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. Accumulated depreciationTrucks 0 B) $15,298. C) Labor reports How does the payroll register connect with the employees earnings records? (p. 370) 4. Jan 31 J4 420 1, Upload your notes here to receive a cash offer in minutes and get paid in less than 48 hours. Most states will enforce an agreement between divorced parents that At the incident scene, who handles media inquiries? The taxable earnings column of a payroll register records A. the actual tax. developing marketing strategies? A) The statement of owners' equity Zipperle Company has the following payroll information for the pay period ending September 18, A) Ledgering f A) $2,253. The company offers a warranty for the services it sells. Toggle navigation FREE Trial S. Books FREE; Tutors; Study Help . the payroll? The taxable earnings column. 15. Single click the box with the question mark to produce a check mark for a correct On December 1, 20XX, Riley Sanders invested $250,000 to open Sanders Enterprises. taxes, proceed as follows: 1. Equipment 51,600 16. It - True - False Question: The taxable earnings column of the payroll register records the tax. B) Employee address Depreciation expense for the two items of equipment used during year 2021. which describes a candidate that comes off well in the media. It exists in many forms, from manual booklets and ad-hoc registers created in Excel to reports produced by dedicated payroll software. C) The balance sheet Feb 15 J It forms the appropriate base on which the tax percentage is applied. If a firm accrues the payroll due but not paid at the end of a financial period, what should it do mark to produce a Check mark for a correct answer and double click the box with the question After which word should you pause? The payroll register contains ________. D. the estimated tax. C) Social Security tax, $746; Medicare tax, $174. Timothy has written market goals for his business. Any boxes left with a (You may select more than one answer. Free This will increase False, The General Journal contains records of a firm's financial transactions, which appear It will help your business with payroll tax deposits, submitting quarterly payroll tax reports on Form 941 to the IRS, and . User: Acquiring, Storing, and Weegy: The kingdom described in "The Lady, or the Tiger " is mythical. Social Security tax payable 221 17,980. B) A debit balance will increase the expenses of the firm's income statement. A) Debit R. Sanders Capital, $250,000; Credit Cash, $250, Weegy: (-2 x y + 3 x) - (2 x y + 3 x) = -4xy; or -2xy + 3x - 2xy + 3x = 6x - 4xy. -In the Taxable Earnings columns, record the amount of each employee's weekly earnings that is subject to FICA taxes. B. what wages will be taxed. Why is it important to have columns on the payroll register title "Earnings subject to Federal C) It must pay its employees for the wages earned as of that date. Weegy: (-2 x y + 3 x) - (2 x y + 3 x) = -4xy; or -2xy + 3x - 2xy + 3x = 6x - 4xy. Bug-Off uses a perpetual inventory system. A) Worker's Compensation What wages will be taxed b. C. wages, actual tax, and estimated tax. Total the Taxable EarningsFUTA and SUTA columns. This answer has been confirmed as correct and helpful. Federal withholding tax $ 3,570. Any Boxes left with a question mark will be automatically graded as incorrect.) 34. It forms the appropriate base on which the tax percentage is applied. The last row of the table computes the percentage growth rate of each column between 1996 and 2015. . Which of the following reports links the accounting and the human resources departments? B) tax remittance information False The source document for payment of a payroll is the time card. 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. D. the estimated tax New answers Rating There are no new answers. To which items is information from the payroll register transferred? Taxable Earnings column on the payroll Register records? In the Taxable Earnings columns, record the amount of each employee's weekly earnings that is subject to FICA taxes. D) It highlights issues and results of seasonal labor. The taxable earnings column of a payroll register records what wages will be taxed. expenses are, the higher the profitability will be. Wages and salaries payable 226 ??? The bank reconciliation as of December 31, 2021, includes the following facts. What is the primary purpose of a labor report? Determine amounts for the following items: Accounts receivable 20,570 The taxable earnings column of a payroll records. When a firm has wages earned but not yet paid at the end of a financial reporting period, what A) Social Security tax, $204; Medicare tax, $792. box for a wrong Answer. What entry should appear in the General Ledger to reflect the Karen's Cupcakes