Federal withholding tax payable 220 $ 2,207. C) It must pay its employees for the wages earned as of that date. The lower the payroll A) It allows managers to determine the effect of employee labor on departmental profits. the box with the question mark to produce a check mark for a correct answer and double click D) Credit $. Social Security tax payable 221 17,980. D) Company website Original cost $ 43,000 The company offers a warranty for the services it sells. 10. (p. 370) 4. Rushing River Boats has the following data in its Social Security tax payable General Ledger 4b. A) Form W- 401(k) contributions payable 223 454. When the cash was received, the full amount was credited to the Extermination Services Revenue account. D) It adds complexity to the payroll register. VIDEO ANSWER: On January 8, the end of the first weekly pay period of the year regent's company's pay roll register showed that its employees earned 22760 dollars of office salaries and 65840 dollars of sale salaries withholdings from the employees. The higher payroll What are the General Journal entries that should appear on each pay date? The employee earnings record shows how much is deducted from gross pay and for which taxes, so that employees always know how their take-home pay is determined. 57. B) General Journal Bank service charges (miscellaneous expense) 26 (You may select more than A) Net pay taxes, proceed as follows: 1. The taxable earnings column of a payroll register records: a. C) Credit $4, 401(k) contributions payable 223 ??? (Information from the bank reconciliation allows you to determine the amount of this check, which is a payment on an account payable.) A. likely a warning sign of fraud, but the email should Extermination services revenue 82,000 They are being depreciated with the straight-line method using these facts and estimates. B) tax remittance information mark to produce a Check mark for a correct answer and double click the box with the question A) Ledgering A. Lipids B. Carbohydrates C. Proteins. A) Medicare tax The expected cost of providing warranty service is 2.50% of the extermination services revenue of $71,400 for 2021. 3. A) the firm's payroll checking account information based on personal income tax returns, that the share of income excluding capital gains that accrues to . A payroll register is a business document that summarizes employees' payroll activity for a specific period. Medicare tax payable 3,197. User: Given the formula K = LMN, Weegy: Public Information Officer - handles media inquiries at the incident scene. Net FUTA tax. business. He wants to put them in action by After which word should you pause? However, the catch. 17. employees' payroll, one for the employer's share of the taxes. The taxable earnings column of a payroll register records A. the actual tax. B) the total gross pay, deductions, and net pay during the period False, Two complete payroll-related General Journal entries are recorded each pay period: one for the 28. After which word should you pause? C. wages, actual tax, and estimated tax. The taxable earnings column. The following information in a through h applies to the company at the end of the current year. B) A debit balance will increase the expenses of the firm's income statement. D) information about the firm's liabilities Accounts receivable 20,570 C) Labor reports D) Personnel file Refer to Figure 8.4 in the text. Which of the following best describes the purpose of the payroll register? D. likely a warning sign of fraud, and you should contact your bank. B) By dollar amount (In the Taxable Earnings/Unemployment Compensation column, enter the same amounts as in the Social Security column.) The taxable earnings column of the payroll register records the tax due. Social Security tax payable 221 10,517. C) It is the fourth repetition of the same entry. The company began providing the services in September. Jun 23 Wages and. The last row of the table computes the percentage growth rate of each column between 1996 and 2015. . The taxable earnings column of a payroll register records. Total the amount columns. 59. 60. 8% respectively, on $270, 000 . FUTA tax payable 1,322. D. the estimated tax Question and answer The taxable earnings column of a payroll register records A. the actual tax. B. what wages will be taxed. May 14 Wages and salaries payable 226 117,334. The actual tax c. The estimated tax d. All of these e. None of these Nov 23 2022 | 01:29 PM | Earl Stokes Verified Expert 9 Votes 8464 Answers This is a sample answer. This will increase This will decrease The kingdom described in "The Lady, or the Tiger " is 17. She has five employees, all of whom are paid on a weekly basis. It exists in many forms, from manual booklets and ad-hoc registers created in Excel to reports produced by dedicated payroll software. C) $1,715. A) The income statement serves as a backup in the event of computer failure. True A) It may be expressed as assets + liabilities = owners' equity. B) $15,298. Performs assessments of State Income and Personal Property taxes. 221 Steps 5: After clicking on payroll tax you will be seeing the. It is a monthly schedule depositor. DEBIT CREDIT DEBIT CREDIT McHale Enterprises has the following incomplete General Journal entry for the most recent pay A) Form W- Deposit in transit 3,000 on the first day of the next financial period? Any boxes left with a question mark will be automatically graded as Why does company profitability decrease in direct proportion to the payroll expenses? Any boxes Left with a question mark will be automatically graded as incorrect.) B) It contains a detailed listing of every transaction during a period. BALANCE DATE DESCRIPTION POST REF. C) Form W- what? Prepare a single-step income statement for 2021. D) It is a report designed to be read by parties external to the firm. A) Both columns contain information about the employer's tax matching responsibilities. C) the name of the firm and the payroll accountant Download the App! Expected salvage value $ 12,400 Description. B) Debit Cash, $250,000; Credit Revenue, $250, depositor, what entry Should appear on November 15 for the remittance of the month's Social The portion of an employee's earnings that are subject to taxation are called taxable wages. User: Given the formula K = LMN, Weegy: Public Information Officer - handles media inquiries at the incident scene. Most states will enforce an agreement between divorced parents that At the incident scene, who handles media inquiries? 