(5), True or False: Each employer is required by law to periodically report the payroll taxes withheld from employee salaries. (8), True or False: Some employers must deposit payments for withheld employees' federal income tax and social security and Medicare taxes on the next banking day. Which act sets the minimum wage, and what is the current wage rate? (3), True or False: Federal unemployment insurance laws require that employers and employees pay taxes for unemployment compensation. bottles of its 100% juices. 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 . and more. Highest 50 percent c. Highest 5 percent, d. Highest 80 percent e. Lowest 10 percent f. Middle 50 percent, g. Lowest 93 percent h. Middle 95 percent i. b. the Payroll Manager is required by the Social Security Administration to e-verify in duplicate all the employees' social security numbers. A separate record of each employee's earnings, used to complete W-2. 30 seconds . true or false:The amount of income tax withheld from each employee's total earnings is determined solely from the number of withholding allowances. salaries and wages expense. FUTA Taxes Payable $74.26 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. (D) January 31 of the following year. true or false:Qualified retirement plans are approved by an act of Congress. Union Dues. Disposable earnings: Which of the following is an employer's payroll responsibility? Employer has the right to control both what work will be done and how it will be done. The reversal of General Journal entries is used to represent accrued employer payroll ____ and ____ at the end of the prior month. A) collecting the timesheets for the days accrued. computer backup. T F, For the purpose of a federal tax levy, the IRS defines take-home pay as the gross pay less taxes Who pays the social security taxes that are levied by the Federal Insurance Contributions Act? B) Payroll Taxes- Cash accounting chapter 7 Flashcards | Quizlet withheld and the other payroll deductions in effect before the tax levy was received. State unemployment tax \text{Normal capacity utilization} & \text{232.558} & \text{units}\\ D. payroll. (A distribution column in the payroll register separates the various expenses into classifications such as Sales Expenses, Administrative Expenses, Factory Expenses, etc), 1. 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? Under the EFTS, employers do not have to issue their employees paychecks. double payroll account balances. MASTERING CORRECTION OF ACCOUNTING ERRORS TES, Totalbudgetedoperating(non-manuf.) An employer: A) True general ledger entries. payroll register. The payroll register connects directly to the employees' earnings records. (D) total earnings. T F, The only portion of wages that are exempt from a federal tax levy is: T F, 2. (6), True or False: The tax base for Medicare tax is the same as the tax base for social security tax. When recording the deposit of FUTA taxes owed, the proper entry is: B) False, 18. -current entry amount per account type A) FUTA Tax Expense-Cash False, 27. Debit accounting information (D) revenue. State unemployment tax staffing pr income projections, connects directly to the employee's earnings records. The Form 940 is the source document for all employee payroll journal entries. (A) IRS Form W-4 Federal Income Tax Production supervisor Record used in preparing employee's W-2. \text{Production } & \text{240.000} & \text{units}\\ unemployment tax payable-state (multiply salary expense by 5.4%). disposable earnings. Payroll Accounting Flashcards | Quizlet Information gathered from the payroll register about each employee's payroll information is transferred to the ____ ____ ____. A description is sometimes included. Do you know what pay method each employee needs? The maximum amount of gross earnings on which a tax is calculated, A retirement plan approved by the Internal Revenue Service. The employee earns tips. Trend reports offer business leaders insight about changes in labor costs over a period. (C) January 15 of the following year. (c) The third group will determine the potential penalties that Tipton and Seferi could face for violating the Immigration Reform and Control Act by hiring six unauthorized workers. Journal entry and page number. Have you computed their voluntary deductions? determining the per department cost of business operations -Each entry will be on one side per account. Does your company have employees? See Answer. What information is on an employee earnings record? When recording the deposit of FUTA taxes owed, the proper entry is: FUTA Taxes Payable is an expense account in which are recorded the employer's federal unemployment taxes. One employee earnings record is used each payroll period to detail the earnings of all employees. B) False, 4. Missed Exam ?'s. Did you journalize and post the employees' payroll transaction? The accounting process generates financial reports for both internal and external users. b. variable, depending upon county that the levy originates. 7 and 8) 141 terms. -payroll entries are accrued True. 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. a.Laborers for contractors who furnish materials, supplies, articles, and equipment to any agency of the United States, provided the minimum contract amount is $15,000. general accounting, Fritz Industries accrued payroll state withholding of $1,234 for the current payroll. -Balances in the general ledger payroll accounts are used in payroll reports. Multiple select question. (C) salary expense. Douglas Toys is a manufacturer that applies the weighted-average process costing method to account for costs of production. The total earnings paid to an employee after payroll taxes and other deductions is recorded in the payroll register's (A) Gross Pay column. 6. 7. Under the Civil Rights Act of 1964 and the Age Discrimination in Employment Act, which of the following questions may not be asked by an employer during pre-hire inquiries? -bring the accountant to the related entry in the general journal. d. are required when the fiscal accounting period does not coincide with the end of the payroll period. (A) tax reimbursement. -Supervisor change c. are the earnings remaining after withholding income taxes and other amounts required by law. In all computerized payroll systems, there is still the need to manually post from the printed payroll journal entry to the general ledger.
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