T F, For child support garnishments, tips are considered part of an employee's disposable earnings. (D) state unemployment tax owed. You may assume that f(0)=0f(0)=0f(0)=0. Which of the following is true about the employer responsibility for payroll taxes? The amount of employee pay left after federally mandated deductions are made, including federal and state income tax, social security . EEs' earnings records contain YTD gross pay which reflects when EEs reach tax bases; EEs' earnings records contain details of payroll tax reporting & may be considered as source documents. In each pay period, the payroll information for each employee is recorded on his or her employee earnings record. An employer will use the payroll register to keep track of an employee's accumulated wages. -Transactions in general ledger accounts are the source for general journal entries. Multiple choice question. Which of these employee types is an allowable exception to the protection of the Age Discrimination in Employment? It adds complexity to the personnel recordkeeping. (A) December 31 of the current year. 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. B) False, 29. Apart from the recording of payroll and payment to employees, what other payroll related journal entries would be recorded? Contributions payable B) FICA tax--HI The reports are identical and provide necessary redundancy. Employee regular earnings are calculated as ____. Federal Income Taxes Payable C) Payroll Taxes- FUTA Taxes Payable The garnishment that takes priority over all others is: A) FUTA Tax Expense- Cash FUTA taxes payable Did you prepare tax deposits and have them checked for accuracy? The account "Workers' Compensation Insurance Expense": a. a single standard deduction plus an exemption for the employee. True a business form used to record details affecting payments made to an employee. Disposable earnings are the earnings remaining after withholding federal income taxes. A) True The withholding allowances of an employee affect (A) social security tax withheld. c. When the affiliate company reports net income. Other Quizlet sets. credit to cash, debit to liability. determined by: T F, For the purpose of a federal tax levy, the IRS defines take-home pay as the gross pay less taxes Expenses area Which law governs the fiduciary responsibility that employers have with regards to employees' payroll deductions? Vacation expense should be recorded as a debit when the employee earns it. D. FUTA Taxes Payable (D) W-4. Which of the following does not describe a purpose of the employee's earnings records? The general journal entries will be in what order Why is it important for a firm to use both a payroll register B) Payroll Taxes- Cash -Each entry will balance within the posting account. False. a.To prohibit discrimination on the basis of age in the employment practices of employer. The payroll register provides all the payroll information needed to prepare a payroll. a.Employees over the age of 40 who have held high policymaking positions during the two-year period prior to retirement (B) transfer payment. Multiple choice question. (4), True or False: Form W-2 reports an employee's annual earnings and the withholdings for federal income, social security, and Medicare taxes. Did you transmit the tax returns and remittances? Union Dues. Have you computed the employer's share of the payroll taxes? Show your work. Accounts Payable (C) employee accounts payable record. d. What age group is most likely to purchase the product? -Recording the individual balances of each paycheck. Deductions from gross pay in the payroll register are reflected on the credit side of the journal entry to record the payroll. A qualified retirement plan sponsored by an employer. A federal tax paid for hospital insurance. c. affect the cash account. b. the standard deduction of the taxpayer. The chart below shows the hourly pay and hours worked for Trilton Company's (B) federal income tax withheld. Earnings records are supporting documents for Type of entry Multiple choice question. FUTA Taxes Payable $74.26 Ways the general ledger is different from the general journal include: for the HI tax on the employer as well as for the HI tax withheld from employees' wages. d. It allows payroll employees to create ghost employees . Multiple select question. -Year-to-date earnings following except: Experts are tested by Chegg as specialists in their subject area. a.The total additions to or deductions from wages debit card based accounts. the master document accountants use to track employees' marital status, deductions (mandatory, voluntary, and mandated), and year-to-date earnings Multiple choice question. b.Executive employees who are 65 years or older and have held high policymaking positions during the two-year period prior to retirement D. payroll. would be reduced by every transaction What are the common components of the posting reference? A computer system based on a software package that performs all payroll record keeping and prepares payroll checks. C. Payroll Taxes Multiple select question. Tipton and Seferi were charged with hiring and harboring undocumented aliens. FICA Taxes Payable-OASDI. preparing reports required by state unemployment compensation laws. A third alternative is selling the machine for cash of $75,000. payroll register. process of transferring amounts from the journal to the ledger is called posting; debit to an account in a journal transaction is a debit to that account in the ledger; ledger contains info about the individual accounts used in the journal transactions. Employee Earnings Record. 3 general ledger postings. Study with Quizlet and memorize flashcards containing terms like How can the information shown in the employees' earnings record be used? Wages Expense D. all of the above. 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. 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. The source document for paying state unemployment tax is: A financial obligation of the firm arising from revenues received in advance of services or sales or expenses incurred but not paid. What other blunt questions do you think would be appropriate? Social Security tax (B) marital status. -Pay rate, In financial accounting, the fundamental accounting equation is. (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. Wages expense, On which accounting reports would payroll-related assets appear? Do you know much each employee should be paid? Who is covered by the Walsh-Healey Public Contracts Act? Using an automated entry, the payroll accountant would record transactions through The record of all of a firm's financial transactions. At September 30, 200,000 units were still in work-in-process inventory. Medicare tax B) False, FICA Taxes PayableHI is a liability account in which is recorded the liability of the employer Under the Family and Medical Leave Act, what is the maximum number of weeks of unpaid leave that a covered employer is required to offer an employee whose spouse is seriously ill? (A) a revenue 1. Multiple choice question. d. a credit to Vacation Benefits Payable = $1,178. D) Salaries Payable Multiple select question. D. (C) total hours plus overtime rate. Union Dues. (C) gross earnings. a. must use the exact amounts withheld in order to balance the appropriate accounts (FICA, FUTA, SUTA, etc.) completing the journal entry to record the payroll. bank reconciliation. None of the above. 7. -property tax audit. Employer taxes, Shared taxes -Transactions from the general journal are posted to individual accounts. How is your target country ranked by Transparency International, Drugs in the bloodstream The concentration yyy of a certain drug in the bloodstream ttt hours after an oral dosage (with 0t150 \leq t \leq 150t15 ) is given by the equation, y=100(1e0.462t)y=100\left(1-e^{-0.462 t}\right) Are all outgoing remittances double-checked and approved? The accounting process generates financial reports for both internal and external users. The letters denote which journal the entry correlates. Information gathered from the payroll register about each employee's payroll information is transferred to the ____ ____ ____. social security tax payable Which of the following accounts would appear on the balance sheet? a. the expense has already been recorded. Unions true or false:Businesses use payroll records to inform employees of their annual earnings and to prepare payroll reports for the government.