Question: Distinguish among a payroll master file, a W-2 form, and a payroll tax return. Explain the purpose of each.

Distinguish among a payroll master file, a W-2 form, and a payroll tax return. Explain the purpose of each.

Step by Step Solution

★★★★★

3.50 Rating (163 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock

The Payroll Master File is maintained for each employee indicating the gross pay for each p... View full answer

blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Document Format (1 attachment)

Word file Icon

185-B-A-A-A (222).docx

120 KBs Word File

Students Have Also Explored These Related Auditing Questions!

Q:

Distinguish among a payroll master file, a TD-1 form, and a T4 payroll summary return. Explain the purpose of each.

Q:

Explain the purpose of each of the following accounts: (a) Purchases (b) Purchase Discounts (c) Purchase Returns and Allowances.

Q:

Explain the purpose of each of the three inventory accounts used in a manufacturing company such as Ford Motor Company.

Q:

Explain how audit sampling can be used to test the payroll and personnel cycle. Tests of controls and substantive tests of transactions procedures are means of verifying account balances in the...

Q:

FIND: FORM 1040-U.S. INDIVIDUAL INCOME TAX RETURN Assume that the taxpayers, George A. NAME_PLUG (born 1/11/1970, social security number 333-33- 3330) and Mary S. NAME PLUG (born 2/22/1970, social...

Q:

1 McKraklin AEROSPACE (A) "First you figure out what's inevitable. Then you find a way to take advantage of it." Russell Ackoj INTRODUCTION Dave Costner, Director of Information Systems (IS), shook...

Q:

Individual Tax Return Problem Purpose: The purpose of this is not merely to learn how to fill-in forms but to enable you to meet the following goals: Calculate individual income tax. Identify and...

Q:

Individual Tax Return Problem Purpose: The purpose of this is not merely to learn how to fill-in forms but to enable you to meet the following goals: Calculate individual income tax. Identify and...

Q:

Security Matters paid an annual dividend of $ 1 . 2 per share last month. Today, the company announced that future dividends will be increasing by 5 percent annually. If you require a 1 1 percent...

Q:

Question 1 ((this question consists of 2 parts (a) and (b)) (a)Discuss whether there are any threats which affect the independence of Sarah and Zi.(8 marks) Sarah Zi (b)For the key threats you...

Q:

You work as a Management Accounting officer in a small and medium organization operating in either a Manufacturing, Retail, Hospitality or Construction sector with not more than fifty (50) employees...

Q:

Elaborate on item 3.

Q:

4. Break-even Lease (LO4) What would the lease payment have to be for both lessor and lessee to be indifferent to the lease? You work for a nuclear research laboratory that is contemplating leasing a...

Q:

What is the name of this compound? H3C CI `CH3

Q:

What is the most effective use of a business contract?

Q:

21. Alberts mother signed a three-month listing agreement with a real estate agent. Prior to considering or accepting either of two below-listing-price offers the agent brought to Alberts mother, she...

Q:

TABLE 1 Future Value of $1 FV - $1(1+1)" ni 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 4.5% 5.0% 5.5% 6.0% 7.0% 8.0% 9.0% 10.0% 11.0% 12.0% 20.0% 1 1.01000 1.01500 1.02000 1.02500 1.03000 1.03500 1.04000...

Q:

Find the point on the line y=2x+6 y = 2 x + 6 y=2x+6 that is closest to the origin! What is the shortest distance (up to two decimal places)?

Q:

Which of the following most accurately summarizes what is meant by the term material misstatement? a. Fraud and direct-effect illegal acts. b. Fraud involving senior management and material fraud. c....

Q:

Describe accounting requirements for proper recording of sales returns and allowances.

Q:

Multiple Choice Questions The following questions concern analytical procedures in the sales and collection cycle. Choose the best response. a. As a result of analytical procedures, the auditor...

Q:

Multiple Choice Questions The following questions deal with confirmation of accounts receivable. Choose the best response. a. The negative form of accounts receivable confirmation request is useful...

Q:

What annual interest rate do you need to find in order for a deposit of $500 to grow to $1,623 in 10 years if the bank compounds interest monthly? Select one: a. 11.36 percent b. 12.50 percent c....

Q:

Question 1 The real risk-free rate is expected to remain constant at 3% in the future, a 2% rate of inflation is expected for the next 2 years, after which inflation is expected to increase to 4%,...

Q:

Question 45 A same Mres syt. Mmbol detert or soint cumbination af these uted to identify the grotucts of one furm and differentiate them thon comornitive afierings it callicda too thes"nume pominaset...