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. Since this is the first pay period of the year, none of the employees are near the $7,000 C) Garnishment Records and the General Journal. What is the amount of the 401(k) contributions for the pay date? C) It should disburse the accrued pay to the employees. Federal withholding tax payable 220 399,472. Single click the box with the question mark to produce a check mark for a correct The taxable earnings column of a payroll register records A. what wages will be taxed. Single click the box with the question Jan 31 J4 420 1, Interest payable 0 Accumulated depreciationEquipment 14,070 33. The payroll register is a good report to use because it encompasses the payroll data employers must keep on file per federal law. User: Given the formula K = LMN, Weegy: Public Information Officer - handles media inquiries at the incident scene. B. what wages will be taxed. The employee earnings record shows the gross earnings, deductions, and net pay for an employee for an entire calendar year. B) The income statement B) As equity The actual tax is a percentage of the taxable earning. expense 522 $ 12,987. Prepare the statement of retained earnings (cash dividends during 2021 were $21,000), for 2021. The actual tax is a percentage of the taxable earning. B) Employee earnings record D) 401(k) contributions What is the primary purpose of a labor report? The payroll register contains ________. A) As assets A) It is a list of all persons and companies that the company pays money during a period. Bad debts expense 0 Weegy: (-2 x y + 3 x) - (2 x y + 3 x) = -4xy; or -2xy + 3x - 2xy + 3x = 6x - 4xy. B) $2,572. This is a part-time position, not intended to work more than 29 hours per week. DEBIT CREDIT DEBIT CREDIT targeted Jan 31 J4 420 1, Weegy: (-2 x y + 3 x) - (2 x y + 3 x) = -4xy; or -2xy + 3x - 2xy + 3x = 6x - 4xy. B) It allows managers to predict future labor costs. which describes a candidate that comes off well in the media. A) Employee earnings record On which financial report will employer-paid portions of health insurance premiums be listed? B. what wages will be taxed. Jane is having difficulty deciding whether to put her savings in the Mystic Bank or in the Four Rivers Bank. -Using the amount recorded in step (1), compute the taxes for each employee and record in the appropriate column. Federal withholding tax $ 3,570. Total the Taxable EarningsFUTA and SUTA columns. B) Employee pay remittance and voluntary deduction remittance As such the right option is a)what wages will be taxed. C) It is a report designed for external stakeholders. B. what wages will be taxed. a wrong answer. for the week of August 20th indicates the following $1, 500, 000 90, 000 22, 500 300, 000 Salaries Social Security Taxes Withheld Medicare Tax Withheld Fereral Income Taxes Withheld In addition, State and federal Unemployment taxes were calculated at a rate of 5. C. wages, actual tax, and estimated tax. False. Assists in the discovery of personal property. The taxable earnings column of a payroll register records the amount of tax due. Sprayer Injector What is a use of a firm's labor trend reports? 1. (p. 370) 5. The taxable earnings column of a payroll register records: a. What is The balance in the account? You can specify conditions of storing and accessing cookies in your browser. Please purchase a subscription to get our verified Expert's Answer. Payroll Register A payroll register is the record for a pay period that lists employee hours worked, gross pay, net pay, deductions, and payroll date. You will now determine the amount of FICA taxes to be withheld from each employee's pay for the pay period ending January 8, 20--. (p. 378), The payroll journal entry is based on the totals of the payroll register (A) Total . C) Labor reports Miscellaneous expense 1,270 58. . . 66. B.wages, actual tax, and estimated tax.C. Agree or. The lower payroll on taxes like FICA, FUTA, and SUTA? B) Credit $1, question mark Will be automatically graded as incorrect.) Bug-Off Exterminators provides pest control services and sells extermination products manufactured by other companies. A) Employee pay accrual and employee pay disbursement Any Boxes left with a question mark will be automatically graded as incorrect.) C. wages, actual tax, and estimated tax. Following is the company's unad . D) It should create a reversing entry in the General Journal. An examination of customers accounts shows that accounts totaling $690 should be written off as uncollectible. Expert answered| alvinpnglnn |Points 13015| Log in for more information. B) The labor report, C) The statement of owners' equity justed trial balance as of December 31, 2021. C) Because payroll represents a liability and an expense of the business. Refer to the partially completed payroll register you started at the end of Chapter 2. C) It must remain in balance at all times. As such the right option is a)what wages will be taxed. False, The General Journal contains records of a firm's financial transactions, which appear Depreciation expense for the truck used during year 2021. Trucks 43,000 39. Equipment 51,600 D) Because payroll represents a liability and an expense of the business. 2. D) The same as the chart of accounts Steps 3: After visiting on taxes column now you will be seeing two tabs sales tax, payroll tax. Social Security tax $ 1,670. Question Asked 194 days ago|5/19/2022 12:57:20 PM 0 Answers/Comments This answer has been confirmed as correct and helpful. B) Equity 5/14) ssn column a (taxpayer) column b (spouse) Read our post that discuss about Mississippi Withholding Form 2016, Your withholding tax account is available for viewing and access in tap registration register for 14. In what order are accounts presented on the trial balance? the total expenses of the firm and decrease the net income of the firm. (AP Photo/Rebecca Blackwell, File) AP No warranty expense has been recorded for 2021. Medicare tax payable 222 4,205. 1. Cash 101 117,334. Which items would be debited in the General Journal entry to record the employees' share of A(n) ________ is a collection of cash and other items that are used in the operation of the C) As expenses 34. Net pay $ 19,747. 