Assume that when you were in high school you saved $1,000\$ 1,000$1,000 to invest for your college education. (C) yearly c. Vacation Benefits Expense is debited, and Vacation Benefits Payable is credited. A) True Paid cash for liability for employee income tax, $693.00; social security tax, $770.04; Medicare tax, $180.09; total, $1643.13. employee earnings record. When recording the deposit of FUTA taxes owed, the proper entry is: Cash, When recording the deposit of FUTA taxes owed, the proper entry is: \text{Total budgeted fixed manufacturing costs} & \text{\$ 3.000.000}\\ The amount of employee pay left after federally mandated deductions are made, including federal and state income tax, social security . 3. When the company pays for the state taxes withheld from the employee the entry would be The process of transferring amounts from the general journal to the general ledger is called posting. -bank reconciliation. -cumulative total on the account CostsincurredduringtheyearEstimatedcoststocompleteasof12/31BillingsduringtheyearCashcollectionsduringtheyear2021$300,0001,200,000380,000250,0002022$1,575,00001,620,0001,750,000. In the case of a federal tax levy, the employee will notify the employer of the amount to take out, The payment of the FUTA tax and the FICA taxes by the employer to the IRS is recorded in the. should be retained and destroyed at the same interval as other accounting records, A chronological record of a firms financial transactions, A record of a firm's financial transactions, grouped by account In each pay period, the payroll information for each employee is recorded on his or her employee earnings record, The payroll register provides all the payroll information needed to prepare a payroll, A business deposits the total of gross wages in a separate payroll checking account, Employer payroll taxes are business expenses, The employer social security tax rate is different than the employee social security tax rate, Federal unemployment insurance laws require that employers and employees pay taxes for unemployment compensation, The transaction to record employer payroll taxes expense is journalized at the end of the quarter, Each employer is required by law to periodically report the payroll taxes withheld from employee salaries, The timing of payroll tax payments is based on the amount owed, Form W-2 reports an employee's annual earnings and the withholdings for federal income, social security, and Medicare taxes, 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, The tax base for Medicare tax is the same as the tax base for social security tax, 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, Some employers must deposit payments for withheld employees' federal income tax and social security and Medicare taxes on the next banking day, Each employer who withholds income tax, social security tax, and Medicare tax from employee earnings must furnish each employee with a quarterly statement, Until the amounts withheld from employee salaries are paid by the employer, they are recorded as, The payment of payroll taxes to the government is referred to as a, The total earnings subject to federal unemployment tax is referred to as, Each employer must file a _________ federal tax return showing the federal income tax, social security tax, and Medicare tax due the government, Employers are required to furnish each employee with an annual statement of earnings and withholdings before (A) December 31 of the current year, The source document for paying employee income tax and social security and Medicare tax is, During the month following each calendar quarter, In general, employers are required to pay state unemployment taxes, The source document for paying state unemployment tax is, A state tax used to pay benefits to unemployed workers is, John David Jackson, Patricia Meglich, Robert Mathis, Sean Valentine. Since you plan to conduct business in the target country, you should be concerned about transparency of political institutions and judiciary. \text{Option \#2:}&&\text{\$\hspace{7pt}2,150,000 per year for five years}\\ d. It allows payroll employees to create ghost employees . The employee earns tips. Explain your reasoning. \text{Variable budgeted manufacturing cost} & \text{\$ 10} & \text{per unit}\\ Liabilities. Tipton and Seferi were charged with hiring and harboring undocumented aliens. FICA Taxes Payable-OASDI Did you deposit the payroll taxes? You have won a state lottery. Antidiscrimination orders for employees with contracts involving federal funds. y=100(1e0.462t). Which of these accounts shows the total gross earnings that the employer incurs as an expense each payday? Information gathered from the payroll register about each employee's payroll information is transferred to the ____ ____ ____. Company management, True or false: Payroll reports help managers to determine payroll staffing needs. financial reports. \textbf{Past-Due Category}&\textbf{Accounts Receivable Total}&\textbf{Percentage Uncollectible}\\[5pt] earnings Accounting II: Chapter 13 Flashcards | Quizlet (D) revenue. one-sided journal entries. 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. The payroll register connects directly to the employees' earnings records. -lifetime balance in the payroll account, What are the common components of the posting reference double payroll account balances. -billable and nonbillable time How good is your target country in enforcing the rule of law of the country? Multiple choice question. True Additionally, information from the payroll register is used to complete payroll entries in the General Journal 2 general ledger postings. E) a percentage of the previous week's net payroll. salaries and wages payable. -Entering the payroll journal entry. State unemployment tax \hline \text { Costs incurred during the year } & \$ 300,000 & \$ 1,575,000 \\ A) collecting the timesheets for the days accrued. Payroll-related transactions contain both expenses and liabilities of a company. d. the account "Vacation Benefits Expense" is accrued. Withholding's for a 401(k) plan 26. a. In recording the monthly adjusting entry for accrued wages at the end of the accounting period, the amount of the adjustment would usually be determined by: C) Wages Expense Did you journalize and post the employer's share transactions? Entering the transactions in the general ledger. True 3 general ledger postings. Let f(x)f(x)f(x) represent the total number of items a subject has memorized xxx minutes after being presented with a long list of items to learn. Each employer must file a _________ federal tax return showing the federal income tax, social security tax, and Medicare tax due the government.
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