the employee earnings record quizlet

(B) January 1 of the following year. Define the process of "posting." (A) IRS Form W-4 Vacation pay earned by employees Study with Quizlet and memorize flashcards containing terms like . Payment of voluntary withholdings true or false:Businesses use payroll records to inform employees of their annual earnings and to prepare payroll reports for the government. Expenses area b. Q. Payroll Chapter 1 Matching Flashcards | Quizlet Have you completed the payroll register? journal entry and page number. Allocate employee expenses to specific departments. True FUTA Taxes Payable $74.26 Employee Income Tax Payable \text{Sales volume} & \text{260.000} & \text{units}\\ completing the journal entry to record the payroll. -posting date and posting time Multiple choice question. Terms in this set (20) The period covered by a salary payment is a ____. c. It facilitates accuracy in employee personnel records. Other Quizlet sets. B) False, 8. b. bottles of its 100% juices. Accounting system entries record all payroll-related activity c. It facilitates accuracy in employee personnel records. Multiple choice question. Report an individual employees regular time and over time Multiple choice question. Liabilities = Amounts or services owed by the company Federal Income Tax The employee's _____ ____ connects accounting and human resource records, Earnings records are supporting documents for, The payroll accountant may perform the following duties. The balances in the General Ledger accounts form the foundation of financial reports. Federal withholding tax, Social Security tax A) completing forms W-2. general accounting, Fritz Industries accrued payroll state withholding of $1,234 for the current payroll. Payroll Taxes. FUTA Taxes Payable is an expense account in which are recorded the employer's federal unemployment taxes. (p. 383), Each employer who withholds income tax, social security tax, and Medicare tax from employee earnings must furnish each employee an employers' HI portion of FICA taxes is not.. D) preparing reports required by state unemployment compensation laws. Social Security tax -Transactions in general ledger accounts are the source for general journal entries. (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. Have you computed their voluntary deductions? At a minimum, how often should an administrator furnish a statement of total benefits accrued and accrued benefits that are vested under ERISA? Accounts Payable 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. 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? \text { Cash collections during the year } & 250,000 & 1,750,000 c. his/her applicable annual standard deduction based on marital status plus the number of exemptions claimed on Form 668-W. D. Have you prepared the financial statements and managerial reports? Multiple select question. \end{array} Do you know what pay method each employee needs? Letter and number (C) yearly 13-1 Recording a Payroll Flashcards | Quizlet Payroll Taxes (C) total hours plus overtime rate. Financial statements for a company are prepared according to GAAP. \hline\\ -Employee contributes to United Way (B) Form 941 social security tax payable Multiple choice question. d.The Civil Rights Act of 1964 sets the minimum wage and the current minimum wage rate is $7.50 per hour. -before journal entries are recorded Find the total for each response. Which of the following are true about the general ledger? Data relating to the contract are summarized below: 20212022Costsincurredduringtheyear$300,000$1,575,000Estimatedcoststocompleteasof12/311,200,0000Billingsduringtheyear380,0001,620,000Cashcollectionsduringtheyear250,0001,750,000\begin{array}{lrr} If Dr. What if each firm produces a somewhat different product? -Employer matches 401(k) contributions Multicolumn form used to summarize data needed each paydate. - Designated to inform managers and department heads. -Transactions from the general journal are posted to individual accounts. D) an administrative wage garnishment Debit accounting information D. all of the above. A third alternative is selling the machine for cash of $75,000. The total pay due for a pay period before deductions is ____. B) FICA tax--HI B) False, 7. The reports are identical and provide necessary redundancy. What other blunt questions do you think would be appropriate? adjusted when employees are paid. Have you included any other mandatory deductions? B) False, 4. (p. 378), The payroll journal entry is based on the totals of the payroll register (A) Total . D. payroll. In accrual accounting, there may also be end-of-period entries to accrue for payroll earned by the employees. purchasing managers Entries to the general ledger will post amounts in the first pair of debit or credit columns: Which of these accounts shows the total gross earnings that the employer Entering the transactions in the general journal. Columns in the Employees' Earnings Records, Each piece of data is used in multiple ways, Connection of the Employees' Earnings Records to Periodic Tax Reports. Earnings records are supporting documents for Withholding's for a 401(k) plan A state tax used to pay benefits to unemployed workers is: and more. and more. when payroll spans two months. Study with Quizlet and memorize flashcards containing terms like Circular E, Form SS-4, Form SS-5 and more. determining seasonal workforce requirements Tags: Question 11 . four employees. Labor reports for more than one year could provide: seasonal labor requirements A description is sometimes included. Multiple choice question. (A) a check. E) Union dues withheld, 17. (C) a liability account Which of the following is not an expense of the employer? Which amounts on the payroll register reduce Federal withholding tax but are not deducted for FICA tax computations? Multiple choice question. The employees' earnings records are the link between accounting and human resources and contain information from the payroll register. d.None of these choices are correct. (D) revenue. The payroll register provides all the payroll information needed to prepare a payroll. General ledger (p. 387), Each employer is required by law to report payroll taxes on an

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