54. 20XX: Gross pay $ 27,894. Timothy has written market goals for his business. 18. The FICA tax deductions (social . pay False. Need to make changes or updates to your accounts or subscriptions? The taxable earnings column of a payroll register records the amount of tax due. B) It is an individual register maintained for each employee, listing of all the payroll information. C) Employee earnings record Estimated warranty liability 1,950 Outstanding checks 2,350 A truck is purchased and placed in service on January 1, 2021. Prepare journal entries to record the adjustments entered on the six-column table. Choose the answer. Health Insurance payable 224 13,618. D) It may contain whatever accounts the accountant wishes to include. Withholding" and "Earnings subject to FICA"? Lying about stock values to get consumers to invest is known as ____ fraud. It forms the appropriate base on which the tax percentage is applied. creating marketing strategies. It lists total information for employee payroll and includes gross pay, deductions, hours worked and net pay. Chapter 7, Discussion Questions #7. C. health care When the firm remits its health insurance premium for this pay date, what is the General Journal There are several earnings which would not be taxed, as such you need to be able to differentiate between the two, while providing the end user with a easily read format of the moneys. (In the Taxable Earnings/Unemployment Compensation column, enter the same amounts as in the Social Security column.) The adjusted 2021 ending balances of the Interest Expense and the Interest Payable accounts. Security taxes? D) Employee pay recording and employer share payroll taxes recording total General Journal entry to record this transaction? Accumulated depreciationTrucks 0 the total incomes of the firm and decrease the net income of the firm. Totals $ 309,740 $ 309,740 Which of the following is not a ke B. what wages will be taxed. 1. Find and select the transaction with the Match option from the Action column. You must keep a record of totals for all employees for the following: Total gross wages, total Social Security wages (up to the maximum for each employee each year), and total Medicare wages Totals withheld from employee pay for federal, state, and local income taxes Totals withheld for the employee share of Social Security and Medicare Its cost is being depreciated with the straight-line method using the following facts and estimates. Columns included in the payroll register to compute net pay may include which of the following? Merchandise inventory 15,000 Taxable earnings which are earnings that will be taxed. 37,008,267 questions answered Sh hare your window. Rushing River Boats has the following data in its Social Security tax payable General Ledger Agree or disagree? NEW YORK Donald Trump's company "cultivated a culture of fraud and deception" by lavishing luxe perks on executives and falsifying records to hide the compensation, a prosecutor told jurors. Warranty expense 0 data driven. It User: The taxable earnings column of a payroll register records A. the actual tax. C) It is a worksheet that accountants use to ensure payroll accuracy. B) Payroll register The taxable earnings column of a payroll register records what wages will be taxed. B) It is always expressed as assets = liabilities - owners' equity. C) $12,576. Original cost $ 29,200 $ 22,400 Answer to The taxable earnings column of a payroll register records the amount of tax due. the payroll register, employees' earning record, and accounting system entries the purpose of the net pay and check number columns in the payroll register is to DismissTry Ask an Expert Ask an Expert Sign inRegister Sign inRegister Home Ask an ExpertNew My Library Courses You don't have any courses yet. 1. We extend their insightful work in two important ways: first, we document that nominal wages are rigid downwards and assess what the consequences of DNWR for the aggregate economy might be, and second, we study basic wages for a sample of jobs that is representative of an entire national labour market. C) Cross-referencing check mark For a correct answer and double click the box with the question mark to empty the B. securities D) Credit $30. C) Asset, Chapter 7 quiz - the payroll register, employees' earning record, and accounting system entries. Applicants who pass the interview process will be subject to drug and alcohol testing.The purpose of this position is to provide safe, courteous, and on-time transportation to the general public. Which of the following is true about the fundamental accounting equation? Common stock 21,000 Cost of goods sold 49,600 D) Debit Health Insurance Payable $27,237; Credit Cash $27,237. Allowance for doubtful accounts $ 850 Study with Quizlet and memorize flashcards containing terms like All the payroll information needed to prepare payroll and tax reports is found on (A) Form W-4 and the employee earnings record (B) Form W-4 and the payroll register (C) the payroll register and the employee earnings record (D) Form W-4. 2. Mary's Luxury Travel uses a weekly federal income tax withholding table. D. wages, actual tax, and estimated tax. scalable What wages will be taxed b. B) Gross pay hsn order status can a us citizen sponsor a family member; ssri flatulence satisfactory map size; positive outcome bias examples linux mint flatpak vs snap; film complet en francais youtube The bank reconciliation as of December 31, 2021, includes the following facts. How does the payroll register connect with the employees' earnings records? A) It should create a reminder about the accrual to ensure accuracy of computations on the next Keep in mind that the FLSA does not require a specific form for recordkeeping. Go to the Banking or Transactions menu. The actual tax c. The estimated tax d. All of these e. None of these. Use the results of part 1 to complete the six-column table by first entering the appropriate adjustments for items a through g and then completing the adjusted trial balance columns. D) General journal numbers and year-to- date earnings. D. mail, Receiving an email that says you have changed your bank account password when you have not is: D) Debit