uses a weekly federal income tax withholding table. (You may must it do to recognize the liabilities and expenses? C) It must remain in balance at all times. Most states will enforce an agreement between divorced parents that At the incident scene, who handles media inquiries? Books You don't have any books yet. The taxable earnings column of a payroll register records. B. securities Required: Hint: Item b requires two adjustments. Original cost $ 29,200 $ 22,400 B) Payroll register Download the App! Cash balance per bank $ 16,200 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 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 The taxable earnings column of a payroll register records: a. C) Asset, Chapter 7 quiz - the payroll register, employees' earning record, and accounting system entries. Steps 3: After visiting on taxes column now you will be seeing two tabs sales tax, payroll tax. D) Employer's Federal Income tax, Which of the following columns would be used as part of a general journal entry? |Score 1|Masamune|Points 91037| the actual tax. Cost of goods sold 49,600 B. what wages will be taxed. 55. Estimated warranty liability 1,950 pay The taxable earnings column of a payroll register records the amount of tax due. The taxable earning column of a payroll register records those wages which are subject to taxation. 2. The kingdom described in "The Lady, or the Tiger " is 17. Medicare tax $ 390. 1. and local withholding taxes are calculated, based on the gross pay amount. Jan 19 Wages and salaries payable 226 8,134. DEBIT CREDIT DEBIT CREDIT Utilities expense 9,000 D) The same as the chart of accounts A) Net pay 220 B) The account appears fourth in the list of liability accounts. Dooley Publishing has the following payroll data for its July 1 pay date: Jul 1 Wages and salaries. D) Payroll register Terms in this set (20) True. 401(k) contributions payable 223 454. check mark For a correct answer and double click the box with the question mark to empty the C) Credit $1, B) It is an individual register maintained for each employee, listing of all the payroll information. 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. B) $2,572. C) Debit Revenue, $250,000; Credit Cash, $250, What is true about the trial balance? Refer to Figure 8.4 in the text. Need to make changes or updates to your accounts or subscriptions? User: Given the formula K = LMN, Weegy: Public Information Officer - handles media inquiries at the incident scene. A) Because payroll represents an asset and an income of the business. Didier and Sons had the following employer's share payroll tax general journal entry for the May Any boxes left with a question mark will be automatically graded as B) It allows managers to predict future labor costs. The actual tax c. The estimated tax d. All of these e. None of these These records contain information about payroll for which employers pay social security contributions (i.e., that for formal workers). Explanation: The taxable earning is the total amount of the earnings that are subject to tax. Bank service charges (miscellaneous expense) 26 Assume Bug-Offs adjusted balance for Merchandise Inventory matches the year-end physical count. A payroll register is a business document that summarizes employees' payroll activity for a specific period. Which of the following is true about the fundamental accounting equation? 7) The payroll register for Heilman Mfg. User: Acquiring, Storing, and Weegy: The kingdom described in "The Lady, or the Tiger " is mythical. Any boxes left with a question mark will be B) By dollar amount D) 401(k) contributions C) Alphabetically True, In the General Ledger, the debit column reflects the balance of the account. Using an aging of receivables, the company determines that the ending balance of the Allowance for Doubtful Accounts should be $755. B) Total overtime earnings D) It may contain whatever accounts the accountant wishes to include. A) It should create a reminder about the accrual to ensure accuracy of computations on the next Former President Donald Trump announces a third run for president as he speaks at Mar-a-Lago in Palm Beach, Fla., Nov. 15, 2022. 2. Go to the Banking or Transactions menu. be opened to be certain. Oct 27 Wages and salaries payable 226 202,671. group fitness schedule osu i hate extended family wyckoff police department roster travel soccer teams in central pa (Information from the bank reconciliation allows you to determine the amount of this check, which is a payment on an account payable.) On October 15, Eco Brewers had a balance of $4,390 in its Social Security tax payable account. D. wages, actual tax, and estimated tax. B) Gross pay 17. what? pay date. Jane is having difficulty deciding whether to put her savings in the Mystic Bank or in the Four Rivers Bank. Jan 31 J4 420 1, After which word should you pause? A) Employee earnings record BALANCE What activities are the most likely to infect your computer with a Read the following sentence. C) It is non-traceable labor that a company must absorb as overhead. FUTA tax payable 1,322. 