Loantoanotherfirm. D) Payroll register 220 Color You can enter a formula into a cell manually (typing it in) or by pointing to the cells. Paymentofanaccountpayable. How do the Stanford-Binet and Wechsler tests differ? What is the term for transferring data from the General Journal to the General Ledger? SUTA tax payable 9,481. Payroll registers generally are more detailed than payroll journals and include specific information about each employee. Under the Affordable care Act, does the insurance provided by the employer only need to meet an affordability test? Most office supply stores also carry books that are formatted specifically to record payroll information. The Age Discrimination in Employment Act provides protection to virtually all workers over the age of: Form I-9, which is completed by each employee, deals with: Which of the following acts deals with the minimum wage paid to laborers for contractors on federal government construction contracts? 7. A) It allows managers to determine the effect of employee labor on departmental profits. Purchaseoftreasurystock.14. If you are recording it directly into the general ledger or the payroll journal, then use the same line items already noted for the primary payroll journal entry. FUTA tax payable 1,322. At December 31, 2022 the employee's pay rate was $15. Purchaseofrentinadvance.4. B. & \text{ } & \text{ }\\ Type an equals sign (=) to signal the fact that the cell contains a formula. B. ERISA requires each employer to establish a pension plan. Which items would be debited in the General Journal entry to record the employees' share of Name of each employee 5. expense 522 $ 182,930. A) Credit $8, Explain the major provisions of the Fair Labor Standards Act. Paymentofemployeesalaries.2. 10. Sets minimum wage. 3. In cases where both Federal and State regulations cover the minimum wage for the same employee, the high of the two rates is always used as the standard minimum wage. C) The balance sheet A) Ledgering 3. C) Credit $1, account: Social Security tax payable ACCOUNT NO. C) It is a worksheet that accountants use to ensure payroll accuracy. DEBIT CREDIT DEBIT CREDIT B) Employee address See Answer. In a recent study, 90 percent of the homes in the United States were found to have largescreen TVs. a. Walsh-Healey Public Contracts Act C. ERISA establishes minimum vesting schedules that protect the workers' benefits. 9. E. OASDI. Vesting conveys to employees the right to share in the retirement fund in the event they are terminated before the normal retirement age. Sometimes you will see all the taxes lumped together into one account called Payroll Taxes Payable. A) It may be expressed as assets + liabilities = owners' equity. Are FICA taxes levied upon employers only? The current minimum wage set by the Fair Labor Standards Act is $7.25 per hour, The FLSA imposes no record keeping requirements on employers, The employer is required by the FLSA to display a poster that informs employees of the provisions of the law, All states have set their minimum wage to be the same as the Federal government, Under the Federal Insurance Contributions Act, the Medicare portion of the tax is only paid by the employer, The FLSA provides health insurance for the aged and disabled(medicare), The tax paid to the federal government for unemployment taxes is used for paying state and federal administrative expenses of the unemployment program, The Self-Employment Contributions Act imposes a tax on the net earnings from self-employment derived by an individual from any trade or business, Each state imposes an income tax on employees that is 2 percent of gross wages, Only six states do not impose a state unemployment tax on employers in their state, One of the provisions of coverage of the Civil Rights Act is that the employer must have 15 or more workers, Title VII of the Civil rights Act protects all employees from arbitrary dismissal, By the use of executive orders, the federal government has banned discrimination in employment on government contracts, Employers not subject to Title VII coverage may come within the scope of the Civil Rights Act by reason of a contract or subcontract involving federal funds, Under the Civil Rights Act of 1964, the U.S. government is classified as an exempt employer, An exemption to the protection that the Age Discrimination in Employment Act provides for all workers over 40 involves executives who are 65 or older and who have held high policy making positions during the 2 year period prior to retirement, Under the Federal Personal Responsibility and Work Opportunity Reconciliation Act, every employer is required to report the name, address, and social security number of each new employee to the appropriate state agency, Form I-9 must be completed by each new hire, Employers are now required to photocopy new employees' form I- 9 documents, In order for the Walsh-Healey Public Contracts Act to protect laborers for contractors who furnish materials to any agency of the U.S., the contract amount must be at least $10,000, Under FMLA, the time off must be used in one uninterrupted period of time. ls the FUTA tax used to pay unemployment benefits? D) information about the firm's liabilities What must the employer do with unclaimed checks. 60. C) $12,576. 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. \text{15. B) The income statement Who pays the social security taxes that are levied by the Federal Insurance Contributions Act? Purchaseofinventory. C) A debit balance will decrease the expenses of the firm's income statement. 