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payroll accounting 2023
Payroll Accounting 2023 9th Edition Jeanette M. Landin, Paulette Schirmer - Solutions
Would you like to preview employee apps used to enter time and to calculate payroll disbursements? Check out these links:DOL Timesheet: https://itunes.apple.com/us/app/dol-timesheet/id433638193?mt=8 Intuit payroll: https://payroll.intuit.com/additional-services/mobile-payroll-apps/
The employees of Ethereal Bank are paid on a semimonthly basis. Compute the FICA taxes for the employees for the November 30 payroll. All employees have been employed for the entire calendar year. All employees are single. There are no pre-tax deductions. Employee R. Bellagio B. Khumalo S.
Would you like to know more about the Employment Cost Index? Check out the videosfrom the Bureau of Labor Statistics: www.bls.gov/eci/videos.htm
What taxes are paid only by the employer in most states?
River Signorini works for New & Old Apparel, which pays employees on a semimonthly basis. River’s annual salary is $184,000. Calculate the following: Pay Date October 15 December 31 Prior YTD Earnings Social Security Taxable Wages Medicare Taxable Wages Employer Share Social Security
Which of the following are always employer-only payroll obligations?a. Social Security taxb. SUTAc. Employee income taxd. FUTA
Which of the following is/are true about FUTA obligations?a. FUTA is an employer-only tax.b. FUTA is subject to a 5.4 percent reduction based on employer and state factors.c. FUTA is subject to a $20,000 wage base per employee.d. FUTA applies to all companies.
Mi Casa Restaurants of Las Cruces, New Mexico, has the following employees as of December 31: Employee Name A. Shelby M. Gomez C. Wardly E. Burgess S. Black Employee A. Shelby M. Gomez C. Wardly E. Burgess S. Black Annual Taxable Wages $48,120 35,975 22,350 40,950 32,295 FUTA Due SUTA Due
Kai is the president of Zebra Antiques. An employee, Reese Francis, is due a raise. Reese’s current benefit analysis is as follows:Compute the benefit analysis assuming:• 3 percent increase in pay.• Reese will increase the 401(k) contribution to 8 percent with a company match of 50 percent up
Go to www.bizfilings.com/toolkit/sbg/tax-info/payroll taxes/unemployment.aspx and check out the unemployment tax laws for your state.
As of 2022, which of the following accurately represents the full FUTA rate and wage base?a. 0.6 percent, $147,000b. Varies by statec. 6.0 percent, $7,000d. 0.6 percent, $7,000
White Lemon Cameras has the following employees:White Lemon Cameras’s SUTA tax rate is 5.4 percent and applies to the first $8,000 of employee wages. What is the annual amount due for each employee? Employee Name M. Haskell V. Papadopoulos P. Anderson C. Billingmeier C. Johnson Annual Taxable
Of the IRS-stipulated lookback periods, which one(s) is/are the most commonly used?a. Monthlyb. Semiweeklyc. Next business dayd. Annually
Deep Mouse Designs has 22 employees within Denver City and County. The employees earned $12.56 per hour and worked 160 hours each during the month. The employer must remit $4.00 per month per employee who earns more than $500 per month. Additionally, employees who earn more than $500 per month must
Want to know more about the concepts in this chapter? Go to one or more of the following sites. What are two or three things you notice about the information on the site?http://yourbusiness.azcentral.com/labor-cost-distribution-report-26061.htmlwww.irs.gov/publications/p80/ar02.html
Dylan Reyes is the accountant for Heads Up Hat Corporation. In preparing the payroll for the semimonthly pay period ending December 15, Dylan notices that some of the year-to-date executives’ salaries have exceeded $200,000. What payroll tax responsibilities does Heads Up Hat Corporation have,
El Arroyo North has 22 employees within Denver City and County. All the employees worked a predominant number of hours within the city. The employees earned $17.50 per hour and worked 160 hours each during the month. The employer must remit $4.00 per month per employee who earns more than $500 per
The Putney Youth Theater has annual payroll taxes of $3,564 during the most recent lookback period. Which payroll deposit frequency will the company have, based on that lookback period?a. Quarterlyb. Monthlyc. Semiweeklyd. Annually
Journey Clark earned $55,875 in 2022 for Weather Gurus in Concord, New Hampshire. Weather Gurus’s SUTA rate is 2.3 percent and has a wage base of $14,000 during 2022. Compute Weather Gurus’s share of Journey’s annual salary. The FUTA rate is 0.6 percent.Social Security tax:_____Medicare
Check out the employer payroll tax estimation tool at https://gusto.com/tools/employer-tax-calculator
Phoenix Booker is a payroll clerk at Elemental Exports. The company receives a written notice from the IRS that the company is a monthly schedule depositor. How is the deposit schedule determined?a. The age of the company.b. The owner’s choice or remittance frequency.c. The payroll tax liability
Greer Utsey earned $47,500 in 2022 for a company in Kentucky. Greer is single with one dependent under 17 and is paid weekly. Compute the following employee share of the taxes using the percentage method in Appendix C and the state information in Appendix D. The box in Step 2 was not
Shay Kinderton is a new payroll accountant with Sal’s Diamond Mart, Inc., in New York, NY. The company had a payroll tax liability of $49,580 during the most recent lookback period. For the quarter ending September 30, 2022, which federal form should be filed to remit payroll taxes?a. Form 940b.
