Multiple select question. earnings C. Wages Payable Which of the following does not describe a purpose of the employee's earnings records? (C) federal unemployment tax owed. d. a credit to Vacation Benefits Payable = $1,178. \end{array} (6), True or False: The tax base for Medicare tax is the same as the tax base for social security tax. It uses absorption costing based on standard costs and reports the following data for 2017: Theoreticalcapacity300unitsPracticalcapacity279.070unitsNormalcapacityutilization232.558unitsSellingprice$50perunitBeginninginventory40.000unitsProduction240.000unitsSalesvolume260.000unitsVariablebudgetedmanufacturingcost$10perunitTotalbudgetedfixedmanufacturingcosts$3.000.000Totalbudgetedoperating(non-manuf.) You have won a state lottery. The project began in 2021 and was completed in 2022. Which of the following accounts is an expense account in which an employer records the FICA, FUTA, and SUTA taxes? Disposable earnings are the earnings remaining after withholding federal income taxes. How good is your target country in enforcing the rule of law of the country? A federal tax paid for old-age, survivors, and disability insurance. (D) state unemployment tax. The process of transferring amounts from the general journal to the general ledger is called posting. 13-1 Recording a Payroll Flashcards | Quizlet Employee taxes True -bring the accountant to the next entry in the general ledger. Cash B) $161.10 The issuance of checks to employees would reduce:(which account). General Leger account balances aggregate data to determine payroll costs C246, Salary expense 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. -employees earn wages Are the tax returns and remittances approved and signed by the appropriate parties? report an individual EE's regular time & OT; promote analysis of payroll expenses. \end{array} a. is used to record Workers' Compensation premiums paid by the company. False, Which of the following accounts will appear on the balance sheet? 13. (B) total hours divided by regular rate. Did you transmit the tax returns and remittances? medicare tax payable (1time) salaries and wages payable. (D) in all 50 states. Is it payday? 3. 401(k) contributions expense Multiple choice question. The reports are identical and provide necessary End-of-Period Adjustments: (D) IRS Form 941. Wages Expense -current entry amount and account Payment of voluntary withholdings, True or false: The general ledger is the point where information gets entered into the accounting system database. Actual operating costs equal budgeted operating costs. Study with Quizlet and memorize flashcards containing terms like What changes should be included in the employee earnings record?, Earnings records are supporting documents for, Which portion of the accounting equation represents the amounts owed by the company? only be in either debit or credit per account Past-DueCategoryAccountsReceivableTotalPercentageUncollectible0-30days$22,4806%31-90days36,54017%Over90days15,33025%\begin{array}{c} Multiple select question. a. Assuming you can earn 6% on your funds, which option would you prefer? A) True The Accumulated Earnings column of the employee earnings record (A) shows net pay for the year. True. The total pay due for a pay period before deductions is ____. FICA Taxes Payable-OASDI Which of the following acts prohibits discriminating in hiring, firing, promoting, compensating, or in any other condition of employment on the basis of race, color, religion, gender, or national origin? \hline\\ B. disposable earnings. Accounting principles assist in the classification of payroll costs and organizational performance. -include all descriptions in the general journal. b.To provide protection only for workers under the age of 18 -billable and nonbillable time True Tips received by employees are included as disposable earnings subject to garnishment for child support. Show your work. -journal entry and page number, letter and number \text{Production } & \text{240.000} & \text{units}\\ The adjusting entry to record the accrued vacation pay at the end of an accounting period includes credits to the tax withholding liability accounts. Payment of voluntary withholdings, The ___ ____ column in the General Ledger is a combination of letters and numbers, The use of reversing entries is: -when new entries reduce the account balance 401k contributions payable, SS tax payable. -Employee 401(k) contributions, Employee receives an advance of their pay, The Current Tax Payment Act requires employers to remit taxes at the end of each month? Prepare absorption costing-based income statements for Magic Me Corporation using theoretical capacity, practical capacity, and normal capacity utilization as the denominator levels. A. (B) federal income tax withheld. In many payroll systems: 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. (D) total earnings. Have you included any other mandatory deductions? (p. 396), Fundamentals of Financial Management, Concise Edition, Don Herrmann, J. David Spiceland, Wayne Thomas, Alvin A Arens, Mark A Beasley, Randal J Elder, Financial Reporting and Analysis: Using Financial Accounting Information. Allocate employee expenses to specific departments. Study with Quizlet and memorize flashcards containing terms like . true or false:The investment income in a Roth IRA is not subject to federal income taxes when withdrawn. Which of the following accounts would appear on the balance sheet? A. regular hours times regular rate. Each entry will be on one side per account. For each choice of denominator level, the budgeted production cost per unit is also the cost per unit of beginning inventory. The total earnings paid to an employee after payroll taxes and other deductions. Union dues withheld accrual accounting -after journal entries are recorded, The second set of debit and credit columns in a general ledger show: d. they are used to determine where cumulative wages are in relationship to wage bases (caps) for various taxes, such as OASDI, FUTA and SUTA. $845.00 - $476.93 = $368.07. Payroll Accounting 2018 CH 7 Flashcards | Quizlet Carmen Gaetano worked 46 hours during this pay week. (6), True or False: Each employer who withholds income tax, social security tax, and Medicare tax from employee earnings must furnish each employee with a quarterly statement. Multiple select question. Taxes Payable is credited for the total taxes owed (FICA, FUTA, and SUTA). (D) tax fulfillment. salaries and wages expense. Over the three years that you have owned the stock, the corporation's board of directors have taken the following actions: Congratulations! (B) quarterly None of the above. 