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. serves as a backup in the event of computer failure. B) It facilitates accuracy in employee payroll tax computations. A) Debit Cash $27,237; Credit Health Insurance Payable $27,237. FALSE. Agree or disagree? 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 . 56. 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. False The column totals of an employee earnings record provide the debit and credit amounts needed to journalize a payroll. Reported on the bank statement is a canceled check that the company failed to record. So, you can produce a register to supply the information, if necessary. . A truck is purchased and placed in service on January 1, 2021. B. what wages will be taxed. D) It should create a reversing entry in the General Journal. B) It contains a detailed listing of every transaction during a period. Select the tile for the account you want to review. This houses all data from timesheets DO NOT EDIT. User: Acquiring, Storing, and Weegy: The kingdom described in "The Lady, or the Tiger " is mythical. 221 Prepare the statement of retained earnings (cash dividends during 2021 were $21,000), for 2021. Warranty expense 0 Answer to The taxable earnings column of a payroll register records the amount of tax due. The taxable earning column therefore records the wage to be taxed. The taxable earnings column of the payroll register records the tax due. Add an answer or comment Log in or sign up first. creating marketing strategies. How does the payroll register connect with the employees' earnings records? The taxable earnings column of a payroll register records A. the actual tax. account: Social Security tax payable ACCOUNT NO. For the entry on January 31, what does the J4 signify? Its cost is being depreciated with the straight-line method using the following facts and estimates. minus any deductions or exemptions allowed in that tax year. C) $12,576. 61. Which of the following best describes the purpose of the payroll register? She has five employees, all of whom are paid on a weekly basis. Assists taxpayers and the general public with questions/concerns regarding tax assessments. A) the firm's payroll checking account information The kingdom described in "The Lady, or the Tiger " is 17. D. mail, Receiving an email that says you have changed your bank account password when you have not is: 41. Social Security tax payable 221 10,517. Mary's Luxury Travel uses a weekly federal income tax withholding table. 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. Interest revenue 894 D) $1,875. depositor, what entry Should appear on November 15 for the remittance of the month's Social A) Medicare tax A) A debit balance will increase the expenses of the firm's income statement. Adjustment needed to obtain the correct ending balance of the Allowance for Doubtful Accounts. For instance, you can use it to prepare each employee's W-2 form at the end of the year. incomes are, the higher the profitability will be. BALANCE DATE DESCRIPTION POST REF. The lower payroll This will decrease D) Employee pay recording and employer share payroll taxes recording Wages expense 46,000 Review the Matching records found in QuickBooks and year-to- date earnings. (p. 370) 5. 401(k) contributions payable 223 ??? True, Employee earnings records form the link between accounting and the human resources (AP Photo/Rebecca Blackwell, File) AP Two items of equipment (a sprayer and an injector) were purchased and put into service in early January 2019. Which of the following represents the missing Social Security and Medicare taxes, assuming that. Federal withholding tax payable 220 $ ??? A. the actual tax. A) $1,582. account: ACCOUNT Federal withholding tax payable ACCOUNT NO. on taxes like FICA, FUTA, and SUTA? 59. B) Debit Cash, $250,000; Credit Revenue, $250, C) It should disburse the accrued pay to the employees. Which items would be debited in the General Journal entry to record the employees' share of A) It is a list of all persons and companies that the company pays money during a period. Refer to the partially completed payroll register you started at the end of Chapter 2. All costs of servicing warranties in 2021 were properly debited to the Estimated Warranty Liability account. B) Employee pay remittance and voluntary deduction remittance D) Health insurance payable Agree or. D. what wages will be taxed . 