A qualified retirement plan sponsored by an employer. Employee Income Tax Payable FICA Taxes Payable - HI $358.94 A) FUTA Tax Expense-Cash The time of peak efficiency is the time when the learning rate is maximized. 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. c.All of the funds are used to provide the benefits of unemployment compensation to qualified unemployed workers. \text{Variable budgeted manufacturing cost} & \text{\$ 10} & \text{per unit}\\ - Designated to inform managers and department heads. \text{Sales volume} & \text{260.000} & \text{units}\\ FICA Taxes Payable-OASDI. preparing the payroll register. C246, Salary expense B) Payroll Taxes (D) employee earnings account. True Payments to sales taxing authorities b. What obligations are imposed upon the employer by the Fair Credit Reporting Act of 1968? Assuming you can earn 6% on your funds, which option would you prefer? completing the journal entry to record the payroll. \end{array} costs (all fixed)} & \text{\$ 500.000}\\ debit to cash, credit to liability. determined by: Define the process of "posting." Which portion of the accounting equation represents the amounts owed by the company? MASTERING CORRECTION OF ACCOUNTING ERRORS TES, Totalbudgetedoperating(non-manuf.) Did you transmit remittances for the mandatory and voluntary deductions? (D) semiannually. Explain your reasoning. General journal entries are the original ____ ____ for payroll events to be recorded in the accounting system. -employees earn wages If there are employees who have taken payroll advances, which are amounts to be repaid by the employee, these will show in the current assets section. D. (D) state unemployment tax owed. (A) assets. (D) is the gross earnings for one quarter. true or false: The larger the number of withholding allowances claimed, the larger the amount of income tax withheld. -current entry amount per account type b. 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? A separate record of each employee's earnings, used to complete W-2. Study with Quizlet and memorize flashcards containing terms like . FUTA Taxes Payable employer records the FICA, FUTA, and SUTA taxes? one-sided journal entries. C) FICA tax--OASDI Tipton and Seferi were charged with hiring and harboring undocumented aliens. b. is used to record the company's' liability to injured workers. -Employer matches 401(k) contributions Every general journal entry will have at least How can the information shown in the employees' earnings record be used? E) FUTA Tax Expense- FUTA Taxes Payable, 14. D) FUTA Taxes Payable- Cash Since you plan to conduct business in the target country, you should be concerned about transparency of political institutions and judiciary. A) FUTA tax following except: Payroll register. Did you journalize and post the employer's share transactions? A) True 12-3 Preparing Payroll Records Flashcards | Quizlet (See Immigration Law.). (C) yearly (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. In each pay period, the payroll information for each employee is recorded on his or her employee earnings record. true or false: A business is required by law to withhold certain payroll taxes from employee salaries. Balances in the general ledger payroll accounts are used in payroll reports B) False, 11. The total amount earned by all employees for a pay period is a ____. Multiple select question. -current entry amount and account -journal entry and page number, letter and number Multiple select question. True or False: In each pay period, the payroll information for each employee is recorded on his or her employee earnings record. a. the expense has already been recorded. Which law governs the fiduciary responsibility that employers have with regards to employees' payroll deductions? Automated entries, Identify the users of financial statements. Social Security Tax Payable Fair Labor Standards Act. -Recording the individual balances of each paycheck. Who is covered by the Walsh-Healey Public Contracts Act? Payments for payroll regulation courses, Payment of statutory withholdings (p. 387), Each employer is required by law to report payroll taxes on an state income tax expense c. a credit to Vacation Benefits Expense = $1,178. What is the primary purpose of the Employee Retirement Income Security Act (ERISA)? b.Executive employees who are 65 years or older and have held high policymaking positions during the two-year period prior to retirement. Payroll Chapter 1 Matching Flashcards | Quizlet Multiple select question. B) False, 15. 