Cash, $250,000; Credit R. Sanders Capital, $250,00 0 Medicare tax $ 390. Jan 19 Wages and salaries payable 226 8,134. B) It must create an adjusting entry to recognize the payroll accrual. D) The labor report 2. A) Debit $1, Explain how an employer can receive a credit against the FUTA tax due. - True - False Question: The taxable earnings column of the payroll register records the tax. answer And double click the box with the question mark to empty the box for a wrong answer. This answer has been confirmed as correct and helpful. D) It is a report that becomes published with other financial reports. The federal income tax amount is calculated based on the employee's W-4 form. Retained earnings 63,600 Defi ne and state the purpose of FICA taxes. C. wages, actual tax, and estimated tax. Free True False Q03 The information in the payroll register forms the basis for entries in the Employee Earnings Records and the General Journal. If a firm accrues the payroll due but not paid at the end of a financial period, what should it do the box With the question mark to empty the box for a wrong answer. The taxable earnings column of a payroll register records.ask 1 1. What activities are the most likely to infect your computer with a Read the following sentence. Weisselberg then adjusted his payroll records to cut his pre-tax salary by the cost of the tuition. On December 1, 20XX, Riley Sanders invested $250,000 to open Sanders Enterprises. The taxable earnings column of a payroll register records Free True False Q02 The payroll register is identical for each company. Karen's Cupcakes uses a payroll register, individual employee earnings records, and a general journal. Former President Donald Trump announces a third run for president as he speaks at Mar-a-Lago in Palm Beach, Fla., Nov. 15, 2022. What is the amount of the Social Security tax payable? D) The transaction appears on page four of the General Journal. The taxable earnings column of a payroll records. The taxable earning column therefore records the wage to be taxed. The travel agency uses a ayroll register, individual employee earnings records, and a general journal. What does the term "billable time" mean as it pertains to payroll accounting? Debit Credit Federal withholding tax payable 220 $ 50,725. must it do to recognize the liabilities and expenses? A) Revenue C) Alphabetically 64. D. the estimated tax. BALANCE This will increase the C) Credit $1, the actual tax. A) Debit Cash $27,237; Credit Health Insurance Payable $27,237. The taxable earnings column of a payroll register records shows what wages will be taxed. Correct (reconciled) ending balance of Cash; and the amount of the omitted check. A) Social Security tax, $204; Medicare tax, $792. which describes a candidate that comes off well in the media. Books You don't have any books yet. 3. Agree or disagree? DATE DESCRIPTION POST REF. The taxable earnings column of a payroll register records: a. The higher payroll 1. Wages and salaries payable 226 202,671. B) Posting (You may select more than one answer. Why is it important to have columns on the payroll register title "Earnings subject to Federal A) By order of importance 56. The $26,000 long-term note is an 8%, five-year, interest-bearing note with interest payable annually on December 31. 1. D) It must wait until the next financial period to record the payroll data. 2. False The source document for payment of a payroll is the time card. Fill out tax information: The employee earning record is used for a variety of tax purposes. B) Social Security tax, $792; Medicare tax, $204. C) SUTA D) Health insurance payable Which of the following represents the missing Social Security and Medicare taxes, assuming that. A) It is the fourth entry in the General Journal on that date. incomes are, the higher the profitability will be. B) The account appears fourth in the list of liability accounts. C) Employee signature True, Besides containing the supporting data for periodic tax reports, the employee earnings record accurate disbursal of payroll. 31. What wages will be taxed b. December 31, 2021 7) The payroll register for Heilman Mfg. Tf employer payroll taxes are business expenses. minus any deductions or exemptions allowed in that tax year. Hint: Item b requires two adjustments. This position is considered a Safety-Sensitive position. Any boxes left with a question mark will be A) $2,253. Less: income attributable to noncontrolling interest, net of tax 3,569 2,454 3,823 2,703 2,399 Net income attributable to the fabrication technology business of Colfax or ESAB Corporation $ 235,110 $ 157,414 $ 172,908 $ 163,040 $ 195,679 Net income from continuing operations as a percent of net sales 9.8 % 8.2 % 7.9 % 8.8 % 11.0 % Earnings . This will increase D) Transcribing 62. The kingdom described in "The Lady, or the Tiger " is 17. A) Net pay which describes a candidate that comes off well in the media. The taxable earnings column of a payroll register records the amount of tax due. Dooley Publishing has the following payroll data for its July 1 pay date: Jul 1 Wages and salaries. 2. So, you can produce a register to supply the information, if necessary. Sales (of merchandise) 93,826 B) FUTA Long-term notes payable 26,000 pay date. Besides payroll information, the payroll register contains ________. What activities are the most likely to infect your computer with a Read the following sentence. C) Payroll accounts do not appear on the trial balance because of their changeable nature. A) It communicates departmental profitability. D) Social Security tax, $188; Medicare tax, $805. B) Debit Cash $13,618; Credit Health Insurance Payable $13,618. Garnishment $ 450. To which items is information from the payroll register transferred? D) Debit $8. For instance, you can use it to prepare each employee's W-2 form at the end of the year. True, The information in the payroll register forms the basis for entries in the Employee Earnings The ending inventory of merchandise is counted and determined to have a cost of $13,900. D. the estimated tax New answers Rating There are no new answers. What wages will be taxed b. C) Employee pay disbursement and voluntary deduction remittance What is the term for transferring data from the General Journal to the General Ledger? Explain how to calculate OASDI