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FUTA funds are used to pay the state and federal administrative expenses and SUTA funds are used to pay the unemployment compensation benefits to the qualified unemployed workers. To prohibit discrimination on the basis of age in the employment practices of employer. A) It should create a reminder about the accrual to ensure accuracy of computations on the next Payment of an account payable.} D) The same as the chart of accounts For the entry on January 31, what does the J4 signify? 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. the payroll? Complete the steps outlined below: 1. answer And double click the box with the question mark to empty the box for a wrong answer. Pre-hire questions pertaining to religion, gender, national origin, or age are allowed if: Which of the following forms is used to notify the Payroll Department to add a new employee to the payroll? \text{1. 33. The Fair Labor Standards Act is commonly known as the Federal Wage and Hour Law. \text{Transaction} & \text{Type of Activity} & \text{Cash Inflow or Outflow}\\ \hline C) It is non-traceable labor that a company must absorb as overhead. What is the current minimum wage under FLSA? In January 2023 an employer remits the state unemployment tax that pertains to its employees' wages for the final three months of 2022. Purchase of rent in advance.} Sale of equipment for a note receivable.} Federal Insurance Contribution Act (FICA), Form 941, Employer's Quarterly Federal Tax Return, Form W-3, Transmittal of Wage and Tax Statements, Applicable pay rates (regular or overtime), Review outgoing costs, either per employee or for the entire organization, Track employee deductions and tax withholding amounts, Reconcile payroll expenses to the general ledger, Record and track employee leave time, such as sick, vacation and paid time off (PTO), Validate direct deposit transactions and employer contributions to deferred compensation plans, such as a, Federal income taxes withheld from employee wages, State and local income taxes withheld from employee wages (if applicable), Federal unemployment taxes payable by the employer, State unemployment taxes payable by the employer, State unemployment taxes withheld from employee wages (if applicable), Benefits and other voluntary deductions from employee wages, Employer contributions to benefits and retirement savings plans. Federal withholding tax payable 220 $ 2,207. Simplify and unify your HCM compliance processes. Purchase of treasury stock.} The volume of manual paycheck entries can be reduced by continual attention to the underlying causes of transaction errors, so there are fewer payroll errors to be rectified with a manual paycheck. HOURS WORKED Jeremy Ortiz is an employee of Insulor Flooring, where his job responsibilities include selling service contracts to customers. so that the new employee can be properly added to the payroll, Employment application forms are usually discarded when the applicant is hired. B) It facilitates accuracy in employee payroll tax computations. D) Company website How can the information shown in the employees' earnings record be used? The first answer is provided as an example. Allocation (closing) of overapplied or underapplied overhead to Cost of Goods Sold. These entries are then incorporated into an entity's financial statements through the general ledger. All of these journal entries are noted below. D) $1,875. the box with the question mark to produce a check mark for a correct answer and double click D) information about the firm's liabilities A) Employee pay accrual and employee pay disbursement ls Form l-9 completed only by employees born in outside of the USA? In a sample of nine homes, what is the probability that: a. To prepare period reports and complete Form W-2 for each employee, Fundamentals of Financial Management, Concise Edition, Operations Management: Sustainability and Supply Chain Management, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman. Saleofequipmentforanotereceivable. For multiple-choice and true/false questions, simply press or click on what you think is the correct answer. Workers' Commpensation Insurance Expense-Operating expense Payroll journals are records of all payroll transactions. As of the June 11 pay date, the General Ledger account for Burling Mills has a balance of $14, 20XX: Gross pay $ 27,894. \ D) It is a report that becomes published with other financial reports. The primary journal entry for payroll is the summary-level entry that is compiled from the payroll register, and which is recorded in either the payroll journal or the general ledger. 20. What must the employer do with unclaimed checks. B) the total gross pay, deductions, and net pay during the period 63. B) It allows managers to predict future labor costs. We provide payroll, global HCM and outsourcing services in more than 140 countries. \end{matrix} Didier and Sons had the following employer's share payroll tax general journal entry for the May Feb 15 J Under the Family and Medical Leave Act, employers can exempt an employee who has not worked for the employer for at least one year and has worked for the company for at least 1,250 hours in the last year. The primary payroll journal entry is for the initial recordation of a payroll. On October 15, Eco Brewers had a balance of $4,390 in its Social Security tax payable account. FICA Taxes payable-HI-liability For advanced capabilities, workforce management adds optimized scheduling, labor forecasting/budgeting, attendance policy, leave case management and more. 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? D) The balance sheet 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? For what reason are "distribution" columns sometimes provided in the payroll register? C) Labor reports Federal withholding tax payable 220 $ ??? Purchaseofrentinadvance.4. Total Earnings 9. Health Insurance $ 950. What is the purpose of the Age Discrimination in Employment Act (ADEA)? Security taxes? Issuance of bonds.} ), What is the total amount of FICA that needs, Earn our Payroll Accounting Certificate of Achievement. Fair Labor Standards Act (Federal Wage & Hour Law). D. 50 Sale of equipment for cash.