Sommers, Timothy D. Wilson, Fundamentals of Financial Management, Concise Edition. C) As expenses D. ERISA provides that all employees are eligible to set up their own individual retirement accounts. These computations are shown in the Employee Payroll Register. Generally, a payroll register lists the following information about each employee: Gross pay Net pay Payroll taxes Employee deductions (e.g., health insurance) Compute and record the employee's SUTA contributions. \text{6. B) It allows managers to predict future labor costs. *Graph the equation using the slope and $y$-intercept, as in the Previous Examples. These entries are then incorporated into an entity's financial statements through the general ledger. total C) It should disburse the accrued pay to the employees. 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. What si the primary purpose of the Employee Retirement Income Security Act (ERISA)? Does the ADEA quit protecting employees after the age of 70? How does the FIFO method different from the weighted-average method? B) Social Security tax, $792; Medicare tax, $204. Union Dues Payable-liability 19. & \text{ } & \text{ }\\ 39. 401(k) contributions payable 223 ??? Jan 31 J4 420 1, Less than five have large-screen TVs? The employees gross wages for the past week are. incorrect.) tax Remittance on February 15? The payroll register for Nazir Corporation contained the following totals at the end of July: wages, $139,125; federal income taxes withheld, $35,582; state income taxes withheld, $5,863;. Payroll registers generally are more detailed than payroll journals and include specific information about each employee. Health Insurance payable 224 13,618. Any boxes Left with a question mark will be automatically graded as incorrect.) Whenever employers withhold taxes and deductions from wages, pay employees or deposit tax payments with government agencies, that information should be simultaneously documented in the payroll register. Were reimagining what it means to work, and doing so in profound ways. When specific payroll details are needed, such as during an audit, accountants typically refer to the payroll journal instead of the general ledger. D) It is a report designed to be read by parties external to the firm. Columns included in the payroll register to compute net pay may include which of the following? A) Form W-4 B) Form W-2 C) Payroll register D) Employee earnings record 28. B) Employee earnings record 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. E. OASDI. & \text{ } & \text{ }\\ What is true about the trial balance? What is The balance in the account? Deductions. 28. Payroll data for the current week are as follows: hours worked, 46; federal income taxwithheld, $110; cumulative earnings for the year prior to this week, $24,500; Social security tax rate, 6% on maximum of $100,000; and Medicare tax rate, 1.5% on all earnings; state unemployment compensation tax, 3.4% on the first $7,000; federal unemployment The following data is for the January 19 pay date for Waryzbok Inc.: Jan 19 Wages and salaries. Any boxes left with a C) Employee pay disbursement and voluntary deduction remittance C) Both documents contain information from multiple pay periods. & \text{ } & \text{ }\\ 220 D) Form 941 What is the amount of the 401(k) contributions for the pay date? Requirements: 1. Paymentofemployeesalaries.OCO2. The primary journal entry for payroll is the summary-level entry that is compiled from the payroll register, and which is recorded in either the payroll journal or the general ledger. Use the information in the previous exercise to prepare journal entries for the following events in May. on taxes like FICA, FUTA, and SUTA? A payroll register does not include: Multiple Choice Pay period dates. Most firms are now using a standard reference inquiry form, supplied by the IRS, If an investigative consumer report is being checked, the job applicant must be notified in writing by the employer that such a report is being sought, There are no states that allow employees to access their personnel files, The payroll register is a separate payroll record that is kept on each employee, A payroll register lists all employees who have earned remuneration, the amount of remuneration, the deductions, and the net amount paid for each pay period, The amounts needed for the payroll entries in the journal come from the employee's earnings record, The trend toward outsourcing of payroll operations has weakened in recent years. E. All are provisions of FLSA. Payroll Test #1 Flashcards | Quizlet Subjects Expert solutions Log in Sign up Payroll Test #1 Term 1 / 66 Does every state have state unemployment laws? What is a use of a firm's labor trend reports? Because of the amount of sensitive information included in the payroll register, access tends to be limited only to those authorized within a company, such as the payroll manager. Direct labor usage. accurate disbursal of payroll. Entitled to retirement program even if you're no longer working there. Chapter 7 quiz - the payroll register, employees' earning record, and accounting system entries. Record the regular hours and the overtime hours worked for each employee, using the time clerk's report as your reference. 14. A. Regardless of the format, payroll registers tend to follow the same basic structure. This information is also reflected in summary level entries in the businesss general ledger. Purchaseofrentinadvance. expenses are, the higher the profitability will be. Federal Insurance Contribution Act (FICA), Form 941, Employer's Quarterly Federal Tax Return, Form W-3, Transmittal of Wage and Tax Statements, Applicable pay rates (regular or overtime), Review outgoing costs, either per employee or for the entire organization, Track employee deductions and tax withholding amounts, Reconcile payroll expenses to the general ledger, Record and track employee leave time, such as sick, vacation and paid time off (PTO), Validate direct deposit transactions and employer contributions to deferred compensation plans, such as a, Federal income taxes withheld from employee wages, State and local income taxes withheld from employee wages (if applicable), Federal unemployment taxes payable by the employer, State unemployment taxes payable by the employer, State unemployment taxes withheld from employee wages (if applicable), Benefits and other voluntary deductions from employee wages, Employer contributions to benefits and retirement savings plans. the total incomes of the firm and decrease the net income of the firm. True (California, New Jersey, New York & Rhode Island). D) Payroll register The primary journal entry for payroll is the summary-level entry that is compiled from the payroll register, and which is recorded in either the payroll journal or the general ledger. * Vacaction Benefits Payable- liability. May criminal background checks be used by all employers for any person? Most office supply stores also carry books that are formatted specifically to record payroll information. Small, midsized or large, your business has unique needs, from technology to support and everything in between. View notices and letters. posted an additional $4,390 on its October 31 pay date. A) Debit $1, PAYROLL REGISTER FOR PERIOD ENDING January 8, 20 - - REGULAR EARNINGS OVERTIME EARNINGS DEDUCTIONS NET PAY TAXABLE EARNINGS TOTAL FICA GROUP HEALTH CHECK EMPLOYEE AMOUNT AMOUNT EARNINGS OASDI HI FIT SIT SUTA CIT SIMPLE INSURANCEINSURANCE NO. Saleofequipmentforanotereceivable. 40. Cash 101 117,334. B) It is employee labor that does not pertain to labor on customer jobs. Dont just take our word for it. on the first day of the next financial period? Purchaseofrentinadvance.4. A) Employee earnings record Neither The Balance Sheet Nor The Income Statement. Wages and salaries payable 226 202,671. The information in the payroll register forms the basis for entries in the Employee Earnings Records and the General Journal. B. ERISA requires each employer to establish a pension plan. Paymentofalong-termnotepayable.13. Safe-guards your retirement plans *not required to have a pension plan. 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. 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