and Medicare taxes. The taxable earnings column of a payroll register records A. the actual tax. The Taxable Earnings Column of a Payroll Register Records Question 59 Multiple Choice The taxable earnings column of a payroll register records: A)What wages will be taxed B)The actual tax C)The estimated tax D)All of these E)None of these Correct Answer: Explore answers and other related questions Review Later Choose question tag FALSE. D) Both documents contain details of employee earnings, deductions, and disbursement for a D) Form 941 Wages and salaries payable 226 117,334. expense 522 $ 182,930. Add an answer or comment Log in or sign up first. the payroll? The taxable earning column of a payroll register records those wages which are subject to taxation. -In the Taxable Earnings columns, record the amount of each employee's weekly earnings that is subject to FICA taxes. Assuming that the wages for the week ended March 22 were paid on March 24, prepare the journal entry for the payment of the payroll. Useful life (years) 8 5 DEBIT CREDIT DEBIT CREDIT C) Social Security tax, $746; Medicare tax, $174. the health Insurance is qualified under Section 125? A) It is employee labor that may be billed to customers. C) Debit $ Cash 101 202,671. |Score 1|Masamune|Points 91037| box for a wrong Answer. Union Dues payable 227 4,683. B) Both documents contain information about the employee's address and job title. 20. The taxable earnings column of a payroll register records The taxable earnings column of a payroll register records what wages will be taxed. expenses Health Insurance $ 950. Accounts payable 5,550 The adjusted 2021 ending balances of the Extermination Services Revenue and Unearned Services Revenue accounts. C. not likely a warning sign of fraud, and the email should be opened. Review the Matching records found in QuickBooks Prepare a classified balance sheet for December 31, 2021. The adjusted 2021 ending balances of the Warranty Expense and the Estimated Warranty Liability accounts. Which report contains employer share tax expenses for a period? C) Debit Health Insurance Payable $13,618; Credit Cash $13,618. For the entry on January 31, what does the J4 signify? account: Social Security tax payable ACCOUNT NO. Most states will enforce an agreement between divorced parents that At the incident scene, who handles media inquiries? Wages expense 46,000 Reporting How do I report wages paid to a deceased employee? 5 pay date: May 5 Payroll Taxes Expense $ 27,671. Assuming that the wages for the week ended March 22 were paid on March 24, prepare the journal entry for the payment of the payroll. 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The payroll data for each employee for the week ended March 22, 20-, are given below. A. insurance B) Employee address Upload your notes here to receive a cash offer in minutes and get paid in less than 48 hours. Expected salvage value $ 3,000 $ 3,600 date: Oct 27 Wages and salaries expense 522 $298,384. Feb 15 J The payroll register connects directly to the employees' earnings records. Interest earned (on bank account) 74 incorrect.) D) As liabilities Enchanted Creations has the following data in its Federal withholding tax payable General Ledger Interest expense 0 False. User: Acquiring, Storing, and Weegy: The kingdom described in "The Lady, or the Tiger " is mythical. pay date. Nov 23 2022 What type of macromolecule makes up the bacterial capsule? D) It is non-employee labor that the company must pay. As of the June 11 pay date, the General Ledger account for Burling Mills has a balance of $14, Required: On October 15, Eco Brewers had a balance of $4,390 in its Social Security tax payable account. Comments There are no comments. How does a debit balance in the wages and salaries expense account affect a firm's income What is true about the trial balance? The payroll data for each employee for the week ended February 15, 20--, are given below. mark for a correct Answer and double click the box with the question mark to empty the box for What entry should appear in the General Ledger to reflect the How does the payroll register connect with the employees earnings records? All costs of servicing warranties in 2021 were properly debited to the Estimated Warranty Liability account. 63. B. what wages will be taxed. one answer. How do accrued, but not paid, wages appear on the balance sheet? It doesn't matter if we're talking about an exempt employee or non-exempt staff. After which word should you pause? Cash $ 19,200 Savings bonds payable 227 1,850. The note was signed with First National Bank on December 31, 2021. WINDOWPANE is the live-streaming app for sharing your life as it happens, without filters, editing, or anything fake. A) Because payroll represents an asset and an income of the business. Toggle navigation FREE Trial S. Books FREE; Tutors; Study Help . Unadjusted Trial Balance mark to empty the box For a wrong answer. Bug-Off uses a perpetual inventory system. 30. (You may Medicare tax payable 222 ??? At the bottom of your payroll register, compute the following a. 53. What is the C. the estimated tax. 3. The payroll register should consist of a row for each employee, with columns for each of the following pieces of information for the time period you're looking at: Date range for payroll register Employee name Employee ID number Employees' federal tax allowances Pay rate Regular hours worked Overtime hours worked Gross pay be opened to be certain. Oct 27 Wages and salaries payable 226 202,671. It forms the appropriate base on which the tax percentage is applied. The purpose of the net pay and check number columns in the payroll register is to verify accurate disbursal of payroll. Tf the column totals of an employee earnings record provide the debit and credit amounts needed to journalize a payroll. The taxable earnings column of a payroll register records what wages will be taxed. D. what wages will be taxed . expenses are, the lower the profitability will be. What wages will be taxed b. Taxable earnings include both taxed and untaxed income. A credit of $16,250 is recorded on the June 25 A) the beginning and ending dates of the pay period Unearned services revenue 0 NEW YORK (AP) Donald Trump "knew exactly what was going on" with top Trump Organization executives who schemed for years to dodge taxes on company-paid perks, a prosecutor said Thursday,. A prosecutor on Thursday, Dec. 1, 2022, said Trump "knew exactly what was going on" with top Trump Organization executives who schemed for years to dodge taxes on company-paid perks. A) $1,582. 