Storm Murphy is the owner of Stormy Banana Films in West Hollywood, California. Stormy Banana Films had 15 employees with total annual wages of $214,750 (no one exceeded the Medicare tax surcharge or Social Security cap). The FUTA rate for California in 2022 is 0.6 percent. Stormy Banana Films has
Would you like to explore specific topics about being an employer in more depth?Check out https://www.employer.gov/
Match the amount of payroll tax liabilities from the lookback period with the appropriate tax deposit schedule.a. $205,684 payroll tax for one pay period 1. Monthlyb. $1,000 annual payroll taxes 2. Annuallyc. $165,450 annual payroll taxes 3. Semiweeklyd. $48,350 annual payroll taxes 4. Next
Which of the following is a form that must accompany all Form W-2s submitted to the Social Security Administration?a. Form 941b. Form 940c. Form W-3d. Form W-4
Peaceful Cat Pet Foods is a new business owned by Wren Hammond. The first year of operations commenced on January 1, 2022. What schedule depositor would the company be for the first year of operations? Why?
How often must a company report Form 940 earnings/withholdings?
Which form(s) should be prepared and filed by companies with employees and payroll tax liabilities exceeding $50,000 as of December 31, 20XX?a. Form 940b. Form W-4c. Form 941d. Form W-2
Veryclear Glassware is a new business owned by Skyler Peoples, the company president. Skyler’s first year of operation commenced on January 1, 2022. What schedule depositor would Veryclear Glassware be for the first year of operations?
What are the penalties associated with the lack of reporting and remitting payroll taxes?a. Failure to reportb. Failure to filec. Failure to depositd. Failure to remit
Reese Castor, owner of Castor Corporation, is located at 1310 Garrick Way, Sun Valley, Arizona, 86029, phone number is 928-555-8842. The federal EIN is 20-1948348, and the state employer identification number is 9040- 2038-1. Prepare the Form W-2 for each of the following employees of Castor
Which of the mandatory taxes have a maximum wage base?
Rory Briggs is the accounting supervisor for Cheeky Cat Furnishings, which has chosen to maintain its payroll on an in-house basis. For this purpose, they have hired new accounting clerks. Which of the following are payroll responsibilities of Cheeky Cat Furnishings?a. Timely remittance of payroll
Which of the following represents the difference between the benefit analysis report and the annual total compensation report?a. The benefit analysis report is designed for review by company managers.b. The annual total compensation report’s intended audience is employees.c. The benefit analysis
Jealous Frog Toys paid its nine employees a total of $432,586.40 during 2021. All employees have worked there for the full calendar year and reached the FUTA wage base during the first quarter. Taxes were deposited on time. The employer contributed $12,470 to retirement plans during the year
The Content Rabbit Graphics Company paid its 25 employees a total of $863,428.49 during 2021. Of these wages, $9,850 is exempt from retirement benefits (employer contributions to 401(k) plans). All employees have worked there for the full calendar year and reached the FUTA wage base during the
Which of the following represent(s) the purpose(s) of the labor distribution report?a. Accurate payroll cost allocation among departments.b. Explanation of individual employee costs.c. Evaluation of labor planning efforts.d. Determination of departmental performance.
