Chapter 13 Accounting Flashcards | Quizlet -Disciplinary actions -Balances in the general ledger payroll accounts are used in payroll reports. An item of value that a business uses in the course of its operations and from which it expects future economic benefit. \text{Selling price} & \text{\$ 50} & \text{per unit}\\ -when payday is before the end of the month. Where will entries for payroll show up in the income statement? 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. (C) shows net pay for one quarter. False, 27. d. a credit to Vacation Benefits Payable = $1,178. computer backup. accrual accounting d.The Civil Rights Act of 1964 sets the minimum wage and the current minimum wage rate is $7.50 per hour. 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. A) Payroll Taxes 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. What account would be classified as a liability account? -Employer matches 401(k) contributions -cumulative total on the account dividends, expenses, assets. C. pay period. c. it is not necessary to even enter the data since the time-keeping device synchs with the payroll register, employee earnings record, paychecks, etc. The project began in 2021 and was completed in 2022. taxing authorities, Informed business leaders can use payroll data for all except: a. is used to record Workers' Compensation premiums paid by the company. \end{array} With the passage of the Pension Protection Act of 2006: A) a federal tax levy -chronological. Based on 1740 responses, what is the percent of each response? It adds complexity to the personnel recordkeeping. Antidiscrimination orders for employees with contracts involving federal funds. b.The Fair Labor Standard Act sets the minimum wage and the current minimum wage rate is $7.25 per hour. Do you know much each employee should be paid? payment to employee based on a stated percentage of revenue. general ledger entries. An employer will use the payroll register to keep track of an employee's accumulated wages. bring the accountant to the related entry in the general journal. A computerized cash payments system that transfers funds without the use of checks, currency, or other paper documents. a. costs(allfixed)$500.000\begin{matrix} 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. Multiple select question. E) FUTA Tax Expense- FUTA Taxes Payable, 19. True You have won a state lottery. Wages and taxes expenses FIT Payable Have you included any other mandatory deductions? true or false: The larger the number of withholding allowances claimed, the larger the amount of income tax withheld. FICA Taxes Payable-OASDI B) Withholdings for a 401(k) plan B) using the same amounts as the prior month's adjustment. Unions Study Payroll Accounting Final Vocabulary Flashcards | Quizlet Multiple select question. b. are only necessary when employees are paid in cash at the end of the year. (D) W-4. (D) none of these. employer records the FICA, FUTA, and SUTA taxes? c. are the earnings remaining after withholding income taxes and other amounts required by law. and more. T F, Federal tax levies are not subject to the limits imposed on garnishments under the Consumer report an individual EE's regular time & OT; promote analysis of payroll expenses. Do you have managerial approval for all employee pay for the period? -Transactions from the general journal are posted to individual accounts. d.None of these choices are correct. d. are the earnings paid for optional employee benefits. a.The Self-Employment Contributions Act sets the minimum wage and the current minimum wage rate is $9.19 per hour. c.Both of these choices are correct. Did you have the returns checked for accuracy? Debit accounting information The total earnings subject to federal unemployment tax is referred to as: remove the accrual from the account balances. Which of the following accounts would appear on the balance sheet? c. must pay federal tax levies before any other deduction. Tags: Question 11 . when payday is after the end of the month. costs(allfixed)300279.070232.558$5040.000240.000260.000$10$3.000.000$500.000unitsunitsunitsperunitunitsunitsunitsperunit. D) SUTA tax B) False, The employee's earnings record provides information for each of the What account would be classified as a liability account? E) None of the above, 16. (7), True or False: 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. a. voluntary contributions to IRAs are no longer allowed in an employee retirement plan. Type of entry Expenses area, Which of the following transactions would cause an asset to appear on the balance sheet related to payroll? c. a credit to Vacation Benefits Expense = $1,178. The cash based businesses will show an increase in payroll expenses when: Multiple choice question. Cash, When recording the deposit of FUTA taxes owed, the proper entry is: c.Both employee & employer general accounting, Fritz Industries accrued payroll state withholding of $1,234 for the current payroll. a. the expense has already been recorded. Amounts listed on Employees' Earnings Records are used to facilitate computations and to verify accuracy of Form 941, 940, 944, and W-2/W-3. The average daily pay for Tortuga Travel's employees = $589. A debit to the employees' FIT payable account removes the liability for the amount of federal income taxes withheld from employees' wages. The purpose of a labor report is to do what? The degree of completion of work-in-process inventory at September 30 was as follows: Required How does a payroll accountant use the information in the General Ledger? Payroll Taxes D) Salaries Payable In the garnishment process, federal tax levies take secondary priority to wages withheld for child support orders. A payroll accrual would be A) True Expenses area 401k contributions payable, SS tax payable. Show your work. would be used for reporting, only be in either debit or credit per account A reversing entry would a. -Employee supervisor b.The Federal Personal Responsibility and Work Opportunity Reconciliation Act of 1996 In general, employers are required to pay state unemployment taxes: Which of following steps should be taken by the Human Resources Department when hiring new employees? CostsincurredduringtheyearEstimatedcoststocompleteasof12/31BillingsduringtheyearCashcollectionsduringtheyear2021$300,0001,200,000380,000250,0002022$1,575,00001,620,0001,750,000. Employers have a fiduciary duty to ensure that all amounts deducted from employee pay are remitted to the appropriate entity. \text{Practical capacity} & \text{279.070} & \text{units}\\ B) False, 9. A) FUTA Tax Expense-Cash B) False, 5. When the I-999 forms for the restaurant's employees were reviewed, none were found for the six aliens. b. The payroll register is used by employers in completing Forms W-2. (C) withholding allowances. -billable and nonbillable time Payroll Accounting Final Exam Study Guide Part 1 - Quizlet True. Lowest 7 percent. Payment of statutory withholding The employees' earnings records are the link between accounting and human resources and contain information from the payroll register. B) Payroll Taxes- Cash \text { Cash collections during the year } & 250,000 & 1,750,000 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. Entering the transactions in the general ledger. \hline\\ Prepare absorption costing-based income statements for Magic Me Corporation using theoretical capacity, practical capacity, and normal capacity utilization as the denominator levels. A computer error could cause Payroll Taxes. B) False, 15. (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. Past-DueCategory0-30days31-90daysOver90daysAccountsReceivableTotal$22,48036,54015,330PercentageUncollectible6%17%25%. A) True all income & expense accounts are included in the report; only accounts w/ balances @ the end of the period are included. Who is covered by the Walsh-Healey Public Contracts Act? Taxes Payable is credited for the total taxes owed (FICA, FUTA, and SUTA). Promote analysis of payroll expenses. (D) revenue. a.SUTA funds are used to pay the state and federal administrative expenses and FUTA funds are used to pay the unemployment compensation benefits to the qualified unemployed workers.

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