M2

When an entity has more than one class of employee, it is important to evaluate the reasonableness of payroll based on employee class. Which of the following procedures is commonly used to test this?   -Calculate revenue per employee --Calculate total payroll costs as a percent of revenue --Comparing payroll expenses with prior year balances or budgets --Calculate average payroll cost per employee classification

Which of the following does not describe a purpose of the employee's earnings records? a. They are part of the payroll package required to be sent to the IRS on an annual basis. b. They are used to prepare internal management analyses. c. They are used to determine where cumulative wages are in relationship to wage bases (caps ) for various taxes, such as OASDI, FUTA, and SUTA. d. They are used to aid in completion of year - end informational returns, such as W -2s.

s

The amount of time over which an employee is paid is known as ___________.         payroll         pay period         payroll register         payroll clerk

Which of the following type of information is not provided on a payroll register? a.regular rate of pay. b.marital status. c.record of time worked. d.vacation benefits.

In recording the payroll, the debit to an expense represents: Group of answer choices deductions gross pay net pay earnings over the calendar year for each employee

Prepare general journal entries to record these transactions. You do have to enter descriptions for the entries for this problem.

PAYROLLThe following describes the payroll procedures for a hypothetical company.Every Thursday, the timekeeping clerk sends employee time cards to the payrolldepartment for processing. Based on the hours worked reflected on the time cards, theemployee pay rate and withholding information in the employee file, and the tax ratereference file, the payroll clerk calculates gross pay, withholdings, and net pay for eachemployee. The clerk then manually pre-pares paychecks for each employee, files hardcopies of the paychecks in the payroll department, and posts the earnings to the hardcopy employee records. Finally, the clerk manually prepares a payroll summary andsends it and the paychecks to the cash disbursements department. The cashdisbursements clerk reconciles the payroll summary with the paychecks and manuallyrecords the transaction in the hard-copy cash disbursements journal. The clerk then filesthe payroll summary and sends the paychecks to the treasurer for signing.The signed…

TRUE OR FALSE 1. In ideal circumstances, each payroll check is delivered personally to the employee who signs a receipt for it. 2. The amount of income taxes withheld from employee gross pay is an expense to the employer. 3. The amount debited to the Work in Process account represents the amount of direct labor (at regular rate) charged to the different jobs in process.

The following information about the payroll for the week ended December 30 was obtained from the records of Boltz Co.:Required:1. Assuming that the payroll for the last week of the year is to be paid on December 31, journalize the following entries (refer to the Chart of Accounts for exact wording of account titles):a. December 30, to record the payroll.b. December 30, to record the employer’s payroll taxes on the payroll to be paid on December 31. Of the total payroll for the last week of the year, $44,000 is subject to unemployment compensation taxes.2. Assuming that the payroll for the last week of the year is to be paid on January 5 of the following fiscal year, journalize the following entries (refer to the Chart of Accounts for exact wording of account titles):a. On page 11 of the journal: December 30, to record the payroll.b. On page 12 of the journal: January 5, to record the employer's payroll taxes on the payroll to be paid on January 5. Since it is a new fiscal year, all…

When an employer does not have a sophisticated time-keeping system, it is valid to accrue a percentage of wages at end-of-period based on:a.  it is never valid to estimate an end-of-period adjustment.b.  a percentage based on the previous period's payroll (for example. 4 out of      5 days = 80% x prior payroll).c.  a percentage that external auditors provide the payroll clerk.d.  a percentage suggested by the IRS.

On January 13, at the end of the second weekly pay period of the year, a company's payroll register showed that its 39 employees had earned $27.070 of sales salaries and $9,230 of office salaries. Assume withholdings from the employees' salaries were to include $602.58 of EL $1,666.91 of CPP, S7470 of income taxes, $1,230 of hospital insurance, and $720 of union dues. Required: 1. Prepare the General Journal entry to record the January 13 payroll. (Do not round intermediate calculations. Round your answers to 2 decimal places) View transaction list Journal entry worksheet Record payroll deductions for the pay period ending Jan 13. Notel Enter debts before oredits. Date General Journal Debit Credit Jan 13 View general journal Clear entry Record entry Nevt On January 13, at the end of the second weekly pay period of the year, a company's payroll register showed that its 39 earned $27,070 of sales salaries and $9,230 of office salaries. Assume withholdings from the employees' salaries…

