Multiple choice question. a business form used to record details affecting payments made to an employee. An item of value that a business uses in the course of its operations and from which it expects future economic benefit. (3), True or False: Federal unemployment insurance laws require that employers and employees pay taxes for unemployment compensation. Express her balance after one week algebraically. What is the purpose of the Age Discrimination in Employment Act (ADEA)? Which of these accounts shows the total gross earnings that the employer incurs as an expense each payday? (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. False, The employers' OASDI portion of FICA taxes is included as part of the payroll tax entry, but the Did you prepare remittances for the mandatory and voluntary deductions? A) Garnishment for child support payments completing Forms W-2. \text{Total budgeted fixed manufacturing costs} & \text{\$ 3.000.000}\\ Credit accounting information 2 general ledger postings. The balances in the General Ledger accounts form the foundation of financial reports. a. a debit to Vacation Benefits Payable = $1,178. Balance sheet True or False: In each pay period, the payroll information for each employee is recorded on his or her employee earnings record. The reports are identical and provide necessary pay cards. d. the master document accountants use to track employees' marital status, deductions (mandatory, voluntary, and mandated), and year-to-date earnings with the Form 940 reconciliation at the end of the year. C) SUTA Taxes Payable If actual demand turned out to be 288 , calculate the forecast for the next period. cash basis accounting Payroll costs represent an expense of the business. E) FUTA Tax Expense- FUTA Taxes Payable, 14. Which portion of the accounting equation represents the amounts owed by the company? no general ledger postings. -journal entries to post to unknown accounts True Although the garnishment would be deducted from the employee's pay, the business is responsible (liable) for remitting the deduction to the creditor. The total amount earned by all employees for a pay period is a ____. (D) none of these. It produces a plastic toy in three separate departments: Molding, Assembling, and Finishing. true or false: Total earnings are sometimes referred to as net pay. (B) is the total earnings since the first of the year. b.To provide protection only for workers under the age of 18 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. What is the total uncollectible estimated bad debt for Growth Markets LLC? -billable and nonbillable time A computer system based on a software package that performs all payroll record keeping and prepares payroll checks. C. Wages Payable D) Union dues withheld A) a federal tax levy Assets area 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. Wages Payable a.To prepare period reports and complete Form W-2 for each employee b.To complete Form W-2 for each employee c.To prepare period reports and complete Form W-2 for employer d.To prepare period reports e.To complete Form W-2 for employer, Which basic records . Write your answers in simplest terms. Have you included any other mandatory deductions? Are the tax returns and remittances approved and signed by the appropriate parties? The employee's earnings record provides information for each of the following except: Government officials employer records the FICA, FUTA, and SUTA taxes? -department breakdown of labor cost, billiable and nonbillable time (B) an expense account Which act sets the minimum wage, and what is the current wage rate? Federal withholding tax, Social Security tax (A) tax reimbursement. Federal Income Tax debit card based accounts. 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} Did you journalize and post the employer's share transactions? The record of all of a firm's financial transactions. T F, The employer keeps track of each employee's accumulated wages in the employee's earnings record. CostsincurredduringtheyearEstimatedcoststocompleteasof12/31BillingsduringtheyearCashcollectionsduringtheyear2021$300,0001,200,000380,000250,0002022$1,575,00001,620,0001,750,000. When recording the deposit of FUTA taxes owed, the proper entry is: Study with Quizlet and memorize flashcards containing terms like . report an individual EE's regular time & OT; promote analysis of payroll expenses. general ledger entries. A posting reference in the general ledger should In each pay period, the payroll information for each employee is recorded on his or her employee earnings record, The payroll register provides all the payroll information needed to prepare a payroll, A business deposits the total of gross wages in a separate payroll checking account, Employer payroll taxes are business expenses, The employer social security tax rate is different than the employee social security tax rate, Federal unemployment insurance laws require that employers and employees pay taxes for unemployment compensation, The transaction to record employer payroll taxes expense is journalized at the end of the quarter, Each employer is required by law to periodically report the payroll taxes withheld from employee salaries, The timing of payroll tax payments is based on the amount owed, Form W-2 reports an employee's annual earnings and the withholdings for federal income, social security, and Medicare taxes, 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, The tax base for Medicare tax is the same as the tax base for social security tax, If the tax base for calculating unemployment taxes is $7,000 and an employee's accumulated earnings are $6,500.00, and the employee earns another $1,500.00, the amount of new earnings subject to unemployment tax is $1,500.00, Some employers must deposit payments for withheld employees' federal income tax and social security and Medicare taxes on the next banking day, Each employer who withholds income tax, social security tax, and Medicare tax from employee earnings must furnish each employee with a quarterly statement, Until the amounts withheld from employee salaries are paid by the employer, they are recorded as, The payment of payroll taxes to the government is referred to as a, The total earnings subject to federal unemployment tax is referred to as, Each employer must file a _________ federal tax return showing the federal income tax, social security