Sunny Day Flooring has employees in its manufacturing, sales, and administrative departments. Which department will have the highest rate for its workers’ compensation insurance?a. Manufacturingb. Salesc. Administratived. All departments will have the same rate.
Park Mischner owns Old Times Buttons, which employs 20 people. Park wants to perform a benefits analysis report for one of the employees, Avery Bower, for the year. Avery’s benefits package is as follows:Annual salary: $35,650401(k) contribution: 6 percent of annual salary. The company match is
Oak Cove Resorts has eight employees. The owner wants to perform a benefit analysis report for the year for one of its employees, Tristan Cassidy. Tristan’s benefits package is as follows:Annual salary: $42,950 401(k) contribution: 8 percent of annual salary, the company match is half of the
Snow Mountain Equipment has 24 employees distributed among the following departments:The total annual payroll for Snow Mountain Equipment is $846,000. Compute the labor distribution based on an equal distribution among the departments.Sales: _____Factory: _____Administration: _____ Sales:
For Snow Mountain Equipment in P6-13A, compute the labor distribution based on the number of employees per department:Sales: _____Factory: _____Administration: _____Data from in P6-13ASnow Mountain Equipment has 24 employees distributed among the following departments:The total annual payroll for
Superfan Sportsgear has 30 employees distributed among the following departments: Sales: 7 Factory: 13 Administration: 10
What are three ways an employer could reduce their SUTA tax liability?
For Superfan Sportsgear in P6-13B, compute the labor distribution based on the number of employees per department:Sales: _____Factory: _____Administration: _____Data from in P6-13BSuperfan Sportsgear has 30 employees distributed among the following departments:Sales: 7
What is the difference between Form W-2 and Form W-3? 22222 b Employer identification number (EIN) a Employee's social security number c Employer's name, address, and ZIP code d Control number e Employee's first name and initial f Employee's address and ZIP code 15 State Employer's state ID
Small Orange Fine Foods is a specialty grocery store. The employees are classified according to job titles for workers’ compensation insurance premium computation purposes.a. Based on the payroll estimates as of January 1, what is the total estimated workers’ compensation premium for 20XX?b.
At Fox Furniture, employees are classified according to the job title for workers’ compensation insurance premium computation purposes.a. Based on the following payroll estimates as of January 1, what is the estimated workers’ compensation insurance premium for the year 2022?b. The actual
What are the employer’s payroll responsibilities as far as taxes and other withholdings are concerned?
What is meant by the term labor distribution?
What is a benefit analysis report?
Which of the following are categories contained in the fundamental accounting equation? (Select all that apply.)a. Liabilitiesb. Revenuesc. Expensesd. Owners’ equity
Which of the following principles are always true about financial accounting?a. Transactions are posted first to the General Ledger.b. Debits = Credits.c. Each transaction involves at least two accounts.d. The balance sheet contains all accounts.
Using the payroll register from P7-1B for Appalachian Limited Home Design, complete the General Journal entry for the employer’s share of the payroll taxes for the March 11, 2022, pay date. Assume a 5.4 percent SUTA rate and 0.6 percent FUTA rate, and assume that only $2,721.85 of the gross pay
Using the employee payroll entry from P7-3B, post the March 11 employee payroll end date for Appalachian Limited Home Design to the selected General Ledger accounts. The Posting Reference will be J1.Account: Salaries and Wages PayableAccount: Employee Federal Income Tax PayableAccount: Social
Once recorded, where are the entries posted?
Using the employer payroll entry from P7-4B, post the employer’s share of payroll taxes for the March 11 pay period at Appalachian Limited Home Design to the appropriate General Ledger accounts. Employees are paid weekly. Assume a 5.4 percent SUTA rate and 0.6 percent FUTA rate, and assume that
Which amounts on the payroll register reduce Federal withholding tax but are not deducted for FICA tax computations?a. Charitable contributionsb. Nonqualified pre-tax insurancec. Retirement plan (e.g., 401(k)) contributionsd. Garnishments
What is true about expenses and liabilities?a. Expenses usually have the word “expense” in the account title.b. Expenses represent additional sums earned by the company.c. Liabilities represent sums of money owed by third parties to the company.d. Liabilities usually have the word “payable”
What information is contained in employees’ earnings records?