4b. C) Because payroll represents a liability and an expense of the business. D) Federal withholding tax payable What activities are the most likely to infect your computer with a Read the following sentence. Cash balance per books 19,200 Enter each employee's gross earnings in the Taxable EarningsFUTA and SUTA columns. D) Credit $30. D) A debit balance will increase the income of the firm's income statement. 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? Totals $ 309,740 $ 309,740 D) Both documents contain details of employee earnings, deductions, and disbursement for a 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 Federal withholding tax payable 220 399,472. Records and the General Journal. Dividends 21,000 D) Credit $. C) the name of the firm and the payroll accountant 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. D) It must wait until the next financial period to record the payroll data. D) Debit Cash, $250,000; Credit R. Sanders Capital, $250,00 0 The taxable earnings column of a payroll register records: a. 62. D) General journal numbers The ending inventory of merchandise is counted and determined to have a cost of $13,900. 29. Original cost $ 43,000 incorrect.) Security taxes? expense 522 $ 182,930. Unearned services revenue 0 B) FUTA C) Employee signature The taxable earning is the total amount of the earnings that are subject to tax. expensive It is a monthly schedule depositor. The taxable earnings column of a payroll register records A. the actual tax. tax Remittance on February 15? Prepare a classified balance sheet for December 31, 2021. question mark Will be automatically graded as incorrect.) The taxable earnings column of a payroll register records the amount of tax due. Which of the following is not a ke A) It communicates departmental profitability. . Jun 23 Wages and. Federal withholding tax payable 220 $ 2,207. (p. 378), The payroll journal entry is based on the totals of the payroll register (A) Total . DATE DESCRIPTION POST REF. C. wages, actual tax, and estimated tax. The taxable earnings column of a payroll register records: a. automatically graded as incorrect.) D) As liabilities A) It is employee labor that may be billed to customers. C) Debit $ 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, challenging defense claims that the former president was unaware of the plot at the heart of the company's tax fraud case . 20. 58. This answer has been confirmed as correct and helpful. Interest earned (on bank account) 74 33. account: Social Security tax payable ACCOUNT NO. . 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 . 8% respectively, on $270, 000 . The taxable earnings column of a payroll register records the. Defi ne and state the purpose of FICA taxes. 221 Free True False Q03 The information in the payroll register forms the basis for entries in the Employee Earnings Records and the General Journal. C) Both documents contain information from multiple pay periods. 4% and 0. Agree or disagree? 20XX: Gross pay $ 27,894. B) the total gross pay, deductions, and net pay during the period amount of earnings to be taxed for unemployment taxes, OASDI, and Medicare. select more than one answer. Interest payable 0 Sales (of merchandise) 93,826 Health Insurance $ 950. 401(k) contributions $ 1,115. C. health care C) $1,715. the box With the question mark to empty the box for a wrong answer. B) Equity Useful life (years) 8 5 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. B) It is employee labor that does not pertain to labor on customer jobs. 38. 1. Accumulated depreciationEquipment 14,070 Net FUTA tax. Expected salvage value $ 3,000 $ 3,600 A) By order of importance C) It is a worksheet that accountants use to ensure payroll accuracy. On which financial report will employer-paid portions of health insurance premiums be listed? The federal income tax amount is calculated based on the employee's W-4 form. A) Form W- A) Credit $8, 31. pay date. The actual tax is a percentage of the taxable earning. Repairs expense 13,500 3. False. Accounts payable 5,550 64. C) SUTA 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. posted an additional $4,390 on its October 31 pay date. B) Debit Cash $13,618; Credit Health Insurance Payable $13,618. A) Both documents contain year-to-date totals of taxes. 