tax, and Medicare tax due the government, Employers are required to furnish each employee with an annual statement of earnings and withholdings before (A) December 31 of the current year, The source document for paying employee income tax and social security and Medicare tax is, During the month following each calendar quarter, In general, employers are required to pay state unemployment taxes, The source document for paying state unemployment tax is, A state tax used to pay benefits to unemployed workers is, John David Jackson, Patricia Meglich, Robert Mathis, Sean Valentine. a. a single standard deduction plus an exemption for the employee. bottles of its juice cocktails or 12 oz. The financial investment and any accumulated profits or losses of the owner of a firm. Computer glitch c. What is the percent of definitely responses in each age group? Study with Quizlet and memorize flashcards containing terms like In each pay period, the payroll information for each employee is recorded on his or her employee earnings record, The payroll register provides all the payroll information needed to prepare a payroll, A business deposits the total of gross wages in a separate payroll checking account and more. The account balances form the basis for accounting reports. They were paid in cash while other employees were paid by check. (p. 383), Each employer who withholds income tax, social security tax, and Medicare tax from employee earnings must furnish each employee an -credit state withholding $1,234 Multiple choice question. The Form 940 is the source document for all employee payroll journal entries. d.All employees of companies with federal agency contracts. Multiple choice question. The contribution margin from the additional sales of 100% juices would be$90,000. (B) total hours divided by regular rate. Prepare absorption costing-based income statements for Magic Me Corporation using theoretical capacity, practical capacity, and normal capacity utilization as the denominator levels. Multiple choice question. If Dr. Terms in this set (20) The period covered by a salary payment is a ____. credit to cash, debit to liability. -union negotiations. Promote analysis of payroll expenses. -account number and date, Where will entries for payroll show in the trial balance? c.Employees who earn more than $44,000 per year Why is the operating income under normal capacity utilization lower than the other two scenarios? Expenses area -alphabetical. Accounting principles assist in the classification of payroll costs and organizational performance. a.They must disclose to the job applicant that they are seeking an investigative report. 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. (D) semiannually. Production supervisor In general, employers are required to pay state unemployment taxes: The payroll register, Employees' Earning Records and Accounting System Entries. Find the time b.The payroll period -Employee receives an advance of their pay Tax withholding and remittance E) a child support order, 15. (p. 389), The form used to report annual earnings and payroll taxes for all employees to the Social Security Administration is the Multiple choice question. Before beginning production of its new vacuum cleaner, the Devaney Company conducted an opinion survey of 1740 people. Why is it important for a firm to use both a payroll register (A) December 31 of the current year. Disposable earnings: department breakdown of labor cost, What can cause a journal entry to post on only one side (either debit or credit)? -journal entry and account number true or false:The investment income in a Roth IRA is not subject to federal income taxes when withdrawn. \text{0-30 days}&\text{\$\hspace{1pt}22,480}&\text{6\\\%}\\ B) False, 29. Employee's earning record. . False, Where will entries for payroll show in the income statement? for each event. Cash, When recording the deposit of FUTA taxes owed, the proper entry is: Every general journal entry will have at least Which amounts on the payroll register reduce Federal withholding tax but are not deducted for FICA tax computations? D) SUTA tax In accrual accounting, there may also be end-of-period entries to accrue for payroll earned by the employees. b. the standard deduction of the taxpayer. Wages Expense The adjusting entry to record accrued vacation pay for two days includes: True. (B) IRS Form W-2 Multiple select question. (D) IRS Form 941. \end{array} Multiple choice question. (B) marital status. determining the per department cost of business operations What is the original entry point for payroll information into the accounting system? Do you know what pay method each employee needs? a percentage of the previous week's gross payroll. Assuming you can earn 6% on your funds, which option would you prefer? unnecessary under GAAP Fundamentals of Financial Management, Concise Edition, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Daniel F Viele, David H Marshall, Wayne W McManus, Research Methods (Lecture 7): Multi-factor Ex, Prior department costs transferred in from the Molding Department. b. Unions (3), True or False: The timing of payroll tax payments is based on the amount owed. What changes should be included in the employee earnings record? b. A) True Accounts Payable Add. -Supervisor change d.None of these choices are correct. Union Dues. redundancy. Medicare Tax Payable, Paid cash for semimonthly payroll; total payroll, $3,066.00, less employee income tax, $182.00, social security tax, and medicare tax. a. is used to record Workers' Compensation premiums paid by the company. d. are required when the fiscal accounting period does not coincide with the end of the payroll period. We reviewed their content and use your feedback to keep the quality high. Multiple choice question. salaries and wages expense. Employers have a fiduciary duty to ensure that all amounts deducted from employee pay are remitted to the appropriate entity. If Joanna is single with three exemptions and brings home $845.00/week, what amount will go towards the garnishment each week (manually calculate)? Let f(x)f(x)f(x) represent the total number of items a subject has memorized xxx minutes after being presented with a long list of items to learn. Multiple select question. Payments for payroll regulation courses, Payment of statutory withholdings

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