} At ADP, security is integral to our products, our business processes and our infrastructure. You need to purchase a plan for your teenage sister. Paymentofanaccountpayable.15. Employee SIT Payable-liability ADP and the ADP logo are registered trademarks of ADP, Inc. All other marks are the property of their respective owners. Here is the payroll journal entry to record the payment of the paycheck: Payroll Journal Entry Example 1 Notice the Wage Expense is debited for the gross pay. the health Insurance is qualified under Section 125? The payroll register lists all the employees who earned remuneration, the amount of remuneration, the deductions, and the net amount paid. Regardless of the format, payroll registers tend to follow the same basic structure. Time worked - regular & overtime 7. account: Social Security tax payable ACCOUNT NO. Under FMLA, may employers exempt the highest paid 10 percent of the workforce? Purchaseoftreasurystock. Can employees view documents in their files that are marked confidential? In a recent study, 90 percent of the homes in the United States were found to have largescreen TVs. C) the name of the firm and the payroll accountant Which of the following bases for discrimination in employment is not covered under the Civil Rights Act of 1964? B) General Journal Next, click on the Insert Debit/Credit button, enter the first account number ( 12) or click on the pop-up Chart of Accounts icon to display a list for selection. A) It may be expressed as assets + liabilities = owners' equity. 21 Which of the following is true of employee's earnings record? 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 exclusive business insights delivered straight to your inbox. a. Walsh-Healey Public Contracts Act C. FLSA B) A debit balance will increase the expenses of the firm's income statement. This information is also reflected in summary level entries in the businesss general ledger. The Fair Labor Standard Act sets the minimum wage and the current minimum wage rate is $7.25 per hour. That's why we've partnered with some of the top athletes in the world. The payroll register is a separate payroll record that is kept on each employee. It exists in many forms, from manual booklets and ad-hoc registers created in Excel to reports produced by dedicated payroll software. It's useful for record-keeping in a business and has legal implications if not kept correctly.. A summary of all payroll activity is an excellent way to look at the payroll register report. A cell phone company offers two different plans. C) It designates where labor is used in a firm. Gross pay and net pay. Payroll Register This is the first task to completing Olney Company's payroll register. Record the regular hours and the overtime hours worked for each employee, using the time clerk's report as your reference. A payroll register lists all basic information related to employee take-home pay. May 14 Wages and salaries payable 226 117,334. 2. D) It may contain whatever accounts the accountant wishes to include. Record the health insurance deduction. Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Elliot Aronson, Robin M. Akert, Samuel R. Sommers, Timothy D. Wilson, Fundamentals of Financial Management, Concise Edition. True False. A) As assets D) Debit Cash, $250,000; Credit R. Sanders Capital, $250,00 0 Copyright 2023 AccountingCoach, LLC. 28. The payroll register contains ________. Purchase of inventory.} Executive employees who are 65 years or older and have high policymaking positions during the two-year period prior to retirement. It records payroll record on each employee separately. 64. A) Social Security tax, $204; Medicare tax, $792. True Which of the following is true of employee's earnings record? 55. Payment of employee salaries.} Payroll liabilities In most business organizations, accounting for payroll is particularly important because (1) payrolls often are the largest expense that a company incurs, (2) both federal and state governments require maintaining detailed payroll records, and (3) companies must file regular payroll reports with state and federal governments Saleofequipmentforcash. 54. a wrong answer. Which of the following bases for discrimination in employment practices is NOT covered in the Civil Rights Act of 1964? Transaction1. Medicare tax payable 222 ??? In what order are accounts presented on the trial balance? With e-Services for Business, you can: Register, close, or re-open an employer payroll tax account. C. ERISA establishes minimum vesting schedules that protect the workers' benefits. A) Employee pay accrual and employee pay disbursement Explore our full range of payroll and HR services, products, integrations and apps for businesses of all sizes and industries. 11. B) Total overtime earnings Continuing Payroll Problem-B OLNEY COMPANY, INC. Sets minimum wage. \text{2. Ring up sales and take payments in style with the sleek touchscreen Register device Make it mobile Every Register comes with a PAX A920 terminal to use as a mobile credit card reader Add on wireless POS hardware Complete your hardware suite with Bluetooth barcode scanners, receipt printers and cash drawers Hardware that won't hold you back A payroll register is tool that records wage payment information about each employee - gross pay, deductions, tax withholding, net pay and other payroll-related information - for each pay period and pay date. Under the U.S. payroll tax a employee has to pay the tax on hi . Focus on what matters most by outsourcing payroll and HR tasks, or join our PEO. 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. Why does company profitability decrease in direct proportion to the payroll expenses? C) Employee signature Under the Affordable care Act, does the insurance provided by the employer only need to meet an affordability test? D) Credit $. 2. & \text{ } & \text{ }\\ Which of the following is not a provision of FLSA? B) Because payroll represents an asset and an income of the business. 1. Which of the following is true about the fundamental accounting equation? Loan to another firm.}