The deparment that should pay the payroll is the: a. payroll deparment b. human resources deparment  c. trasures's department d. timekeeping department

The payroll register includes sections for​ recording:   A. gross​ pay, deductions, and net pay.   B. accrued​ expenses, unearned​ revenues, and net pay.   C. ​assets, liabilities,​ equity, revenues, and expenses.   D. employee home address and phone number.

The payroll information for a pay period is recorded in the general ledger.   True   False

i need solution....

What information is necessary to record payroll transactions? Which account is used to record an employee’s net pay? What features does QBO offer for Payroll?

Using March 31, 2003 as the journal entiy date, enter the following items in the General Journal. Bank charges and interest Employer's Payroll ..

Which one of the following statements about payroll is incorrect – * a. you must record an hourly rate, salary or commission to process a paycheque b. the program calculates EI, CPP and Income Tax based on federal tax tables C. you must enter amounts for RRSP and Medical manually in the payroll journals d. the payroll ledgers do not have a single control account

All details related to an employee's earnings, deductions, and net pay throughout the year would be found in: Multiple Choice the Wages Expense account in the general ledger. the payroll register. the general journal. О the individual earnings record.

Prepare a general journal entry to record the payroll. The firm's general ledger contains a Wages Expense account and a Wages Payable account. Then assuming that the firm has transferred funds from its regular bank account to its special payroll bank account and that this entry has been made, prepare a general journal entry to record the payment of wages. When necessary, round your intermediate calculations and the final answers to the nearest cent. If an amount box does not require an entry, leave it blank.   GENERAL JOURNAL PAGE       DATE DESCRIPTION   POST. REF. DEBIT CREDIT 20--     Feb. 21       fill in the blank ee29ee01603501e_2 fill in the blank ee29ee01603501e_3               fill in the blank ee29ee01603501e_5 fill in the blank ee29ee01603501e_6               fill in the blank ee29ee01603501e_8 fill in the blank ee29ee01603501e_9               fill in the blank ee29ee01603501e_11 fill in the blank ee29ee01603501e_12               fill in the blank…

During the month of March, Sandhill Co.'s employees earned wages of $68,000. Withholdings related to these wages were $5,202 for FICA, $8,160 for federal income tax, $3,400 for state income tax, and $408 for union dues. The company incurred no cost related to these earnings for federal unemployment tax but incurred $680 for state unemployment tax.

An employee has a net payroll amount of $5,064.50. What is the correct journal entry to record this payment on payday? Debit Credit $5,064.50 Wages Expense Cash $5,064.50 Debit Credit Net Payroll Payable $5,064.50 Cash $5,064.50 Debit Credit Cash $5,064.50 Net Payroll Payable $5,064.50 Debit Credit Cash $5,064.50 Wages Expense $5,064.50 MacBook Air 41M&AINY PILOT G-2 07 30 F3 F4 F5 F6 F7 F8 F9 FI & 4 6 7 8 9. 5 R

Journalize each of the payroll transactions listed below. Post all entries except the last two to the appropriate general ledger accounts. The journal page and the ledger accounts are supplied below. The balances listed in the general ledger accounts for Cash, FUTA Taxes Payable, SUTA Taxes Payable, Employees SIT Payable, Wages and Salaries, and Payroll Taxes are the results of all payroll transactions for the first quarter, not including the last pay of the quarter. The balances in FICA Taxes Payable—OASDI, FICA Taxes Payable—HI, and Employees FIT Payable are the amounts due from the March 15 payroll. March 31, 20--: Paid total wages of $9,350.00. These are the wages for the last semimonthly pay of March. All of this amount is taxable under FICA (OASDI and HI). In addition, withhold $1,175 for federal income taxes and $102.03 for state income taxes. These are the only deductions made from the employees' wages. March 31, 20--: Record the employer's payroll taxes for the last pay in…