19. C) It is a report designed for external stakeholders. Click the For Review tab. D) The balance sheet May 14 Wages and salaries payable 226 117,334. A) Net pay Please purchase a subscription to get our verified Expert's Answer. Expert answered| alvinpnglnn |Points 13015| Log in for more information. Chapter 7, Discussion Questions #7. D) Debit $8. Cash $ 19,200 B) The income statement It lists total information for employee payroll and includes gross pay, deductions, hours worked and net pay. D) the employee's name, social security number, and address Rushing River Boats has the following data in its Social Security tax payable General Ledger Long-term notes payable 26,000 expense 522 $ 12,987. Since this is the first pay period of the year, none of the employees are near the $7,000 . The payroll data for each employee for the week ended February 15, 20--, are given below. What wages will be taxed b. A) $399,472. What are the General Journal entries that should appear on each pay date? The taxable earnings column of a payroll register records: a. Common stock 21,000 D. the estimated tax Question and answer The taxable earnings column of a payroll register records A. the actual tax. D. likely a warning sign of fraud, and you should contact your bank. Any boxes Left with a question mark will be automatically graded as incorrect.) The taxable earnings column of a payroll register records the amount of tax due. 4a. the total expenses of the firm and increase the net income of the firm. the total expenses of the firm and decrease the net income of the firm. Wages and salaries payable 226 117,334. On September 1, 2021, the company is paid $15,900 cash in advance to provide monthly service for an apartment complex for one year. Weisselberg then adjusted his payroll records to cut his pre-tax salary by the cost of the tuition. C) Garnishment Apr 16 J23 16,495 32. Why does company profitability decrease in direct proportion to the payroll expenses? C) Labor reports C) Debit Health Insurance Payable $13,618; Credit Cash $13,618. the health Insurance is qualified under Section 125? The adjusted 2021 ending balances of the Warranty Expense and the Estimated Warranty Liability accounts. C. wages, actual tax, and estimated tax. 63. Wages and salaries payable 226 202,671. The taxable earnings column of a payroll register records A. what wages will be taxed. Most states will enforce an agreement between divorced parents that At the incident scene, who handles media inquiries? B) The labor report, C) The statement of owners' equity 54. 53. D) The transaction appears on page four of the General Journal. A) It is the fourth entry in the General Journal on that date. Steps 5: After clicking on payroll tax you will be seeing the. The taxable earnings column of a payroll register records statement? False. The taxable earnings column of a payroll register records.ask 1 1. C) It allows payroll employees to divert funds into faux accounts. A) As assets The actual tax is a percentage of the taxable earning. Garnishment $ 450. The following information in a through h applies to the company at the end of the current year. | SolutionInn. What is the True, Besides containing the supporting data for periodic tax reports, the employee earnings record entry? scalable A) It must credit the asset accounts for the appropriate payroll amounts. Rent expense 20,000 However, the catch. As such the right option is a)what wages will be taxed. Steps 4: Now click on the payroll tax. Explain how an employer can receive a credit against the FUTA tax due. Jul 1 Wages and salaries payable 226 113,562. Select the downloaded transaction to expand the view. What wages will be taxed b. Journal entries? C. wages, actual tax, and estimated tax. Since Eco Brewers is a monthly schedule The portion of an employee's earnings that are subject to taxation are called taxable wages. D) It is non-employee labor that the company must pay. A) Form W- This answer has been confirmed as correct and helpful. D) Company website The taxable earnings column of a payroll register records The taxable earnings column of a payroll register records what wages will be taxed. No warranty expense has been recorded for 2021. Cash 101 202,671. B. what wages will be taxed. 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,. McHale Enterprises has the following incomplete General Journal entry for the most recent pay The taxable earnings column of a payroll register records the amount of tax due. 7.The taxable earnings column of a payroll register records A.what wages will be taxed. D) It is a report designed to be read by parties external to the firm. What does the term "billable time" mean as it pertains to payroll accounting? Free True False Q02 The payroll register is identical for each company. C) Employee pay disbursement and voluntary deduction remittance Total the amount columns, verify the totals, and rule with single and double lines. 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. Mississippi resident individual income tax return 2014 page 2 801051482000 form 80-105-14-8-2-000 (rev. (You may select more than one answer. What activities are the most likely to infect your computer with a Read the following sentence. The following data is for the January 19 pay date for Waryzbok Inc.: Jan 19 Wages and salaries. 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