2 Compute the amount of revenue and gross profit or loss to be recognized in 2021 and 2022 assuming this project does not qualify for revenue recognition over time. (D) an asset account. employee earnings record. . Balance sheet Trial Balance 8. A computerized cash payments system that transfers funds without the use of checks, currency, or other paper documents. A payroll register is a record of employee hours worked, gross pay, net pay, deductions, and payroll date for a pay period. -Transactions in general ledger accounts are the source for general journal entries. (B) marital status. T F, In the case of multiple wage attachments, a garnishment for a student loan has priority over any Every general journal entry will have at least Garnishments B) False, The employee's earnings record provides information for each of the 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. 401(k) contributions expense d.Only "A payroll register" and "The employee's earnings record" are correct. 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. dividends, equity, assets. How can the information shown in the employees' earnings record be used? four employees. Yields the data needed for financial reports expenses, assets, liabilities. What is the production-volume variance in 2017 when the denominator level is (a) theoretical capacity, (b) practical capacity, and (c) normal capacity utilization? -Balances in the general ledger payroll accounts are used in payroll reports. (a) What is yyy after 111 hour (t=1)(t=1)(t=1)? Do you have managerial approval for all employee pay for the period? b. variable, depending upon county that the levy originates. Company management, True or false: Payroll reports help managers to determine payroll staffing needs. Which of the following are true about the general ledger? c. It facilitates accuracy in employee personnel records. With the passage of the Pension Protection Act of 2006: False, A ____ ____ report proves the equality of debits and credits. Payroll Chapter 7 Flashcards | Quizlet property tax audit. Credit Protection Act. (D) revenue. SUTA taxes expense If Joanna is single with three exemptions and brings home $845.00/week, what amount will go towards the garnishment each week (manually calculate)? Employers are required to furnish each employee with an annual statement of earnings and withholdings before: Ch. 12 Flashcards | Quizlet It can use the machine to produce 12 oz. a.ERISA ensures that workers covered by private pension plans receive benefits from those plans in accordance with their credited years of service with their employers. A. Payroll Accounting Ch 1 Flashcards | Quizlet Identify some of the groups of users. (A) December 31 of the current year. \text{Theoretical capacity} & \text{300} & \text{units}\\ There are no price, spending, or efficiency variances. a percentage of the previous week's gross payroll. (C) Net Pay column. B) False, FICA Taxes PayableHI is a liability account in which is recorded the liability of the employer 20. 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. Information gathered from the payroll register about each employee's payroll information is transferred to the ____ ____ ____. Unclaimed employee wages are returned to the employer. None of the above, Which of the following accounts is an expense account in which an Past-DueCategory0-30days31-90daysOver90daysAccountsReceivableTotal$22,48036,54015,330PercentageUncollectible6%17%25%. salaries and wages payable. SUTA Taxes Payable double payroll account balances. If actual demand turned out to be 288 , calculate the forecast for the next period. expenditures or expenses Federal withholding tax, Social Security tax The employee earns more than the federal minimum wage. a. they are part of the payroll package required to be sent to the IRS on an annual basis. Why is the operating income under normal capacity utilization lower than the other two scenarios? department breakdown of labor cost, What can cause a journal entry to post on only one side (either debit or credit)? Each employee name is listed in a payroll register along with (A) employee number. \text{Total budgeted fixed manufacturing costs} & \text{\$ 3.000.000}\\ How would an increase in the value of the pound sterling affect American businesses? Which column exists in the employees' earnings records but not in the payroll register? A posting reference in the general ledger should You may assume that f(0)=0f(0)=0f(0)=0. 6. (C) deposit. Wages Expense Multiple select question. completing the journal entry to record the payroll. 2. Financial transactions can be displayed for explanation and evaluation through The reversal of General Journal entries is used to represent accrued employer payroll ____ and ____ at the end of the prior month. Option#1:Option#2:Option#3:$12,000,000afterfiveyears$2,150,000peryearforfiveyears$10,000,000afterthreeyears. Employer taxes. T F, For the purpose of a federal tax levy, the IRS defines take-home pay as the gross pay less taxes Highest 50 percent c. Highest 5 percent, d. Highest 80 percent e. Lowest 10 percent f. Middle 50 percent, g. Lowest 93 percent h. Middle 95 percent i. -by posting reference. A) FUTA Tax Expense- Cash computer backup. A) True Assets area Payroll Register, Employees' Earning Records, and Accounting System Entries, Payroll register and employees' earnings records are important payroll accountant tools -journal entry and account number A financial obligation of the firm arising from revenues received in advance of services or sales or expenses incurred but not paid. Payment of voluntary withholding, When payday is after the end of the month process of transferring amounts from the journal to the ledger is called posting; debit to an account in a journal transaction is a debit to that account in the ledger; ledger contains info about the individual accounts used in the journal transactions. Record used in preparing employee's W-2. What is always true about the general ledger? a.To prepare period reports and complete Form W-2 for each employee. Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Fundamentals of Financial Management, Concise Edition, Jeffrey Jaffe, Randolph W. Westerfield, Stephen A. Ross, Module 10: Influences on Real Estate Values. (A) IRS Form W-4 B) False, 3. engaged in a job in which tips of more than $30 a month are regularly recieved. Recording expenses only when paid is an example of: would be used for reporting, only be in either debit or credit per account Accounting 1 - Chapter 13 Flashcards | Quizlet The source document for paying state unemployment tax is: C) FICA tax--OASDI c. is used to record Workers' Compensation premiums paid by the employee. \text{Over 90 days}&\text{\hspace{5pt}15,330}&\text{25\\\%}\\ A state tax used to pay benefits to unemployed workers is: -payroll adjustments are entered, The first pair of debit and credit columns on the general ledger are for: Employee payments 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? (B) January 1 of the following year. In all computerized payroll systems, there is still the need to manually post from the printed payroll journal entry to the general ledger. 2 general ledger postings. a.25 B) False, 15. Magic Me is a manufacturer of magic kits. The information contained within each row of the payroll register is transferred to the employees' earnings records. \text{Option \#1:}&&\text{\$ 12,000,000 after five years}\\ (D) Total Deductions column. when payday is after the end of the month. -Employee contributes to United Way -union negotiations. Multiple choice question. T F, Federal tax levies are not subject to the limits imposed on garnishments under the Consumer D. payroll. Hintley Duck Blinds Ltd received a federal tax levy garnishment for their marketing manager, Joanna Mallard, in the amount of $8,523.25. a. a single standard deduction plus an exemption for the employee. Did you prepare tax deposits and have them checked for accuracy? d.Only a self employed individual. Study with Quizlet and memorize flashcards containing terms like All the payroll information needed to prepare payroll and tax reports is found on (A) Form W-4 and the employee earnings record (B) Form W-4 and the payroll register (C) the payroll register and the employee earnings record (D) Form W-4. a percentage of the previous week's gross payroll. Payroll costs represent an expense of the business. 1 general ledger posting. employers' HI portion of FICA taxes is not.. The chart below shows the hourly pay and hours worked for Trilton Company's (b) How long does it take for yyy to reach 505050? Social Security tax general ledger entries. social security tax payable B. Payments to sales taxing authorities Does your company have employees? The accounting process generates financial reports for both internal and external users. b. FICA Taxes Payable - OASDI $1,534.78 Using an automated entry, the payroll accountant would record transactions through Payroll Taxes (A) monthly b. used to prepare internal management analyses. (B) total hours divided by regular rate. \end{matrix} Work in process on September 1 had 100,000 units made up of the following: During September, 500,000 units were transferred in from the Molding Department at a cost of$640,000. Garnishment for child support payments (B) an expense account Business managers use accounting entries to inform their decisions (A) unemployment taxable earnings. \text{Variable budgeted manufacturing cost} & \text{\$ 10} & \text{per unit}\\ False. debit to expense, credit to cash. (See Immigration Law.). bottles of its juice cocktails or 12 oz. Employees' Earnings Records serve as an audit trail. C. The employee completed the current version of Form W-4. A) True When the fair value of the affiliate stock increases. a. T-tables. 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? A) True C. pay period. Multiple choice question. Multiple select question. and more. Multiple select question. A) True (2), True or False: The employer social security tax rate is different than the employee social security tax rate. for each event. -Transactions from the general journal are posted to individual accounts. treasurer, the account Union Dues Payable is debited. employee income tax payable (C) January 15 of the following year. Once the journal entry for the payroll is complete, the information is posted to the appropriate general ledger accounts. True False, The Form 940 is the source document for all employee payroll journal entries. bottles of juice cocktails? They must pay the employees with actual dollars. An employer will use the payroll register to keep track of an employee's accumulated wages. Social Security tax The payroll register connects directly to the employees' earnings records. b.Vesting conveys to employees the right to share in the retirement fund in the event they are terminated before the normal retirement age. Credit accounting information -Marital status B) False, 6. assets, liabilities, equity. 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 -account number and date, Where will entries for payroll show in the trial balance? True false question. Multiple choice question. $368.07. -Employer matches 401(k) contributions 7 and 8) 141 terms. Production supervisor 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. c. a credit to Vacation Benefits Expense = $1,178. Tipton and Seferi were charged with hiring and harboring undocumented aliens. a. wages for child support. General journal entries are the original ____ ____ for payroll events to be recorded in the accounting system. $845.00 - $364.42 = $480.58. (C) gross earnings. c.The Federal Unemployment Tax Act sets the minimum wage and the current minimum wage rate is $7.25 per hour. (p. 390), To record the payment of federal unemployment tax, the account debited is
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