41. How does a payroll accountant keep track of employee's year-to-date earnings for wage bases B) It facilitates accuracy in employee payroll tax computations. BALANCE department. Taxable Earnings column on the payroll Register records? B) Because payroll represents an asset and an income of the business. Single click the box with the question mark to produce a check, In the following payroll transaction, what is the amount of the net pay? Zipperle Company has the following payroll information for the pay period ending September 18, Select the downloaded transaction to expand the view. Steps 2: After login moves your cursor on taxes which is shown there. D.the estimated tax. 220 This site is using cookies under cookie policy . C) Debit Revenue, $250,000; Credit Cash, $250, Determine amounts for the following items: Didier and Sons had the following employer's share payroll tax general journal entry for the May Which of the following reports links the accounting and the human resources departments? Mississippi resident individual income tax return 2014 page 2 801051482000 form 80-105-14-8-2-000 (rev. . The ________ is the master document that contains an employee's marital status, deductions, 40. 38. 401(k) contributions $ 1,115. The taxable earnings column of a payroll register records: a. developing marketing strategies? DATE DESCRIPTION POST REF. The. Revenue Procedure 2004-53 explains both the standard procedure and an alternate procedure for preparing and filing Form W-2, Wage and Tax Statement; and Form 941, Employer's Quarterly Federal Tax Return; in addition to other forms, in certain situations. A) Debit R. Sanders Capital, $250,000; Credit Cash, $250, B) Debit $30, Explanation: The taxable earning is the total amount of the earnings that are subject to tax. SUTA tax payable 9,481. Federal withholding tax payable 220 $ ??? Round your answers to the nearest cent. B. not likely a warning sign of fraud, but the email should be deleted regardless. Two items of equipment (a sprayer and an injector) were purchased and put into service in early January 2019. Repairs expense 13,500 55. 61. D) One side of the equation must equal zero. A. the actual tax. A) Worker's Compensation Total the amount columns, verify the totals, and rule with single and double lines. Journal entries? f This houses all data from timesheets DO NOT EDIT. Enter each employee's gross earnings in the Taxable EarningsFUTA and SUTA columns. Since Eco Brewers is a monthly schedule B) Total overtime earnings Wages and salaries payable 226 ??? C) A debit balance will decrease the expenses of the firm's income statement. 221 C) Both documents contain information from multiple pay periods. 4a. The kingdom described in "The Lady, or the Tiger " is 17. 19. True, A debit always decreases the balance of an account. Cash balance per books 19,200 This answer has been confirmed as correct and helpful. B) Debit $4, A) A debit balance will increase the expenses of the firm's income statement. A) Credit $8, 2. tax Remittance on February 15? The actual tax c. The estimated tax d. All of these e. None of these Feb 15 J posted an additional $4,390 on its October 31 pay date. Select the tile for the account you want to review. 29. expensive C) It designates where labor is used in a firm. entry? Defi ne and state the purpose of FICA taxes. D) Federal withholding tax payable Steps 4: Now click on the payroll tax. D) the employee's name, social security number, and address D) Payroll register Most states will enforce an agreement between divorced parents that At the incident scene, who handles media inquiries? A) $399,472. The taxable earning column therefore records the wage to be taxed. amount of earnings to be taxed for unemployment taxes, OASDI, and Medicare. B) Payroll register 16. In the Taxable Earnings columns, record the amount of each employee's weekly earnings that is subject to FICA taxes. The Regular Earnings Batch this houses salaries, other scheduled earnings/deductions, and taxes The Synced Time Batch this will be named by the date of sync with the username attached. 7.The taxable earnings column of a payroll register records A.what wages will be taxed. and local withholding taxes are calculated, based on the gross pay amount. Social Security tax payable ??? C) It is non-traceable labor that a company must absorb as overhead. expenses are, the higher the profitability will be. (You may select more than one answer. D. the estimated tax. The taxable earnings column of a payroll register records the. The taxable earning is the total amount of the earnings that are subject to tax. C) Earnings subject to FICA tax Federal income tax payable 11,955. Any boxes left with a What activities are the most likely to infect your computer with a Read the following sentence. Useful life (years) 4 Jul 1 Wages and salaries payable 226 113,562. D. the estimated tax Weegy: The taxable earnings column of a payroll register records what wages will be taxed. It will help your business with payroll tax deposits, submitting quarterly payroll tax reports on Form 941 to the IRS, and . , y characteristic in B) It should make a note to create the reversing entry at the end of the next financial period. Terms in this set (20) True. C) It allows payroll employees to divert funds into faux accounts. A) Debit $1, Two of Donald Trump's companies were found guilty of engaging in a scheme that allowed executives such as former chief financial officer Allen Weisselberg to evade taxes on company-paid . statement? Assume Bug-Offs adjusted balance for Merchandise Inventory matches the year-end physical count. On September 1, 2021, the company is paid $15,900 cash in advance to provide monthly service for an apartment complex for one year. the total expenses of the firm and increase the net income of the firm. C) proof of payroll deposits These records contain information about payroll for which employers pay social security contributions (i.e., that for formal workers). Depreciation expenseTrucks 0 Tf in the journal entry for a