Using the employer payroll entry from P7-4A, post the employees’ share of the Social Security and Medicare taxes along with the employer’s share of payroll taxes for September 9 pay at White Mountain Assessments to the appropriate General Ledger accounts.Account: Social Security Tax
Legends Leadworks is a monthly schedule depositor of payroll taxes. For the month of April 2022, the payroll taxes (employee and employer share) were as follows:Social Security tax: $5,386.56Medicare tax: $1,259.76Employee federal income tax: $4,978.00Create the General Journal entry for the
Which of the following payroll-related accounts appear on the balance sheet?a. Wages and salaries payableb. Medicare tax expensec. Employee federal income tax payabled. FUTA tax expense
Candy Café has the following voluntary withholdings to remit as of September 30, 2022:AFLAC payable: $687.00Workers’ compensation insurance payable: $1,042.00401(k) contributions payable: $2,104.00Garnishments payable: $450.00U.S. savings bonds payable: $200.00Create the General Journal entry
How are the payroll register and the employees’ earnings records related?
Which of the following accounts would appear on the balance sheet?a. Payroll taxes expenseb. 401(k) contributions payablec. 401(k) employer contributions expensed. Social Security tax payable
What type of account is debited for the gross pay?
The purpose of a labor report is to do what?a. Report an individual employee’s regular time and overtime.b. Reflect all expenses of a firm.c. Promote analysis of payroll expenses.d. Update managers about payroll on a daily basis.
Pax Martinson is the controller for HHT Industries. Pax has been asked to explain the payroll accounts on the financial statements for the preceding month. What information is available about payroll on the financial statements?
Which law governs the fiduciary responsibility that employers have with regards to employees’ payroll deductions?a. FICAb. FLSAc. ERISAd. ACA
You are interviewing for a position with Limelight Photography. The president of the company asks you to explain how payroll is both an expense and a liability of the company. How will you answer?
The following employees of Concordian Construction of Walla Walla, Washington, are paid biweekly. Some employees have union dues or garnishments deducted from their pay. Calculate their net pay. Use the percentage method for manual payrolls with Form W-4 from 2020 or later in Appendix C to
The following salaried employees of Mountain Stone Brewery in Fort Collins, Colorado, are paid semimonthly. Some employees have union dues or garnishments deducted from their pay. Calculate their net pay using the percentage method for manual payroll systems with Forms W-4 from 2020 or later in
Marbury is the payroll accountant at All’s Fair Gifts. The employees of All’s Fair Gifts are paid semimonthly. Sten comes to Marbury on April 7 and requests a pay advance of $1,000, which Sten will pay back in equal parts on the April 15 and May 15 paychecks. Sten is single, with one dependent
A new employee at Financial Technologies, Ltd. is married with children and the spouse works. What are items that need to be considered for appropriate Form W-4 completion?a. Children’s agesb. Tax filing statusc. Spouse’s incomed. Her birthdate
Nkosi of Trade Secrets Importing is preparing payroll taxes manually. As Nkosi prepares to use the wage-bracket tables to determine federal income tax withholdings for each employee, which information should be available?a. Filing statusb. Job titlec. Year-to-date earningsd. Age, type, and number
You are the payroll accountant for Multi Winds Energy of Cornelius, North Carolina, whose employees are paid biweekly. An employee, L. Larson, comes to you on September 14 and requests a pay advance of $1,000, which will be paid back in equal parts on the September 24 and October 22 paychecks. The
Under which circumstances could the percentage method be used to determine federal income tax withholding amounts?a. When the employee’s taxable income exceeds the maximum amount on the appropriate wage-bracket tableb. When using a computerized accounting system to compute payroll deductionsc.