27. The key types of payroll journal entries are noted below. In Philadelphia, Pennsylvania, most workers are subject to three income taxes upon their earnings - federal state and city. Dont just take our word for it. FUTA was designed to ensure that workers who are covered by pension plans receive benefits from those plans, Under ERISA, vesting conveys to employees the right to share in a retirement fund in the event they are terminated before the normal retirement age, Under ERISA, if there is a pension plan, every employee is eligible after reaching age 21 or completing one year of service, whichever is later, ERISA provides for full vesting of the employer's contributions in 3 years or gradually over 6, The total cost of workers' compensation insurance is borne by the employees, Worker's compensation insurance premiums for employers vary according to the different degrees of danger in various classes of jobs and the employers' accident experience rate, Workers' compensation benefits are paid directly to the employer, Only one state has passed a law to provide disability benefits to employees absent from their jobs due to illness, accident, or disease not arising out of their employment, The requisition for personnel form is sent to the Payroll Dept. NAME MARITAL STAT. Under FMLA, may an employer substitute an employee's earned paid leave for part of the 12-week family leave? Report changes to your business. Prior year's earnings < Prev 18 of 40 . Collectionofnotesreceivable.8. Access the definitive source for exclusive data-driven insights on todays working world. $3,825 of employee withholding ($50,000 X 0.0765), Exempt Salaried Employees Paid Semi-monthly. B) $2,572. Step 2: Working Hours. statement? Deductions from total earnings 10. 59. Payment of income taxes.} If you have difficulty answering the following questions, learn more about this topic by reading our Payroll Accounting (Explanation). Zipperle Company has the following payroll information for the pay period ending September 18, Allocation (closing) of overapplied or underapplied overhead to Cost of Goods Sold. What si the primary purpose of the Employee Retirement Income Security Act (ERISA)? Which employee payroll classification will likely require an accrual adjusting entry for the gross salaries or wages at the end of a calendar month? Which basic records are generated in most payroll accounting systems? Learn how we can make your work easier. Safe-guards your retirement plans *not required to have a pension plan. Copyright 2023 AccountingCoach, LLC. D) Debit Health Insurance Payable $27,237; Credit Cash $27,237. A) It is the fourth entry in the General Journal on that date. D) The same as the chart of accounts May 14 Wages and salaries payable 226 117,334. posted an additional $4,390 on its October 31 pay date. According to Adam Smith, why do the butcher, brewer, and baker provide food for us to buy? b. D. ERISA provides that all employees are eligible to set up their own individual retirement accounts. Since Eco Brewers is a monthly schedule Forbids discrimination in hiring. 8. What entry should appear in the General Ledger to reflect the The portion of the Federal Insurance Contributions Act that deals with Social Security is called. This entry usually includes debits for the direct labor expense, salaries, and the company's portion of payroll taxes. business. Simplify and unify your HCM compliance processes. Under the FLSA, what information concerning employees' wages earned must be maintained by the employer? B) Both documents contain information about the employee's address and job title. Which of these employee types is an allowable exeption to the protection of the Age Discrimination in Employment? Megan Newell is the owner and operator of Ultima LLC, a motivational consulting business. the health Insurance is qualified under Section 125? FICA Taxes payable-HI-liability Single click the box with the question mark to produce a Payroll Accounting (Practice Quiz) Print PDF For multiple-choice and true/false questions, simply press or click on what you think is the correct answer. B) $15,298. the box With the question mark to empty the box for a wrong answer. B) A debit balance will increase the expenses of the firm's income statement. Is it neccessary for an employer who is subject to FICA and FUTA taxes to keep a separate expense account for the taxes under each act? E. Sex, Which of the following statements is NOT a provisions of ERISA? 15. Todays digital landscape means limitless possibilities, and also complex security risks and threats. Sale of equipment for a note receivable.} 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. Information available through a secured web sit, kiosk, or interactive voice response system. At a minimum, how often should an administrator furnish a statement of total benefits accrued and accrued benefits that are vested under ERISA? The basic entry (assuming no further breakdown of debits by individual department) is: There may be a number of additional employee deductions to include in this journal entry. Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer. Collection of an account receivable.} Payroll data for the current week are as follows: hours worked, 46; federal income taxwithheld, $110; cumulative earnings for the year prior to this week, $24,500; Social security tax rate, 6% on maximum of $100,000; and Medicare tax rate, 1.5% on all earnings; state unemployment compensation tax, 3.4% on the first $7,000; federal unemployment : an American History (Eric Foner), Psychology (David G. Myers; C. 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