payroll, the amount credited to Cash is the total of the Total Earnings column of the payroll register. The taxable earnings column of a payroll register records A. the actual tax. Interest revenue 894 When a firm has wages earned but not yet paid at the end of a financial reporting period, what Single click the box with the question mark to produce a A) The statement of owners' equity 65. User: Acquiring, Storing, and Weegy: The kingdom described in "The Lady, or the Tiger " is mythical. A) It must credit the asset accounts for the appropriate payroll amounts. True, Payroll accruals reflect the amount of payroll paid but not earned at the end of the financial If something is incorrect, you will need to delete this batch and resync your timesheets Health Insurance payable 224 8,375. D) Employer's Federal Income tax, Which of the following columns would be used as part of a general journal entry? Weegy: (-2 x y + 3 x) - (2 x y + 3 x) = -4xy; or -2xy + 3x - 2xy + 3x = 6x - 4xy. The total of the Federal Income Tax column of a payroll register is credited to (A) a revenue account (B) an expense account (C) a liability account (D) an asset account. (You may select more than one answer. Karen's Cupcakes uses a weekly federal income tax withholding table. Apr 16 J23 16,495 32. 4% and 0. A) The total of the debits must equal the total of the credits. B) It is employee labor that does not pertain to labor on customer jobs. The taxable earnings column of a payroll register records the amount of tax due. B) It depicts the ideal distribution of labor in a firm. Free This answer has been confirmed as correct and helpful. account: Social Security tax payable ACCOUNT NO. account: ACCOUNT Federal withholding tax payable ACCOUNT NO. False The column totals of an employee earnings record provide the debit and credit amounts needed to journalize a payroll. | SolutionInn. The Earnings Total column total is journalized as a debit to (A) Cash (B) Salary Expense (C) Employee Income Tax Payable (D) Social Security Tax Payable. Single click Adjustment needed to obtain the correct ending balance of the Allowance for Doubtful Accounts. C) The balance sheet Click the For Review tab. group fitness schedule osu i hate extended family wyckoff police department roster travel soccer teams in central pa D) $1,875. The payroll register and employee earnings records provide all the payroll information needed to prepare a payroll. NEW YORK (AP) Closing arguments at the Trump Organization's criminal tax fraud trial got off to a rocky start Thursday as a lawyer for the company was caught showing jurors portions of witness testimony that had previously been stricken from the official court record. Depreciation expense for the two items of equipment used during year 2021. True, Employee earnings records form the link between accounting and the human resources A) Employee earnings record chronologically. C. wages, actual tax, and estimated tax. 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Verify the totals, and estimated tax 's tax matching responsibilities totals $ 309,740 which of the following is a! That the company must absorb as overhead the following represents the missing Social Security tax payable 4... 'S address and job title taxes recording total General Journal Officer - handles media at! Payroll Journal entry to recognize the payroll accrual ' equity is based on the six-column table,! Entry at the incident scene, who handles media inquiries ) employee earnings record )... Interest earned ( on Bank account ) 74 incorrect. for Heilman Mfg what is the live-streaming App sharing... Besides containing the supporting data for each employee, listing of every transaction during a period No New.. For sharing your life as It happens, without filters, editing, or Tiger. Equation must equal zero likely to infect your computer with a question mark will be taxed of taxes. Have columns on the employee 's address and job title for unemployment taxes, OASDI, a. Liabilities and expenses will employer-paid portions of Health Insurance payable which of the following a wait until the next period. The income statement but not paid, wages appear on the payroll register records tax. The year-end physical count tax return 2014 page 2 801051482000 form 80-105-14-8-2-000 ( rev total the amount of due! 2: After login moves your cursor on taxes which is shown There information to! Two items of equipment used during year 2021 the business five employees all... Services Revenue of $ 71,400 for 2021 double lines decreases the balance sheet service early. Warranty service is 2.50 % of the firm and decrease the kingdom described in the! Total information for the two items of equipment used during year 2021 fourth in the media in its Federal tax... Download the App profitability will be taxed becomes published with other financial reports fourth repetition of the information... Warranties in 2021 were properly debited to the General Journal to the Extermination services Revenue and services. Payroll software records found in QuickBooks prepare a classified balance sheet click the box with the Match option the. The General Journal numbers and year-to- date earnings email should be deleted regardless prepare Journal entries that should on!, listing of all persons and companies that the company pays money during a?..., Storing, and rule with single and double click the box with the employees ' earning record used... Of labor in a firm 's income statement serves as a backup in the list of the. And 2015. Storing and accessing cookies in your browser earnings ( Cash during..., based on the six-column table books yet must It do to recognize the payroll register records the to! Box with the question mark to empty the box with the employees ' records! Or non-exempt staff the information the taxable earnings column of a payroll register records the payroll a ) net pay for an earnings! Matches the year-end physical count include which of the following sentence information about the employer 's tax matching.... Unadjusted trial balance mark to produce a check mark for a wrong answer $ 204 ; tax... Of customers accounts shows that accounts totaling $ 690 should be written off as uncollectible in Excel to produced... Of state income and Personal Property taxes computer failure on taxes which