Milligan’s Millworks pays its employees weekly. Use the wage-bracket tables from Appendix C to compute the federal income tax withholdings for the following employees of Milligan’s Millworks. Assume that no pre-tax deductions exist for any employee, box 2 is not checked for all employees, and a
Wolfe Industries pays its employees on a semimonthly basis. Using the wagebracket tables in Appendix C, compute the federal income tax deductions for the following employees of Wolfe Industries. No information was included in Step 4 of any W-4; McCollum checked the box in Step 2c. Assume that no
Country Pet Industries has employees with pay schedules that vary based on job classification. Compute each employee’s federal income tax liability using the percentage method for manual payroll systems in Appendix C. All Form W-4s were received in 2022. No one checked the box in Step 2 and there
Which of the following are steps in computing federal income tax withholding using the percentage method?a. Compute and record dependents.b. Apply the tax rate to the taxable portion of the earnings.c. Determine if the employee is exempt or nonexempt.d. Add the marginal tax.
Name four states that do not have an employee income tax.
Which of the following is true about Social Security and Medicare taxes as they pertain to earnings limits?a. Social Security tax applies only to earnings greater than the wage base.b. Highly compensated employees are subject to additional Medicare tax withholding.c. Employers must match all
Which of the following is true about Social Security and Medicare tax deductions?a. They are applied to the gross pay.b. Contributions to a 401(k) plan are exempt from these taxes.c. Medicare taxes apply to all earnings at the same rate.d. Certain pre-tax deductions are exempt from Social Security
The employees of Lillian’s Interiors are paid on a semimonthly basis. Compute the FICA taxes for the employees for December 31, 2022, pay period. All employees are single and have been employed for the entire calendar year. Employee W. Babish G. Hanoush R. Fezzeti T. Gomez N. Bertraud R.
What is the Social Security wage base for 2022?a. $128,400b. $129,900c. $142,800d. $147,000
Scout is the vice president for marketing at Sun Field Industries, earns $165,000 annually, and is paid on a semimonthly basis. As of November 15, Scout has year-to-date earnings of $144,375. The Social Security wage base is $147,000. What is the maximum amount of taxable earnings that may be
Which of the following statements are true about state and local income taxes?a. All states tax employee earnings.b. State tax rates on employee earnings vary among states.c. Certain states have no personal income tax deduction.d. Some localities levy income tax on employees.
Which of the following is true about state and local income tax?a. Pre-tax deduction rules for federal income tax are generally the same for state and local income taxes.b. Nine states do not have a personal income tax on earnings.c. All localities levy income taxes on employees.d. State income tax
The owner of All Grains Bakery is considering offering additional payroll disbursal methods for the employees. Which of the following would be the safest for employees without a bank account?a. Checkb. Paycardc. Cashd. Direct deposit
Christensen Ranch operates in Pennsylvania. Calculate the state income tax for each employee using the state income tax rate of 3.07 percent. Assume that no pre-tax deductions exist for any employee. Employee G. Zonis V. Sizemore R. Dawson C. Couture Amount per Pay
Fannon’s Chocolate Factory operates in North Carolina. Calculate the state income tax for each employee using the state income tax rate of 4.99 percent. Assume that no pre-tax deductions exist for any employee. Employee K. Jamieson D. Macranie G. Lockhart K. McIntyre Amount per Pay Period $
Which of the following is true about employee pay methods?a. Employees must be able to access the full amount of their net pay on the pay date.b. Employers must keep a record of all pay disbursements.c. Employees do not need to own a bank account to receive their pay via direct deposit.d. Employees
What are the advantages and disadvantages of paycards?
What are the two methods payroll accountants use to determine federal income tax withholding amounts?a. Percentage methodb. Salary-bracket methodc. Wage-salary methodd. Wage-bracket method
Which of the following is true about child support garnishments?a. They are based on gross pay.b. The garnishment may be as high as 65 percent.c. Only the minimum wage amount of an employee’s pay is subject to garnishment.d. Title III of the CCPA protects employees.
Using the wage-bracket method for manual payroll systems with Form W-4 from 2020 or later in Appendix C, calculate the federal withholding amounts for the following employees. No box was checked in Step 2, and no additional information was included in Step 4. Employee L. Abbey G. Narleski T.
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