B) tax remittance information Federal withholding tax payable 220 $ 50,725. C. National Origin What si the primary purpose of the Employee Retirement Income Security Act (ERISA)? & \text{ } & \text{ }\\ I firmly believe that the well-organized material provided by the PRO account of AccountingCoach has motivated me to excel during the academic year through the MBA program's working assignments and to be much better prepared for my finals. With e-Services for Business, you can: Register, close, or re-open an employer payroll tax account. Federal withholding tax payable 220 $ ??? Health Insurance payable 224 8,375. a wrong answer. 21 Tap into a wealth of knowledge designed to simplify complex tasks and encourage strategic decisions across key functions. D) It should create a reversing entry in the General Journal. C) Social Security tax, $746; Medicare tax, $174. Payroll registers show employers just how much money they need to set aside for payroll expenses, such as the following: In the event of an audit, these records of payroll expenses can help make the process as pain-free as possible. Your sister currently uses 1,700 minutes and sends 1,600 texts each month. B) Both documents contain information about the employee's address and job title. C) $12,576. 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. 54. How do accrued, but not paid, wages appear on the balance sheet? Payroll Accounting (Practice Quiz) Print PDF For multiple-choice and true/false questions, simply press or click on what you think is the correct answer. It offers practical information concerning the subject matter and is provided with the understanding that ADP is not rendering legal or tax advice or other professional services. Information available through a secured web sit, kiosk, or interactive voice response system. February 7 Journalize the employer . What does the Civil Rights Act of 1954 cover? ERISA provides for full vesting of the employer's contribution to an employee's pension fund in 3 years or gradually over: these factors are bona fide occupational qualifications for the job. Get inspired to begin transforming HR at your company. ADP helps organizations of all types and sizes unlock their potential. Payroll Test #1 Flashcards | Quizlet This entry usually includes debits for the direct labor expense, salaries, and the company's portion of payroll taxes. A) Debit $1, What is the primary purpose of a labor report? Of the items in the following list, which one (s) should appear in a payroll register? BALANCE DATE DESCRIPTION POST REF. * False. 66. Direct materials usage. C) Cross-referencing Which of the following is true of employee's earnings record? Answer : Option E, Prior Years Earnings Explanat . 2. B) Employee earnings record Loantoanotherfirm. C) It should disburse the accrued pay to the employees. It Click here to learn more. 64. Complete the steps outlined below: 1. Using the accounting equation, determine the following amounts: a. Owners equity as of December 31, 2013. C) It is a report designed for external stakeholders. Employers can exempt the following employees from the Family and Medical Leave Act. & \text{ } & \text{ }\\ Medicare tax payable 222 ??? E. OASDI. This entry usually includes debits for the direct labor expense, salaries, and the company's portion of payroll taxes. Records and the General Journal. Get exclusive business insights delivered straight to your inbox. a. Walsh-Healey Public Contracts Act How do the Stanford-Binet and Wechsler tests differ? Workers' compensation insurance premiums are paid for by the employees, Workers' compensation insurance premiums vary according to the different degrees of danger in the employees' jobs. C) It is a worksheet that accountants use to ensure payroll accuracy. It helps employers reconcile their payroll transactions and prepare quarterly and year-end tax reports. 5. Gross wages of $500.00 + employer's portion of FICA $38.25 ($500.00 X employer rate of 7.65%) + unemployment tax of $24.00 + worker comp insurance of $5.00. Discover a wealth of knowledge to help you tackle payroll, HR and benefits, and compliance. C) It is non-traceable labor that a company must absorb as overhead. To ensure compliance, employers must be familiar with the requirements applicable to their workforce and retain the appropriate documentation for the length of time specified by federal, state and local governments. May 14 Wages and salaries payable 226 117,334. This information is also reflected in summary level entries in the businesss general ledger. Issuanceofbonds. What is the amount of the 401(k) contributions for the pay date? Issuanceofcommonstock. Raw materials purchases for cash. lf an investigative consumer report is used in an employment decision, does the employer need to tell the individual? Paymentofemployeesalaries.2. According to Adam Smith, why do the butcher, brewer, and baker provide food for us to buy? & \text{ } & \text{ }\\ Rushing River Boats has the following data in its Social Security tax payable General Ledger Compute and record the Kipley Company's SUTA and FUTA contributions. Recording Payroll and Payroll Liabilities - Accounting In Focus May criminal background checks be used by all employers for any person? To prohibit discrimination on the basis of age in the employment practices of employer. Single click the box with the question mark to produce a check, In the following payroll transaction, what is the amount of the net pay? Listed below are several transactions. Which of the following acts prohibits discriminating in hiring, firing, promoting, compensating, or in nay other condition of employment on the basis of race, color, religion, gender, or national origin? What information is commonly provided by a job-seeker on the application for employment form? : an American History (Eric Foner), Psychology (David G. Myers; C. 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BALANCE A) $1,582. C) As expenses 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? Employers use the employee's earnings record in preparing ___. the payroll register, employees' earning record, and accounting system entries the purpose of the net pay and check number columns in the payroll register is to Skip to document Ask an Expert Sign inRegister Sign inRegister Home Ask an ExpertNew My Library Discovery Institutions Silver Creek High School (Colorado) Southern New Hampshire University Jan 31 J4 420 1, Loantoanotherfirm.12. Fast, easy, accurate payroll and tax, so you can save time and money. This will increase What is the purpose of the Age Discrimination in Employment Act (ADEA)? A) Credit $8, 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. Which of the following is not a provision of FLSA? We now offer 10 Certificates of Achievement for Introductory Accounting and Bookkeeping. During the past week, the employee worked 50 hours. 221 27. What is the total amount of FICA that needs to be remitted by an employer in 2023 for an employee earning $50,000? Multiple Choice. Total Earnings 9. Many employers find a payroll register to be an indispensable part of their business because of its ability to help them keep both their payroll records and their budgets in order. Verify the date and enter General as the reference. The agreement also states that the two weeks of vacation shall be taken any time in 2023 and the amount paid will be 80 hours multiplied by the employee's rate of pay at December 31, 2022. \text{7. A) Employee pay accrual and employee pay disbursement There will also be credits to a number of accounts, each one detailing the liability for payroll taxes that have not been paid, as well as for the amount of cash already paid to employees for their net pay. & \text{ } & \text{ }\\ expense 522 $ 12,987. A payroll register is the record for a pay period that lists employee hours worked, gross pay, net pay, deductions, and payroll date. Vacaction Benefits Payable- liability. Another important step in maintaining a payroll register is to perform audits. must it do to recognize the liabilities and expenses? Chapter 6 Review Payroll Flashcards | Quizlet Complete the Regular Earnings columns (Rate per Hour and Amount) for hourly employees. Calculate regular and overtime pay. D) Credit $. Gross pay and net pay. The payroll register of any firm needs to have specific details on every employee. 401(k) contributions payable 223 454. D. 50 Click the card to flip Definition 1 / 52 True Click the card to flip Flashcards Learn Test Match Created by Ziera117 Plus Terms in this set (52) Copyright 2023 AccountingCoach, LLC. Dont take our word for it. BALANCE D) Debit $8. Sale of equipment for a note receivable.} in its Federal withholding tax payable account. Which of the following is true about the fundamental accounting equation?