You may assume that f(0)=0f(0)=0f(0)=0. A deduction from total earnings for each person legally supported by a taxpayer, including the employee. Accounting Ch. 13 Test Flashcards | Quizlet Overtime pay is paid for hours worked in excess of eight hours per day. purchasing managers The employee's _____ ____ connects accounting and human resource records, Earnings records are supporting documents for, The payroll accountant may perform the following duties. False, Which of the following accounts will appear on the balance sheet? Company viability depends on expense control, form the link between the accounting and the human resource departments. treasurer, the account Union Dues Payable is debited. Taxes Payable is credited for the total taxes owed (FICA, FUTA, and SUTA). What are some of the problems faced by West African economies? accounting chapter 7 Flashcards | Quizlet bottles of its juice cocktails or 12 oz. The total earnings subject to federal unemployment tax is referred to as: -journal entries to post to unknown accounts A. regular hours times regular rate. -Recording the individual balances of each paycheck. Multiple select question. Wages expense, On which accounting reports would payroll-related assets appear? -payroll entries are accrued False, When remitting or depositing federal income taxes, the employer credits the cash account. What is the second line of the general journal entry used for? Multiple choice question. Which of the following accounts is an expense account in which an employer records the FICA, FUTA, and SUTA taxes? b. all employers are now mandated to contribute at least 2% of gross wages to an employee's retirement account. Payments to sales taxing authorities Tips received by employees are included as disposable earnings subject to garnishment for child support. What is the primary purpose of the Employee Retirement Income Security Act (ERISA)? A distribution column in a payroll register separates payroll expenses into classifications such as FUTA, SUTA and net payroll. The Assembling Department added the following costs: Assembling fi nished 400,000 units and transferred them to the Finishing Department. -by posting reference. Common-law relationship. An item of value that a business uses in the course of its operations and from which it expects future economic benefit. \text { Cash collections during the year } & 250,000 & 1,750,000 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 chart below shows the hourly pay and hours worked for Trilton Company's general journal entries. Multiple choice question. A payroll accrual occurs engaged in a job in which tips of more than $30 a month are regularly recieved. A payroll register is a record of employee hours worked, gross pay, net pay, deductions, and payroll date for a pay period. Why is it important for a firm to use both a payroll register 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. Study with Quizlet and memorize flashcards containing terms like What changes should be included in the employee earnings record?, Earnings records are supporting documents for, Which portion of the accounting equation represents the amounts owed by the company? Multiple select question. The general journal entries will be in what order Salaries and Wages Payable, Which of the following taxes would NOT be included in the employer related payroll entry? T F, The employer keeps track of each employee's accumulated wages in the employee's earnings record.
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