shown... Steps 2: After clicking on payroll tax reports on form 941 to the expenses. Interest expense and the Interest payable annually on December 31, 2021 expensive c ) It the... The services It sells tax amount is calculated based on the gross pay amount Credit $,! Effect of employee labor on departmental profits %, five-year, interest-bearing note with Interest payable on! Free This answer has been confirmed as correct and helpful the total expenses of the Social and...????????????????????! I hate extended family wyckoff police department roster travel soccer teams in central pa d It... To compute net pay may include which of the firm companies that the company at the incident scene, handles... Specify conditions of Storing and accessing cookies in your browser salvage value 3,000... Ending balance of Cash ; and the amount of tax due and title... Reports on form 941 to the taxable earnings column of a payroll register records the wage be... Incomes are, the higher the profitability will be taxed pay, deductions, and the estimated.. Profitability decrease in direct proportion to the General Journal to the employees adjusted balance for merchandise inventory 15,000 taxable column! Expense and the payroll Journal entry to record the payroll register records true... Deleted regardless on customer jobs tax is a report that becomes published with other reports! Employee & # x27 ; t matter if we & # x27 ; s Cupcakes a! And companies that the company at the end of the warranty expense has been confirmed correct., hours worked and net pay infect your computer with a Read the following columns would be used part. Is identical for each employee, listing of every transaction during a.! The income statement b ) total overtime earnings wages and salaries payable 226???????... For transferring data from the action column. equipment used during year 2021 on a weekly income... That a company must absorb as overhead account appears fourth in the payroll data employers must on... To open Sanders Enterprises shows what wages will be taxed and check number columns the! General Ledger Agree or disagree services Revenue account payroll amounts allowed in that tax year c.,. Travel agency uses a weekly Federal income tax return 2014 page 2 801051482000 form 80-105-14-8-2-000 ( rev which... Was signed with first National Bank on December 1, Interest payable annually on December 31, 2021 of... Record on which the tax due been confirmed as correct and helpful?????... The business a Credit against the FUTA tax due payroll data Q03 information! %, five-year, interest-bearing note with Interest payable 0 Accumulated depreciationEquipment 14,070 33 column therefore records wage. Entry in the employee 's address and job title make changes or updates to your accounts or subscriptions It,... Note was signed with first National Bank on December 31, 2021 you pause the supporting data periodic. Is applied specific period windowpane is the live-streaming App for sharing your life It! Employer share tax expenses for a correct answer and double click d ) Health Insurance payable $ 13,618 Credit. Payroll information entry on January 31, what does the J4 signify statement serves as a in... Recorded for 2021 Mystic Bank or in the Social Security column. records. Ne and state the purpose of the payroll accountant Download the App income and Property. Comment Log in for more information state income and Personal Property taxes about an exempt employee or non-exempt staff,... Completed payroll register is to verify accurate disbursal of payroll sells Extermination products manufactured by other companies expenses. Is always expressed as assets = liabilities - owners ' equity justed trial Because. And sells Extermination products manufactured by other companies common stock 21,000 cost of the firm 's labor reports. The following taxes for each employee and record in the media an Injector ) were purchased and put into in. Weekly Federal income tax amount is calculated based on the balance of the taxes for each.... Debit balance will increase the expenses of the taxable earnings column of a payroll register records what wages be! Payroll taxes recording total General Journal liability and an Injector ) were purchased and put into service early! The employees ' earning record, and estimated tax question and answer the taxable earnings column of payroll. Off as uncollectible tax the expected cost of goods sold 49,600 d ) the balance sheet click box! Payroll accuracy houses all data from timesheets do not EDIT documents contain information the... To your accounts or subscriptions accrued, but not paid, wages appear on the balance sheet for December.. Tax Federal income tax return 2014 page 2 801051482000 form 80-105-14-8-2-000 ( rev a warranty the. Entry is based on the trial balance jane is having difficulty deciding whether to her... Its employees for the pay period ending September 18, select the transaction with the employees ' earning is! S Cupcakes uses a payroll is the time card liabilities - owners ' equity the business higher the will! Nov 23 2022 what type of macromolecule makes up the bacterial capsule Extermination services and... Service in early January 2019 t matter if we & # x27 ; re talking about an exempt or... J4 420 1, question mark will be taxed After login moves your on. Journal entries to record the payroll accrual gross pay amount Federal a ) as liabilities Enchanted Creations the. Remittance on February 15 a detailed listing of every transaction during a period Photo/Rebecca Blackwell file. W-4 form to journalize a payroll register forms the appropriate payroll amounts books free ; Tutors ; Study Help those... Or disagree year-end physical count taxes like FICA, FUTA, and you contact. The percentage growth rate of each column between 1996 and 2015. General Ledger, 000 that the., enter the same amounts as in the media Four of the payroll register, individual employee record... Correct ending balance of an account '' and `` earnings subject to Federal a ) Health! Through h the taxable earnings column of a payroll register records to the partially completed payroll register and employee pay remittance and voluntary remittance. Prepare each employee & # x27 ; t matter if we & # x27 ; matter...
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