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. The payment of an employee's net pay using electronic funds transfer, A method of paying an employee based on the amount of sales the employee generates. \text{Option \#3:}&&\text{\$ 10,000,000 after three years}\\ Which of the following items would require an adjusting entry at the end of each accounting period? Denominator-level choices, changes in inventory levels, effect on operating income. Under the FLSA, what information concerning employees' wages must be maintained by the employer? -Employee supervisor Would you expect the kinked demand curve to be more extreme (like a right angle) or less extreme (like a normal demand curve) if each firm in the cartel produces a near-identical product like OPEC and petroleum? A) True b. variable, depending upon county that the levy originates. Multiple choice question. c.Laborers for contractors who furnish materials, supplies, articles, and equipment to any agency of the United States, provided the minimum contract amount is $2,000. -current balance in the payroll account redundancy. a.Employees over the age of 40 who have held high policymaking positions during the two-year period prior to retirement b.To provide protection only for workers under the age of 18 -current amount of reduction to the payroll account c. It facilitates accuracy in employee personnel records. \end{array} bottles of its juice cocktails or 12 oz. The maximum amount of gross earnings on which a tax is calculated, A retirement plan approved by the Internal Revenue Service. reversed in the next month. a. they are part of the payroll package required to be sent to the IRS on an annual basis. a business form used to record details affecting payments made to an employee. c.Employees who earn more than $44,000 per year In all computerized payroll systems, there is still the need to manually post from the printed payroll journal entry to the general ledger. -company breakdown of supply usage A computer system based on a software package that performs all payroll record keeping and prepares payroll checks. Credit Protection Act. a.To prepare period reports and complete Form W-2 for each employee. Data relating to the contract are summarized below: 20212022Costsincurredduringtheyear$300,000$1,575,000Estimatedcoststocompleteasof12/311,200,0000Billingsduringtheyear380,0001,620,000Cashcollectionsduringtheyear250,0001,750,000\begin{array}{lrr} B. Multiple select question. Payment of voluntary withholdings, True or false: The general ledger is the point where information gets entered into the accounting system database. b.11 (C) Net Pay column. A payroll method in which the employee does not handle the paycheck; payment is made by the employer directly to the employee's bank using EFT. d.None of these choices are correct. Production line worker. Multiple choice question. \hline \text { Costs incurred during the year } & \$ 300,000 & \$ 1,575,000 \\ FUTA Taxes Payable $74.26 Salaries Payable c. Vacation Benefits Expense is debited, and Vacation Benefits Payable is credited. (p. 378), The payroll journal entry is based on the totals of the payroll register (A) Total . The employee earns tips. What changes should be included in the employee earnings record? The letters denote which journal the entry correlates. (9). \text { Cash collections during the year } & 250,000 & 1,750,000 It can use the machine to produce 12 oz. -letter and number Antidiscrimination orders for employees with contracts involving federal funds. Earnings records are supporting documents for: Asset = Amounts belonging to the company Employers are required to furnish each employee with an annual statement of earnings and withholdings before: Allocate employee expenses to specific departments, Tax withholding and remittance c. It facilitates accuracy in employee personnel records. E) 26.85. true or false:The investment income in a Roth IRA is not subject to federal income taxes when withdrawn. Multiple choice question. -Year-to-date earnings Company management, True or false: Payroll reports help managers to determine payroll staffing needs. determining market price for company products Employer taxes, Shared taxes Which of the following does not describe a purpose of the employee's earnings records? Entering the transactions in the general ledger. 3. (B) IRS Form 941 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. d. a credit to Vacation Benefits Payable = $1,178. Payments to sales taxing authorities B) False, 9. and more. a.The total additions to or deductions from wages employee review. payment to employee based on a stated percentage of revenue. In many payroll systems: With the passage of the Pension Protection Act of 2006: B) False, 4. Multiple choice question. C) Vacation pay earned by employees c. to aid in completion of year-end informational returns, such as W-2s. d.Only "A payroll register" and "The employee's earnings record" are correct. \end{matrix} FUTA taxes payable Employee Earnings Record. \textbf{Past-Due Category}&\textbf{Accounts Receivable Total}&\textbf{Percentage Uncollectible}\\[5pt] Reconcile the difference in operating income based on theoretical capacity and practical capacity with the difference in fixed manufacturing overhead included in inventory. If Dr. Prepare a partial balance sheet to show how the information related to this contract would be presented at the end of 2021 assuming Nortel recognizes revenue over time according to percentage of completion. -before journal entries are recorded The employee's _____ ____ connects accounting and human resource records, Earnings records are supporting documents for, The payroll accountant may perform the following duties.
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